Buyers purchaser pulls out week before exchange of contracts

Colosolo

Hi,

I am just looking for some advice, although I appreciate little I can do.

Our house buyers purchaser pulled out, so our estate agent has suggested we go back on the market as the house we are buying are unlikely to wait once they are informed (I literally found out yesterday).

I thought maybe we should wait a few weeks and give our buyers a chance to get a new buyer on their home.

What normally happens in these circumstances? Do people wait or put their house straight back out for sale?


Thanks

anselld

Firstly until exchange there is no fixed timescale so you cannot know it is "a week before exchange".
But yes, take your agent's advice; It doesn't mean you have to completely ditch the current buyer as you can still revert to them if they get another proceed-able offer before you do.

GDB2222

Umm, is there anything wrong with your buyers' house?

HampshireH

Colosolo said:

Hi,

I am just looking for some advice, although I appreciate little I can do.

Our house buyers purchaser pulled out, so our estate agent has suggested we go back on the market as the house we are buying are unlikely to wait once they are informed (I literally found out yesterday).

I thought maybe we should wait a few weeks and give our buyers a chance to get a new buyer on their home.

What normally happens in these circumstances? Do people wait or put their house straight back out for sale?


Thanks

Only if you would be happy losing the house you hope to purchase.

You have asid yourself they are unlikely to want to wait

user1977

Colosolo said:

Our house buyers purchaser pulled out, so our estate agent has suggested we go back on the market as the house we are buying are unlikely to wait once they are informed (I literally found out yesterday).

I thought maybe we should wait a few weeks and give our buyers a chance to get a new buyer on their home.

What normally happens in these circumstances? Do people wait or put their house straight back out for sale?

Why not simply remarket immediately? If the original buyers get their act together in the meantime, no harm done. You only need to make a decision about who to go with if and when you get another acceptable offer.

YBR

When we had a buyer's purchaser pull out, our seller persuaded the entire chain to hold together for 3 months to allow them time to find a new buyer. It took about that time to be ready to exchange again, but 10 years on we're all in the houses we really wanted.

I know it's a shock, and will take some time to process, but it happens, and you have some choice, provided you or someone can persuade the whole (rest of) the chain. Don't rely on it but you can try.

Mrnkar_2

My daughter's buyers pulled out shortly before exchange of contracts, due to a change in their circumstances. My daughter's house was relisted and sold again the same day. If your house is desirable it should sell quickly again I believe.

UnderOffer

Exactly same issue happened to us. Disappointingly once the vendors of the house we were buying heard that our buyers lost their buyers, our vendors immediately relisted, forcing us to relist and so forth. 

Thankfully, after just two weeks our buyers had a new offer accepted, we reinstated our offer and the chain reformed with only the new first time buyers having to complete their conveyancing, exactly 3 months later we exchanged and completed.

Colosolo

GDB2222 said:

Umm, is there anything wrong with your buyers' house?

Nothing wrong with it, the purchasers did not reveal they planned to use it for commercial use. then at this late stage discovered that wasn't allowed. If they had been open at the start then the sellers would of informed them.

But these things happen. 

UnderOffer said:

Exactly same issue happened to us. Disappointingly once the vendors of the house we were buying heard that our buyers lost their buyers, our vendors immediately relisted, forcing us to relist and so forth. 

Thankfully, after just two weeks our buyers had a new offer accepted, we reinstated our offer and the chain reformed with only the new first time buyers having to complete their conveyancing, exactly 3 months later we exchanged and completed.

I really hope that happens for us. It's hard as you mentally move in the nearer it gets to exchange.

Following all the feedback I guess we will just go with the relisting this week and hope it works out. 

Devongardener

I know how upsetting this is!  In the last 2 years we’ve had 4 sales fall through, 3 due to our buyers losing theirs, including 1 where a mortgage offer was withdrawn, then last October we were all due to exchange on an agreed and confirmed day when on the actual day the vendor of the house we were buying decided he didn’t want to move after all!
5 days later he decided he’d made a mistake and wanted to proceed but by that time no one else in the chain wanted to know!   In all we’ve spent £3K on legal fees.  In the meantime house prices in our area have really dropped, but they haven’t in the area we want to go to.   Our first failed sale was for £355K but now we’d be lucky to get £290K.

ReadySteadyPop

Devongardener said:

I know how upsetting this is!  In the last 2 years we’ve had 4 sales fall through, 3 due to our buyers losing theirs, including 1 where a mortgage offer was withdrawn, then last October we were all due to exchange on an agreed and confirmed day when on the actual day the vendor of the house we were buying decided he didn’t want to move after all!
5 days later he decided he’d made a mistake and wanted to proceed but by that time no one else in the chain wanted to know!   In all we’ve spent £3K on legal fees.  In the meantime house prices in our area have really dropped, but they haven’t in the area we want to go to.   Our first failed sale was for £355K but now we’d be lucky to get £290K.

Why is your area dropping faster than the other area?