Buyer pulled out during conveyancing, did your chain stay intact?

[ByHonestHedgehog]

I’m after a bit of hope!
last week our buyer pulled out, approx 4 weeks into the conveyancing process, they were bottom of the chain and the mortgage product they wanted was pulled, couldn’t afford it at the new rates.

We’re in the middle and our vendors are purchasing a new build

Our house was relisted immediately at a lower asking price and 2 viewings have been requested so far, no luck with the first but second this weekend.

Our vendors are ok at the moment, according to their EA, but I’m not sure how long we’d have to secure a new buyer before they put the house back on the market.
Our mortgage offer is in place so I’m nervous if it all falls through that our offer will be out of the window (at the decent rate we’ve secured!)

I’m after any success stories of a buyer pulling out and the chain not collapsing!

if this happened how quickly did you find a new buyer and did you have to massively reduce asking price for a quick sale?

I know each situation isn’t really comparable but feeling really deflated and could do with some hope, thank you!

Could you not go back to the buyer and offer a reduction to a price they can afford at the new rates - if they accepted you try to pass that discount up the chain to share it with the vendor.
At the moment you seem to be taking all the hit by re-marketing at a lower price - which will likley get you considerably lower than your asking as the market is really struggling. You might be able to pull things back together if your vendor is realistic about the market changing and agrees to also discount.

Hi, our buyer pulled out 6 weeks in. We relisted straight away and sold for the same price a week later. I did post our house on all local FB pages tho, which helped as that's where our new buyer saw it! Our chain stayed in tact (new buyers, us, probate) and we moved last week

Hi @ByHonestHedgehog

We are in a similar chain so know how you feel, but we’re at the top buying the new build. We are now worried we’ll lose that but also can’t realistically afford to take a hit if our buyers come back asking for a price reduction.

We don’t know what the better option is, to wait for them to find a new buyer or to re-list and start again. Not sure we have the energy for that!

We were ready to exchange till FTBs raised a survey issue :-(

Thanks for starting this thread. I am looking for those stories of hope too, and I have my fingers crossed that it all works out for you.

We had this a decade ago, and the agent was amazing in helping things, buying some time with the chain and finding a new buyer. Different market, though.

thank you for the replies

@DrySherry we could try that, it happened a few days before the long weekend, I think now a few days after the initial shock we’ve got our heads together and have a plan of action, starting with speaking to both EAs beginning of next week to try and understand what everyone’s mind set and expectations are

@goodvibespls21 good luck, let me know how you get on, it’s so deflating, I was clear to our vendors EA that we very much did still want to proceed, it was on the market a little while before they accepted our offer so hoping they’ll give us a little bit of time if they know we’re being proactive rather than starting again themselves