Buyer's buyer pulled out - what now?

jez9999

I'm in a 4 length chain where I'm buying a vacant property, selling to someone, and they were selling to a first time buyer couple. It's about 5 weeks since I accepted the offer, and their first time buyers "broke up and can't get the mortgage" (ahem). So my buyers lost their buyers. I'm due to get a call on Friday from my agent for a further catch-up but what's my best move now? At what point should I remarket this property? It sucks if I lose my onward purchase. The buyers themselves did get their mortgage offer and seem to have been operating in good faith. If I remarket this property does it really collapse the chain totally? Can I do it but still prioritize the buyers if they find new buyers?

NanookOfTheNorth

If the people buying your property have lost their buyer, why put your property back on the market so soon as it still has an interested buyer? When they put their property back on the market another first time buyer may come along quite soon. It all depends on how keen the people buying your property are to hang around, or if you think you can get another buyer for your property - which could be a longer chain. I know somebody that had the exact same situation - a new buyer soon came along.

jez9999

https://forums.moneysavingexpert.com/discussion/comment/81963867#Comment_81963867

If they hadn't had a buyer their offer wouldn't have been accepted in the first place, though.

Also even if they get a new buyer it may well introduce a longer chain anyway. We were "lucky" their buyers were first-time buyers (would've been if the idiots hadn't pulled out, anyway).

Thing is, what's the downside of remarketing it and prioritizing the existing buyers? If a better offer comes along, it adds an option.

RelievedSheff

Have a word with the people you are buying from and explain the situation. Ask them if they are willing to wait until your buyers find new buyers. If they are not then you really don't have a chain anymore to worry about, it has completely collapsed.

If they are then the choice is yours whether you sit back and wait or you remarket your property to try and find new buyers.

IOWJJBTM2025

Your buyers will have already spent money on search's / solicitors so assume they will be just as concerned as you are. They may be able to get replacement buyers quickly so that the chain can be linked up again. There would be no harm in talking to your estate agent to gain any options they may have for alternative buyers should the delays be too much?

jez9999

Yeah but again, what's the downside to remarketing this property? Even if my sellers are willing to wait and even if the buyers are looking for a new buyer.

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81963891#Comment_81963891

No downsides at all and I do think in your situation I would be remarketing and expecting your onward purchase to remarket as well.

Eilidh1970

Is the obvious downside not that your buyers will just go off and buy something else instead? That's what I would do if I had an offer accepted and the place then went back on the market.

user1977

https://forums.moneysavingexpert.com/discussion/comment/81963974#Comment_81963974

But you'd be no more proceedable for any other property than the one you were buying?

Grumpy_chap

Aaaaaand breathe.

Take a pause and give your buyers a period of time to remarket their property and find a new buyer.

jez9999

Yeah, "a period of time". The question is the specifics though. How long.