Chain broken down below us - best route?

GreyKnight1811

Hi all


My wife and I are a bit fed up just now, we had found the ideal house to move into in an area without many suitable houses for sale, needs work, but it's in a great location, has all the features we wanted etc. We made an offer and after 10 days it was accepted (old people, fussing over us being in a chain, really wanted chain free buyers). We also got it for a great price, £25k below asking price.


Unfortunately we are in a small chain (4 parties involved) and the people right at the bottom have pulled out of our buyer's sale Their survey found asbestos in our buyer's house and despite our buyer offering to get it sorted they pulled out - !!!!!!.


Our buyer is still very keen to buy our house and at the moment we've said that we'll give her two weeks to find a new buyer, but then we'll have to go back on the market ourselves. We are NOT telling our vendor's because we really don't want to worry them and end up losing the house we want. Also, our house was on the market for 2 months before we sold and we only had 3 viewings so to get a buyer at all was a struggle for us.



I've considered a bridging loan, but really it's too expensive and I couldn't risk it. I am also considering the possibility of using one of these "sell your home quick" companies as a last ditch if our buyer doesn't sell. Has anybody got any experience of using them? Are there any more reputable ones that won't screw you at the last second.


Looking for advice really, am I mad to not be putting my house back on the market immediately? I guess if our buyer sells before we do she can still have our house for the same price.


thanks for your advice.

[Deleted User]

GreyKnight1811 wrote: »

I am also considering the possibility of using one of these "sell your home quick" companies as a last ditch if our buyer doesn't sell. Has anybody got any experience of using them? Are there any more reputable ones that won't screw you at the last second.

It would be cheaper (and less stressful) to just drop your asking price by 30% and attract a quick cash buyer.

GreyKnight1811

Deleted_User wrote: »

It would be cheaper (and less stressful) to just drop your asking price by 30% and attract a quick cash buyer.

30%??? That would knock £70,000 off the value of our property!

[Deleted User]

You'll still get more than the 'sell your home quick' boys will give you, so it's a bit of a bargain.

I would remarket it the normal way and drop the price if you need a quicker sale.

AdrianC

GreyKnight1811 wrote: »

We made an offer and after 10 days it was accepted (old people, fussing over us being in a chain, really wanted chain free buyers).


Unfortunately we are in a small chain (4 parties involved) and the people right at the bottom have pulled out of our buyer's sale

And now you know why they wanted a chain-free buyer...

We are NOT telling our vendor's because we really don't want to worry them and end up losing the house we want.

So, umm, how would you like it if your buyer hadn't told you?

Also, our house was on the market for 2 months before we sold and we only had 3 viewings so to get a buyer at all was a struggle for us.

The usual cause of very few viewings is lousy details. Let's have a look...

I've considered a bridging loan, but really it's too expensive and I couldn't risk it. I am also considering the possibility of using one of these "sell your home quick" companies as a last ditch if our buyer doesn't sell. Has anybody got any experience of using them?

The bridging loan - or simply dropping the price - will be a lot cheaper.

Are there any more reputable ones that won't screw you at the last second.

Just pause and think how they work. They buy houses to resell them. They need to factor in their operating costs, SDLT, legals, remarketing, tax... and still make a profit on the resale.

Whatever, however - you are going to have to take a VERY big haircut on the price.

letitbe90

Do not use a bridging loan, no house move is worth the cost and risk this brings in your scenario.


Do not use those buy any house schemes, no house move is worth losing 40%+ of your house value.


Your only viable course of option is to put it back on the market but let your buyers know you are doing this as an insurance policy if they can't find a buyer for their house and if they manage to sort things out before you find another buyer you will still happily sell to them. However, this is business, not personal, so you should sell to whoever comes first (and is proceedable).

silvercar

Are you or your sellers in a position to buy out the property at the bottom of the chain? Either to resell or as a buy to let?

babyblade41

Sadly this happens so often and can be gutting when you want to buy the house of your dreams

No other financially viable option but re-market yours as your buyer is now not proceed able, inform your vendor as it's not fair to carry on possibly them spending money on an onward financial commitment

Best case scenario the chain can be rebuilt but as more likely you will have to start the process again. If your buyers buyer has a problem with asbestos then probably another buyer will feel the same

There is no property on earth I would feel was worth going to "webuyanyhome.com" you would regret that for the rest of your days
Hope things improve...Easter is a great time to come to market so you may be lucky

ognum

GreyKnight1811 wrote: »

Hi all


My wife and I are a bit fed up just now, we had found the ideal house to move into in an area without many suitable houses for sale, needs work, but it's in a great location, has all the features we wanted etc. We made an offer and after 10 days it was accepted (old people, fussing over us being in a chain, really wanted chain free buyers). We also got it for a great price, £25k below asking price.


Unfortunately we are in a small chain (4 parties involved) and the people right at the bottom have pulled out of our buyer's sale Their survey found asbestos in our buyer's house and despite our buyer offering to get it sorted they pulled out - !!!!!!.


Our buyer is still very keen to buy our house and at the moment we've said that we'll give her two weeks to find a new buyer, but then we'll have to go back on the market ourselves. We are NOT telling our vendor's because we really don't want to worry them and end up losing the house we want. Also, our house was on the market for 2 months before we sold and we only had 3 viewings so to get a buyer at all was a struggle for us.



I've considered a bridging loan, but really it's too expensive and I couldn't risk it. I am also considering the possibility of using one of these "sell your home quick" companies as a last ditch if our buyer doesn't sell. Has anybody got any experience of using them? Are there any more reputable ones that won't screw you at the last second.


Looking for advice really, am I mad to not be putting my house back on the market immediately? I guess if our buyer sells before we do she can still have our house for the same price.


thanks for your advice.

On behalf of the ‘old people fussing’ I would suggest you be honest and tell the truth.

I am probably older than you and have bought and sold many houses and the very worst thing a buyer can do is be limited with the truth.

Frankly, if I found out (and they will,solicitors talk to each other) I would withdraw from the sale to you and start again.

Be honest!

steampowered

I would put the house back on the market. You want a quick sale but your buyers are not currently proceedable.

If your buyers find another seller quickly, that's great.

If someone else is willing to buy and is able to move more quickly, then you should sell to them instead.

I think it is only fair that you tell your vendors.

GreyKnight1811

Okay I should give more info.


Firstly, our vendors have already left their property and moved somewhere else, their property is empty so they have very few "costs" to incur as such. Their previous sale fell through and so our offer is a re-sale as it is. Our solicitor says that our vendors still haven't issued a contract, so they appear in no hurry and a couple of weeks delay won't hurt them. I see no point in muddying the water with them at this stage. In two weeks, if things haven't resolved, I will tell them and request politely that they bear with us for a while.


Like somebody said, this is business and I'm not going to unnecessarily jeopardise our purchase. I know from our initial dealings that the vendors are skittish and could just withdraw at the slightest sign of trouble, I don't want that. It's not about being dishonest, it's about managing the risk.


Okay, all I wanted to know was whether it was worth using one of those companies, I had my doubts, but wanted confirmation.