Buyer wants to pull out, what should I do re purchase?

[sunflowers8]

Hi

It looks like there’s a high chance of the buyer pulling out of the house I am selling because they are looking at buy to let my house ASAP and didn’t realise there’d be a chain!

The vendor of the house I am buying has had an offer accepted on the one they want and we are unsure if that’s in a chain.

My question is, should I go ahead with the homebuyers report on the house I want? My Estate agents said I should continue and they will remarket because I could end up selling mine very quickly. On the other hand if it doesn’t sell I would’ve racked up all these costs.

Any advice much appreciated.

6 of one and half a dozen of the others. If you are at the bottom of a chain it may be easier to get yours away again. The quicker you can progress things, the less likelihood your buyer will pull out. Versus outlay on your survey and keeping your vendor sweet. Put pressure on your EA to get another buyer on the hook quickly.

It happened in our chain (we were in your vendor's position in the chain) and the people buying from us lost their buyer. They had the kind of first time buyer/investor house that was very saleable. They had a new buyer within a fortnight.

I would delay your homebuyers, let your vendor know and get on ASAP to getting another offer on your property!

Thank you all for your advice.

This house buyer lark can be most stressful!

I agree, it is definitely stressful. If the only reason your buyer is wobbling because of chain, is it an option for you to sell regardless of timing of your purchase? Move in with family and use storage for furniture. Effectively you then become a no chain seller.

Els1e unfortunately this isn’t an option.

...and any buyer believing the 'move in with family' line is a fool - it never happens!

The buy to let people could be rattling your cage to see if they could lower their offer. If they want your property they will wait, after all they made an offer in the first place.

A homebuyer's report is always a good idea, and it might change things in other ways depending on what is found.

You need to talk to the vendors of the house you want. They may be happy to wait a while or they might want to remarket, in which case it will be a waste on money on the homebuyers report.

I did. Due to probate issues on the place I was buying, it was moving slower than my sale. Rather than hold everything up, I put furniture into storage and moved in with family for 2 months. It was great and a lot easier on moving day. I was able to completely redecorate and new carpets before moving any furniture in.