Buyer has had to pull out, can’t get mortgage

geordie83

So, we are in a small chain, just us, our buyer and our vendor. The estate agent has just rang to say our buyers have been on and are struggling to get a mortgage (they had DIP). So they have put house back on the market as of tonight, and have someone interested in a 2nd viewing tomorrow.

They’ve suggested saying nothing to the vendors of our new house or their ES, for now. They say they need not know at all if an offer is made soon.

Is this normal? I feel awfully guilty not saying, but at the same time, don’t want to spook our vendor. Our mortgage valuation was done at the new house today, so as far as they know, everything is fine.

Any advice appreciated.

pinkshoes

If the EA is confident that they can find another buyer quickly, I'd keep quiet for now.

Anyone can pull out at any time until exchange happens.

Make sure the EA gets details of the buyers affordability e.g. do they have a mortgage in place? Large deposit?

breakingbad

See I'm the opposite, I would mention to the vendor, and assure them that the EA is confident of another offer. I would imagine they will be less annoyed if they find out from you, rather than via their EA etc.

Maybe I'm too honest?

PasturesNew

From the vendor's perspective you're still "active" as they've just witnessed a valuation occurring. .... see what the next week or two brings, then start to decide.

Penelopa.Pitstop

I had two buyers pull out or not proceeding so in the end "sold" my flat 3 times. I didn't tell vendor at all. In the end, transaction was delayed anyway and it wasn't due to my buyers but documentation on vendor's side.

SmashedAvacado

i have been mucked around by buyers in that position. but if you want to sell you put up with it. So if i were you i would keep quiet - you dont want to do anything that makes them pull out - and perhaps a new sale will fall into place quickly and keep everything together. Your seller might think you have mucked them about, but getting where you want to be is probably worth more to you than preserving the calm of a stranger.

hazyjo

Bit confused re length of chain. Think you're a link missing at the bottom - your buyer's buyer? Is it your buyers who are struggling to get a mortgage for your house, or their buyers who are struggling to get a mortgage for your buyer's house?


So the chain could now go from 4 to more?


And when you say just your vendor at the top, are they not buying anywhere?


I'm with breakingbad and would tell your vendors. See if they'll give you a few weeks' grace in which to sell your house. If they aren't buying and will be going into rented or staying elsewhere, maybe they'll be more flexible re hanging on.


I see it as your vendor's decision now, not yours.


Maybe I too am too honest lol.

geordie83

No, it was the perfect chain if I’m honest. Our vendors are moving to Spain, so no onward chain. Our buyer were moving out on rented accommodation, so no downward chain.
It is our buyer that is having difficulty obtaining a mortgage.

[Deleted User]

This sounds like a series of actions that makes up most people's house buying/selling experience and what makes the whole process so agonising

ACG

I would hold fire for a few days, see if an offer comes in.
If it does, then I would just keep my mouth closed and when the vendors agents start moaning about the delay, blame it on your buyer.

If it does not, then you will probably need to mention it to the vendor.