Chain has collapsed what do we do.

frogglet

Our prospective buyers have had a survey and we were expecting to exchange this week,  however their buyer has suddenly pulled out . They really want our house. They have put their house back up and hope to find another buyer soon
What normally happens?
The estate agent said we shouldn't put it back on the market with an " active" solicitor, we should close the sale down.  But if they do find a buyer we are happy to sell to them, but obviously can't just keep our house off the market just hoping they come through.
What is the correct procedure?

Browntoa

Your choice , stick and wait for the buyer or relist

Crashy_Time

Relist, in this climate they may struggle to find another buyer.

greatcrested

Do both.

Re-market.

If the current buyers find a buyer before you find a new buyer, pick up the sale where you left off.

coachman12

From what I read on these posts and similar threads, it seems that no-one understands that we are going in to a month-long lockdown and that corona virus is turning normal practices, including in the house market, upside down.
Nothing is the same as it was before Covid. In normal times, there's no "correct procedure", frogglet.
But in present circumstances, I would leave your house off the market, telling the prospective buyers that you are doing so just for them, knowing that they are very serious about your house, and asking them for a firm promise they will buy your house when their failed chain has been fixed.
Do you really want to put your house back on the market and have more viewers in the present climate ( because some folk may still take the risk of going out to view a house in this most dangerous winter of our lifetime). Good luck, whatever you do, and I send my best wishes,

frogglet

greatcrested said:

Do both.

Re-market.

If the current buyers find a buyer before you find a new buyer, pick up the sale where you left off.

Thanks, it was just the estate agent implying we can't do that. We have to close the sale down.

frogglet

coachman12 said:

From what I read on these posts and similar threads, it seems that no-one understands that we are going in to a month-long lockdown and that corona virus is turning normal practices, including in the house market, upside down.
Nothing is the same as it was before Covid. In normal times, there's no "correct procedure", frogglet.
But in present circumstances, I would leave your house off the market, telling the prospective buyers that you are doing so just for them, knowing that they are very serious about your house, and asking them for a firm promise they will buy your house when their failed chain has been fixed.
Do you really want to put your house back on the market and have more viewers in the present climate ( because some folk may still take the risk of going out to view a house in this most dangerous winter of our lifetime). Good luck, whatever you do, and I send my best wishes,

Thanks for your reply, our house is empty as we moved to our dream house. There would be no risk to someone driving to it and viewing it.

eddddy

frogglet said:

greatcrested said:

Do both.

Re-market.

If the current buyers find a buyer before you find a new buyer, pick up the sale where you left off.

Thanks, it was just the estate agent implying we can't do that. We have to close the sale down.

It's not a problem doing that. But it's probably best to let your current buyers know what you're doing.

Perhaps the EA means that you shouldn't accept another offer, without closing the current sale down. Although strictly speaking, you can do that, but the solicitors have to inform both parties - and it becomes what's called a "contract race". And many buyers wouldn't agree to that.

frogglet

eddddy said:

frogglet said:

greatcrested said:

Do both.

Re-market.

If the current buyers find a buyer before you find a new buyer, pick up the sale where you left off.

Thanks, it was just the estate agent implying we can't do that. We have to close the sale down.

It's not a problem doing that. But it's probably best to let your current buyers know what you're doing.

Perhaps the EA means that you shouldn't accept another offer, without closing the current sale down. Although strictly speaking, you can do that, but the solicitors have to inform both parties - and it becomes what's called a "contract race". And many buyers wouldn't agree to that.

We are in contact personally with the buyers as we let them in to look  round and swapped phone numbers,  and they know we would hope to sell to them. 
We told our solicitor there will now be a delay because of their buyer dropping out. We dont want to create a competition of any sort we just want to sell our house as we now live somewhere else.

badger09

If I were in your position, I would do some research on your buyers' property. Do you know why their buyer pulled out? Problem with survey?
Is it likely to sell again very quickly? Did they have more than one offer? How long is the chain below? 
If it is likely to go quickly, I would probably wait as starting fresh will mean wasting money and starting with a new chain. Depending on above, you could give them a few weeks to find a new buyer, before remarketing.

Crashy_Time

Use PropertyLog to see if your buyer is pricing sensibly for their area.