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Original poster

Buyer pulled out at the last hurdle! Talk to me about fixing the chain

30 replies

LuluLefevre · 04/10/2021 16:05

FFS. We are almost at exchange in a small chain (cash buyer, us, chain free property). Our buyer today has decided to pull out. We assume they've found something else although the reasons are hazy.

Our onward purchase isn't in any particular hurry and we've already invested in the transaction. We need to fix the chain by finding another buyer ASAP - ideally another cash buyer or FTB.

Can anyone who's done this give me some advice or reassurance on how feasible this is? Can the EA stipulate FTB or cash only when choosing who to allow to view? I really don't want to lose this house. The property market is red hot here but even so, we had a few weeks on the market in early summer before we found the original buyers, when at the time everything else was under offer in a nanosecond.

OP posts:

ChicChaos · 04/10/2021 16:12

When I was in a similar position I said that only proceedable buyers could view. I wouldn't say that a FTB would be quick though. Hope you find another buyer very soon.

Original poster

LuluLefevre · 04/10/2021 16:27

@ChicChaos why would a FTB not be quick? I remember that we were (also bought chain free fire house). Trying to understand what the factors are

OP posts:

lastqueenofscotland · 04/10/2021 16:38

In my experience FTBs are a pain in the arse.
Loads of questions/wobbles along the way, asking for daft renegotiations because of not understanding a survey etc

maofteens · 04/10/2021 17:01

You can, but it does limit your pool. Only thing to do is say 'priced for quick sale' but that does imply below market value.

Piranesio · 04/10/2021 17:02

@lastqueenofscotland

In my experience FTBs are a pain in the arse. Loads of questions/wobbles along the way, asking for daft renegotiations because of not understanding a survey etc

And yet you were a ftb once...

Original poster

LuluLefevre · 04/10/2021 17:26

Thanks all. The house doesn’t require a survey (recently built), it would be a bit of a waste of money so hopefully that wouldn’t be a factor.

I’m very reluctant to do the ‘priced for a quick sale’ thing as I always suspect that attracts CF bargain hunters. It’s an excellent family house so I think we’d sell ourselves short.

OP posts:

Original poster

LuluLefevre · 04/10/2021 17:28

I’m just so stressed It seemed like we were in the home stretch after almost 18 months of trying to move with a pandemic in the middle!

OP posts:

dannydyerismydad · 04/10/2021 17:31

I find cash buyers a total PITA. Someone applying for a mortgage commits to getting a mortgage for a particular property. There can be hold ups with lenders, but the buyer is usually committed.

Cash buyers can and do pull out at the drop of a hat if something better comes along.

Hoping your agent finds you a proceedable buyer soon.

SeasonFinale · 04/10/2021 17:33

@LuluLefevre

Thanks all. The house doesn’t require a survey (recently built), it would be a bit of a waste of money so hopefully that wouldn’t be a factor.

I’m very reluctant to do the ‘priced for a quick sale’ thing as I always suspect that attracts CF bargain hunters. It’s an excellent family house so I think we’d sell ourselves short.

Of course the buyers will require a survey. If anything selling a recently built house may raise alarm bells. In any event if people need a mortgage they will at the minimum need a valuation report.

Orangecrisp · 04/10/2021 17:35

What is the price point? If it’s not FTB territory that may slow things down. You could ask the EA to vet buyers carefully and only send proceedable. You can also ask questions of them when they view.

I also think cash buyers are a PITA from my experience it always turns out they need a mortgage!

Original poster

LuluLefevre · 04/10/2021 17:36

@SeasonFinale - current buyers didn’t do a survey. When I say recent, I mean five years old. We’ve grown out of it, nothing else. Yes, they might need a valuation survey but not a full structural leading to silly negotiations. It’s still absolutely pristine.

OP posts:

Orangecrisp · 04/10/2021 17:43

@LuluLefevre did your buyer order searches? Would they be willing to provide these to you, as an incentive to any buyer?

I’ve also seen some sellers post on FB groups when this happens. It means you can explain the situation. You are clearly a motivated seller which will be attractive for a lot of buyers in the current climate!

Original poster

LuluLefevre · 04/10/2021 17:43

The cash buyer thing is really ringing true here! Total PITA in the sense that they can just take it elsewhere. I think someone in rented needing a mortgage might be the sweet spot! FTBs can have pretty big budgets around here (lots of bank of mum and dad) so it’s a possibility but probably more of a second rung of the ladder for most people

OP posts:

Original poster

LuluLefevre · 04/10/2021 17:44

@Orangecrisp - thats a good point. Yes we’d definitely try and get hold of the searches. I guess you ask through the solicitor? Do you have to buy them out?

OP posts:

Orangecrisp · 04/10/2021 17:47

@LuluLefevre you could ask the agent if they would be willing to provide them for free or at a reduced cost, hopefully they have some sense of guilt and would oblige as they’ll be useless to them now. I think they are valid for 6 months as well so hopefully enough time to get it over the line. Definitely think it’s worth an ask. We slotted into a chain once and used the searches of a buyer who got cold feet, the solicitors arranged it but they were free.

Original poster

LuluLefevre · 04/10/2021 17:52

@Orangecrisp thank you! Such a good idea and will help speed up a new transaction. We also have the management pack (we paid for it) which can take time.

OP posts:

SeasonFinale · 04/10/2021 18:30

Still bonkers to buy any house without a survey. In fact if house is 5 years old they will want one so that any issues that can be claimed on Housebuilders Insurance Scheme can be identified.

surreygirl1987 · 04/10/2021 19:55

Yes, we are buying a nearly new build and we are having a full structural survey. I know some people think we are mad for this, but I'd rather fork out for the survey now than have I expected issues later... and as we're putting all our money into the house I think I'd be crazy not to thoroughly check what I'm buying!

Good luck, OP. We had our previous buyers pull out too, and then our second buyers were an absolute pain and we lived in fear of them pulling out. I wish you a better experience that us! I think posting it on Facebook is a good idea, although you'd have to anticipate getting opportunists that want to put on a low offer

oriel3 · 04/10/2021 20:18

All the best OP - I can totally understand the stress, I feel for you.

I agree with asking the previous buyer for their searches etc. to speed things up. Your agent should be sorting through enquiries and allowing the cash buyers to view first, then chain-free, etc. That way hopefully you'll get a cash buyer within a few days, and not have to do a million viewings.

Put pressure on your agent and make them work for their commission. Have a chat with them about how to communicate to prospective buyers what happened to the old buyer, so it doesn't sound like something's wrong with the house.

You never know - you might even get a better price for it seeing the market has moved on a bit since you last sold. Good luck and don't stress 🍀

Original poster

LuluLefevre · 05/10/2021 10:24

Thanks all, really helpful insights and suggestions. I'm just SO STRESSED. It's be such a long haul, eventually we've found a property we like that's chain free so the timings are predictable...and NOW the buyer walks! At any point in the last three months they could have done this. The market is still hot but I worry that consumer confidence is waning with the fuel shortages, price rises, etc. and we could be waiting a while for a new decent buyer...

OP posts:

LookingOptimistic · 05/10/2021 13:18

So sorry to hear about your experiance in our terrible housing market OP

I can only confirm i also wouldn't prefer or prioritise offers from either cash buyers or FTB. When we sold our house couple years ago, we had offer from cash buyers within 5 days of putting on market who then waited for us to find a place and pulled out 2 months after that.

We then had a FTB who was thinking about putting offer in, had 3 viewings, no less than 2 hours in our house with multiple family/ friends and asked tonnes questions and didnt even offer in the end.

We sold to a guy a couple months later going through divorce and leaving the family home, he was invested in the transaction, getting a mortgage and needed place to live so he made it very easy for us.

Next time i sell i swear i will always pick someone in a chain/ needing a mortgage over others, which i understand isnt great to all the FTB's/cash buyers out there but when you are on your 3rd home purchase and need to move with kids, it would be a lot harder knowing your buyer could easy choose to just give up on the purchase and go elsewhere with little to no reason...leaving you stressed and out of pocket.

I hope you find another buyer quickly and you can bring the chain back together

MissCreeAnt · 05/10/2021 13:38

I'd also not favour FTBs or alleged cash buyers. Could you maybe discuss with your agent doing an open day, if it's been off the market a little while?

It's good that your sellers are fairly relaxed. Easy for me to say, I know, but there is still loads of potential for this to all work out just fine. It's just so hard to hold your nerve.

Fleurty · 05/10/2021 13:47

I echo what everyone else has said, cash buyers are often BTL and have no emotional investment. FTB are naturally nervous and often nitpick over every detail. When we last moved we sold to a FTB and their survey picked up that some paving slab steps in the garden weren't properly bedded in. They wanted us to redo the whole patio before completion. We said no.

Definitely limit to proceedable buyers only, but there is no reason why someone who has already sold their house (so complete chain below them) would be any slower than a FTB. You might find someone who was ready to exchange when their onward purchase fell though so is as keen for a quick process as you.

Original poster

LuluLefevre · 05/10/2021 15:35

Thanks so much for the insight everyone - it’s really helpful to have the perspective and benefit of experience of those of you who’ve been there and got the scars! Good point on adopting an already progressed chain - as long as it holds I can see that it would also be a decent option. Now I just have to get the house ready for viewings again

OP posts:

TakeYourFinalPosition · 05/10/2021 15:48

Both of our cash buyers, who had proof of funds, decided they wanted to get mortgages after their offers were accepted… In my experience, you’d be best just to get it back listed, especially if you don’t want to price for a quick sale. But I’m not an expert!

Best of luck with it, sorry about your buyer

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