gutted our buyers have pulled out!

andy.m_2

Sure your vendors can go back to market but it will be five weeks at best before they ca exchange somewhere else.
If you hard sell through your agent and get another buyer they will still be better off going with you.

To put this into context we lost the foot of our chain a while ago and the people at the top (our vendor) threatened to go back to market and insisted that we also did.
But the foot of the chain reduced the price and sold again within a week and so none of us was in a better position to complete that we were before so we all stayed in line.
We exchanged yesterday

lou72

andy.m wrote: »

Sure your vendors can go back to market but it will be five weeks at best before they ca exchange somewhere else.
If you hard sell through your agent and get another buyer they will still be better off going with you.

To put this into context we lost the foot of our chain a while ago and the people at the top (our vendor) threatened to go back to market and insisted that we also did.
But the foot of the chain reduced the price and sold again within a week and so none of us was in a better position to complete that we were before so we all stayed in line.
We exchanged yesterday

Hope we're that lucky too congratulations. Got a viewing tomorrow so keeping my fingers crossed

adindas

lou72 wrote: »

Heard today from our estate agents that our buyers have decided to pull out and have put an offer in on another house. I know this has probably happened to lots of people on here before but im just so gutted that we've probably lost the house we loved and also lost about £800!!!!

Dear lou72;53900217 and other

Sorry to hear that. Next time when your buyer is making an offer ask your EA conveyancer to check potential buyer credibility in term of how much deposit do they have their annual income in case they take the mortgage, credit checking might be.

Also do not stop people viewing even if you have accepted their offer, unless the prospective buyer have also exhausted some money for valuation, conveyancing solicitors, etc.

By doing this you apply a filter and raise the barrier. You will only get a serious buyer who presumably will only pull out if there is a serious issue which is difficult to be resolved. The issue might involve his mortgage is not approved, valuation survey by lender show a quite significantly lower value than the offer price, etc.

Otherwise similar to vendor, the prospective buyer will also loose about £800 for survey and upfront fee for their solicitor.

Ivana_Tinkle

It's so depressing, isn't it? But the others are right: if you can find another buyer quickly then you're still a much better prospect for your vendor than starting again with someone else.

I cried for 2 days when our first sale fell apart, but the first potential buyer we got through the door immediately offered us £10k more, so you never know - there might be a silver lining after all!

Trying_really_hard

Ivana_Tinkle wrote: »

It's so depressing, isn't it? But the others are right: if you can find another buyer quickly then you're still a much better prospect for your vendor than starting again with someone else.

I cried for 2 days when our first sale fell apart, but the first potential buyer we got through the door immediately offered us £10k more, so you never know - there might be a silver lining after all!

Glad its not just me that cried at my buyer pulling out. I've been a right misery @rse since. Good luck to all who have had their buyers (or in my case the buyers parents :mad: ) change their mind and pull out.

DVardysShadow

adindas wrote: »

... Sorry to hear that. Next time when your buyer is making an offer ask your EA conveyancer to check potential buyer credibility in term of how much deposit do they have their annual income in case they take the mortgage, credit checking might be.

This suggestion is not without its downside.

Some EA's will use it as an excuse to give a buyer a sales pitch from the mortgage advisor as a condition of even putting in an offer. This will P off some buyers [quite rightly IMO] - most likely the ones who are sure of their position and who won't offer unless they are sure they can follow through. They will know that the agent will almost certainly use the information to force them to up their bids, so they just will not take an offer forward.

So the benefit of weeding out time wasters is matched by the disbenefit of weeding out serious buyers who don't give nonsense [and who won't stand for nonsense either].

IMO the best way of qualifying buyers is to ask for confirmation of source of funds immediately via solicitors. And if you must qualify through the EA, only do so post bid - never before a bid is agreed.

vax2002

the reason why you keep your for sale sign up and house in the estate agents website until a deposit is paid and the contract signed.

mishmogs

DVardysShadow wrote: »

This suggestion is not without its downside.

Some EA's will use it as an excuse to give a buyer a sales pitch from the mortgage advisor as a condition of even putting in an offer. This will P off some buyers [quite rightly IMO] - most likely the ones who are sure of their position and who won't offer unless they are sure they can follow through. They will know that the agent will almost certainly use the information to force them to up their bids, so they just will not take an offer forward.


It is illegal for EA's to say they cannot or are unable to put offers forward until they have spoken to the FA (a large corporate was fined for doing this) as the Estate Agents Act says ALL offers have to be put forward to the vendor unless the vendor has indicated otherwise (ie advised agent, preferably in writing, they do not want to know about offers under a certain figure). Sorry!