Buyer pulled out close to exchange

sadmuso

Hi All,

I desperately need some advice. We were literally about a week from exchange and our buyer has suddenly decided to pull out due to 'uncertainty over the EU referendum'. The house we are purchased is vacant as it was being let by the owner, and I've been told by his estage agents that he's fairly laid back but I am obviously very anxious that he will not want to wait very long for us to find another buyer.

Is there anything I can do to try and prevent us losing out on the house we are buying? I believe our house is reasonably priced but we cannot take any less than our previous offer.

We are on the market with one agent, who have said that they will do all they can to find another buyer ASAP, and the propety is on Rightmove too so I presume there's not much more that can be done from a marketing point of view?

All very stressful!

Thanks

Thrugelmir

sadmuso wrote: »

our buyer has suddenly decided to pull out due to 'uncertainty over the EU referendum'.

Lame excuse.

marksoton

Sell your place, move into rented and hope matey hangs on long enough to sell to you.

Oh, and don't believe the EU carp. That won't be the reason.

sadmuso

Yeah, the EU thing sounded like utter tosh.

Thanks for the advice. I wish there was a way to speed up the selling process (without selling for peanuts, obviously)

marksoton

sadmuso wrote: »

Yeah, the EU thing sounded like utter tosh.

Thanks for the advice. I wish there was a way to speed up the selling process (without selling for peanuts, obviously)

You could send it to auction.....

Whether you'd get market price is doubtful though....

BJV

So so sorry. I have just been through nine months of hell with a house sale / move. We sold out house in the end twice.

The people we where buying from did not want to sell but had to financial stuff so delayed and delayed. ( nine months ) ( we did not know this at the time )

In the end we lived in a caravan for two weeks in jan ( very cold ) then had to move into a little house we have. Two up two down for 4. Cats and dogs in kennels, storage etc - nightmare.

I have to say take deep breath. I know it is easy for me to say but honestly months of sleepless nights I know it is hard. I would firstly tell the solicitors to tell the people you are buying from. Tell your estate agents and get your house back on the market NOW !!!!. Keep the communication lines open I know it is not easy but don't panic.

Honestly before we knew our vendor was an absolute!!!! and we thought that we would be able to complete of the agreed date, our 1st set of buyers delayed the valuation then had to pull out because their mortgage was declined. We sold out house the same weekend for more. Ok difficult but not impossible.

Honestly communicate communicate. Do not try and hide anything just be honest and let them know.

eddddy

All you can do is look for another buyer.

If the property market really does slump, your seller will be in the same boat as you.

e.g. If your property's value drops by 10%, your seller's property value will drop by 10%.

So you would have to explain to your seller that you need to renegotiate. If your seller refuses to accept a 10% lower offer from you, they would have to accept a 10% lower offer from somebody else anyway.

Bossypants

I know this is a very anxious time for you, but don't do anything drastic. Just focus on what you can control: Make sure the marketing materials are up to scratch, present the house well and be as flexible as you can with viewing times. Also, be sure to keep the vendor up to date on your situation. If he is not desperate to sell, he is likely to be happy to wait on keen, well-organised buyers doing their damndest to get their house sold, rather than having to wade back into the unknown. If he feels like you are messing about or wasting his time that can quickly change, though.

DigForVictory

Your buyer will get their 'reward' through kharma. There is a Special Hell for those who muck up property chains.
All the very best of luck.

sadmuso

Thank you all so much for your helpful feedback, I will definitely be using MSE forums from now on.

And yes, DigForVictory - this guy didn't seem quite right from the start and has now proven himself to be a douchenozzle

sam3103

Have to say I love digforvictory's response.
Our seller pulled out on us on the day of exchange and a month later I saw a Facebook post from her that had been shared 100+ times saying she had had her purse stolen and she was banging on about how karma would come back to haunt the thief. There I was thinking, well karma well and truely came for you love and I immediately felt better about the situation.