Reasonable time to find a new house?

Tancred

A buyer who really wants the house would not pull out, a timewaster would, of course. Anyway, 60 days is a maximum timescale, I would expect around 3 weeks to be the norm.

ruggedtoast

sg0102 wrote: »

Hi there,

We are in the process of putting our house on the market, with a view to selling before we look to buy - putting ourselves in the strongest buying position.

I have a slight apprehension on being left with a sold property and not finding the "right" property to buy.

What is a "reasonable" period to expect any purchasers of our house to wait until we find that property? I anticipate the buyers of ours to be FTB.

Any thoughts, or experiences to share would be greatly appreciated!

Thanks in advance
Steve

Being unable to realistically commit to a moving date because you havent found anywhere to buy isn't very attractive to anyone other than a buyer who hasnt sold their own house yet (and therefore isnt a very attractive buyer).

I saw literally dozens of properties when we were FTBing. Like most first time buyers we were renting on repeating 6 month contracts. We didnt have the luxury of just waiting for the vendor to get their ducks in a row so asked every house we liked what their onward plans were.

All of them said they either had somewhere in mind buy , or would go into rented. I would have been seriously concerned if anyone had said they hadnt found anywhere at all they even wanted to offer on.

I might wait a few weeks but I doubt I would really stop looking in the meantime, and I certainly wouldnt commit to a survey or mortgage application.

martinsurrey

Tancred wrote: »

A buyer who really wants the house would not pull out, a timewaster would, of course. Anyway, 60 days is a maximum timescale, I would expect around 3 weeks to be the norm.

What you expect and what is normal are two very different things.

you seem to think it’s only buyers who are time wasters? A vendor who wants to move will have a very good idea of what they want to move to, and if its not available will move to rented.

Again if 3 weeks is normal the following happens

FTB offers on property A

3 weeks later

Vendor a puts an offer on property B

3 weeks later

Vendor b puts an offer on Property C

3 weeks later

Vendor c puts an offer on property D END OF CHAIN.

And that’s a pretty normal chain.

That’s 9 weeks before the chain is in place and legal’s can start, which is FAR longer than the bottom of the chain will be willing to wait. You would be looking at a 5 month first offer to completion in this case, again which is NOT normal.

moneyistooshorttomention

I agree that a vendor who wants to move "will have a very good idea of what they want to move to". Personally, I could name the exact house I think I would probably buy and a 2nd-in-liner alternative (based on estate agent details). But....the fact I have no intention whatsoever of moving to rented accommodation doesnt mean I'm not a Serious Seller (because I am).

Of course, this thread has brought up another worry for me - that maybe MY own vendor will say the exact same thing to me "Wait until I find mine" and then my (presumed) FTB'er has 2 lots of waiting lined-up - one wait for me to find mine and another wait for mine to find theirs.

Now prepared to say to my vendor "I've got my buyer lined-up already and they have been waiting x number of weeks for me to find mine and I don't think I can expect them to wait any longer whilst someone else also takes time to find theirs" - which would leave me in the position of maybe feeling I should attempt to pressurise a vendor into moving out into rented.

:eek: I think I'm starting to get a headache and crossing fingers hard that my own buyer turns up at the exact right time just before I find my own house to buy and, if they don't, that my vendor will be obliging and move out to suit the FTB'ers champing at the bit behind me and possibly attempting to pressurise me (even though they would be in the easiest position of any of the rest of us and therefore "should" be the ones doing any giving necessary). Oh boy...begins to see where the stress involved in moving house can come in..._pale_ and the only darn thing I can do to protect myself is wish for a lot of luck and stick to my guns on refusing to go into rented myself.

Sponge

I'm in the early stages of a sale/purchase. I'm selling to a FTB and buying an empty house. I did not have a house when I got my offer. I told them as much. But added I'm always looking, have a short list and do not expect any delays. I found a house and had an offer accepted within a week. It needed be a problem.

Davesnave

sg0102 wrote: »

I have a slight apprehension on being left with a sold property and not finding the "right" property to buy.

Regardless of how long it takes, the back stop of renting for a while, as Mr Moo suggested, is always there.

True, it will cost you more and involve two moves, but it's possible the cost of renting will be more than offset by doing a good deal as an extremely proceedable buyer. I know this depends to an extent on location & circumstances

While your apprehension may be misplaced, there's nothing worse than having nothing inspiring enough to buy, except missing something perfect by losing a sale, or just bad timing.

We've been in all these places. The renting route worked for us. It was a bit of a faff, but we only unpacked essentials and the knowledge that we could take our time meant we were able to choose without pressure.

sg0102

Thanks all for the great responses - very useful to give me some alternative views.

We are already in the process of compiling short lists (whilst hoping we dont see the perfect place get sold!), and know the area that we want to move to, so hopefully are in a good place.

Part of the reason we are going on the market now is that we want to be sold when the most properties are on the market, so we get the most choice, which we were advised is Spring time.

I would hope we can find somewhere within a few weeks, but good to get a view of impacts of going longer - I think we would rent, but want to avoid this if possible.

Thanks again
Steve

Tancred

EAs are a real pain in the ar*e. They never seem to be available when you need them (i.e. evenings and weekends) and expect you to go for viewings between 9am and 5pm Monday to Friday. Hardly suprising that it's so difficult to find a property.

Tancred

martinsurrey wrote: »

What you expect and what is normal are two very different things.

you seem to think it’s only buyers who are time wasters? A vendor who wants to move will have a very good idea of what they want to move to, and if its not available will move to rented.

Again if 3 weeks is normal the following happens

FTB offers on property A

3 weeks later

Vendor a puts an offer on property B

3 weeks later

Vendor b puts an offer on Property C

3 weeks later

Vendor c puts an offer on property D END OF CHAIN.

And that’s a pretty normal chain.

That’s 9 weeks before the chain is in place and legal’s can start, which is FAR longer than the bottom of the chain will be willing to wait. You would be looking at a 5 month first offer to completion in this case, again which is NOT normal.

Rubbish! Sometimes it can take one year to complete chains - perfectly normal.

Tancred

ruggedtoast wrote: »

Being unable to realistically commit to a moving date because you havent found anywhere to buy isn't very attractive to anyone other than a buyer who hasnt sold their own house yet (and therefore isnt a very attractive buyer).

I saw literally dozens of properties when we were FTBing. Like most first time buyers we were renting on repeating 6 month contracts. We didnt have the luxury of just waiting for the vendor to get their ducks in a row so asked every house we liked what their onward plans were.

All of them said they either had somewhere in mind buy , or would go into rented. I would have been seriously concerned if anyone had said they hadnt found anywhere at all they even wanted to offer on.

I might wait a few weeks but I doubt I would really stop looking in the meantime, and I certainly wouldnt commit to a survey or mortgage application.

Having something in mind and making an offer and having it accepted take a lot longer than you might think. Buy in haste, repent at leisure.

Chains break down because there is often some prat who is in a hurry and refuses to play ball with everyone else.