Buyer pulled out please help, chain collapsed!

amybabyuk

On Monday our buyer pulled out collapsing our chain. We were close to exchanging contracts as well. Our house that we had purchased have put the house back on the market as is ours. We may have lost our dream home and cannot do a single thing about it. I have shard the link to zoopla on Facebook in hope to get more views and viewings. We have reduced our house by 5k to try and attract more people to it, but have had no viewings yet (since Monday), I know its soon but we have no time to waste if we want o try and get our house back. Likewise we cannot reduce anymore as it will been borrowing more on the mortgage thus putting payments up!
There should be a rule of thumb that if a person puts in an offer they must commit buy paying a deposit as if we don't get another buyer now we have lost £1000 in fees already paid out! I feel hopeless as there is nothing that I can do. Any suggestions?


We have already asked to use two estate agents and are currently waiting for an answer.

TBeckett100

im not convinced using multiple agencies works. When I see two listings for one property, I just assume there is something amiss with the property and they are desperate to sell.

I presume that the property has appeared as a new listing on Rightmove?

Dan-Dan

amybabyuk wrote: »

On Monday our buyer pulled out collapsing our chain. We were close to exchanging contracts as well. Our house that we had purchased have put the house back on the market as is ours. We may have lost our dream home and cannot do a single thing about it. I have shard the link to zoopla on Facebook in hope to get more views and viewings. We have reduced our house by 5k to try and attract more people to it, but have had no viewings yet (since Monday), I know its soon but we have no time to waste if we want o try and get our house back. Likewise we cannot reduce anymore as it will been borrowing more on the mortgage thus putting payments up!
There should be a rule of thumb that if a person puts in an offer they must commit buy paying a deposit as if we don't get another buyer now we have lost £1000 in fees already paid out! I feel hopeless as there is nothing that I can do. Any suggestions?


We have already asked to use two estate agents and are currently waiting for an answer.

Why did you buyer pull out , something in the survey ?

good_advice

Gosh, heart breaking.
What was the reason. Hope it was not a bad survey.

All you can do is start again or stay put.

Mocha61

I agree with Tbeckett100 putting house on with multi agents could make people think you are unable to sell it. There is a property near me that is on with FIVE EA's first thing I thought was whats wrong with it that they need so many. Hope you find a buyer soon.

lisyloo

im not convinced using multiple agencies works.

We have actual experience of our house being sold by two agencies.
actually we have part-ex'd it to a builder and they used multiple agencies.
They went like a rat up a drainpipe, both competing to get the keys and get the details out first.
A bit of comeption works wonders, so my actually real world experience differs from other opinions.

Slinky

We lost a buyer and then put our house up with a second agent. We told the second agent we would only pay single agency fee which they accepted, as did the original agent. A bit of competition put a bit of pressure on both agents, the original one eventually being the one to find us a succesful purchaser at the second attempt.

I don't think 2 agents is overkill. Five most certainly is.

DaftyDuck

You may sell your house, but do you get as good a price as with one agent? I suspect one often does not.

Can't prove it. I have used multiple agencies, more in the past, and only with interesting, older properties where a local, specialised agent can team up/compete with a national-type one. However, this modern internets-thingy means even a local agent, parochial even, will achieve sufficient coverage.

Slinky

DaftyDuck wrote: »

You may sell your house, but do you get as good a price as with one agent? I suspect one often does not.

We got more the second time we sold our house after we'd gone multi agency.

AdrianC

amybabyuk wrote: »

There should be a rule of thumb that if a person puts in an offer they must commit buy paying a deposit

There is. You just hadn't quite reached that point in the process yet.

as if we don't get another buyer now we have lost £1000 in fees already paid out!

Umm, you aren't the only seller in this deal whose buyer has just pulled out, are you?

Chanes

Why did the sale fall through?