We have outlined some key steps to help you get back on the house selling train, when a buyer has pulled out of a house sale:

Stay calm and evaluate the situation

It is important to stay calm and composed in the moment when being given the news about the buyer pulling out. Listen carefully to the reasons why the buyer is pulling out. It may be something you have expected or given thought to, or it can come as a big surprise. Think about it and evaluate the situation.

Think about if an how this may impact your future plans, for example if you were planning on using the proceeds of the house sale to buy another property.

Communicate and reasonably negotiate

Communicate with the buyer and their representative, to see if there are any negotiations to be had regarding the situation. It may be that you can come to an agreement about the aspect that may be the problem and reason they are pulling out.

Try to be reasonable and try come up with solutions to present to them, and also listen carefully to their proposals and decide if you would be willing to agree to them. Always be open minded to try and find mutually beneficial solutions.

Go back to marketing to attract a new buyer

If no suitable agreement or deal can be made with the buyer who is pulling out, then it is time to find a new buyer for the property. Dependent on your individual circumstances as a seller and any time constraints, you may go back to your estate agents to find another buyer or consider another method, for example modern online property auctions. Always ask upfront whether there will be any additional charges associated with finding a new buyer.

Consider the pull out reason and try to fix it

Think about the reason why the buyer has pulled out. If it has to do with a defect in the property, consider getting the work done or getting a quote to do it from professionals. This can help in negotiations as you will be well informed about the price and what needs fixing.

There are of course going to be some reasons specific to the buyer’s individual circumstances like: not getting accepted for a mortgage or relocating for a job, that you cannot fix, but if there is something you have the power over then do consider it.

Seek professional legal advice

If your buyer has completely withdrawn and there is no chance of them resurrecting, then do consult with your solicitor or conveyancer as to your rights and obligations in this situation. They can guide you through any consequences for you and advise as to the best course of action. Remember they are on your side and will want to help you.

Use an alternative option

If you are needing to find another buyer quickly to keep the chain intact, you might find that our modern online property auction may be the right choice for you. We are able to sell your property in as little as 28 days, without compromising on price. We provide this service completely free for sellers, as the buyers absorb all our costs.

Most importantly of all, we are proud to have a buyer back out rate fewer than 1% of our transactions. We achieve this amazing figure due to committing buyers financially at very early stages of the sale.

To find out if auction is right for you click here or to learn about our process to sell a property at auction here.

Conclusion

Whilst a buyer pulling out can be disheartening, it is important to keep a straight mind and think carefully about the next few moves. If the reason for the buyer pulling out can be openly spoken about and rectified or negotiated then this may be the best course of action.

If the deal is completely off and you need to find a new buyer fast, then get in touch with us at Smart Auction UK. We can sell your property in as little as 28 days, completely for free and guarantee that the buyer will not back out of the sale. Get in touch below or give us a call on 0330 223 6118.