Broken Chain: Should I hang on for our purchasers

MeowMeow35

We have just found out that our buyers buyer has pulled out. Both our property and our buyers property were marketed with the same agent. Our estate agent is now asking if we would be willing to wait a while before remarketing to give our buyers time to find buyers for their property.

I have never been in this position before. This is our first time selling. Should we delay putting our house back on the market? The trouble is that we are not entirely happy with the agreed sale price. Our property had been on the market for over a year when we agreed the price and we have had to come down £30,000 off our original market price over this time. So putting it back on the market might mean that someone else will offer more (although I know this might be wishful thinking considering how long it has taken us to find a buyer!). Our buyers are really keen to buy our property. Could we ask them to offer more to keep us sweet so that we don’t just put it straight on the market?

letitbe90

Always remarket, explaining to buyers that you have to cover all bases including them not being able to sell their house.

You have to be selfish in this process I’m afraid.

The house I’m buying, the vendor has gone through 3 failed purchase due to chains collapsing and she decided to sell to me (no chain) in the end rather than wait for her latest buyer to find another buyer - was a first come first served sort of thing.

My advice would have been the same even if you was happy about the offer you accepted.

Flugelhorn

I would put the house back on the market but let the purchasers know that if they come up with another buyer before you accept an other offer then you would be happy to go with their offer.

hazyjo

I would give them two weeks' grace (three if I thought they were really worth it).


We see many posts on here saying how people have lost their buyers and are not going to tell the vendors out of fear they'll just immediately remarket. They've been honest with you (which appears to be rare in property), so I do think it's courteous to at least give them a fortnight.


I have been in this boat, my buyer's buyer pulled out. I hung on as my vendors had lost their house so we were all hanging on anyway. I got a new buyer, and then the vendors pulled out. Eventually the chain collapsed completely as we couldn't find anywhere and my buyer walked. Actually, I think there was another link and it may be my buyer later pulled out too and I got another. It went on for months. Sometimes it's better to hold a bit of the chain together and try to reform it than all be back at square one.


At the end of the day, we're all different and you should do what suits *you*. If you dump them now but end up selling to them again, they may lose faith in you a bit. I know it's dog-eat-dog, but try to put yourself in their shoes and imagine how you'd feel towards the sellers.


Yes, you could ask them to offer more, but you're in a very weak position. In their shoes, I'd probably say no, go ahead and remarket, and if you wanted to re-sell to me later, actually try an even lower offer. Stick with same price and play fair, and I'd not reduce further.


What's your onward position? Buying somewhere? Are they hanging on for you?