Buyer pulled out on day of exchange

Mutton_Geoff

You might want to get your solicitor to do fresh searches to speed things up rather than buy them off your failed purchaser. They have a shelf life and will be useful in expediting the next buyer.

pinkteapot

Just here to express sympathy. A couple of years back we sold to a poor family whose *vendor* had pulled out the day before exchange. They were relocating and had already arranged a nursery place for their toddler (due to the time it takes, they couldn’t wait till exchange). On top of that the FTB buying their place had their mortgage offer expiring. They were so stressed, and panic-viewed everything on the market with no onward chain (we were going into rented due to relocation). They offered on the proviso they could be in within 4-6 weeks. Didn’t quite manage that but did exchange in 6.  

So, it’s utterly hideous right now but it can still all work out. Agree with the others re marketing at £250 - you want your price to match a Rightmove search bracket to give you the best chance of being on the first page of results. 

Don’t use two agents. When I see a house with two agents I’m much more likely to dismiss it as I assume it’s a vendor with an unrealistic idea of what their house is worth who has appointed a second agent rather than drop price.

Make sure your EA is in regular contact with your vendor to reassure them you’re doing all you can, and keeps them sweet for as long as possible. 

Wishing you all the luck in getting a buyer quickly! 

MD201989

seems the economy is in such a state with the level 4 lockdown that there must be record numbers of bankruptcies on the horizon 

GDB2222

At one time, I was much in favour of appointing two agents. Competition is good, and it encouraged the agents to advertise the property in the local papers more. You could also get an agent from the local area and one from a bit further away.

But that’s a bygone era. Nowadays, everyone searches the same online portals. The agents all have access to the same buyers. I can’t see much point in having more than one. I’d be tempted to do without an agent at all, although they can be useful in encouraging the deal to go through.

pbhb

Just to give you a current timeline on existing sales, I am a cash buyer and applied for searches First week of November, I heard from my solicitor the other day that searches will not be in until the last week of January. Many councils have a huge backlog of searches and my solicitor is advising anyone who goes into a sale from that one will not complete by the end of March

GDB2222

What’s annoying is that the searches rarely show anything important.

badger09

I've already posted on this on the Waiting to Exchange thread. Its devastating & the timing makes it worse.
Great that your sellers will wait - can you find out exactly where they are up to with their onward purchase. 

Re searches - (after being let down by our vendors) we've now bought ours from previous buyers of our new purchase (who pulled out of that purchase!) . BUT we don't need a mortgage, and as I understand it, if your next buyer needs one, their lender will want a fresh search. 

Like others - I wouldn't use 2 agents as it smacks of desperation.

Good luck

tink_1983

badger09 said:

I've already posted on this on the Waiting to Exchange thread. Its devastating & the timing makes it worse.
Great that your sellers will wait - can you find out exactly where they are up to with their onward purchase. 

Re searches - (after being let down by our vendors) we've now bought ours from previous buyers of our new purchase (who pulled out of that purchase!) . BUT we don't need a mortgage, and as I understand it, if your next buyer needs one, their lender will want a fresh search. 

Like others - I wouldn't use 2 agents as it smacks of desperation.

Good luck

The whole chain was ready to exchange sadly. So our vendors and their onward purchase which is empty are willing to wait. 
We have decided to stick with one agent, and they have said the house is priced very realistically  at £255, so we will assess price drop in new year. 
I think I'm still in shock tbh! 

Crashy_Time

MD201989 said:

seems the economy is in such a state with the level 4 lockdown that there must be record numbers of bankruptcies on the horizon 

Yep, many people won`t want to acknowledge this yet though, it will mean a big reset in their thought process.

tink_1983

Thank you all for the replies. 
Agents called today and we have 3 viewings lined up for tomorrow. So project make the house look homey and not like a warehouse has commenced.

The agents also suggested we go to the failed buyer and offer reduction to entice them back. They are investors who bailed on the 23rd of December on day of exchange so we are loathed to go begging..
But also can afford the 3k hit vs the 6.5k stamp duty we will likely now have to pay. 
Going ahead with viewings and staying hopeful :-)