Stressed. Buyer pulled out. Please can I have some advice?

ebee1

I know it helps to not be in a chain, but our buyers were supposedly in rented accommodation and our seller is moving to a new build I'm not sure that the new build developers would do any arrangement as we are not directly buying from them

DVardysShadow

ebee1 wrote: »

I'm not sure that the new build developers would do any arrangement as we are not directly buying from them

It is not a cert. But if their sale hangs on it and your vendor is upsizing rather than downsizing, it is a possibility

phoebe1989seb

Very sorry to hear about your situation OP

We have been in a similar situation when we were selling our large family home to downsize when our son went to uni in 2007. We accepted an offer from a strange elderly couple in the August, who as it turns out were buying it as their UK base (they owned several properties overseas) in the name of their business. I was suspicious of them from the start, but DH being more trusting thought all was ok so we ploughed ahead and put in an offer in the house we wanted to buy some 150 miles away.

After a few weeks had passed and all the paperwork had started going to and fro the solicitors but no mention of a survey had been made, we suddenly got a call from our EA to say the guy had returned to the area to have a look round (they didn't know the area, but had seen our house on RM) and had been accosted by someone in our (very upmarket, conservation area with properties starting at £500k) road and told he couldn't park where he was. This had put him off buying our house as he felt the area was not good enough

We were devastated as our house had been on the market for around four months (back in the boom when houses were still flying off the shelves) and we had already dropped our price considerably to achieve a quicker sale. We didn't know whether to tell the vendors of the house we were buying (who were going into rented, so no chain there) but decided we would have to......think we did wait about a week though......and they put theirs back on the market too. We didn't drop our price (£600k) any lower, but very luckily we received another offer within a month that was actually slightly higher than the previous one.....and from cash buyers with no chain as not selling who didn't bother with a survey

The house we wanted was still for sale and we managed to tie up both sale and our purchase within six weeks from the date our new buyers made their offer, so it worked out well in the end

Wishing you well OP and hope the new viewing you have lined up leads to a proceedable offer

motherofstudents

You are certainly not alone. We had a buyer for our house and found a house that we wanted to buy, had the survey done and then our buyer pulled out. I felt terrible about telling the vendor we could no longer buy as she was suffering from terminal cancer and wanted to go and live with her son.

We tried to get another buyer but unfortunately the house we wanted sold quickly. I was happy for the vendor in her situation but it wasn't good for us. It was a few more months before we sold and bought the house we are in now.

That's why it is always best not to get your hopes up too much until you actually exchange contracts. I hope you get a buyer soon.

inmypocketnottheirs

We have been negotiating a sale since February and only exchanged contracts this week, despite everything being available to exchange since before Easter.

It is very stressful.

There is a good chance the developer of the new property will part exchange to break the chain. There would effectively only be you and the vendor in the chain then. Especially if your property is cheaper than the one you are buying, thus widening the developers cash margin.

I hope everything works out for you.