Property buying chain broke down.

[solly33]

Almost packed and ready to sign contracts when the end of the chain collapsed. First time buyers had apparently overstretched. There are 5 of us all waiting for another buyer for the bottom of the rung. Now the estate agent co-ordinate has had a meeting with a company called Quickmove.From what I can make out they buy the property that is holding us all up at 85% of the value and the rest of us GIVE the difference so that we can all move.Has anyone had dealings with this sort of practice.
I should think most of us are so stressed out with the waiting that if its not a great fortune we will come up with the money. My solicitor has told me to be wary.

[moonshadow]

Same thing happened to me some years ago, so four of us in the chain dropped the price of our houses by �5,000 each down the chain so the first time buyer could afford it. No one lost out but it did take quite a bit of organizing and a few sleepless nights.

[Jenga]

Dodgy I am afraid! There is a company that advertises everywhere and gives rubbish money.

[persianlady]

moonshadow...... you all lost �5000 surely?

[moonshadow]

persian lady the first time buyer gained as they bought for �5,000 less than the original offer and were then able to afford the lower mortgage. I was link 2 and sold for �5,000 less to them, but also bought for �5,000 less from link 3 , so didn't lose anything. Link 3 did the same as me and link 4 was buying a property from a bank due to bankruptcy and they were just glad to get rid of it. I suppose you could be right in part, as the bank received less but they make huge profits and can well afford it. It didn't devalue any of our properties so I can't see why you think we all lost �5,000. I just wish first time buyers would get their mortgages in place before starting the search for their new home as the people in the chain still have to pay some fees when it has gone past a certain point and someone backs out.

[Jenga]

Don't trust buyers using brokers! I has two time wasters one after the other who were using brokers. I said I was't going to use another buyer using a broker again.

1st buyer - Her partner turned out to be immigrant with no working permit - mortgage refused after being led on for 3 months.

2nd buyer - Buying on their own - mortgage co would not give them the mortage - Time wasted 6 - 8 wks.

3rd buyer - using Abbey National - No problem - Proved to estate agency written paperwork to say how much they were going to lend him. Plus proof of savings in the bank.

[solly33]

Thank you all for your comments. Could work out O.K. but it sounds like the person at the top of the chain will be the loser. I am second from the top and not sure yet if my vendor will go back on the market. To get away from this place where I am living would be worth losing �5000.I only bought it last May and hate the place/area so much I have already agreed to sell �5000 less than I paid and that price was agreed last year before all the scaremongering.I have to do what's best for my health and happiness.Cannot make another big mistake.