Lost buyer for third time

otb666

Thanks for replies and suggestions. Initially we hung on with same buyer but after they lost their buyers twice so late in the process we got a new one. We thought that there must be a reason they kept losing their buyers and over a year we waited in total. But now looking like the new buyer have lost their buyer its beyond me.

We cannot really re decorate as it all needs redoing wallpaper needs stripping etc.It was bought in the 1960s and nothing has been done to it since as folks preferred spending money on travel. We dont struggle with getting a buyer Just the chain breaking. We will consider a proper auction.

We have not had to spend money on EA and solicitor as they are paid on completion. I feel quite sorry for the solicitor as hes done all the work several times now. Also getting fed up asking neighbours for witnessing contracts. Beneficiaries are wanting the job to be done rather than hang out for the best price but that seems easier said than done.

A bit confused about asking EA for list of potential buyers/house viewers so we dont have to pay EA and auction house if we do go to auction.

We are paying 200% council tax plus standing charge on gas electric water and insurance from estate.

We are in limbo at the moment waiting for current buyer to find new buyer. It seems we have just been unlucky unfortunately we dont get given the reasons why buyers buyers pull out at last minute which is a shame

Any further advise gratefully received.

horsewithnoname

Depends on what it represents. If you need a certain amount of money from it, then you have to accept that you’ve been unlucky and hope for abetted outcome next time, or if you just want rid, put it in a normal auction - you might get less, you might get more, but at least you are more likely to get it sold.
Most wallpaper can be painted, if that is an issue, might just make it liveable until someone can properly decorate.

Brie

Any possibility of "redressing" the house? Even if it's with charity shop furniture to give it a look of some sorts and stop people from looking at the obvious distressed bits?

ExEstateAgent

https://forums.moneysavingexpert.com/discussion/comment/82142357#Comment_82142357

Your contract with your EA will probably have a clause to say that if you take the house off the market through them and sell it elsewhere within X number of months, if the buyer is someone they introduced then they will be due their commission.

Someone they sent to view the property might see that it's up for auction and buy it. You will then be paying their fees and the auction fees. If you get a list of names from them you can provide that to the auction company so that they can alert you if this crops up.

That said you can also put something in the special conditions of sale to the effect that 'if the purchaser has previously viewed the property via X estate agents, then an commission of ££££ will also be payable on top of the purchase price and auction fees'.

Albermarle

If you put it in an auction, there will be no point spending any money on redecorating. The usual sort of buyer at an auction is much more interested in potential to increase value, and will not be bothered by any cosmetic issues.

jonnydeppiwish!

it’s not a great market for vendors at the moment - definitely a buyers market so you may have to drop the price. Must be costing a bit of money now to keep

whaleroad

So is it the same buyer who keeps losing their buyer? Or three buyers who've all lost their buyer? If the latter then I'm guessing it's not a hard sell. Could exercising some discernment in whose offer you accept, not just how much help? Perhaps favour someone chain-free, even if they cannot give you the highest offer?

mlz1413

You could keep it on the market longer, just say that you aren't prepared to remove from the market until the whole chain has had surveys done and an exchange date has been agreed.

It may not change a chain collapsing but at least you will have a list of other potential buyers and you can hopefully find a cash buyer.

poseidon1

If all else fails, consider old school traditional auctions.

In the forthcoming Savills auction below there is a fair number of unmodernised properties that under normal market conditions would be estate agents fodder -

https://auctions.savills.co.uk/auctions/29--30-september-2026-243/page-2

No doubt some of these 391 lots are deceased estate sales, where executors are looking for the certainty of a sale once the hammer goes down.

In the very slow English property market we are now experiencing, traditional auctions should not be ignored.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82143336#Comment_82143336

There is a flat in that auction with a guide price of £20K !! It does not even look in really bad condition.