Have accepted an offer but not found a place for us yet

Archlever

Hi All,

We have just accepted an offer on our property from a FTB. We havent found a place yet but are looking. The buyer has indicated to the EA that they are willing to wait for us to find somewhere. What's the best course of action next? Do we have everything ready but dont instruct solicitors until we find somewhere (same for the buyer)? Or Move forward with this purchase and hope we find somewhere soon?

Any advice much appreciated.

Thanks

david29dpo

Your call but how long will your buyers wait? How long will it take to find your new house? To many now longs. Move forward and rent if necessary.

Archlever

Thanks David,

The FTB really likes the property and we are looking in the local area. The area we live in is popular with lots of FTB interest (we sold within a few days of being on the market). In addition we do not want to move twice in a short space of time if we can help it as we have a baby. My concern is if we start sale preceedings then we are under pressure to find somewhere fast (presumably the buyers solicitors will push) and we don't want to be preassured into buying simply to complete the sale. Dont get me wrong....we re looking buy as soon !!! possible but the house has to be right. Is it possible to start conveyancing and set a "open ended" (or few months in future) completion date?

david29dpo

Of course. Yours buyers could exchange ASAP but with a delayed, set, completion date. No buyer will agree to a open ended date. This could buy you some time. Speak to your buyers now.

googler

If you exchange with your buyer, that puts you in a stronger position as a buyer yourself - if the seller of the property you want to buy has two interested parties - one who hasn't put their house on the market, and you - who has already exchanged with their buyer, then they may well choose to do business with you, even if you offer less than your rival, since your advanced position will make things easier for them.

That must be the longest sentence I've ever posted here.

Archlever

Thank you both for your replies. The excange of contracts with a set completion date sounds like a good idea...will contact EA on monday.