Our house purchase fell through today :(

[Inadays]

Just that really. Feeling very flat as we had finally found a house we felt we could be happy in and that excited us after many, many hopeless viewings.

Our elderly vendors have pulled out as their onward purchase also fell through, and they can't cope with the stress of it all any more so they're staying put.

We're lucky in that we've sold our house to cash buyers who are living with family, but they understandably want to move in asap and we are now stuck with nowhere to go, there's virtually nothing to rent, and absolutely nothing else to buy! Plus, we're moving 60 miles away so it's not as easy to keep up to date with the local market and viewings.

Has this happened to anyone else recently, and if so, what did you do?? I'm trying to stay positive and think that there is something even better for us out there... Thanks everyone.

Look at the positive - you’re in a strong position to buy! Who do you need to accommodate? 2 of you? Children? Pets? Worst case scenario can you stick all your stuff into storage and negotiate a holiday let?

@PotteringAlong Thanks, and yes, I know we are fortunate. There are three of us plus Ddog and yes, we would have to put everything in storage if it comes to that. Holiday lets are extortionate in the (tourist) area we're moving to, so we might be better off getting a normal rental for 6 months, even if we manage to find a house and move out before the tenancy ends. It's just hassle I could do without!

Somebody I know is moving into a new build that isn't ready yet. She is moving to a caravan park Airbnb 2 month rental.
If you are moving to a tourist area, could you do something like that?

As we’re looking at glass half full:

Once you’ve put everything in storage you really will know what you need and don’t need. You will be the minimalist queen!

You will be the buyers they love. Ready to move, all in place. You will be able to swoop in first for anything.

It’s a mini adventure. You will talk about it (one way or the other!) for the rest of your life.

I bet that house was rubbish anyway…

If you’re in rented and paying anyway it’s so much easier to do anything that needs doing on your new house

Also, tourist lets will be emptying soon. If you want it for 4 months into the winter you might find the price is much less.

Absolutely the best time to negotiate a holiday let from Sept near the area though surely? Thats exactly what I’d do.

@Inadays my advice would be don’t go into rental. We broke the chain and moved in with family and I cannot tell you the stress it caused, not living with family, just the uncertainty and increased desperation to find somewhere. Yes you might lose a cash buyer but there will be another. Good luck x

So to hear about this but what happened, had exchanges gone ahead ? I'm being dim tonight.

@PotteringAlong - yeah, the house was REALLY rubbish .

@iheartredsquirrels - No, we weren't at exchange yet thank goodness but I'd already got a builder lined up to come and see the house and had spent far too many hours on Houzz and Instagram planning what I was going to do to it!

I've just got to be philosophical about the situation and believe that something better will come along eventually. It's just that life seems to have been put on hold now...

This happened to me. Was awful really awful. But you know it was for the better ultimately. Decided to stay put and made major renovations to the house. Just saying this house wasn’t meant to be, something much better will come along, you will see! Xx

Yes, twice. Actually it also happened years ago but recently after being let down on my first attempted purchase I decided to only look at chain free properties. I was also moving 70 miles so had limited opportunities to view in this fast market.
So travelled up found one, best and finals, got it, booked survey and thought if my solicitor hustled we could make stamp duty deadline. I went ahead exchanged on my house and booked two weeks in holiday let for the interim. Then seller went silent. I completed on my sale and moved in to holiday let and started looking at kitchens, but the silence was getting worrisome . Sure enough seller pulls out due to ill health. Extend holiday let, start looking, find another, this time empty house. Miss the stamp duty deadline, had to put dogs in kennels and started paying really high holiday rent.
This final purchase only took five weeks, and the saving grace is it was £20k cheaper needing less work, making up for the money wasted.