How long should you wait for seller to MOVE?

KareenaMukherjee

320k offer agreed on a house round the Midlands area, mortgage approved now, pending survery.

However, met the owners last week, had a feeling from the owner he wasn't exactly overly keen on moving out, at least didn't seem in any rush. I know he is financially sound, so he has no financial need to sell. He reiterated how he had not found any new house, and nothing had impressed him.

This was news to me, as my estate agent (quel suprise) was telling me he was ready to move out and had seen other properties he liked. Left me feeling a little deflated to be honest.

Anyways ... how long should i wait? I am prepared to wait a reasonable amount of time, but am worried how long my mortgage offer lasts, anyone know how long on average offers last? I say reasonable, but i'm not prepared to wait silly time. And also should i be worried that he isn't commiting to a time frame? I'd like a time frame, and would like an answer from him. But he was blazay about it.

I'm already looking at other properties just in case. Will this effect me down the line, if i see another house then have to go through the mortgage process again, and the bank carrying out another survery.

Sigh ...

BottomRung

Sounds like fun youre having there. I just had a mortgage approved by Halifax in January and It said valid till June so thats 6 months, i'm sure they're all different though. Could you not revise your offer to include a timeframe? Maybe this'll make your vendor make his mind up one way or the other.

KareenaMukherjee

I really don't want to offer more money to include a time frame, as our offer was already pretty much a heart decision (as opposed to sense) and was VERY reasonable. I don't think that's an option for me.

How long have people here waited? Any similar stories? I suppose it's always a hassle isn't it, putting an offer onto a house, then waiting for them to buy a house, who then have to wait for the home they've bid on for that family to find another home.
Sigh ...

BottomRung

I wasn't suggesting offering more money but just make it a condition of your offer, the vendor will either get the hint or pull out but at least it will give you an answer. I've not been in that position myself but i'm sure others here have been through it. Good luck with it anyway, hope it goes well.

aqueoushumour01

rule 1: Never trust what an EA says. Exactly the same with a house I was looking to buy. Advertised as no chain and then a few weeks later I realised I was suddenly in a chain. Secondly, the length of the mortgage offer should be stated in the documentation. My last one was for 6 months but my most recent one is for 3 months - it varies by mortgage company.

PasturesNew

The seller should have thought of that before they put it on the market. Once sold, they need to move their butt out. It's not your concern that the seller can't find something they fancy, let them rent.

The seller shouldn't be f4nnying about like this.

kingstreet

Mortgage offers usually have a six month life as they depend on the valuer's report going stale after that period.

However, products often have a completion deadline separate to that and if you pass it, you'll still have an offer but have to change mortgage products.

Often solicitors and conveyancers have to ask lenders to extend offer periods because the transaction takes longer than expected.

Any doubt, check offer and discuss with legal rep.