Lost buyer for third time

otb666

Hi I am writing this as a bit of a daze really and was hoping for some words of wisdom. We have been trying to sell a probate property. Originally all went well and probate granted and buyer found within weeks. Now over a year later we have lost another buyer for third time. This is because again they lost their buyer and its always the week of exchange. We originally emptied property and now looking very sad and all its faults on full display and not hidden by furniture. Eg ill fitted worn carpets old worn walls and bathroom/kitchen/conservatory. In all 3 instances its always the week of exchange that the buyers loose their buyer. I can see on rightmove their homes going back on market and then wait until we are told. Am I missing something here Is there anything I can do to get over the line. A survey has confirmed the price and we have always found a buyer its just the sale that fails each time. What shall we do now?

Albermarle

Sometimes in these cases the buyer remains keen and hopes to get a new buyer for their property quickly. So effectively delaying exchange of contracts, rather than cancelling the process altogether.

In your case have all three just walked away permanently ?

El_Torro

About a third of house sales / purchases in England and Wales fail to complete. To have 3 in a row is unusual. Not much solace, I know, though the statistics suggest that if you persevere you'll get there.

From what you say there isn't anything fundamentally wrong with the property itself. You're getting offers and buyers are going as far as getting surveys done, etc… So they're spending good money on buying the place, just pulling out at the last minute because their sale failed.

If you're looking to get more offers and quicker offers then you could redecorate. Paint walls, replace carpets, etc… Getting offers doesn't seem to be your problem though, it's getting the buyer to commit right to the very end.

born_again

Seems odd that all 3 have not come back.

Usually if someone is really interested they will not just drop out, but ask if you can hang on a bit while they relist theirs.

Maybe as above a good lick of paint etc may help.

grumpy_codger

About a third of house sales / purchases in England and Wales fail to complete. To have 3 in a row is unusual.

I'd say 'rare' rather than 'unusual'.

If your 'third' is correct, it's 3% - rare, unlucky, but not unusual.

GDB2222

It’s costing money to keep the house empty. It may be worth dropping the price a bit, so the buyer is really keen. They may, in theory, then be more likely to accept a lower price for their property, so that their own buyer is also keen, etc.

Mortgage rates have been rising for the last year. A 2 year fix is up around 0.6% compared to a year ago. That’s having an effect on how keen people are to buy. FTBers may be happy to keep renting if their outgoings are similar.

El_Torro

https://forums.moneysavingexpert.com/discussion/comment/82142109#Comment_82142109

Not that it matters too much for this particular thread but after posting I did look a bit more in depth to the figure. Seems sources are quoting anything from 24% failure rate to 58%. The 58% figure seems to have come from a survey this year.

It wouldn't surprise me if the failure rate has significantly increased this year or in the last couple of years. The market for sellers seems to be a lot more challenging recently. That's based on where I've looked, I know that not all geographical locations follow the same pattern.

FlorayG

The empty bungalow opposite mine has had SOLD put up three times in the last 18 months then sale failed. Owners ( probate again) tell me that each time it's because the chain broke, not because people changed their minds.

There's nothing you can do except price it so low it gets snapped up by a developer with cash in the bank

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82142109#Comment_82142109

Although the fact that all three were apparently were in the week before exchange, will make it an even rarer event.

SiliconChip

Have you looked into putting it into a proper auction? You might not get the valuation price but you'd have a committed buyer and it would be quickly off your hands, and they might well not be so bothered about the state of decoration. Obviously this might depend on whether any other beneficiaries would be prepared to accept a lower sale price.

gwynlas

Are the bathroom kitchen and conservatory liveable with in the short term?

If yes I would advise redecoration in neutral colours and replacement carpets so that potential buyers are not overwhelmed at having to do every room. Perhaps dress the property so it does not look so sad and empty, have fresh photos taken and hope it attracts more interest