What do we do now?!

[Violetandpurple]

We found out this morning our buyers mortgage application has been declined -
they are trying with another bank asap.
searches are complete on our upwards purchase and all enquiries and searches complete on our sale..
what is the norm now - do we wait for them and hope the next mortgage gets approved - do we go back on the market asap?

our vendors arent aware yet but we dont want to risk losing that property but think they would wait for us.

anybody been in this situation and can help - panicking, stressed, emotional and tired!

why was it declined?

Tell your agent you’re taking viewings again. You may need a back up buyer.

Yes - you need to tell your agent that you would like to accept viewings again. You can’t risk the chain collapsing even though not your fault.

All parties should be made aware of what is going on….

Back on the market for us. Devastated and preying our vendors will wait for us or give us some time!

I would give them two weeks and then put back on the market. I'm sure your onward purchase would agree to two weeks- it's a show of good will and 2 weeks isn't that long in the grand scheme of things.

I wouldn't risk losing a buyer in this market.

Do you know why it was declined?

We had the same issue when selling our previous home, it was due to the lender not accepting a specific type of new build warranty. The buyer just got the broker to look at a new lender and the next one was approved.

Back on the market with immediate effect. If the original buyers come through, great, but you need more eggs in your basket.