Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

WWYD Re: sale

9 replies

timeforheroes · 16/06/2017 22:22

We agreed a sale on our property at the end of April. Buyers had the Home Buyer Survey done, everything was fine, happy to proceed. Since then our solicitor has been chasing the buyer's solicitors in regards to dates for exchange etc. After speaking to our solicitor they suggested we speak to the buyers and see if they could perhaps nudge their solicitors to move forward. I got in touch and have just now received a response.

Their buyer has pulled out (they haven't said why), they pulled out on Wednesday and were waiting for advice from their solicitor before telling us. They go on to say how much they love our house and are 100% committed to the purchase. That they hope they get a new buyer ASAP so they can proceed, but understand if it changes things for us.

Our situation is that we own a property abroad and are moving out there permanently. We can't move until we have sold here.

Our property is quirky and although we sold in 4 weeks, I do feel it was just a case of the right people at the right time. We had approximately 10 viewings and 1 offer.

My first reaction was to give them a period of time to try and sell their house without marketing ours, but is that naive? I believe they are genuine, they offered a price we were more than happy with, they offered an hour after viewing, and during the viewing they were very open about how right it was for them. I don't know whether I want to risk losing them as buyers. We've never been in this situation before.

I did think about asking them how long it took to sell their house this time/what they are selling, but not sure if that's a bit pushy or rude.

Haven't told DH yet as he is at a friend's birthday do, seems silly to spoil his night when there isn't anything we can do.

OP posts:
Maiz7654 · 16/06/2017 22:34

This happened to us, our buyer pulled out due to wanting 10% reduction in house price last minute before contract exchange and we refused. The seller of the house we were buying gave us a week to find another buyer or they would remarket, we said fair enough and had another buyer within 6 days! The seller of our onward purchase then massively screwed us over and refused to sell to us because they didn't feel safe with us as a buyer. We were gutted and lost a lot of money. I'd just say if you offer them a timescale to find another buyer and they do then don't have a change of heart and back out of the sale.

timeforheroes · 16/06/2017 22:38

Thanks for the input Maiz, I do feel it's fair to give them a timescale, especially given how committed to our property they appear to be.

We definitely wouldn't pull out at a later date, we are desperate to emigrate. DH was ready to hand his notice in next week, hence why we were getting twitchy about not having any indication of dates.

OP posts:
Spickle · 16/06/2017 22:46

Hopefully their EA will be doing all they can to find a new buyer and keep the chain intact. It can be done but obviously you don't want to be kept waiting indefinitely.

This happened to us and luckily our buyer found a new buyer within a week. We just had to wait for the new buyer to catch up on the conveyancing.

Maiz7654 · 16/06/2017 23:18

I will have my fingers crossed for you, house buying/selling is so stressful!

timeforheroes · 16/06/2017 23:27

Spickle - Hope this is the case, is 4 weeks reasonable do you think? Or should we be firmer to try and shimmy the EA along?

Maiz - Thank you! It is so horribly stressful, especially when you think you're on the home stretch as well.

OP posts:
ExplodedCloud · 16/06/2017 23:31

On our last sale our buyers' buyer turned out not to be able to get a mortgage Confused after the original offer. It was about 4 weeks before anyone knew! Our buyers seemed very committed so there were some estate agent obfuscation and we chose to wait for them to get a new buyer. They got a great buyer a week later and everything held together.

Spickle · 16/06/2017 23:57

4 weeks is perfectly reasonable imo.

Good luck, hope it all works out!

Allthebestnamesareused · 18/06/2017 13:59

It is quite usual to put the house back on the market.

Tell your buyers that you will be doing that but you hope that they can close their chain as soon as possible as it is your preference to sell to them.

This happened to us (but we were in your buyers situation). We fully understood the situation and although we did eventually lose the house we were after the seller even rang us on the day they exchanged with the other people to check whether we were able to proceed as they liked us.

You have to do what is right for you and with a quirky house the buyer may be around this week but not in 4 weeks.

I'd put it back on personally but keep in regular contact with current buyer.

BangkokBlues · 19/06/2017 09:07

I'd put it back on the market

New posts on this thread. Refresh page
Swipe left for the next trending thread