what to do when buyer pulls out!

JQ.

fimonkey wrote: »

That will make the agent bring around pretty much everyone on their books - but not the ones who will be interested in your property unfortunately. I've been one of those buyers - the agent tells you anything to get you through the door and immediately you can see the property does not match what you asked for - and the vendors can see this too. Just irritates everyone all round really as it wastes everyones time.

Not really, it irritates the buyers who aren't interested, but as the EA's don't act for the buyers, who cares. What it might do is get people looking at the property who had discounted it from the particulars, but when seeing it in the flesh change their mind.

If I was in the OP's shoes, I'd want as many people through my door as possible, as quickly as possible. Therefore, incentivising the EA is not a bad idea, although given their standard level of fees, they should be doing this anyway without needing further incentive.

pimento

When our vendor pulled out, we viewed everything in our price range, even the houses we'd ruled out on paper and it turned out that one of them was the one we are now living in (and better than the one we lost).

Getting the EA motivated isn't a bad idea.

phoebe1989seb

Sorry to hear your buyer has pulled out - it's no consolation but there seem to be several cases of this happening across the forum recently
When we lost our buyer on our last-but-one move back in 2007, we offered the EA an incentive to find us another buyer quickly as we had already had an offer accepted on our next house and wanted to keep things moving. In our case it seemed to do the trick and they found proceedable buyers (cash buyers who weren't in a chain and were happy to spend just shy of £600k without getting a survey done :eek:) very quickly

As our house was in the middle price bracket for the area and wasn't what everyone was looking for (3000 sq ft, 5/6 beds) we saw no increase in *tyre-kickers* sent round by the EA on the offchance that someone would offer........

Good luck and hope you find a new buyer very soon!

Dave_Ham

Depends upon the income, credit score and importantly equity but potentially you could raise funds on your property as a deposit for the new property.

You can have a go at letting your place out and see it as an investment or pay the enhanced finance until a seller is found

Many accidental landlords are created in a way similar to this.

Aside from this, always be honest throughout the chain although there are many that are not...

Good luck

lou72

Really sorry to hear that. We had our buyers pull out a week or so ago too we were only about 4 weeks down the line but still lost £800 on solicitors, survey etc!!! Why people people do this with no consideration is beyond me! If you're not 100 per cent then don't make an offer!!!:mad: hope you get another buyer really soon

midge61

hi all thanks for comments. EA are organising an open house day for next sat and going to speak to our vendors EA on Mon and see what they can do. They have tried to speak to our (ex) buyer but he not answering any calls. I never had this before and it was such a kick in the teeth. I had done everything possible to help and even agreed to leave as much furniture etc to help.
Just last Fri spoke to buyer and all seemed ok.I even agreed to let a builde and plumber come round to check a few things. All seemed ok but on Wed his solicitor contacted EA to say he was pulling out!
Will just have to keep fingers crossed and hope a new buyer comes along quick.

property.advert

business_man wrote: »

Have you spoken to a quick cash buy company? They should be able to complete within your schedule. Of course you get less money but you need to be able to decide fast sale vs extra hassle?

One is three sales fall through, like yours did.

And get how much ? perhaps 70% of open market valuation ?

DVardysShadow

business_man wrote: »

Have you spoken to a quick cash buy company? They should be able to complete within your schedule. Of course you get less money but you need to be able to decide fast sale vs extra hassle?

One is three sales fall through, like yours did.

OP, when you are down, it is good to have the reassurance of somewhere to go for a kicking.

robatwork

business_man wrote: »

One is three sales fall through, like yours did.

I wonder if you have any evidence to backup this sweeping claim?