How long do we give our vendors?

lelole

Hi, we sold in early august to a cash buyer... We had a bit of trouble finding somewhere initially, and had resigned ourselves to renting for few months, when 3 weeks in, we found a house that fit the bill. The EA told us they had their eye on a house, or if not they would go into rented... So we decided to go for it...And were quite upfront about our wanting to be quick off the mark.

That was 2 and a half weeks ago, and no sign of them making a decision. so we are getting a bit wobbly.

We don't want to lose our buyer, but equally if it ends up that they take so long we have to exchange with our buyer first, then we would be unhappy.

How long is reasonable to wait?And how best do we approach it if we do need to put our foot down? We have spent money now, so would stand to lose if they or we pulled out...

Thanks, lelole

Thanks
lelole

lelole

I should add that our sale is now at the point where we could sign the contracts tomorrow, for our purchase we have only just recieved the contracts but the mortgage is being processed and some if the searches have been done...

lellow_lorry

If you sold in early August to a cash buyer, then end of september they are likely to be ready to exchange at the latest. You need answers from the vender. You hold the cards..a short chain, but you got to decide whether this is the one. Renting will generally tie you in for 6 months so this may not be ideal for this case. If I was you check rightmove and the property reductions in your area they list weekly. This will give you an idea on whether the market is falling in your area(many are at the moment) you could gamble and rent, maybe the house you want will drop its price(big gamble but if they are messing you around , walk away)

Doozergirl

If they are looking, they will want to find somewhere to buy, that tends to be the way things go. Most people on the 'ladder' aren't going to jump off for the sake of the buyer if they genuinely want to buy somewhere else. Lots of people say it but the instances of them actually meaning it compared to the number that say it must be small. If you then take out the people that genuinely do want to rent and aren't looking, the number must be tiny. They drop it in there as a throw away to get the house sold and don't realise that their buyers are taking them on their word.

I'd stop spending money, in fact, wouldn't have started until the position was clear What are they doing and how is this chain going to progress (ie. are there going to be more links!) before you commit any more funds to it.

lelole

Hi, thanks for your replies... We naively thgought we would get things going because we wanted to keep thing fast, but it does now mean if things go awry we could be out of pocket. Lesson learned.

In terms of is this the one, well we like it and could definitely imagine living there but there could be others we like as much... But of course now we are committed financially. Thehouse pricesin this area are going up or at least have been in the last few months, but things do look to be slowing down again... There have been price drops recently but only on the very least desirable houses.

So what do we do? How do we approach it? Should I phone their EA today? Or leave it a bit? Start to view other houses/ rentals?

Thanks again,
lelole

Doozergirl

I'd call the EA today and let them know that you really do need a timescale to work to; that you have made a mistake by starting the conveyancing process on what may not be a complete chain.

You need some indication from the vendors that they are serious still or you may have no other option to look around due to the fact that you also have buyers waiting.

Everyone needs at least an imiaginary agreed date to work towards; it's not fair otherwise.

lelole

Hi,

Thanks for your advice. I did manage to get through to the EA today, and had a bit of a chat, and as you predicted Doozergirl, they have gone off the idea of renting.

I have explained that we went for the property based on the EAs recommmendations, and told them as firmly as I was able to without throwing my toys completely out of the pram, that we need to know soon what their intentions are. The EA did say that if it got to the point where it was pull out or go into rented (us) she may be able to help us negotiate a reduction to help cover additional costs, however we're not keen on moving twice esp as we have a small child.

I have phoned mortgage company to postpone valuation, and emailed our solicitor asking him not to incur any further costs in relation to the purchase until I get back to him next week.

I guess now I have put our position more firmly we have to give them a bit of time to decide. We are going to look at a couple of other properties, just to cover ourselves, and also look into short term renting - anyone know how to find out about renting summer lets off peak?

Thanks

Leah

asharon

pick a property with the same EAs to view even if it isn't right just to let them know you are not waiting around, might push them a bit.

Gwhiz

I'd just go into rented as a worse case scenario. If you have a good buyer at a good price I'd do what I could to make the deal happen.

chickmug

lelole wrote: »

and also look into short term renting - anyone know how to find out about renting summer lets off peak?Leah

Where do you want to rent?

Off peak will usually be after the kids half term break although the 'not so good' holiday lets may be available in other periods. But depends if you would accept them as some are UGH! Renting for a few weeks can turn into much much longer sometimes?

dirtmother

We are in a holiday let and yes, surprise, surprise, need yet another week of it (but it is booked for a few days from tomorrow so got to move out for the duration and then back in)

As emergency fixes go this one has its compensations (would have been a lovely holiday in other circumstances!) but in your situation sounds too risky (and you would have the additional cost of storage, which we don't, we only have the bare minimum with us and haven't moved out of our own house yet)