How to advise the person you are buying from that you have to find another buyer...

djm1972

Title says it all really.

I'm well advanced with my purchase, mortgage offer has been approved and both mine and their solicitors are in contact and dealing with proceedings.

I'm asking the question as a contingency in case I should lose my buyer who do not yet have their mortgage approved (awaiting the results of their valuation survey on my property).

What is the best way to approach the vendor and break the news, in the hope that they will give you time to find another buyer without going back on the market?

And for those who have been the vendor on the other end, what was your take on the situation and how did you find your buyer's approach?

Thanks!

Doozergirl

I've been the vendor in the same situation. My buyers' buyer had their mortgage refused. I put the house back on the market. There's nothing my buyers could have said to stop me. Of course I wanted them to buy it because we were actually ready to exchange, but I had as much hope of finding a new buyer as they did.

I told them I was still happy to sell to them if they found another buyer or their buyers sorted themselves out. I also told them to tell their buyers to go and see an independent, whole of market mortgage broker.

A few weeks later I had another asking price offer from someone else on the table but the same day, the original buyer came back with their chain complete as their buyers had been to a 'proper' broker

djm1972

Thanks!

In that situation, did you just leave your solicitor "on hold", who presumably wouldn't need to know / care unless there was a change of buyer?

lianne1978

Sorry to hijack your thread but I could do with some help too. We've just lost our buyer this morning after 4 weeks of him messing us about - our survey was completed this morning on the property we wanted to buy. I'm waiting for my EA to call me back before I proceed to ring the vendor's EA. Feel like crying

djm1972

lianne1978 wrote: »

Sorry to hijack your thread but I could do with some help too. We've just lost our buyer this morning after 4 weeks of him messing us about - our survey was completed this morning on the property we wanted to buy. I'm waiting for my EA to call me back before I proceed to ring the vendor's EA. Feel like crying

Did you have other viewings lined up after you accepted your buyer's offer that were subsequently cancelled? Your estate agent should have their details on record and can let them know that you're back on the market so you should be able to hit the ground running!

lianne1978

Yep they are on with that and ringing somebody up who put an offer in about 7 weeks ago - although it was quite a bit less than what we wanted and wouldn't really be able to proceed anyway. I'm not hopeful.

I just think I have to accept we'll lose this house and our 550 quid with it, plus 6 weeks time that this sale has been supposedly proceeding. I think we basically got the worst person ever to decide to buy our house!

hazeyj

If I was you I wouldnt say anything until your sure that that your buyer can not proceed.

Sorry just re-read the post durr.

This happened to me in my last purchase. Our buyers dropped out and we begged and borrowed the extra cash we needed and upped the mortgage amount to max until we had enough to still go ahead with our purchase and pay the mortage if need be on our current place. I never told the buyer of any of this under advice from my solicitor.

As it was we sold our house 4 weeks after we moved so only had to pay two mortgages once.

If your sure that you can do this I wouldnt say a thing at all but if you cant then you should speak up as soon as you know.

Also, I must say I had a fantastic mortgage advisor who was able somehow to get the bank to agree to lending the cash. He knew every trick.

Good luck.

Doozergirl

djm1972 wrote: »

Thanks!

In that situation, did you just leave your solicitor "on hold", who presumably wouldn't need to know / care unless there was a change of buyer?

I would have told them to put things on hold had the conveyancing not been pretty much completed with the exception of actual exchange and completion!

But you should tell your solicitor what is happening, definately.