Where do I stand??

helejenkins1

I accepted an offer on my house from a cash buyer on Tuesday. Their house was also being bought by a cash buyer and that was the top of the chain.
I’ve been in a panic all week as every house we loved when we weren’t in a position to offer had been snapped up or taken off the market. Then to my surprise we had a phone call from an estate agent saying that a house that had been taken off the market was coming on with them and we had the opportunity to put in an offer before it went to market.
We offered and it was accepted within half hour. The estate agent takes our estate agents details so he can check the chain. Not a problem we think until he tells us that our buyer has now accepted a higher offer from someone else who has a house to sell that isn’t even on the market. We have now lost this house and it seems that we are not in a position to even offer on any other house that comes a long.

Our house only took 2 weeks to sell, should we pull out and hope another buyer comes along or ride it out. I’m just so annoyed at the moment.

Pixie5740

helejenkins1 wrote: »

I accepted an offer on my house from a cash buyer on Tuesday. Their house was also being bought by a cash buyer and that was the top of the chain.
I’ve been in a panic all week as every house we loved when we weren’t in a position to offer had been snapped up or taken off the market. Then to my surprise we had a phone call from an estate agent saying that a house that had been taken off the market was coming on with them and we had the opportunity to put in an offer before it went to market.
We offered and it was accepted within half hour. The estate agent takes our estate agents details so he can check the chain. Not a problem we think until he tells us that our buyer has now accepted a higher offer from someone else who has a house to sell that isn’t even on the market. We have now lost this house and it seems that we are not in a position to even offer on any other house that comes a long.

Our house only took 2 weeks to sell, should we pull out and hope another buyer comes along or ride it out. I’m just so annoyed at the moment.

Are you absolutely positive that your buyer is a cash buyer? Has anyone qualified the other because a lot of buyers claim to be cash buyers and then do a switcheroo further down the line once the chain has formed.

If the chain up to you has formed, you have a buyer and your buyer has a buyer then why do you think you are not in a position to make offers on houses you like? It does sound odd to me that the vendor of the house you offered on has accepted the other buyers offer when their house isn't even on the market, then again we don't know how much they offered or if they are dependent on the sale of their current home to fund the purchase.

I think you have 3 choices:

1) Continue looking for a new home and hope your cash buyer hangs around.

2) Continue looking for a new home whilst marketing your current home in case the cash buyer walks.

3) Complete the sale of your current home, move into rented accommodation and then continue your search for a new home as a chain free buyer.

PasturesNew

Sell. Sell and be prepared to "doss/rent" for a bit because it's a choice you've already made and you could be perpetually on the merry-go-round of this...

It's not ideal ... but if you don't sell, then see something you like, then yours doesn't sell, you'll kick yourself.

I'm selling at the moment, not got a buyer yet - nothing on the market is vaguely interesting to me.... but once I've got a buyer I'm selling because that's the decision I made... and holding on just puts you back in the "can't move in either direction" position, which is frustrating.

At least if you've sold and found yourself a little 2-3 month "winter let for now" .... you've only one half of the problem to deal with ... finding somewhere.

dimbo61

Your house is not sold yet as you don't have the money in the bank and your not homeless and living in a rental property or with mum/dad !
The housing market must be busy where you live as most estate agents + surveyors are indicating the housing market is slow in most of the country.
Keep looking and check the estate agents in the area every day. Bookmark all of them on your computer, check right move and onthemarket, plus any other property websites ie purplebricks, teplo?
If you really want to live in a particular area or street consider posting leaflets through doors.

SeasideSally

helejenkins1 wrote: »

I accepted an offer on my house from a cash buyer on Tuesday. Their house was also being bought by a cash buyer and that was the top of the chain.

Not a problem we think until he tells us that our buyer has now accepted a higher offer from someone else who has a house to sell that isn’t even on the market. We have now lost this house and it seems that we are not in a position to even offer on any other house that comes a long.

If your buyer needs to sell his house in order to buy yours, he's not a cash buyer.

As you've only just accepted the offer, and none of you are committed to the process yet, I'd put your house back on the market.

If your buyer's buyer gets his own buyer, then you can move forward. But I'd be wary of someone who said he was a cash buyer when he wasn't, and then disrupted everything by dumping a buyer that was ready to proceed in favour of one that wasn't.

agrinnall

I think the OP is misunderstanding what 'cash buyer' means, I suspect that their potential buyer doesn't need a mortgage once they have sold their house, but in no way does that make them a cash buyer (i.e. somebody who already has the cash to make the purchase, either from having already sold their house or through other resources).