Lost our buyers

[Violetandpurple]

lost our buyers today, they cant secure a mortgage. Devastated as we were weeks from exchange. Our onward purchase have given us 5 days to secure a new buyer ..
just need somewhere to rant & moan!

Sorry to hear that. I believe what’s meant to be is meant to be. Is the house you want to buy one off a kind or plenty available? 5 days isn’t Long to final @ new buyer but I doubt whether another buyer will be quick to find for the vendors. They are better off waiting for you,

argh so frustrating! My mum lost 5 buyers for various reasons, two of them due to mortgage offer issues.

Your seller is obviously feeling the pressure too! How long is the chain?

Did they not apply for mortgage after the offer was made? The estate agent should have asked proof before cancelling viewings. Sounds fishy.

Sorry to hear this,.its so disheartening. We're on our third chain having had 2 buyers pull out. I hope you get a new buyer soon.

Fingers crossed for you. I'm sure your agent will be chasing up any parties that were interested prior to you accepting. Can you afford to give a price incentive to get another buyer locked in asap ?

Oh no, what happened? Did they not have a mortgage in principle and then a mortgage offer? Or did their circumstances change?

If it helps, I know lots of people who have benefitted from this kind of situation. Things seem to work themselves out.

Sorry to hear this OP. As others have said did they not have a mortgage agreed on principle?

Some banks are revoking offers based on surveys. Some are revoking on affordability, in essence the banks are very nervous right now, so I would be looking further buys with low LTV values, easier said than done, but downsizes would be a good bet.

Yes they had a mip.

Luckily i think we are potentially sold again to a cash buyer! And have two more viewings booked in so feeling very hopeful.

Aw that’s good it seems you have a new buyer lined up.