If the purchase of a new house falls through, it can be a nightmare. Whether you’re moving from rented housing or you’re also selling your current home, you now have to start again with finding a new property. The further along you are in the process of buying, the more devastating it can be. You might even have been completely prepared to move out and into your new home. While it can seem like a nightmare, there are some things that you can do to rescue the situation. Take these steps if your purchase has fallen through, especially if you’re left with nowhere to live.
Find Somewhere Else to Stay
Hopefully, your purchase falling through doesn’t leave you homeless. If you’re selling and also in a chain, you should be able to delay the exchange and completion of your sale until you find somewhere new. If you’re renting, you should avoid giving notice on your tenancy until you have exchanged contracts. However, if you do end up with nowhere to live or you want to move out as a favour to the buyers of your current home, you’ll need to find somewhere else to live temporarily. It could be with family or friends, or it could be temporary accommodation.
Store Your Stuff
If you are leaving your current home, you might also need somewhere to put your things. A transition period between leaving one home and finding another can be hard to handle, but it will be made a little easier if you can find somewhere to keep your things. You can find something like this when you look online for storage options. Self-storage is usually affordable, easy to find, and offers pretty flexible options too. Alternatively, a friend or relative might be able to help you out with storage space.
Check on Your Mortgage
A mortgage offer will usually last a few months, so your house purchase falling through doesn’t necessarily mean you’ve lost your mortgage. You might be able to use the same mortgage offer for a different property, so check with your lender to find out. Hopefully, you can find a new property before your current mortgage offer expires. If you don’t, it might delay your purchase a little longer, but it shouldn’t be the end of the world. It could even give you a chance to find a better deal.
Look for Somewhere New
Of course, if your purchase has fallen through, you need to quickly find somewhere else to buy. Although you can start to feel the pressure, especially if you have a buyer for your own home waiting for you to find a property, don’t rush too much. It’s still important that you find the right property for you and trying to do it too quickly could mean you settle for something that you’re not completely happy with.
It’s a definite blow if your house purchase falls through, but it’s not the end of the world. Just keep moving forwards and look for somewhere new.
*This is a collaborative post