House sale fallen through help!

dahac

I recently sold our house for full asking price, so we started to look at properties and found one and put an offer in and had it accepted. We have had a survey done on the property and paid for mortgage fee and some searches on the house we are buying.

We have now found out that our buyer is pulling out of buying our house so we are unsure what to do now.

-Do we tell the solicitor that our house sale has fallen through and hold the breaks on our new purchase.

-if we tell the solicitor to hold on will they have to tell the estate agent that we can no longer buy the property they are selling.

- Do we tell no one and fingers crossed we sell our house in a few weeks.

Just don't want to lose our new house, but don't know what to do.

Any advice on how to approach this would be great

Thanks

kiddakidda

dahac wrote: »

I recently sold our house for full asking price, so we started to look at properties and found one and put an offer in and had it accepted. We have had a survey done on the property and paid for mortgage fee and some searches on the house we are buying.

We have now found out that our buyer is pulling out of buying our house so we are unsure what to do now.

-Do we tell the solicitor that our house sale has fallen through and hold the breaks on our new purchase.

-if we tell the solicitor to hold on will they have to tell the estate agent that we can no longer buy the property they are selling.

- Do we tell no one and fingers crossed we sell our house in a few weeks.

Just don't want to lose our new house, but don't know what to do.

Any advice on how to approach this would be great

Thanks

Sorry to hear this, my sale is also in doubt so I feel your pain.

Get your property back on the market and see if you get some quick offers. Give yourself a week to see how it goes before letting everyone know.

good luck

dahac

kiddakidda wrote: »

Sorry to hear this, my sale is also in doubt so I feel your pain.

Get your property back on the market and see if you get some quick offers. Give yourself a week to see how it goes before letting everyone know.

good luck

I know it's one of them things which could happen anytime, but it's a shame to lose at that money too!

kiddakidda

dahac wrote: »

I know it's one of them things which could happen anytime, but it's a shame to lose at that money too!

I know what you mean.

Is the deal dead in the water? What was the reason for your buyer pulling out?

andymd

You should probably be up front about it, will be fairly obvious to the EA when they see yours go back on the market, particularly if you're staying in the same area. How long did it take to get your offer first time?

Thrugelmir

Let everyone know as soon as possible. Treat others as you would wish to be treated yourself.

dahac

They wanted 5k off the price for work that doesn't need doing, so they pulled out. It took 8weeks from first value to offer accepted.

Just don't want to lose the money and our new house!

Argghhh

would it not be worth going back and offering 2500 towards the work - you will lose all the money you have spent on searches etc if your new purchase falls through?

Thrugelmir

dahac wrote: »

Just don't want to lose the money and our new house!

That has nothing to do with keeping people informed.

AMILLIONDOLLARS

Two options, put the house back on the back, or split the difference. They may not want to start again either!

AMD

Slinky

Presumably when you put the house up for sale you didn't expect to get full asking price for it? Whilst it's annoying since you've set your expectations at that level having had the offer, would you have accepted their offer had it been £5K off the asking price in the first place?