sold but can't find new home

mixed_up_molly

We accepted an offer on our house almost 3 weeks ago, and despite viewing everything in our price bracket have not found our next home. Our buyers have pressure on them to move out, and have said they will move in with relatives and wait for us, but can anyone tell me how long it is reasonable to expect them to wait?

DannyboyMidlands

If I was them I'd be looking elsewhere already.

irishcol

mixed_up_molly wrote: »

We accepted an offer on our house almost 3 weeks ago, and despite viewing everything in our price bracket have not found our next home. Our buyers have pressure on them to move out, and have said they will move in with relatives and wait for us, but can anyone tell me how long it is reasonable to expect them to wait?

If they are happy to pay out for survey, mortgage application fee, solicitor costs etc, while you continue to look for somewhere, then it sounds like you have got a great buyer there!

3 weeks is getting to the point where you should probably consider your options should you not find anywhere soon. Would you be willing to move in to rented? This would put you in a great position when you do find somehwere, as you'd have nowhere to sell, so would have a decent cash deposit (from your sale) and would be able to move quickly. I would much rather have a simple selling chain and a simple buying chain a few weeks/months later, than the risk of an extended chain where people feel "put out".

This may well be a better option than hoping your buyer hangs around indefinitely. What you don't want to happen is for you to find somwhere in a couple of months time that is ideal, only to find that your buyers have got fed up waiting and pulled out.

Of course, you could always reassess what you are looking for - is the reason you can't find somewhere suitable because your expectations (for your budget) aren't realistic? Could you look somewhere else, or for a smaller house?

pinkteapot

Agree with the above - considering renting. It puts you in a great chain-free position to buy and you can choose at your leisure and wait for "the one" to come on the market. Far better than panic buying from what's available today.

If your buyers are having to move out and bunk in with relatives then I can see them getting pretty antsy within a month...

We spent just over a year renting after we sold before our house came on the market but it was so completely worth the wait!

lynnemcf

You need to consider renting ... good buyers are very hard to find, if they are under pressure to move they might look elsewhere

mixed_up_molly

Thanks everyone, that all good advice.

We aren't being unrealistic, but are limited for areas because of schools/work. I was hoping the spring would bring new properties to the market, and there have been a few, but the one priority we have is a largeish sunny garden, and the only house offering that locally is too big for us, with a too big asking price to match.

We could probably afford to buy a smaller house and rent it out at a later date, its a balance between the money it would tie up in an investment, and position of being chain free.

But thank you all, you've really helped:T

bev97

hi mixed up molly.
We are in exactly the same position as you and we have been just over a month looking to buy somewhere. Our buyers are still interested but we know that if we lose this buyer it isn't the end of the world. I'm not prepared to just buy a house I'm not happy living in just to suit a buyer. I have just pulled out of a viewing as the house I like is on a busy public road but with an unadopted road behind it and I found out this morning I would have to pay a £200 annual charge for parking the car on this road. No thank you!

The other piece of advice I got was about a flexible completion date from another MSE'er see my post from last month
https://forums.moneysavingexpert.com/discussion/3773447

We have ruled out renting - it isn't for everyone and especially as it is an upheaval with a family etc. Things might pick up in the next few months (hopefully:)) with more houses in the area to view. However, everyone has different circumstances -although we want to move we don't have to move.

Good luck with your house hunting I hope it works out for you and keep posting to let us know how you get on!

I must admit this forum is keeping me sane:o

mixed_up_molly

Thanks, sounds like we are in a similar situation! I do want to move, but its for the long term and needs to be the right house. Its a big financial change too, almost mortgage free at the moment, and we'll be losing the best neighbours we'll ever have.

I might give leaflet dropping a go though, I'd suggested it to DH but he wasn't keen, nothing to lose I guess!

hazyjo

I had a buyer who said she was willing to hang on (the chain collapsed above us and we were hanging on for a house we wanted while they (apparently) looked for another house.

In the end, less than a month later, my buyer pulled out. Grrrr. No warning, no threats, she just said she didn't want to wait. Had she told us this, we might have considered renting, or done a mailshot in the roads we were interested in... but we'd agreed a good price on the house we were buying. They mucked us around something chronic and I actually heard from their EA that he'd heard a rumour on the golf course that they weren't going to sell. Nice.

I think I'd do everything possible now to keep a chain together and moving... am sure your buyers are keeping a close eye on the market still! Don't risk losing them, despite what they tell you now.

Jx

pinkshoes

I'd say move into rented, but I have a friend in the same position as you, and not only is there nothing suitable for her to buy (very few 4 bed family homes seem to come onto the market here!), there's also even less to rent, and rental prices seem to be far more than a mortgage would be.

pmlindyloo

pinkshoes wrote: »

I'd say move into rented, but I have a friend in the same position as you, and not only is there nothing suitable for her to buy (very few 4 bed family homes seem to come onto the market here!), there's also even less to rent, and rental prices seem to be far more than a mortgage would be.

I would agree that finding a suitable house to rent can be difficult. However, it does seem sensible to explore this option rather than rush in and buy something that you regret later.

As regards the rental prices I agree that they can be high. But when we rented in the same circumstances we put the money from the sale into a savings account and got a monthly return that went a good way to covering the high rent.

Just a warning about taking the renting route though. Do not sign any contract before you exchange on the house and make sure you have at least 4 weeks between exchange and completion to find a rental property. (Good idea to telephone everyone concerned to make sure they are aware of the stipulated 4 weeks because although we put this on the form no one seemed to take any notice of it!)

Renting does give you the perfect opportunity to look around and take your time. Finding somewhere to rent can also be stressful but losing your buyer is probably more so in these current times.