Buy To Let or give up

LK78

We were sadly 8 weeks down the process of selling/buying and our house sale fell through, buyers personal issue.  Estate agents for the house we were purchasing have given us 2 weeks grace to get another buyer. Not been the easiest property to sell so this is highly doubtful. We are totally devastated.

What other options are there now so as not to lose the house we were buying? I know I’m grasping at straws but apart from the miracle of getting another offer in time - what else is there?

We have a large deposit in case that makes any difference.

I guess those house buying companies (dodgy as heck and low low ball offer) of course and someone else suggested moving to buy to let buy I’m not sure how they would work (or how quickly)
Please no negative comments - we are really struggling 
Thank you 

Voyager2002

It is the vendor, not the agent, who decides whether and when to put the house back on the market. Agents are very good at putting pressure on people, but they do not make decisions.

Anyway, have a chat with your agent about the best way to find another buyer. Perhaps consider changing agent if you think that might help. In a few days, once you have decided on a way forward, let your vendor and their agent know what is happening. They may decide to put the house back on the market, but of course any new buyer they find will also face issues, possibly greater than the ones you faced.

gwynlas

Why do you say it is not the easiest property to sell?

Can you do anything immediately to make it more appealing?

Did you have it on the market long, have many viewings before offer?

ReadySteadyPop

gwynlas said:

Why do you say it is not the easiest property to sell?

Can you do anything immediately to make it more appealing?

Did you have it on the market long, have many viewings before offer?

A price drop is the easiest most stress free route to a sale, BTL is not a good idea now, you will get many comments on here warning of the pitfalls of not understanding landlord legal responsibilities and how you can make more money in the stock market etc.. Has the OP been a landlord in the past though, maybe they know what they are doing?

Bigphil1474

If it's any help, the house we bought had been sold to someone else who died a week before exchange. The vendors put it back on the market and we bought it within a week. The reality is, if they put the house you want back on the market they are just as likely to be waiting as long as if they waited for you. Personally, if I was your vendor I'd be happy to wait a few weeks if I felt you were a serious buyer. 

silvercar

We had a similar situation 18 years ago. The smallest house in the chain lost their buyer, jeopardising the whole chain of 5 properties. To hold it all together we jumped in and bought the smallest house as a BTL and have been renting it out ever since. It’s been rented virtually the whole time, occasionally at a low rent just to get it occupied. Crucially it’s now worth double what we paid for it, so we certainly haven’t lost out by doing so.

Albermarle

We are totally devastated.
It might not help, but could be worth just getting some perspective on what has happened.
I think about one third of sales/purchases fall through before getting to exchange of contracts, so what has happened to you is in fact very common. It is a regular ( if rather annoying) occurrence in the house buying and selling process.