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    • Jb_1982
    • By Jb_1982 15th Jun 17, 5:30 PM
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    Jb_1982
    Vendors - How much time?
    • #1
    • 15th Jun 17, 5:30 PM
    Vendors - How much time? 15th Jun 17 at 5:30 PM
    Hi all, I apologise if there is similar thread. Here's my situation. I have had a cash offer on my house, and also an offer accepted on a house I want to buy. However the vendors have yet to find a property they want to buy. I've decided that I'll proceed with the sale of my house and if I have to move in with parents etc once completed.

    In the meantime what is an appropriate time scale to leave the vendor to find a suitable property to purchase? Also, how should I be contacting the sellers estate agent to ask for updates and pressure the vendors somewhat?

    Thanks.
Page 1
    • Surrey_EA
    • By Surrey_EA 15th Jun 17, 5:38 PM
    • 1,241 Posts
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    Surrey_EA
    • #2
    • 15th Jun 17, 5:38 PM
    • #2
    • 15th Jun 17, 5:38 PM

    In the meantime what is an appropriate time scale to leave the vendor to find a suitable property to purchase? Also, how should I be contacting the sellers estate agent to ask for updates and pressure the vendors somewhat?
    Originally posted by Jb_1982
    How much do you want the house? How unique is it?

    Only you can decide what an appropriate period of time is. In the meantime there is no harm in keeping your eyes open for something else suitable.
    • Thrugelmir
    • By Thrugelmir 15th Jun 17, 6:58 PM
    • 55,895 Posts
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    Thrugelmir
    • #3
    • 15th Jun 17, 6:58 PM
    • #3
    • 15th Jun 17, 6:58 PM
    Also, how should I be contacting the sellers estate agent to ask for updates and pressure the vendors somewhat?
    Originally posted by Jb_1982
    Pressuring the vendors won't help their home search. If they require a mortgage as well. Then the wait will be even longer. Then there's the property that the vendors are buying. What's the position of those sellers. When it comes to housing transactions best to take up yoga as a pastime. As nothing quite as stressful.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • Jb_1982
    • By Jb_1982 15th Jun 17, 9:17 PM
    • 60 Posts
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    Jb_1982
    • #4
    • 15th Jun 17, 9:17 PM
    • #4
    • 15th Jun 17, 9:17 PM
    Haha... I like the yoga comment. The sellers are looking for a bungalow. They are a retired couple. Hopefully not too fussy!!
    • Red-Squirrel
    • By Red-Squirrel 15th Jun 17, 10:56 PM
    • 1,893 Posts
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    Red-Squirrel
    • #5
    • 15th Jun 17, 10:56 PM
    • #5
    • 15th Jun 17, 10:56 PM
    I wouldn't be so keen to break the chain and move in with parents.

    If you have a cash buyer presumably they aren't too much of a rush, and probably well aware that they need to wait for a chain to complete. Have they given you a deadline or indicated they will pull out if you don't complete soon?

    If you move in with your parents and your purchase falls through, you could be there for a very long time, is that practical? Is that fair to your parents?

    If it doesn't fall through, then you'll be changing your address twice in a really short time. It'd be a pain for the paperwork, and for mail redirection and so on, plus you'd have to change your address on the electoral roll for the credit checks for your own mortgage, it just seems like it would be an admin nightmare!
    • Jb_1982
    • By Jb_1982 16th Jun 17, 10:45 PM
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    Jb_1982
    • #6
    • 16th Jun 17, 10:45 PM
    • #6
    • 16th Jun 17, 10:45 PM
    Thanks Red, all good advice. Can the chain be re connected so to speak? I'm taking as much time to fill in solicitors forms etc to draw it out as much as possible. I've been given no details of deadlines or anything, but didn't want to lose the sale. Its the first time I've sold a house, this is my first house. It's all new to me!! Never thought about all the other issues to be fair!
    • Jb_1982
    • By Jb_1982 22nd Jun 17, 10:43 PM
    • 60 Posts
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    Jb_1982
    • #7
    • 22nd Jun 17, 10:43 PM
    • #7
    • 22nd Jun 17, 10:43 PM
    Still no property found by these vendors.
    • HB58
    • By HB58 22nd Jun 17, 10:56 PM
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    HB58
    • #8
    • 22nd Jun 17, 10:56 PM
    • #8
    • 22nd Jun 17, 10:56 PM
    How long is it since they accepted your offer?

    It took our vendors months to find somewhere to buy - they accepted our offer in October IIRC, the market went flat around Christmas time and it was around Feb before they found somewhere to buy. We eventually moved at the end of April.
    • Jb_1982
    • By Jb_1982 11th Jul 17, 10:32 PM
    • 60 Posts
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    Jb_1982
    • #9
    • 11th Jul 17, 10:32 PM
    • #9
    • 11th Jul 17, 10:32 PM
    How long is it since they accepted your offer?

    It took our vendors months to find somewhere to buy - they accepted our offer in October IIRC, the market went flat around Christmas time and it was around Feb before they found somewhere to buy. We eventually moved at the end of April.
    Originally posted by HB58
    They accepted our offer on the 9th June, still no news!
    • goodwithsaving
    • By goodwithsaving 11th Jul 17, 10:57 PM
    • 688 Posts
    • 1,032 Thanks
    goodwithsaving
    In the current market, don't pressure them too much. House selling/buying is a stressful process. If they aren't dragging their feet and are actively looking, keep in communication with them and gauge it from there. Listen to your gut.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • steph2901
    • By steph2901 12th Jul 17, 9:28 AM
    • 252 Posts
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    steph2901
    I made the mistake of letting my buyers pressure me into exchanging and completing before I'd found anywhere. But I also had my ex husband after his share of the money too and he didn't care if his kids ended up homeless!

    I couldn't find another house to buy in the couple of weeks after accepted their offer, so ended up renting. It was probably the worst thing I could've done as it means having to move twice in a short time, which is a hassle.

    Hope it all works out for you though
    • LandyAndy
    • By LandyAndy 12th Jul 17, 9:36 AM
    • 23,945 Posts
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    LandyAndy
    Haha... I like the yoga comment. The sellers are looking for a bungalow. They are a retired couple. Hopefully not too fussy!!
    Originally posted by Jb_1982

    You should be on the stage.
    • starshapedbrick
    • By starshapedbrick 12th Jul 17, 10:12 AM
    • 35 Posts
    • 52 Thanks
    starshapedbrick
    Haha... I like the yoga comment. The sellers are looking for a bungalow. They are a retired couple. Hopefully not too fussy!!
    Originally posted by Jb_1982
    Keeping calm is key! Our vendor's vendors were after a bunglalow and having sold one ourselves, it's a low supply, high demand market. It all depends on area, price, availability and whether their purchase will complete the chain. The more important question for me would be understanding if your buyer is ok to wait if you will - if so then all good.
    • davilown
    • By davilown 12th Jul 17, 2:25 PM
    • 1,466 Posts
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    davilown
    My purchasers had a cash buyer - they waited 4 months until for them to fund a a house. The thing was that my buyers found, surveys and searched my house then decided they were under too much pressure from their cash buyer (really!) So they pulled out and said they'd leave for a year.
    Back in Debt £230,900 on a £230,900 mortgage) Overpayment £238 pm - Aim to be Mortgage free by 2028
    £27000/£27000 paid off Feb 2010 since LBM Jan 2007!
    • Jb_1982
    • By Jb_1982 27th Jul 17, 10:41 PM
    • 60 Posts
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    Jb_1982
    Still no word of any news or updates.... sigh! I'm contemplating applying some pressure to the vendors through their estate agents. Is this wise?
    • Thrugelmir
    • By Thrugelmir 27th Jul 17, 11:48 PM
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    Thrugelmir
    You've sold your property and can move in with parents. Why not simply keep your eye on the market for alternative properties. Worth nudging the EA's on a regular basis for an update. Pressurising will achieve little. As they won't proceed until they've found a property.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • kinger101
    • By kinger101 28th Jul 17, 12:19 AM
    • 3,942 Posts
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    kinger101
    If you don't want to wait for the vendors, there's nothing stopping you looking for a chain-free property you might prefer. I just depends how much you really like their house, and whether you want to spend time looking for somewhere else.

    I've backed out of a purchase (with no expense incurred) where the vendor still hadn't found somewhere after three months. But only when I found a chain-free place where the seller was clearly motivated to move (new job in new location).
    • hazyjo
    • By hazyjo 28th Jul 17, 12:26 AM
    • 9,801 Posts
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    hazyjo
    I was left hanging once before for months while my buyer hung on too. Rang the EA one day to see what was happening and he said he'd heard through a mate/colleague (I forget) that he'd spoken with the vendor on a golf course who said he wasn't selling any more. Nice of them to have told me!!!!

    Was not happy. Definitely worth a call every few weeks to make sure they are actually still selling/looking!

    Definitely set up alerts again and keep an eye on the market. It may be that they actually can't afford what they want in which case they'll be waiting forever...

    Good luck.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • Jb_1982
    • By Jb_1982 11th Aug 17, 9:48 PM
    • 60 Posts
    • 24 Thanks
    Jb_1982
    Still no updates, JOKE!!
    • Thrugelmir
    • By Thrugelmir 11th Aug 17, 9:54 PM
    • 55,895 Posts
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    Thrugelmir
    Still no updates, JOKE!!
    Originally posted by Jb_1982
    Fewer properties come onto the market at his time of the year for obvious reasons. Perhaps the vendors themselves have on holiday. Have you continued to look?
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
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