Our buyer lost their buyer: what would you do?

[anwensmummy]

Our buyer has lost their buyer, they withdrew for financial reasons. We are giving our buyer two weeks to find a new buyer but they have only had one viewing which didn’t result in an offer. They haven’t lowered their price, and the two weeks runs out in a few days. They’ve apparently told our estate agent that they are open to lowering the price but they haven’t actually done so.
We are really concerned we will lose the house we are buying - although our sellers have not found anywhere to buy yet, our offer was only accepted a couple of weeks ago, so it is in the early stages. Our estate agent has advised us to go back on the market if our buyer hasn’t sold after the two week grace period. We are concerned that we will then lose the house we are buying if we do that. We would definitely drop the price if we do go back on the market though. It would be mid November which is not an ideal time of year. So stressful! Has anyone experienced this? Our buyer has already done the survey on our house and we have already had our survey done on the one we want to buy, and our solicitor thinks this shows we are serious buyers. I’m going round in circles in my head! Any advice gratefully received.

I think you are ok to sit a little while longer as you are in early stages and your sellers haven’t found anywhere yet. I also wouldn’t engage a Solicitor until your sellers have found somewhere, things do slow down on the run up to Christmas.

Honestly, no one is going to be buying with the budget hanging over people, increase in unemployment/jobs available and general concern about the economy. I doubt there will be any movement until after the new year.

Put it back on the market today, the house you want hasn't found a place yet- they will be experiencing the problems above, so will also be keen not to lose a potential buyer.

And ultimately it is the saying 'what's for you, won't pass you by '

Your chain isn't even complete at present so there is no reason why your seller would pull out immediately. Give your buyer a week or two and then perhaps suggest that they lower the price and offer them a reduction of the same amount on your own place (you do say that you would lower you own asking price if needed). It probably wasn't very sensible to have spent money on surveys when your sellers haven't found a home.

Go back on the market now and if they find a buyer great if not somebody else out there may want it. Some houses are still selling despite all the budget doom and gloom being spouted.

You have to get back on the market. You are currently non-proceedable and absolutely could lose the property you are buying unless you get your property sold again. Getting your property back on the market immediately doubles your chances of that happening. Having done a survey counts for nothing - it means you WANT to buy the property, but it doesn't mean you CAN.