What would you do in this situation...

Sarah1Mitty2

lookstraightahead said:

I think you've possibly been keeping your buyers waiting too long and they moved on. Sounds like the last one was to do with the house being sold over value so the mortgage company had an issue with lending the full amount.

The longer the chain (or the longer the wait), the more risky.

Mortgage lenders are being really careful at the moment it seems, the bank of England predicting a big recession isn`t helping either.

pinkshoes

emz1625 said:

We were told we had reached completion by our solicitors,and everyone was happy to proceed on the agreed date,and that contracts has been exchanged.However we were clearly lied to as that's why my 2nd buyers were allowed to just !!!!!! off to Spain,knowing that we had packed the whole house up ready to go.I just don't know if we are super unlucky or if these things happen a lot.very frustrating.

emz1625 said:

We were told by our solicitors that contracts were exchanged,and the funds were due to be released from our bank hence why we thought we had reached completion.However we were clearly lied to as the buyers disappeared to Spain without signing the contract.It was not a very pleasant experience unpacking my entire house after gearing up to move in the 2days time as planned.

Huh? Either the buyer signed the contract and contracts were exchanged, or they didn't.

Was it your solicitor who said you had exchanged?? I would be speaking to your solicitor about this and putting in a complaint.

If you exchanged contracts and the buyer failed to complete, then they would be liable for costs and forfeit their deposit. Likewise, you would also be responsible for all costs on the house you purchased which you would pass down to your buyer.

In your current position, you need to establish WHY your buyers cannot get a mortgage. Have they tried a broker? 

Would it be worth putting your house into an auction just to get it sold so you can move on? Would you be willing to move into rented for a while?

Snakes_Belly

"Surely this should have been found out from the very beginning and a massive failure has gone on somewhere down the line."

This recently happened to a relative of mine. I don't think the agent was chasing the buyer of my relative's property. They had an agreement in principle but that was not worth the paper that it was written on. The buyer was self employed and his earnings as shown in his accounts was not sufficient.

She did get another buyer but that is still going through and the seller of the property she is hoping to move into is getting impatient. She is elderly and this is stressing her out.  Her property went on the market at the end of January and sold straight away but had to be re-marketed. We are now in August and the solicitor is still waiting for searches to come back.   

housebuyer143

Snakes_Belly said:

"Surely this should have been found out from the very beginning and a massive failure has gone on somewhere down the line."

This recently happened to a relative of mine. I don't think the agent was chasing the buyer of my relative's property. They had an agreement in principle but that was not worth the paper that it was written on. The buyer was self employed and his earnings as shown in his accounts was not sufficient.

She did get another buyer but that is still going through and the seller of the property she is hoping to move into is getting impatient. She is elderly and this is stressing her out.  Her property went on the market at the end of January and sold straight away but had to be re-marketed. We are now in August and the solicitor is still waiting for searches to come back.   

I read that 30% of sales fall through, so it's bound to happen sometimes. No amount of chasing will probably have prevented it falling through, although maybe they would have found out sooner. 
I am on buyer 3... All fallen through for various personal reasons. Hopefully 3rd time is a charm. Despite wanting a fast sale though solicitors work at a snails pace.