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Get new buyer or wait for buyer to get new buyer?

7 replies

surreygirl1987 · 24/05/2021 19:07

Argh, so frustrating, but buyer's buyer has pulled out of our 3-property chain (we are at the top of the chain). We have to decide either a) wait for the buyer to replace their buyer (they are selling a flat in the greater London area) or find a new buyer ourselves (3 bed end of terrace with garden in Surrey). I'd rather do the former, as the buyers seem likely genuinely nice people, are devaststed, and have gone to the effort and financial cost of survey etc. Everything is ready to go between us and them. Also I am dreading having to go through rounds of viewings again- we have 2 little kids and the cleaning and hiding the clutter to prepare for viewings is a nightmare. However, I have read that flats are harder to shift at the moment. We are intending to rent after selling but would like to put an offer on a house in the next few weeks ideally as we can't afford to pay for both mortgage and rental costs for long. So we need a buyer who can proceed. What would you do?

For context, we have loads of viewings and our house sold within two weeks of being on the market (March I think) but that was the only offer we received (sold just under asking) although we had some second viewings lined up.

OP posts:
FiloPasty · 24/05/2021 19:12

Hmm difficult. I think I might do both. Put it back on the market so you have the option of other offers, but tell the buyers that if they can get their house sold within the next 2 weeks it’s theirs.

Ozanj · 24/05/2021 19:18

Do both. Just let the estate agent know it’s for back up and they can line up buyers discretely for you. Don’t let your buyers know untill you get an offer

Andthenanothercupoftea · 24/05/2021 19:51

I am in the situation of your buyer and very thankful that our vendor gave us the benefit of the doubt.

I can't speak for them but we spent the week in a panic, feeling completely helpless as everything was out of our control. Fortunately we found another buyer within the week, but the email from the EA saying the vendor weren't immediately pulling out really helped manage the stress.

Ultimately it's a business transaction, but please do communicate early with your buyers.

readytosell · 24/05/2021 19:54

If it were me, I would give your buyers a shortish time limit (say 2 weeks) to find another buyer before you put it back on the market yourself.

The way things are at the moment, if they don't resell in 2 weeks, they may struggle and you'd be better trying to sell yours directly then.

surreygirl1987 · 24/05/2021 20:02

Great points. Thanks. Will give them 2 weeks and then go back on the market. I so hope they get a new buyer immediately!

OP posts:
FiloPasty · 24/05/2021 20:24

I would talk to your agent and had some viewings lined up anyway, you can still go with your buyer but not delaying things further

Hyacynth68 · 26/07/2024 20:47

Thanks for this thread I am in the same position and am giving them a couple of weeks - their offer was way better than the others.

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