Buyer pulled out!

Chrissiep

Hello, so a few days from exchange and after chasing my EA they finally tell me that my buyer has pulled out!! So no doubt I will lose the house that we were buying, as they are putting it back on the market straight away! We have also told our EA to put our flat back on the market, but in all honesty how likely is it to sell in the current climate. Would it better to just take it off the market until all this blows over, if it ever does? Any suggestions will be gratefully received.

[Deleted User]

If you take it off the market, you definitely won't sell it and can't buy the other house.

If you keep it on, you might.

hazyjo

Just try again. If you're worrying about yours being slow to sell, the chances are your sellers will find it hard too. Happens all the time. If they put it back on the market and it takes you a month or more to find a buyer and it's still available, go in with a lower offer (especially if the market's still suffering and you may have to take a lower offer on yours). They'll shoot themselves in the foot then.

In this climate, I would give a buyer 3-4 weeks or so to find another buyer and try to hang on to them.

Ace_Fontaine

Something similar happened to us six weeks ago, except it was our buyers buyer who pulled out just before exchange.  Our buyers house went back on the market Tuesday and by Thursday they had a new buyer (before Covid19 i know).  But, because we were so far through the process our seller was happy to wait (within reason) rather than start the process again.  

UnderOffer

This happened to us, after 3 months of conveyancing our buyers buyer (FTB) separated and pulled out of purchase, we all went back on market, 2 weeks later our original buyer had received an offer, revised their offer to us and we were able to reinstate offer on our purchase. All completed and moved in 3 months later. So yes a long slog from beginning to end 6 months plus) but worth the wait. 

D.L

I'd try, there's no real harm. If you think it's unlikely to sell in this climate then that would also apply to the house you're buying!

amandacat

Agree, keep it on the market. 
I was unlucky that it happened to me 3 times in a row in 2015, first two times the buyer had their mortgages rejected even after having an AIP, the third buyer lost their job. I ended up taking it off the market and still live here today, it also cost me over £600 in conveyancing fees because I was stupid enough to not use a no move no fee solicitor. 
I feel your pain. Good luck finding a new buyer. 

Crashy_Time

Try dropping the price and keeping it on the market?

Anamox

Keep it on, I had the same last year and I'm now just about settling things up with our new buyer finally. There is hope, and there are buyers! Having met my buyers (first time buyers in their 50s) they've said they finally decided to get a house together because the election finally gave some idea of what the future looks like (bleak )and mortgages are currently very cheap!