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    • Jb_1982
    • By Jb_1982 15th Jun 17, 5:30 PM
    • 35Posts
    • 8Thanks
    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
    • 1,023 Posts
    • 1,155 Thanks
    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
    • 54,324 Posts
    • 47,133 Thanks
    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.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • Jb_1982
    • By Jb_1982 15th Jun 17, 9:17 PM
    • 35 Posts
    • 8 Thanks
    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
    • 1,400 Posts
    • 3,487 Thanks
    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
    • 35 Posts
    • 8 Thanks
    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
    • 35 Posts
    • 8 Thanks
    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
    • 1,751 Posts
    • 1,621 Thanks
    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
    • 35 Posts
    • 8 Thanks
    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
    • 481 Posts
    • 728 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
    • 247 Posts
    • 165 Thanks
    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
    • 23,680 Posts
    • 50,289 Thanks
    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
    • 31 Posts
    • 38 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
    • 1,421 Posts
    • 918 Thanks
    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 £186,480/£225,000 on a mortgage, Overpayment £96 pm - Aim to be Mortgage free by 2028
    £27000/£27000 paid off Feb 2010 since LBM Jan 2007!
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