Purchase has fallen through.... what now??

livalicious

Hi all
The property we put an offer on 6 weeks ago has now fallen through :eek: ... so I would appreciate any advice as to what we do now. We have our mortgage offer through and solicitors were instructed when we put the offer in. We obviously searching like mad for a new property, cant find much as things are a bit dead at the moment.

So my question is, if we do find a property we like, would we have to show the ea our mortgage offer to show we are ready to proceed? If we possibly found a property that was less than our mortgage offer would it be a good idea to show the ea that we could actually afford more than what we offered.

Also do we need to inform our lender now, or when we found somewhere else. The ea sent a letter to our sols informing them, we only paid thus far for searches - which we instructed them not to do yet, and the agreement with sols was no sale no fee, so this would hopefully mean the searches payment would be used on the next property. Or so i hope.

Sorry, a bit naive, we ftbs so dont know how we should proceed from here??

ps. I heard somewhere that the housing market usually picks up again in September, is this correct?

Doozergirl

You don't need to show anyone your mortgage offer, you can simply ask the EA to call your broker and have them confirm that you are good for the money.

Inform the lender; if you are very lucky they won't charge for a second valuation fee.

The housing market does generally pick up in September. EAs can even put you off putting your house up for sale in August as they want to hit their potential buyers when they know they are more likely to be at home. Don't stop looking though. Have a look at some stuff that you had otherwise discounted - sometimes you can be really surprised by a property.

livalicious

Thanks Doozergirl,

Maybe this could be a blessing in disguise, we were naive (and still are, but not as much ) about the whole buying process (even after reading up about it countless times on t'internet). We fell in love with the place, put in a high offer straightaway, and upped it in the same phone call as the rejected one, and finally put in an offer that was accepted that was near the top end of our budget. :shocked:

I guess the excitement of buying our very first property got the better of us, and we werent thinking like MSers!

Still gutted about the property though, but now perhaps with hindsight we could play it a bit more cool. Roll on September!!!! :j

Doozergirl

Come and play with us! We'll teach you to be cool :cool: