Chain has collapsed on day of exchange

Melaniep101

After months of twoing and froing with our solicitor to sort out the sale of our house and the purchase of our dream house, we had the devastating news that the buyer at the bottom of our chain had pulled out.

This only came to light yesterday as our solicitors were trying to exchange. It turns out that the estate agent at the bottom didn't bother to tell anyone that the buyer had pulled out last week so it was news to all 7 of us left in the chain.

Not sure what to do now, our EA has put us back on the market immediately and have a viewing booked tomorrow, but clearly we're upset for our buyers who loved our house.

Apparently the buyer at the bottom "got fed up with waiting" and went and found another property. I can't help feeling that our solicitors have been partly culpable as trying to get them to do something has been painful for the past 4 months - I've literally had to chase her every day.

Has anyone got any similar stories that had a happy ending? At the moment I feel like the rug has been pulled from under me...

Thanks

PasturesNew

I've had two instances where my buyer's pulled out - but a new buyer was found within a week in both instances; both of those completed -and both without a penny off the 1st buyer price.

You can't predict what will happen.... it's a roll of the dice if you do get to sell/buy or not. You're relying on complete strangers, who you've never even seen, to be willing/able to make it to the end.

TBagpuss

It's incredibly stressful and frustrating.

I had my buyers pull out after loads of delay, because their mortgage offer was withdrawn. I put the house back on the market and it sold immediately for full asking price (which was slightly higher than the original price agreed) and the sale went much more smoothly.

I hope that yours works out well

movilogo

Longer the chain, more likely to fail.

Try to find house without chain or very short chains (2-3 parties max).

Often in this case sellers assume the price they got original offer is the "correct" price for their house. But it isn't. You can get a lower price or a higher price. If you can accept this fact, you can recover from failing chain much faster.

silvercar

Suggest that the buyer at the top of the chain buys the property at the bottom as a BTL.