Buyer pulled out on day of exchange

tink_1983

Looking for a little advice please.
Background for sale -
Listed on rightmove 08/08/2020
Buyer offered 08/08/2020
Buyer pulled out 23/12/2020

We where due to exchange yestersay with completion 5th January, but yesterday the buyers solicitor emailed, citing no reason just that it was off. My agents cant get buyer on phone as hes in Dubai (investor).

Sellers solicitors had been dragging things out for weeks and we had been really worried, but he said he was ready to proceed and asked us for dates. My best guess is that the buyer had several purchases on the go and ours was least desirable.

Pulling out two days before Christmas has devastated me and my partner, havent told my children.
But trying to stay positive as our sellers have agreed to wait for us, but didnt specify for how long and two days before christmas I didn't push my luck.

My agents have us back on rightmove but as we sold to first to view I never got to see what interest the house would generate.

My question is should we list with 2nd agent? 
I want the vendors to know we are committed to buying their home, and if we listed with the agents we are buying through they will be very motivated?

Also we have listed for £255k, accepted £253k.
We could drop to £250k if we can get it done before march ends as I have some savings. Should we lower asking price to get more interest?

Apologies for the long post, been reading the forum and see I'm not alone.
Happy Christmas all :-)

Mickygg

I'm one for only using 1 agent. Usu g more tells sellers you are desperate. Given most people especially now look on line and rightmove I dont see much benefit in going with 2 or more agents.
Reducing price will only help gain more interest. If you have a deadline, dont want to lose your house and is affordable I would reduce price.

Doozergirl

I'm sorry.  It happened to us earlier in the year and the subsequent journey wasn't  smooth either!  Our third buyer's buyer dropped out the second time but they managed to carry on with buying ours this week, eventually(!) but their buyer was an investor as well.  I think you have to trust your gut with people.  If you can meet them, meet them.   We've never lost a buyer that we got on with... 

Our buyers were under offer again immediately just a couple of weeks ago, so there's hope for you.  

The question on price drops tends to revolve around Rightmove price brackets.  Dropping to £250k will put you into a wider bracket, so it's worth considering if the stamp duty holiday is important (ie not FTB territory in your area).      You may have to trust your agent on it.  Have they been good through this process or not?  

tink_1983

Doozergirl said:

I'm sorry.  It happened to us earlier in the year and the subsequent journey wasn't  smooth either!  Our third buyer's buyer dropped out the second time but they managed to carry on with buying ours this week, eventually(!) but their buyer was an investor as well.  I think you have to trust your gut with people.  If you can meet them, meet them.  

Our buyers were under offer again immediately just a couple of weeks ago, so there's hope for you.  

The question on price drops tends to revolve around Rightmove price brackets.  Dropping to £250k will put you into a wider bracket, so it's worth considering if the stamp duty holiday is important (ie not FTB territory in your area).      You may have to trust your agent on it.  Have they been good through this process or not?  

Thanks for the comments.
The agents have been fine. We sold first day so didnt have to do alot on that front. 
This next phase will show it I guess.
I dont want to move agents but we are desperate now, but dont want to seem desperate!
I'll discuss the price drop with them once christmas is done. 
A stressful  time ahead sadly

UnderOffer

I’d list at £250 as this fits with the Rightmove maximum drop down brackets, meaning if someone looking puts in their max budget ie £250 your house will show, at £255 your house would be excluded. You’ve done the right thing relisting, hopefully the Christmas break will give people time to look at listings and generate some viewings. 

Similar thing happened to us, our Buyers buyer separated in the new year when we were expecting to exchange, unfortunately our sellers listed straight away, unlike yours who are waiting a little while. Luckily our buyers sold to a new couple and we were able to reinstate our offer to sellers. Added another 10 weeks on to an already 4 month process but all worked out fine in the end. 

tink_1983

UnderOffer said:

I’d list at £250 as this fits with the Rightmove maximum drop down brackets, meaning if someone looking puts in their max budget ie £250 your house will show, at £255 your house would be excluded. You’ve done the right thing relisting, hopefully the Christmas break will give people time to look at listings and generate some viewings. 

Similar thing happened to us, our Buyers buyer separated in the new year when we were expecting to exchange, unfortunately our sellers listed straight away, unlike yours who are waiting a little while. Luckily our buyers sold to a new couple and we were able to reinstate our offer to sellers. Added another 10 weeks on to an already 4 month process but all worked out fine in the end. 

Thank you for the comment. Shows me there is hope. Tbh I just feel sad and defeated by it atm. So close to christmas and the stamp duty deadline is looming.!

youth_leader

So very sorry to read this, hopefully your EA will be in this morning and have time to phone round people on file who had asked to see your property after you accepted the offer.  Wishing you all the best.

HanPop

Sorry to hear this, it is a horrible thing to happen! Our buyer and ourselves had all signed for exchange and then when it was time to agree to exchange later that day she wanted to ‘think about it’. 5 days of waiting later she pulled out and we were devastated. So I sympathise with how you feel, fingers crossed it all works out in the end for you.

p00hsticks

tink_1983 said:

We could drop to £250k if we can get it done before march ends as I have some savings. Should we lower asking price to get more interest?

I think in your shoes I'd now be assuming when budgeting that you won't get to exchange/completion before the end of march.

After all, what's going to happen if you accept an offer of 250k next week but then end up with a SDLT bill on your purchase ?

tink_1983

p00hsticks said:

tink_1983 said:

We could drop to £250k if we can get it done before march ends as I have some savings. Should we lower asking price to get more interest?

I think in your shoes I'd now be assuming when budgeting that you won't get to exchange/completion before the end of march.

After all, what's going to happen if you accept an offer of 250k next week but then end up with a SDLT bill on your purchase ?

I've taken this into account. I have 10k saved. But it's my cushion savings. In case boiler dies etc. I think your right though. If we drop and then have to the stamp duty itll be a tough pill to swallow.
We are back on  the market. What will be will be. 
Harsh lessons have been learnt.

AskAsk

we had buyers that dragged the process out for about 2 months before they pulled out because they couldn't raise the finance but kept that a secret.  it is always terrible to hear the bad news.

the property market is very busy at the moment because of the stamp duty holiday so you may find another buyer very soon.