Pulled out day before exchange

[Ellieboolou27]

Hi all
Our flat was due to be sold and we had already waited 4 months for the seller as it was a public sector buy back, they pulled out yesterday and we were due to exchange today.
Trouble is there are 3 other properties on the market exactly the same as ours, ranging from 250-270k

We need a quick sale as we are renting ourselves and can’t afford to keep both the flat and the house we rent.

Should I put our flat on at 5k lower than the lowest asking price than the others listed? What would your thoughts be if 4 exact properties were on market with one listed 15k lower than the highest?

Nightmare.

I would assume your property was priced to sell. And I’m no expert, but I’d ask your agent to tell prospective buyers why it’s priced lower. As a buyer I’d always get a survey (so I wouldn’t panic that there was a hidden disaster) and with vendors in your position I’d be expecting you to want the process completed ASAP.

My thoughts would be that either something is wrong with it or the owners wanted a quick sale. The former would (in your case) be ruled out by listing photos and/or chat with estate agent and/or viewing. 'Price to sell' and all that

I've not quite understood - can you no longer sell your flat? If you can then I would do so.

That's terrible they pulled out after 4 months and day before exchange. If you need a quick sale and can afford it I would underprice the similar properties as people will go for best deal. I would just assume someone was priced to sell assuming nothing obviously wrong. A sale falling through would make me want to check its mortgageable but in this climate a lot is falling through, it would also make me think its close to right price. I had that with my flat, also public sector scheme, and they pulled out right at last minute for bizarre reasons and my solicitor was very surprised that their solicitor had advised that so late in day and for an odd reason. Next sale went though fine.

OP, that's horrible

Yes I'd put it on £5k less and get your estate agent to aggressively market it immediately - premium listing on RM, all of the sales staff on the phones to people looking for a flat like yours etc. If they pull their fingers out you could have a bunch of people viewing this weekend.

Good luck OP.

Thank you all for your responses.
Sorry to clarify, the only reason the flat fell through was the council stated they no longer had the funds to purchase it. After 4 months!
As we had purchased the flat under right to buy we had to offer council first refusal.

Flat is in good condition, 94 years lease and in a nice area of North London, no dodgy reasons.

I've not been able to sleep and the last time I felt this stressed was when I was trying to get pregnant!

It's not a sellers market apparently and one beds are harder to sell at the moment, we relied on the rental from the flat to survive and pay our rent. The council told us the flat must be vacant. It's all such a mess.

Can you put renters back into the flat while you wait for the market to pick up a bit? I agree that 1 bed flats in London are a tough sell at the moment

We will have to rent it again if we can’t sell it, will give it the 12 weeks we have signed into with the agents then rent it again if it does not sell.