Chain Collapsed 2 days before exchange

[Leigh8721]

Looking for past experiences, for any advice if I have any reason to still have hope of this happening. As above due to exchange tomorrow and complete next week and first time buyer at bottom of chain has pulled out giving no reason. Leaving 4 of us unable to proceed. Does that now mean it is unlikely for this to still get back on track. There is only my purchase ahead of me and they are willing to wait for one of us to resell but can it really be possible for the chain to stay in place to give and be able to push on from this.

If you are willing to wait, there are still lots of FTBs looking so it's v possible to sell the property at the bottom quickly (and reuse some of the searches I think) and keep the chain going.

The seller at the bottom needs to find a new buyer ASAP. It is for the next one in the chain to decide if they also want to try and find a new buyer. You can't do much being further up. Good luck.

Should I also be trying to find a buyer. I'm so keen to sell to my current buyers as I don't want to let them down as it's not there fault but I really don't want to lose my purchase.

This is where communication is key and the estate agents involved need to work to keep things together - they tend to be more motivated than the solicitors or conveyancers as they need the sales to get their commission. The bottom of the chain needs to find a buyer quickly. Happened to us, but well before anyone was ready to exchange. The impact was that the second FTB at the bottom of the chain offered our buyers less than their previous agreed sale. We took a hit on our sales price. We were able to agree a good price for our new house below the asking price.

Hopefully they will find a new buyer quick that would be the most ideal situation and no one loses the houses they want to buy.

The issue will be whether that buyer will offer the same as the previous one. Are you certain it wasn't something to do with the survey or searches and subsequent responses? If so that could be a sticking point with any other buyer.

How very stressful OP.

The EAs for vendors next in line from the FTB will be very keen to fund a new buyer, an may well prioritise selling their place. I have had this happen before. The advantage for the new buyer is that they have a well advanced chain ahead of them, ready to go. IF everyone is prepared to wait.

One thing to bear in mind is that your chances of beating the Stamp duty deadline are now very slight indeed. This may affect everyone’s view of the wait, and purchase price.

But as PP said, communication is now key, and this is where good EAs come into their own.

Good luck!