Buyer has pulled out - tips?

Rambosmum

Edited to make it clearer.

We accepted an offer on our property in November last year.

We offered on a couple of properties but they fell through (subsidence with one, gazumped with another) and then our buyer (FTB) was trying to push us out as we hadn't found anywhere. We refused to move to rented (pets, young baby) and just kept looking.

We had an offer accepted 4 weeks ago on a house we want to buy and are now very close to exchange on that (searches back, mortgage offer in, just awaiting some contract queries answering). And today, our buyer pulled out. Looks like he has another property.

Estate agent is going to speak with him to see how far down the line and try and entice him back but I don't think that'll work. So house needs to go back on the market ASAP. We haven't yet told anyone else.

So far, I've organised storage for our stuff to get the house viewing ready and instructed the estate agent to put it back on the market Monday. We plan to move stuff to storage Sunday and have a big clean etc.

Last time, we had 6 good offers (all over asking) within 48 hours of it going on the market so hopefully we'll sell quickly again, though I appreciate second time houses aren't as popular and the climate has changed.

Does anyone have any tips?

We can't drop the price as we rely on that for our onward purchase.

always_sunny

I would try to understand why everyone is pulling out? Maybe it's bad luck or maybe it's something in the property?

ReadingTim

I'm confused as to how many potential buyers for the property you are selling have fallen through - one or two and you could have just been unlucky. More than that and it's more likely to be a problem with the property, not the buyer.

Similarly, when did they drop out? If it's in the first few weeks of having an offer accepted, they might have just got cold feet, or seen something better. Further into the process (survey, searches etc) points to a problem with the house, rather than the buyer.

What does the EA have to say?

Rambosmum

ReadingTim wrote: »

I'm confused as to how many potential buyers for the property you are selling have fallen through - one or two and you could have just been unlucky. More than that and it's more likely to be a problem with the property, not the buyer.

Similarly, when did they drop out? If it's in the first few weeks of having an offer accepted, they might have just got cold feet, or seen something better. Further into the process (survey, searches etc) points to a problem with the house, rather than the buyer.

What does the EA have to say?

No, our purchases (the one we are buying) have fallen through, which is why it has taken until now (7 months) for us to get exchange, as we haven't been able to find a house to buy. We've had the same buyer for ours the whole time. Until today.

always_sunny

Rambosmum wrote: »

No, our purchases (the one we are buying) have fallen through, which is why it has taken until now (7 months) for us to get exchange, as we haven't been able to find a house to buy. We've had the same buyer for ours the whole time. Until today.

Ah! Do you know/can you find out why he pulled out?
If you had 6 offers before, beside putting back on the market, not sure what else you could do.

Rambosmum

always_sunny wrote: »

Ah! Do you know/can you find out why he pulled out?
If you had 6 offers before, beside putting back on the market, not sure what else you could do.

He has another house, the estate agent is trying to contact him to see how far/ committed/ invested he is in that purchase and whether he would come back to us.

ReadingTim

Rambosmum wrote: »

No, our purchases (the one we are buying) have fallen through, which is why it has taken until now (7 months) for us to get exchange, as we haven't been able to find a house to buy. We've had the same buyer for ours the whole time. Until today.

Reckon I would have pulled out after 7 months, 3 failed house purchase attempts and a refusal to go into rental too.

OP - get the place you're trying to sell back on the market, and make sure the place you're trying to buy doesn't fall through again. And if it does, consider going into rental to break the chain, and at least sell your current place. Otherwise you risk coming across as [STRIKE]a timewaster[/STRIKE] not being serious.

Surrey_EA

If your EA is any good, they should be able to persuade your buyer to stay on board, as it's highly likely that the purchase of your property will conclude quicker than if they start from scratch with a new purchase.

hounsehunterftb

From the looks of it, your house sells itself given you had 6 offers within just 2 days. I wouldn't delay it any further and put it back on the market. Perhaps contact those 5 buyers/6 to ask if they are interested.

Are you buying a chain free house yourself? They might not hesitate as you are in a very good position and nearing exchange? Also I would go for FTB (with decision in Principle) if that's an option to avoid any further mess in the process.

waamo

It sounds like the buyer was fed up waiting and went and found somewhere else.

If they have applied for a mortgage then their mortgage offer may have expired after that length of time meaning further credit searches which doesn't look good.

To be honest after 7 months I would wonder if you were serious about selling.

gld73

I agree with #7 and #10 - 7 months is a long time to keep someone waiting, I'd have walked away too by now.

If you're finally going to move out and have everything lined up to do this, and you get a few quick offers, maybe choose the one who will complete fastest (if that's what you want now?) i.e. chain free, funds in place...