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Original poster

House selling dilemma

18 replies

chickencuddles · 13/08/2023 15:43

Just after some advice. I'm selling my mum's house. She passed away last Feb and I had to do some basic renovation work to the property. We put it on the market in April, the sale fell through just before exchange as the buyers changed their minds. No reason given. Dropped the price by 50k and got an offer again at asking price. We cancelled an additional 15 viewings on the property because our buyers were supposedly cash buyers and promised us a quick transaction. It now transpires the buyers aren't cash buyers, because their buyers are now unable to fund the purchase of our buyers' house, so another house has now been added to the chain!
I really need the sale to go through ASAP because my brother is in rehab for alcoholism and needs his share of the sale proceeds.
Should I hold out for this sale to go through, or should I put it back on the market to try and get an asking price offer again from someone who is more proceedable with a shorter chain?
It's very competitively priced but is a slightly quirky property (converted bungalow) so possibly not as easy to sell as a house with a more standard layout.
My main worry is speed of sale, as long as we can get an asking price offer again... estate agents advice has been poor throughout this process.
Thanks for reading

OP posts:
CheeseyOnionPie · 13/08/2023 15:57

I would put it back on the market and maybe lower the price a little to tempt FTBs with no chain

Original poster
chickencuddles · 13/08/2023 16:13

Yes I think I'll have to. I might threaten that first and see if our buyers can miraculously find the cash if they think they are going to lose the sale. I honestly can't drop the price any more it is really competitively priced already. It's a 4 bed detached, on for less than a few 3 bed terrace a few doors down, hence why we had so many people keen to view it. I'll speak to the agents tomorrow and see what useless advice they can provide 🙄

OP posts:
KievLoverTwo · 13/08/2023 16:21

Get the EA to work for their money and call those 15 viewings they cancelled to see if any are still looking, explain your buyer has been less than honest.

Then see what happens.

pilates · 13/08/2023 16:22

Your agents sound rubbish. They should have asked to see evidence they were cash buyers at the outset.

ZeldaWillTellYourFortune · 13/08/2023 16:23

KievLoverTwo · 13/08/2023 16:21

Get the EA to work for their money and call those 15 viewings they cancelled to see if any are still looking, explain your buyer has been less than honest.

Then see what happens.

This.

Original poster
chickencuddles · 13/08/2023 16:36

Good plan. Hopefully I can have a plan B before I decide whether or not to give up plan A.

OP posts:
AnSolas · 13/08/2023 16:38

KievLoverTwo · 13/08/2023 16:21

Get the EA to work for their money and call those 15 viewings they cancelled to see if any are still looking, explain your buyer has been less than honest.

Then see what happens.

Yep and read your contract before having a sitdown with the sales agent and get a point by point plan on how they can close on either the current buyer or a new buyer

ClematisBlue49 · 13/08/2023 16:39

If it falls through and you need the cash urgently, had you thought of selling at auction as a Plan B?

KievLoverTwo · 13/08/2023 16:43

ClematisBlue49 · 13/08/2023 16:39

If it falls through and you need the cash urgently, had you thought of selling at auction as a Plan B?

Or equity release to help the brother out (idk if this is possible)

Original poster
chickencuddles · 13/08/2023 16:52

I did consider going to auction, but then we got this 'cash buyer' on the scene so I discounted it. I think equity release would be expensive, but I could look into it. I did consider buying him out but I would be left owning a house I really don't want to own, and I resent taking on debt in order to help him out (he has caused so much damage over the last decade, resulting in what I genuinely believe is my lovely mum's untimely death). Lots of emotion tied up in this as well for me, clearly!

OP posts:
rainingsnoring · 13/08/2023 19:14

KievLoverTwo · 13/08/2023 16:21

Get the EA to work for their money and call those 15 viewings they cancelled to see if any are still looking, explain your buyer has been less than honest.

Then see what happens.

Worth a try and make sure your agents actually do their job next time!

Twiglets1 · 13/08/2023 19:18

KievLoverTwo · 13/08/2023 16:21

Get the EA to work for their money and call those 15 viewings they cancelled to see if any are still looking, explain your buyer has been less than honest.

Then see what happens.

This.

Either switch to one of these 15 if they are interested & proceedable or put it back on the market pronto.

randomusernam · 13/08/2023 19:21

In the current housing market I would be very hesitant to put it back on the market. I've seen loads of threads from people who can't sell. I would be trying to put pressure on my current buyers to complete asap. How long is the chain? You must be the end of the chain so can't be more that 3 or 4

KievLoverTwo · 13/08/2023 19:27

OP, I am so very sorry for what your brother has put you through, and for the loss of your lovely mother.

if equity release isn’t possible on mum’s house, perhaps you could on yours, on the basis that ALL the money that costs you both goes to your brother AND comes out of his share of the proceedings. Then you are left no worse off.

@randomusernam you have a fair point, but if OP had sixteen viewings booked in total, it’s an exceptionally high number in this market, actually I have heard nothing of the like recently, so it must be priced fairly and in an area which is in demand. I wouldn’t tie myself up in knots about being unable to sell it again it at this point in time.

mumda · 13/08/2023 19:45

pilates · 13/08/2023 16:22

Your agents sound rubbish. They should have asked to see evidence they were cash buyers at the outset.

This.

Examine the contract with them. Make the buggers earn a commission.

KievLoverTwo · 13/08/2023 20:18

Needless to say they need to financially vet proceedabilty on any future buyer to match their claims.

And I wouldn't sign an extended contract with them. I might even negotiate them down, given their performance.

Original poster
chickencuddles · 14/08/2023 16:30

Thanks all. House is back on the market, I said no viewings to anyone who isn't properly proceedable, and the original buyer is now scrabbling around trying to get their end of the chain tied up so that I will take it back off the market. Fingers crossed, I've had enough of all this now, life is stressful enough already!

OP posts:
Twiglets1 · 14/08/2023 16:35

chickencuddles · 14/08/2023 16:30

Thanks all. House is back on the market, I said no viewings to anyone who isn't properly proceedable, and the original buyer is now scrabbling around trying to get their end of the chain tied up so that I will take it back off the market. Fingers crossed, I've had enough of all this now, life is stressful enough already!

You've done the right thing. Hope you get a proceedable offer very soon.

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