Our purchase fell through in 1 hour, where do we stand on an offer we accepted on our house

[DinosaursArentMakeBelieve]

Hi,

Looking for advice. We had an offer accepted on a house we loved (we'd previously been outbid as it's a repossession) so we accepted a lower cash-buyer offer on ours as this would help speed up the turn around (we have to complete within 21 days) we've now been told that another offer has been made and we might lose it.

My question is: can we decide to reject the offer on ours after we've accepted on the basis that our chain is broken or are we stuck to that offer now?

My question is: can we decide to reject the offer on ours after we've accepted on the basis that our chain is broken or are we stuck to that offer now?

You can reject the offer any time up until exchange.

Just say your purchase has fallen through so you are not on a tight deadline any more so are going back to market.

It's up to you. You aren't committed until exchange. It would be courteous to tell your buyers but you might want to see if you do need to find somewhere else before you let them know so they don't get jittery and look for somewhere else. If you have to find somewhere else then the fact you have already agreed a sale of your house is good and you may be able to secure it at or below the offer you made on the other house.

If you can't agree a purchase at that level then get the EA to go back to your buyers and see if there is any movement. The circumstances will need to be explained to them and they may not be able to increase their offer. If they haven't had their survey yet, you owe it to them not to let them go ahead until you have a clearer picture.

That's great, thank you.

I certainly don't want to mess our buyers around as they do seem genuinely interested in purchasing but we have had other offers 20k higher but went with them because the cash purchase made them a great position to move quickly for the repossession... but now that we might not get it, we don't need to move as quickly so we could afford to take a higher offer potentially?

It is totally up to you. A bird in the hand and all that. Have a chat with the EA before you make any decisions.

It is totally up to you. A bird in the hand and all that. Have a chat with the EA before you make any decisions.