Chain broken down below us - best route?

silvercar

iammumtoone wrote: »

It very easy for everyone to sit at the end of a keyboard and tell the OP they should tell the vendors but when you are in that situation and face the possibility of losing the house of your dreams it is a very different situation.

People buying houses can be ruthless I read an awful lot worse on these threads than what the OP is proposing. 2 weeks is not very long in the scheme of house buying.

I am not going to say what I would do in that situation as I don't know. I would like to think I would do the right moral thing but faced with reality I can't be 100% sure I would.

Whilst your buyers say they are keen to sell again and buy from you, you really need to know what they are doing to attract a quick offer. If they put their house back on what for what it was originally I would say they are not that keen.

Can you afford to take a hit on your price anything will sell quick at the right price.

Maybe you could split the difference with your buyer ie they sell theirs at 10k less and you accept 5k less from them.

Totally agree with this.

Crashy_Time

silvercar wrote: »

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?

Best bet is price drop to attract more buyers, the bottom chain property is unsafe anyway?

hazyjo

iammumtoone wrote: »

It very easy for everyone to sit at the end of a keyboard and tell the OP they should tell the vendors but when you are in that situation and face the possibility of losing the house of your dreams it is a very different situation.

Just removing myself from that generalisation as I have been in that boat and yes I did tell the vendors. I found another buyer, but the chain fell apart eventually anyway because my vendors lost the house they were going for (not cos of the chain breaking, they just pulled out) and my vendors gave up trying to find another house to buy.

babyblade41

Read through most of the replies, and yes, it is a business but a very emotional business most of the time.

You have to be very careful your vendors don't find out through the grapevine, If by any luck the chain falls back into place , they may find you untrustworthy and not want to sell to you at all

Most of us on this forum have been through what you are going through now and if I was your vendor and you were upfront from the start , I may give you 4 weeks to get things back together again before moving ahead .

With your course of action the trust would have been lost completely .. never a good move to try and deceive.

At best you find a new buyer for yours and everything can carry on as before with a small delay or you lose it completely ..so what if the latter happens ? Nothing, you stay as you were before until you find something else and start the process again and possibly again

Honesty here is what is needed and I think you know it

Crashy_Time

Most vendors have to take whatever buyers they can now, the days of spitting the dummy over a price reduction or failing to keep them up to date on what you had for breakfast are long gone.

Albala

Crashy Time, 'most' is not 'all', and unless you are a clairvoyant, you don't know how any particular seller may feel. Some may over-react to being told, but I suspect the exact same type would be likely to be the type that goes ballistic if they find out they have been kept in the dark.


Personally I prefer to be upfront about things. Just as they say 'if you think education is expensive, try ignorance' I'd say 'If you think telling the truth is risky, try covering things up'.

Crashy_Time

Albala wrote: »

Crashy Time, 'most' is not 'all', and unless you are a clairvoyant, you don't know how any particular seller may feel. Some may over-react to being told, but I suspect the exact same type would be likely to be the type that goes ballistic if they find out they have been kept in the dark.


Personally I prefer to be upfront about things. Just as they say 'if you think education is expensive, try ignorance' I'd say 'If you think telling the truth is risky, try covering things up'.

Fair enough, the OP isn`t really in a position to buy this house so they might be better just being honest with the vendor about this and hope that another cash buyer or chain completed buyer doesn`t come along. My point was that people taking ages to sell and knocking 25k off are not really in a position to dictate the potential buyers behaviour for them, they are in a take it or leave it situation if they want to sell and no one else turns up.

Albala

In the end, though, sellers always have the option not to sell. They are not all logical enough to say 'if we start with a new buyer it could take a lot longer than sticking with this one'. And some things make sellers touchy. Not keeping them informed is a red flag to some of them. The trouble is, we don't know which. So it's always a guessing game.

I prefer the upfront approach, but I accept that sometimes that doesn't 'work' either. Buying and selling houses is always a gambling game as you never know what the others involved are really like. (Just as well, I suspect, most of the time.)
Anyway, I hope the OP's situation resolves quickly and everyone ends up happy in their new houses.