House sale fallen through.

Zaksmummy

So, we were 9 weeks into our buying and selling process, contracts were all signed and we were waiting for exchange, then we had the phone call on Thursday morning to say the person at bottom of chain was having sleepless nights about his purchase and decided to pull out of chain, (we had the same solicitor so I was the first to know) gutted being an understatement.

All houses (4) were then put back on market, The first viewing we had on Saturday made us an offer :j. Now, the offer is for £2000 less than the last sale, we have re offered on the house we were buying but for £3000 less (she lives abroad so won't hear back until Monday). If she accepts the offer will we have to go through the mortgage application process again? Or will they just recalculate on new figures.

Btw I feel awful about our original buyers losing our house, she was really eager to move in, I know how she will feel when she gets told she can't have our house anymore, but unfortunately the system allows for this to happen, and we realise we are very fortunate to sell so quickly.

DandelionPatrol

Art_Contrary wrote: »

If you're being offered £2000 less than you wanted, why are you reoffering your vendor £3000 less?

So as not to be bargained down to £1500 less?

Zaksmummy

Art_Contrary wrote: »

I don't understand. Why did all of you relist your properties? Couldn't the one at the second bottom have relisted, with the rest of the chain remaining intact? Or could you have let your buyer relist and still sold to them once they had a new buyer? If you're being offered £2000 less than you wanted, why are you reoffering your vendor £3000 less?

Both houses under us were on the market for quite a while before they sold, I would have been more than happy to stay put, unfortunately my sellers ea (we have the same ea) told me that they were going to tell her re market and recommended we did the same. The difference in price is to enable her to negotiate on price. We originally offered full asking price.

slowpoke_rodriguez

Art_Contrary wrote: »

If you're being offered £2000 less than you wanted, why are you reoffering your vendor £3000 less?

Spent too long in the company of estate agents.
Morals are getting ropey...

[Deleted User]

If an offer was made so quickly, couldn't you wait a couple of weeks to see if you get a higher offer? As there is now no chain, there's not the same pressure there was to sell.

Just tell the estate agent to tell the people that offered that you want nearer the asking price and will keep the house on the market to see if that can be obtained. Who knows, they may offer more (are prices increasing generally in your area or have they gone down.., this will affect decisions obviously).

savingfortomorrow

deannatrois wrote: »

If an offer was made so quickly, couldn't you wait a couple of weeks to see if you get a higher offer? As there is now no chain, there's not the same pressure there was to sell.

Are you better off accepting an offer, avoiding additional mortage repayments as it could offset the perceived better offer. 2 grand less but faster exchange and completion could be better value for the seller. Moreover the costs and time expenses of tarting the house up before buyers and some time wasters come along to critize decor.

Zaksmummy

deannatrois wrote: »

If an offer was made so quickly, couldn't you wait a couple of weeks to see if you get a higher offer? As there is now no chain, there's not the same pressure there was to sell.

Just tell the estate agent to tell the people that offered that you want nearer the asking price and will keep the house on the market to see if that can be obtained. Who knows, they may offer more (are prices increasing generally in your area or have they gone down.., this will affect decisions obviously).

We cannot take the risk that the house we want to buy will get sold to someone else. This way we can still buy the house we want, they will be happy as all the paperwork has been done already.

Prices have stayed the same more or less, it's hard to tell as not much coming onto market, hence the panic to sell.

anselld

Zaksmummy wrote: »

We cannot take the risk that the house we want to buy will get sold to someone else.

You are already taking that risk by offering £3k under your previous agreed bid. Vendor might prefer to wait for a new buyer.

Marvel1

Zaksmummy wrote: »

Btw I feel awful about our original buyers losing our house, she was really eager to move in, I know how she will feel when she gets told she can't have our house anymore, but unfortunately the system allows for this to happen, and we realise we are very fortunate to sell so quickly.

This has confused me, couldn't you have stayed with them?

Zaksmummy

So, anyway, getting back to the original question, if the seller accepts offer or makes a different offer, will we have to go through mortgage application again or not.

Thrugelmir

Is your mortgage offer likely to lapse. As your new potential buyers aren't going to be in a position to complete for some weeks. The Xmas break may extend matters further as well.