House sale collapse

Bubbs81

Hello all, 

Looking for some advice our buyers related sale has just collapsed.

Our buyer has not pulled out of the sale and has relisted there property using our E/A they have viewings over the weekend and apparently there is a lot of interest.

We haven't been made aware why the sale collapsed which is a little frustrating.

I am now being pulled in 2 directions from our E/A & our onward purchasers E/A, they are saying to put our property straight back on the market and ignore our E/A advice which is to hold off re-marketing the property.

I'm looking for some impartial advice on this as

DullGreyGuy

How far down the process were you? Has any party expressed a requirement for certain deadline for completion?

You could remarket it but find the new buyer hasn't even got their property on the market yet or the new buyer could proceed at speed but then their conveyancing find an issue that the prior buyer didnt or wasnt worried about. It may get you across the line quicker but not necessarily. 

Would you explore options of buying the new property before selling the old one with bridging finance? 

Mark_d

What what stage in the process has this incident happened?  Where you just about to exchange contracts?  What completion date are you aiming for?
Your buyers sale could have collapsed for any number of reasons - most likely that their buyers couldn't get a mortgage or their buyers simply changed their mind about buying the property for the agreed price.
Your onwards purchaser's EA are ofcourse keen that the sale of your property gets back on track asap. but there's nothing to suggest that re-marketing the property would put you in a better position.  Now that your buyers are using the same EA as you, the EA will have more insight and more incentive to get the chain moving smoothly.  I would just work with them and ignore the advice of your onward purchaser's EA.
Just remember which EA is working in your interest and which EA is working in the best interest of someone else

Bubbs81

So we accepted the offer the end of January and solicitors was instructed the 1st Feb, we was looking at a completion date for 31st May.

I was informed that our buyers was already 8-10 weeks into there sale at the point we accepted there offer, we was informed that they was the most procelcedable out of the offers we recieved.

ReadySteadyPop

DullGreyGuy said:

How far down the process were you? Has any party expressed a requirement for certain deadline for completion?

You could remarket it but find the new buyer hasn't even got their property on the market yet or the new buyer could proceed at speed but then their conveyancing find an issue that the prior buyer didnt or wasnt worried about. It may get you across the line quicker but not necessarily. 

Would you explore options of buying the new property before selling the old one with bridging finance? 

What happens if you can`t sell the old property?

propertyrental

I certainly wouldn't do anything till after the weekend. Your buyers might agree a new buyer. OK that will delay things but so would you re-marketing.

Bubbs81

propertyrental said:

I certainly wouldn't do anything till after the weekend. Your buyers might agree a new buyer. OK that will delay things but so would you re-marketing.

This was exactly my thinking, but then you get two EA working against each other when it comes to each interest so different advice.

with our onward purchase i feel like there EA is just trying to bulldozer us into doing what they want, even stating ideally we need a 1st time buyer but we can't control who makes what offers if we do go back to market eventually.

I personally feel after a lot of thought that our EA has more riding on this chain not collapsing as they now have 2 potential commission.

GDB2222

From your estate agent’s point of view, it works like this. They have a potentially lucrative deal already lined up. If your purchaser finds a new buyer, your agent can collect their commission without doing any more work at all. 

On the other hand, you want them to do loads more work, showing new buyers round and vetting them. And, they will not get paid any more for all the extra work. So, of course, they have recommended what is best for them. 

ReadySteadyPop

GDB2222 said:

From your estate agent’s point of view, it works like this. They have a potentially lucrative deal already lined up. If your purchaser finds a new buyer, your agent can collect their commission without doing any more work at all. 

On the other hand, you want them to do loads more work, showing new buyers round and vetting them. And, they will not get paid any more for all the extra work. So, of course, they have recommended what is best for them. 

Exactly, EA`s are used to houses selling themselves, they won`t know what to do in a slowdown.