What to Do When Your House Buyer Pulls Out: Key Steps to Take

Understand their reason for pulling out

The first step to take is to try to understand why your buyer pulled out. Some of the most common reasons include financial issues, problems with the property survey, or simply changes in personal circumstances. If possible, talk to the buyer or their estate agent to find out more about their decision. Understanding the reason for their withdrawal can help you address any issues should you relist the property.

Review your contract

Check your contract as soon as you learn your buyer has pulled out. The terms of the contract should outline what happens if a buyer pulls out, giving you a better understanding of your legal position. Generally, until contracts have been exchanged, there’s no legal commitment for either party to complete the sale. This means the buyer can withdraw without facing penalties at this stage. However, if you’ve exchanged contracts, the situation changes, and the buyer may be liable for breach of contract. In this case, they could lose their deposit.

Communicate with your estate agent

Let your estate agent know about the situation right away. They won’t just help you relist the property but can provide valuable advice and guidance at this difficult time. Your estate agent can assist with marketing to attract new buyers, arrange viewings, and adjust your strategy to address any feedback from the previous buyer. Their expertise will be vital in navigating this setback when selling your home. If your buyer has pulled out, talk to our experienced estate agents in Dagenham. We’re on hand to provide tailored support and help get your sale back on track.

Review your asking price

A buyer pulling out could be a signal that your asking price is too high. Consider getting a new property valuation or comparing similar homes in your area to see if lowering it might attract more interest. Even a slight reduction in price can make a significant difference in drawing in new buyers and achieving a successful sale. When asking for feedback from the previous buyer or their agent, try to determine if price was a factor in their decision. If it was, you may need to adjust your strategy accordingly.

A buyer pulling out of your house sale can be a major setback. However, following these steps can help you manage the situation effectively and increase your chances of a successful sale. Talk to our local estate agents in Dagenham to get the advice you need.