Our buyer's pulled out! Any strategy ideas?

Onawingandaprayer

Three weeks before exchange and completion (simultaneous was planned) our buyer has pulled out. Unbelievably tedious, of course.

We've made an accepted offer on another property, which is empty, with no chain. Had survey done and legal stuff underway. (obviously have told solicitor to slooooow down.)

Our dilemma is when to tell our vendors the bad news. Our house is back on the market, but who knows when we'll get another offer.

1. Do we get it over with and tell them now, stressing that we're still very interested?
2. Wait a few weeks to see what happens here and then tell them?
3. Any other ideas?

They seem a nice couple, so we don't want to do to them what our buyer did to us, but have to let them know at some stage so they have the option of putting it back on the market, or holding on for us. They know our commitment as we had it surveyed etc.

Any thoughts outside the box?

Ozzuk

I'd let them know as soon as possible. The person I purchased from recently lost her first mortgage offer and was afraid to tell me. I knew something was wrong as there were no updates and she finally admitted it 4 weeks later when I started to threaten to pull out.

If she had said from the start then I wouldn't have worried, things happen and I wanted the property. You should give your vendors the same courtesy - accepting the risk that they may pull out.

Good luck!

Oh, and do you know why they pulled out? You might want to check it isn't because of an issue that will come up again.

hazyjo

I too would let them know (others will disagree). But I would tell them face to face if possible, or at least let them know you still very much want to buy their house (via the EA if you trust them to show you in a favourable light - although they may think it's in their best interests to get it on the market again asap).


They may choose to wait rather than start again with remarketing. Better to sell to you who's keen and already started the ball rolling.


If they aren't so keen to wait, it might be worth having a timescale in mind and suggest maybe they'll give you say four weeks' grace to find buyers before remarketing rather than just 'indefinitely'...


Jx

Paully232000

I am not sure what 'outside the box' thoughts you are thinking about, as to me it is a choice between telling them or not telling them.

Personally I would tell them now, being honest what has happened, and that you are still keen. Only you know how long houses stay on the market for, and whether the sellers want to sell quickly, or would be willing to wait, or if you dont know you will find out by telling them. Annoying them by not telling them can't lead to a positive business relationship can it?

MacMickster

The reason that your buyer pulled out may be important to the couple that you are hoping to buy from. They may be more prepared to wait if it was purely down to your buyer being unable to get a mortgage due to their own finances rather than it being down to an unresolved issue on survey. Additionally, how long was your property on the market before you received an acceptable offer? A short period first time round may make them likely to give you a period of grace, whereas 18 months on the market before receiving a single offer would make them less likely to do so.

Penelopa.Pitstop

It all depends on how much time do you need to sell your property again? I had two buyers pull out and I didn't mention it to anyone, just put it back on market and sold it in a few days to second buyer and then in one day to third one. In your case, there will be delay even if you find a new buyer immediately, so you will have to tell your vendors sooner or later anyway.

Dan-Dan

Out of the box ?
Offer them a cash sum , non refundable in return for waiting for you to find a buyer in x weeks

mrginge

your buyer has messed you about and you now think they are a***holes.

Can you just clarify, are you asking if you should now also act like an a***hole?

Onawingandaprayer

mrginge wrote: »

your buyer has messed you about and you now think they are a***holes.

Can you just clarify, are you asking if you should now also act like an a***hole?

Huh? Think you're reading a different thread...

Onawingandaprayer

Dan-Dan wrote: »

Out of the box ?
Offer them a cash sum , non refundable in return for waiting for you to find a buyer in x weeks

Funnily enough, was also pondering that. Or had a silly idea that we might see if we could rent their property till we can buy it (dismissed that fairly quickly as it would mean our property would be empty. In addition to legal implications.)

agrinnall

Onawingandaprayer wrote: »

Huh? Think you're reading a different thread...

I don't think so, not telling them would, as the general opinion in the tread seems to be, make the OP guilty of the same messing about that their buyers have done. If one party is an a* as a result then so is the other party.

Edit: didn't spot that you are the OP, I'm not implying that you do think your buyer is an a*, but if you did and you then messed your seller around you would be just as much of an a*.