We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Buyer's buyer pulled out - what now?
Comments
-
That is an unknown, but one thing you can find out is the vendor of the empty property prepared to wait?
0 -
Agreed, but I'd be put off by the seller remarketing without giving me time, and would consider it best to take my chances elsewhere.
0 -
You need to drive your immediate Buyer to be proactive and work for a rapid outcome.
That might mean the Buyer accepting a bit less for their property, which they might do given that they will lose the amount they have already invested in your property. I assume the Buyer has paid for surveys etc.
Possibly more than the financial impact is how much the Buyer has emotionally invested in your property.
0 -
I will vote for remarketing.
No reliance should be placed on the above! Absolutely none, do you hear?0 -
I think my first priority would be finding out where your vendor stands, whether they are happy to wait. Once you've had that conversation, you can then look at other decisions around whether you wait a few weeks to see if your buyer can find another buyer, or whether you simultaneously remarket.
0 -
Very difficult decision to make. Seems to be little downside to remarketing quickly unless the buyer drops out out of spite.
0 -
You don’t know if they will ever get a new buyer at a price that will enable them to go ahead with their purchase. I’d insist on remarketing, whilst trying to keep them as happy as possible.
The biggest problem will be with the estate agents. They would prefer to concentrate their efforts elsewhere, so actually getting them to remarket seriously will be hard.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Whose estate agents? Mine or my buyer's?
0 -
Your estate agent. You tell them to remarket your home, but they would rather work on selling other properties. That’s more lucrative for them and they don’t care whether you lose your onward purchase.
Look at it from their point of view. They have worked on selling your house, and they probably reckon there’s still say a 20% chance the sale will proceed without them doing more work. That’s an asset for them, and you are asking them to put that to one side and start working all over again. It’s not going to be easy to motivate them.Maybe you need to appoint a second agent and move to a multi agency basis?
No reliance should be placed on the above! Absolutely none, do you hear?0 -
OP, the house we bought lost their buyer a week before exchange - the buyer died. They remarketed and we offered a week later, and the chain was completed again. Personally, I can't see the point of you remarketing if your vendor and buyer are happy to wait. You don't gain anything and potentially lose a confirmed buyer in a buyers market. If your buyers are selling a FTB type property, then there could be another along very quickly. I'd give them a month to find a buyer or remarket. Unless you are in a real hurry, I would see that as a reasonable time frame.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards