Sale fallen through. Gutted!

madmish00

We were looking to complete next Friday after 8 long weeks where everything that could go wrong has. I finally this week let myself get a little bit excited only to recieve the biggest kick in the teeth ever.

We were told that our buyer had a cash buyer for their property. Our buyer is adamant that she was told that her buyer was a cash buyer. Today it turns out that in fact there are 3 other people in the chain that we knew nothing about :mad: and the one at the bottom has pulled out.

My whole house is in boxes in the conservatory ready for moving next week. I am devasted. I know anything can happen up to the point of exchange but can't see how we have got so far down the line with nobody knowing that there were 3 others in the chain.

Who is responsible for checking the chain? Should our agents have done anything to confirm the chain or is it our buyer's agent that hasn't done his job? Shouldn't the solicitors by now have realised that this was the case? - our buyer's solicitor said yesterday they were ready to exchange subject to agreement on the proposed completion date.

Seanymph

when I put in my offer the agent there phoned the agent dealing with my sale and confirmed it was under offer and the circumstances of that sale.

It was only when they had that information and AND the people who had accepted my offer had found somewhere and they had a 'complete chain' that they released details of everyone to solicitors.

At the time I thought it was barking. Perhaps they were just doing a good job?

I'm sorry yours has broken down though - presumably as soon as this person finds another buyer you'll all be back onboard? Or won't you wait for them? And have you exchanged already?

PasturesNew

A lot of people call themselves "cash buyer" when the cash will only come to them once their house is sold ... to somebody with a mortgage.

The true cash buyer is somebody who simply has to write out a cheque/transfer the funds to their solicitor as the money's just kicking around waiting to be used to buy a house.

These fake cash buyers need to stop being so smug about it as they're not a cash buyer until they can physically hold the cash in their hand.

Seanymph

ah - but they are a cash buyer, because they will be paying for it themselves without having to have a mortgage - and that makes the entire process much easier.

As a 'smug' buyer myself, I think it makes a big difference. Of course I have to have the money from the sale of my house sometimes to buy the next one, but I'm still going to be paying for it - so don't have valuations/mortgage struggles to go through.

And in EA terms, someone who doesn't need a mortgage is a cash buyer - whether that money is awaiting releasing from a house, or from a 90 day account.

That doesn't mean I'm not in a chain though - just that I don't need a bank to ok the purchase.

Gwhiz

My motto has always been "do nothing, assume nothing until exchange"

Sorry to hear about your situation OP but it is a fact of life that until exchange anything can happen.

Doozergirl

Seanymph wrote: »

And in EA terms, someone who doesn't need a mortgage is a cash buyer - whether that money is awaiting releasing from a house, or from a 90 day account.

ah - No it isn't! In EA terms, a cash buyer is a cash buyer, like Pastures New said. No chain, money in the bank.

The fact that you don't need a mortgage is nice, but what is desirable more than anything is no chain. I'm afraid you are indeed the smug person she describes who confuses chains and who shouldn't be quite so smug. You still come with some baggage, you are not the cash buyer that people dream about.

Seanymph

hah - well you live and learn.

however the EA's, all of those I've have dealings with, have ascribed the term to me over this purchase, and they know that until this completes I shan't be in a position to move forwards, because I've been clear.

It was how I was referred to so that's how I saw myself.

Smugness departing rapidly.......

zaksmum

Doozergirl wrote: »

ah - No it isn't! In EA terms, a cash buyer is a cash buyer, like Pastures New said. No chain, money in the bank.

The fact that you don't need a mortgage is nice, but what is desirable more than anything is no chain. I'm afraid you are indeed the smug person she describes who confuses chains and who shouldn't be quite so smug. You still come with some baggage, you are not the cash buyer that people dream about.

I certainly haven't experienced being the cash buyer people dream about. I have no chain, and cash for a house purchase, but vendors I've made offers to still want full asking price for their properties.

Being ready to proceed immediately and not requiring a mortgage hasn't made the slightest difference...my offers of 5% below asking price have been rejected. All properties have been on the market for well over a year and one sale had just fallen through at the last minute after 17 weeks.

The vendor wanted full asking price or nothing.

madmish00

My motto has always been "do nothing, assume nothing until excange"

Sorry to hear about your situation OP but it is a fact of life that until exchange anything can happen.

As I said in my opening post - "I know anything can happen up to the point of exchange". However, someone pulling out is one thing but someone 5 people down a chain that called ended 2 below me pulling out is just unbelievable!

We had no reason to suspect such a long chain below as our property is really first time buyer territory. We accepted an offer at £92.5k. OUr buyer sold theirs to their 'cash buyer' for £69k

I just can't believe that there are 3 more people below that in the chain!

Gwhiz

madmish00 wrote: »

As I said in my opening post - "I know anything can happen up to the point of exchange". However, someone pulling out is one thing but someone 5 people down a chain that called ended 2 below me pulling out is just unbelievable!

We had no reason to suspect such a long chain below as our property is really first time buyer territory. We accepted an offer at £92.5k. OUr buyer sold theirs to their 'cash buyer' for £69k

I just can't believe that there are 3 more people below that in the chain!

I understand. I've bought and sold more houses than I can remember over the last 20 odd years and some of the "lies and deceipt" I've come across would make your hair stand on end. That's why, as I said, I always believe anything can happen, and that there's a big chance of it all falling apart, until exchange has happened.

tyllwyd

madmish00 wrote: »

As I said in my opening post - "I know anything can happen up to the point of exchange". However, someone pulling out is one thing but someone 5 people down a chain that called ended 2 below me pulling out is just unbelievable!

We had no reason to suspect such a long chain below as our property is really first time buyer territory. We accepted an offer at £92.5k. OUr buyer sold theirs to their 'cash buyer' for £69k

I just can't believe that there are 3 more people below that in the chain!

But maybe someone is downsizing - so they were going to be a 'cash' buyer with the equity they received from the sale of a more expensive house.

I feel for you though, what a horrible situation, especially when you had no warning that it was even a remote possibility.