Purchaser pulled out, shall I proceed with homebuyers?

sunflowers123

Hi

The purchaser of our house is likely to pull out of the sale as they didn’t realise the chain would be more than just three of us. They just want a quick purchase so that they can rent out our house.

My surveyor is due to go into the house I’m wishing to purchase to carry out the homebuyers survey. My estate agent said I should go ahead with this and in the meantime should I need to remarket my house they can try and push it.

I’m in two minds as to whether this is the right thing to do. I don’t want to waste money on reports and solicitors if this doesn’t work out. If I’m upfront with the seller I think they will also pull out.

Any words of advice greatly appreciated.

Fed

Well you're going to have to tell the vendor of the property at some point. If they want to pull out then the fact you've spent money on a survey isn't of any concern to them.

I'd postpone the survey or if it's not for a few days stall and see if you can find a new buyer in that time.

The seller might give you some grace

G_M

Put the survey on hold.

hazyjo

Definitely don't do the survey. Tell the vendor and as Fed said they may give you some grace (although I would be asking for that rather than waiting for them to suggest it - two weeks at least).


Not really fair on them to not know their chain has collapsed - it should be up to them whether they want to remarket or withdraw entirely.


I know it's hard. Been there, done that...

Bass_9

You need to tell your buyer the situation, I would be (to put it politely) pretty annoyed if someone strung me along under false pretences.

In terms of the survey, it's tempting to put it on hold but do you think you could find a new buyer relatively quickly? (If current buyers pull out)

If so then you could chance it and get the survey done anyway.

sunflowers123

Thank you all for your good advice.

Keeping my fingers crossed!

PasturesNew

Can you break the chain? You've not said what your set up is, but I'm about to put my house on the market and my intention is to look for a house, but if I get a buyer then I'll sell the house to them, put my stuff into storage and rent a short-term AirBNB/holiday winter let/similar while I find a house to buy, or complete on one I'm progressing.

Sometimes it's just the best way to go as buyers are the thing you NEED. Living alone, I'd rather run the risk of me being in temporary accommodation than lose a buyer.

sunflowers123

PasturesNew wrote: »

Can you break the chain? You've not said what your set up is, but I'm about to put my house on the market and my intention is to look for a house, but if I get a buyer then I'll sell the house to them, put my stuff into storage and rent a short-term AirBNB/holiday winter let/similar while I find a house to buy, or complete on one I'm progressing.

Sometimes it's just the best way to go as buyers are the thing you NEED. Living alone, I'd rather run the risk of me being in temporary accommodation than lose a buyer.

I bought at the peak of the boom and am just breaking even after living here for 12 years, so renting would be too costly to us. I do see how this option would suit others.