Buyer pulled out options

[Ldnbuld]

Our buyer pulled at last minute before exchange

We are buying a no onward chain property

Now we need to sell can we sell at auction to get sale compelted asap or we again go down the route of selling by agents.

Well there are various ways to sell a property auction, although it's a bit like eBay in that regard so do your research.

You could do something like we buy any house but again it won't be near market rate but it's fast or go on open market and see what demand is in your area.

If you're buying a vacant property the seller maybe happy to hold out until you get another buyer.

Do you know why the buyer pulled out ?

How long did it take you to find your last buyer? If it were a couple of weeks I'd relist with the agent. Auction it may still not sell and people buying are going to want an aggressive price. If you can afford to take a hit on price work out your floor level to complete the next move and list it with the agent at that?

What has your onward property said about it? - They might be ok to wait while you find another buyer?

Prepare to lose the house you're hoping to purchase unless you have a very understanding seller and are able to find a new buyer quickly.

Get yours back on Rightmove with the agent, drop the price a little if necessary and hope another buyer comes along.

Forget auction unless you're willing to take a large price reduction. Even then, the auction sale process is still likely to take a couple of months (though it gives more certainty as the buyer can't easily back out).

If you sold via auction you might need to wait weeks until the auction date. If you tell your EA to relist you might sell it tomorrow.

Obvisouly you’d take a big hit on the price at auction. And whatever you do avoid modern auction like the plague.