Lost second buyer on exchange date

[Whentheshipgoesdown]

Any advice really welcome.

We live in southeast London. Our house is unremarkable, but too small for us. It’s on the sort of road that you get flyered on by estate agents as it’s (allegedly) sought after and is next to a lovely park.

We accepted an offer after 2.5 months on the market, which fell through when the buyers went awol after a month. By this time we’d had an offer accepted on a property, and to keep the chain going we accepted a discounted (90% mv) offer with a cash buyer. We were due to exchange in Monday and the buyer has pulled out, and the sellers have gone back on the market at a higher price.

I know we just need to pick ourselves up and get on with it but we we are desperate to move as a large family in a small house. I’m going to give a quick sale company (they claim to target selling in 14 days which i am sure is bolleaux but right now I’d do anything to avoid months of viewings).

Is there anything we can do to act quickly and to increase the chances of a procedable buyer? Both our buyers were cash and financially qualified and we were using a big high street agent.

Is there any benefit to moving out and renting while trying to sell and then buying with the proceeds? And is there anything to make a house sell quick beyond reducing the price which we’ve already done?

Thanks Nicky - I did speak to an auction company on Friday but I didn’t fancy the tie in (88 days) - maybe I should look wider. The homebuyers appealed more in that they are targeting a lower discount, and there’s no tie in.
Might be worth me checking with other auctioneers as with auction as I understand it you exchange immediately - imagine the relief

If the viewing prep is part of the issue, why not hire a regular cleaner/housekeeper to keep on top of things whilst you are doing viewings? It will cost much less than the hit you will take via the quick sale route.

Mustbe - that is a great idea, thank you

Might be worth me checking with other auctioneers as with auction as I understand it you exchange immediately - imagine the relief

That's correct and completion is usually after 28 days.

So, if it sells at auction on the 1st May you complete on the 28th May.

Although cash buyers can be quick and chain free, if they are in it for commercial purposes they will be fickle and cynical and are not motivated by needing somewhere to live.

I would re-market (with different agents) and sell to someone who actually wants to move into and live in your house.

Interesting that the agents found two commercial cash buyers, one of which at least was a repeat buyer through that agent.

Really sorry you have had this happen. It’s horrible.

A friend of mine also in SE London is having exactly the same issues trying to sell a 1 bed flat. It's hard to advise but the quick sales companies only tend to make very low offers from what she's told me.

Raining I think you’re right, a commercial cash buyer has no skin in the game.
I would prefer a family to take the house for lots of reasons, but we didn’t find one at all in the five months on and off we were on the market.

Ilove - direct buys from the cash companies are v low, I checked out the one a pp recommended and they offer 82.5 % mv which is a compromise to far. The ones I’ve spoken to - British Homesellers - market the house at 95% to try and get a quick third party sale - which is much more palatable but is maybe unrealistic.

If I were you I'd go into rented accommodation for 6 months and sell the house empty. It may work out more expensive on a monthly basis paying for 2 properties but its vastly better then taking a 25% discount.

Iboogy - we’re targeting 5% discount not 25, which is actually a long way above what we were selling for before (long story but after buyer 1 pulled out we agreed to a v low offer to preserve chain, and this offer is the one which fell through on exchange). If we can’t sell quickly and maybe even if we can it might be worth renting to get the space we need

ilove the market for flats - unless they are exceptional - is pretty, er, flat at the mo.

I agree about the market for flats being flat but think it should pick up once people arw wanted back in London offices even of its for a few days a week

Yes, I think we’ll see a change as homeworking ft comes to an end. The reality of commuting will hit people and they’ll be queueing up for our properties!

I’ve had an enquiry from someone looking for a private sale. (Yes, that would prioritise speed over price). Understanding that you get a better price on the open market, does anyone have a view on private sales?

House buying companies are notorious for offering a fair -ish price then demanding a massive drop just before exchange, just something to be aware of.

@Whentheshipgoesdown, can you share a link. I am looking to buy in Sydenham/ Forest Hill.

Dotdot - I’ve PMd you

In case anyone wondered how it worked out - we did use the online agency, and we got two offers within a day, both at >90% of mv which would have been sufficient for our onwards. Unfortunately the rest of our chain had moved on.

So - not quite the highly negative picture some posters had, and perhaps worthwhile trying for posters in a similar situation of looking to save a chain.

OP that's interesting - do you mean online quick-buying agencies?
Did you not accept their offer so that you could look for a new place to buy while renting - I thought selling was your priority.
Surprising re Sydenham, unless the toad is too busy pr house very small.
I'm in a very similar situation - both investors cash buyers messing around, one has pulled out long ago, another still there after months of dragging it out but not a cash buyer anymore, and there's no guarantee of exchange still. I'm equally fed up with the timescale and uncertainty of it all.

Cat that is crappy, it’s so stressful to go through. I was super keen to sell as i still had hopes of resurrecting the chain but those faded rapidly. House isn’t small and our road is a big selling point. We’ve actually now accepted an offer so maybe it wasn’t the market, it was just our agent!

Ah that's great! Do they sound like a better buyer?

@Whentheshipgoesdown

Please tell us the name of your ex agent if they were a big chain.