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Buyer's buyer pulled out - what now?
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That's exactly what I was going to say.
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When this happened to my buyers, we both remarketed. I said I was happy to continue to sell to them if they found a buyer, but due to pressures at the top of the chain, I felt like I also needed to remarket. As it happens, we resold first, and this time to a FTB, thereby taking a link out the chain. Albeit the new offer was £10k less, but it was worth it for us to ensure we got the house we wanted.
I agree with other posters - see whether your seller has the patience to wait. They answer to that may help you decide what to do.0 -
The OP’s buying an empty house. So, the seller is unlikely to be happy to wait for some unknown time.
No reliance should be placed on the above! Absolutely none, do you hear?0 -
Until the seller is contacted about the situation, nobody knows what they will think.
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Can you buy your buyer’s buyer’s property and let it out?
That’s what we did over 20 years ago, so the landscape may be different now. Increased the mortgage we took on the property we were going to live in, to fund the deposit on the house at the end of the chain. Took a BTL mortgage on the other place. Kept the chain intact and broadly worked out well for us.
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
Think it would be harder today because of whopping extra stamp duty for a second property and now the squatters (I mean renters) rights act makes me not want to touch the landlord business.
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No downsides as long as you don't get worried when the people you are buying off do the same.
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To suggest anyone becomes an accidental or other landlord is quite the ask these days with the new renters right act.
Akin to placing pass the parcel with a present that's ticking
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