Break in chain, advice please?

Hpritchard03

Hi all, we were until this week in a house chain. FTB > our buyers > us > seller (moving in with family so chain then ends) .
I found out this week the FTB have withdrawn due to another house that peaked their interest. Our EA is also the EA for our house, buyers house and our sellers house. The EA has asked if we could give a few weeks grace to our potential buyers to secure a new seller. We’ve done everything we need to do contract and solicitors wise for the house we were going to buy and our buyers have also. 

What would your advice be please? Worried all of this is going to come apart. 

Thank you x 

housebuyer143

Hpritchard03 said:

Hi all, we were until this week in a house chain. FTB > our buyers > us > seller (moving in with family so chain then ends) .
I found out this week the FTB have withdrawn due to another house that peaked their interest. Our EA is also the EA for our house, buyers house and our sellers house. The EA has asked if we could give a few weeks grace to our potential buyers to secure a new seller. We’ve done everything we need to do contract and solicitors wise for the house we were going to buy and our buyers have also. 

What would your advice be please? Worried all of this is going to come apart. 

Thank you x 

How long did it take your buyers to find a buyer before and is it competitively priced? Will your seller also give you the same grace period if your buyer can't find anywhere? 
My seller gave me two weeks when our chain collapsed and we were super grateful and priced our house to sell quick, and we found someone. 
If it took them months to find you, and remember the market is slower now then the chance of finding someone in two weeks is slim.

I think it comes down to what your seller is willing to do. If they will wait then you potentially should give them a chance.

pinkteapot

If your seller and buyer are happy to wait then just wait. 

If your seller talks about remarketing then it's trickier - but your buyer may re-sell quicker than your seller... 

MultiFuelBurner

This is where the EA need to be very communicative as they are the string that binds your precarious chain.

Just ask if who you are buying from us also ok with waiting that time?

Hpritchard03

Thank you for your advice all. 

The EA has asked if we could give 2-3 weeks grace period for our buyer to find a new person to buy their house and our seller is willing at the moment to wait as she hasn’t found anywhere to live yet and was planning to move in with family. 

Do you think that sounds ok? 

Thank you 
Hannah 

gazfocus

I am fearing that similar might happen to us at some point. All the legal work is done on our end, apart from some negotiation between myself and our solicitor, we are largely waiting for our buyers now. On Friday I got told that an issue has arose with the FTB’s that are buying our buyers property and they are waiting for approval from their mortgage lender to proceed. I honestly don’t know what I’d do if it all fell apart. 

How far along were you in the process? If you were near the start, then probably not worth upsetting the rest of the chain for the sake of a couple of weeks. If you are near the end, like we are, even if your buyers find another buyer it’s going to be around 10 weeks for the new buyers in the chain to be ready for completion. 

Hpritchard03

We are in a similar position to you it seems. We have done all the legal parts, we have a survey on our house today for our potential buyers. The seller of the house we are planning to buy from was planning to send back all her paperwork to the solicitors last week. 

It’s a difficult position isn’t it, im really grateful our seller is willing to wait. Just waiting for someone to buy our buyers home. 

gazfocus

Hpritchard03 said:

We are in a similar position to you it seems. We have done all the legal parts, we have a survey on our house today for our potential buyers. The seller of the house we are planning to buy from was planning to send back all her paperwork to the solicitors last week. 

It’s a difficult position isn’t it, im really grateful our seller is willing to wait. Just waiting for someone to buy our buyers home. 

Keeping everything crossed for you. Hopefully all will come good and your buyers find a buyer quickly. 

I do still feel that if priced correctly, houses are selling relatively quickly (at least where I am). The ones that are hanging around are the ones that are priced with lots of optimism. 

Hpritchard03

Thank you. I have my fingers crossed for you too that you’ll be able to proceed soon!