New buyer...but now vendor pulled out!

tink_1983

So I posted last week, 23rd December on day of exchange our buyer pulled out. Chain agreed to wait.
Today we have new buyer and the vendors agent calls to say its all been too stressful and they are pulling out.

We accepted a 5k reduction to keep chain in tact and now we are left with lower sale price and less to use for onward purchase which will now also never complete before march 31st, so we need to also budget in stamp duty.
My partner wants to remarket to see if we can get more but that seems wrong after what has been done  to us.
But at the same time part of me wants to give up on the whole thing.
We have scoured rightmove and there is nothing we even want to visit.
This buying/selling is brutal.

What would you all do? Keep going as its always this stressful or wait a few months and try again. 
I have to admit I'm exhausted by it all.

BrassicWoman

Depends rather what your reasons for moving are. Do they still hold?

tink_1983

BrassicWoman said:

Depends rather what your reasons for moving are. Do they still hold?

We need more space, which covid highlighted as we have both been working from home since April. So yes reasons still hold. But we can cope here another few years while the kids at 6 and 8 and share their room. 

NinjaTune

As disappointing as it will be for your buyers, it doesn't sound as if you can afford to move somewhere suitable without the stamp duty holiday.  Unless you can persuade your previous vendors to reconsider selling to you then it may be better to stay where you are for a few more years.

badger09

That's horrible news. You're right - the buying/selling process is brutal.

Can't really offer any positive advice, except don't make hasty decision. Take a few days to calm down and try to think rationally, when the initial shock has worn off. It won't make much difference to your new buyer as they won't have been able to get anything done over the holiday.

If you're in direct contact with the vendor, could you try to speak to them? Again, not until you've had time to think through what you want to happen.

tink_1983

badger09 said:

That's horrible news. You're right - the buying/selling process is brutal.

Can't really offer any positive advice, except don't make hasty decision. Take a few days to calm down and try to think rationally, when the initial shock has worn off. It won't make much difference to your new buyer as they won't have been able to get anything done over the holiday.

If you're in direct contact with the vendor, could you try to speak to them? Again, not until you've had time to think through what you want to happen.

Thankyou. I think your right. We are just totally gutted right now and I'm looking for a solution to feel better and have some control.

robatwork

Lots of houses are coming on the market about now. You're not in control but just try to be patient - the house is out there and there's ALWAYS another house coming along that may be even better than the one you've lost.

lookstraightahead

Why don't yo sell and then rent - you've will probably recoup your money as you've won't be in a chain when you come to buy again. That's what we've done. 

tink_1983

lookstraightahead said:

Why don't yo sell and then rent - you've will probably recoup your money as you've won't be in a chain when you come to buy again. That's what we've done. 

My partner and I discussed this. And with two young ones itll be too much stress to move twice. Especially when quoted to move is started at 900! 

never_again_123

No advice as such, just wanted to say so sorry to read this It's such an awful process. Really feel for you.

UnderOffer

Oh so sorry to read this, do you think your vendors may change their mind? Maybe worth reiterating with their agent that you are still really keen and you’d be happy to reinstate offer etc., if they change their mind, the EA could pass this message on and well, you never know, come new year, new news.