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Should I Put My Property Back On The Market or Wait?

I am conflicted as to what I should do. My estate agent thinks I should (I tend to agree with them) my partner thinks I should wait a little longer (until we get back off holiday in a couple of weeks time anyway) before I let my current buyer go and re-market the property.

A bit of background to things. I inherited my late mother's house when she passed in early 2020 but with Covid and problems with finding wills and other documentation that had been left for safekeeping with solicitors (who no longer existed) as well as some personal issues I wasn't able to get Grant of Probate until early February this year. The property was put into the hands of an estate agent advertised with the likes of Rightmove/Zoopla etc and generated a LOT of viewings/enquiries straight away (It's in highly sought after area with an excellent primary school nearby). I accepted an offer of 10k above my asking price from a couple who had just sold their home. Everything progressed quite well - surveys, searches and enquiries went without a hitch but things were dragging on longer than we had hoped waiting for exchange and completion but we knew there was a chain so accepted this. 

We then got a day for exchange and completion - 16th of June then on the day things collapsed. We found we were part of a chain of six and that one in the chain (whose property had a septic tank) found that their buyer's lender withdrew the mortgage offer at the last minute due to the septic tank. We still don't know the exact issue. My buyer still wanted my property so put their house back on the market. To date they have had some interest along with two offers. However we then heard that the owner of the property with the septic tank had put their house up for auction (which closes in a couple of days time). So my buyer decided to wait on accepting these offers to see if that property sells. After all we have all completed surveys, searches etc with each other so it made sense. Unfortunately it looks like the wait for one of their offers has proven too long and they have walked.

Personally for reasons which will take up far too much time I think it unlikely that the property with the septic tank will sell even via auction (although we will know for sure in a couple of days). My dilemma is if it doesn't should I give my buyer's more time or put mine back on the market straight away.

Sorry for the long post but wanted to give as much information as possible.

Thanks for reading and any advice will be greatly appreciated.

Replies

  • tightauldgittightauldgit Forumite
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    There's nothing to stop you putting your property back on the market and then completing the original sale if they come back ready to complete, is there? In the meantime if someone else comes up with the money then sell to them instead. 
  • hazyjohazyjo Forumite
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    This would have been better added to your last thread. Thought it sounded familiar... could have saved explaining it all again.
    2021 wins: noise cancelling headphones
  • geoffc2020geoffc2020 Forumite
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    hazyjo said:
    This would have been better added to your last thread. Thought it sounded familiar... could have saved explaining it all again.
    I know apologies. I wasn't sure what to do.tightauldgit said:
    There's nothing to stop you putting your property back on the market and then completing the original sale if they come back ready to complete, is there? In the meantime if someone else comes up with the money then sell to them instead. 
    I did that once before and think the estate agent was talking to their estate agent and it put off buyers.
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