Offer accepted! BUT vendors have only started viewing-how long should I wait?

theGrinch

such chains are never guaranteed and can remain shaky until a property is found and offered on.

jbainbridge

What are you worrying about. Given that your vendors probably need the proceeds of their sale to purchase their next property ... they can't make any offers on properties without your firm offer.

We accepted an offer on our last house and then spent the next weekend viewing every house of interest and then some more. I think we had offered on this house within 10 days. You just need to understand that it is your offer that now makes them look like serious buyers. Give them a little time.

Of course, if in a months time they aren't making any progress ... then you can get a little impatient!!

It goes without saying ... don't spend any money until the chain is complete. Use this time to instruct solicitors and get your mortgage setup - this doesn't cost money but you will be ready to go.

Good luck!

ItsyBitsySpider

jbainbridge wrote: »

What are you worrying about. Given that your vendors probably need the proceeds of their sale to purchase their next property ... they can't make any offers on properties without your firm offer.

We accepted an offer on our last house and then spent the next weekend viewing every house of interest and then some more. I think we had offered on this house within 10 days. You just need to understand that it is your offer that now makes them look like serious buyers. Give them a little time.

Of course, if in a months time they aren't making any progress ... then you can get a little impatient!!

It goes without saying ... don't spend any money until the chain is complete. Use this time to instruct solicitors and get your mortgage setup - this doesn't cost money but you will be ready to go.

Good luck!

^^^^^ This. We have been in similar situation since last July and just exchanged contracts last week. It is a sellers' market, more so in South, so getting a decent property is quite challenging.

There are some fee free mortgage products available with zero valuation fee for basic valuation. You could always get a full structural survey separately done when the vendors find a property to buy. These deals are a bit more expensive than the standard ones but in the current situation provide a good insurance for the buyer in case sale falls through. Our mortgage offer got expired while waiting for the vendors but we lost nothing and just re -applied through our excellent fee free mortgage broker .

Secondly, you could sign up with a good solicitor in the meantime and complete all the initial paper work. There are some very good solicitors out there at no completion no fee basis. Don't get any searches done which require payments until the vendors find a property.

If you get all this done, you may be in a better position to be heard if they don't show any progress after a month or so. May be at that time, you can give them a time frame that you would start looking for a house elsewhere if there is no progress on their end.

HTH and Good luck!

[Deleted User]

DRP wrote: »

Have you told them there is a mortgage deadline beyond which you will be pulling out?

Yes, they are aware as their EA insisted on seeing all the paperwork before accepting our offer??!

When reminded of this, c. Jan/Feb, their comment to us - via their EA - was that they would "do there best to find something before then, but they didn't want to be rushed".

Needless to say we have restarted looking at other properties.

I'd be less annoyed if they'd been a bit more informative at the stage when we put our offer in - they wanted a quick sale (apparently!!).

[Deleted User]

Domino9 wrote: »

Yes, they are aware as their EA insisted on seeing the paperwork before accepting our offer??!

When reminded of this, c. Jan/Feb, their comment to us - via their EA - was that they would "do there best to find something before then, but they didn't want to be rushed".

Needless to say we have restarted looking at other properties.

I'd be less annoyed if they'd been a bit more informative at the stage when we put our offer in - they wanted a quick sale (apparently!!).

We'd have held off on valuation, searches, and survey! Urgh!

anselld

Domino9 wrote: »

Yes, they are aware as their EA insisted on seeing all the paperwork before accepting our offer??!

Do not show EA any paperwork or tell them any numbers before offer is accepted!
(next time)

McBozo

even when they find a place it's not over.

I'm having to manage the legal process for both my buyer and the vendor I am buying from. plus my own.

it seems like they are happy to let it flail on and on - when a teeny bit of focus can get it over the line. My offer of a mortgage expires and I used this as the stick. The vendors EA has been a chocolate teapot but actually my EA seems to be doing a cracking job of ensuring the process moves forward and he has alerted me to a number of issues with all parties including myself.

also having I don't need to pay the indemnities denial from our vendor. HELLO?! mortgage company won't give me the money. they haven't bought for a while and they are buying a new build so don't understand why indemnity is needed at all. Their lawyer is not helping.

sterl1ng

When I spoke with solicitor they suggested I not send them instruction deposit cheque otherwise it gets ball rolling which is pointless as best to wait once seller has something he said.

On the halifax front I'm going to call them today to find out if a way I could apply perhaps in April and how long it would be valid for the approved mortgage application and lastly if I have to pay the £995 product booking fee. If i do does it get reimbursed if I don't use product.

My main concern here is paying out before getting started and even sellers EA suggested I hold before their client has found something.
They suggested I use their own solicitor who is dealing with their client but given extra £400 price tag and them not being in local area plus too much conflict of interest

movilogo

This situation, although very typical, is somewhat "how long is piece of string" type case.

Finding a suitable house may take several months! You may insist that vendors move to rented accommodation if they can't find something in few week's time.

I have faced similar cases where vendors couldn't find something in few months and simply pulled out of sale.

I suggest that you continue to look into other houses - especially ones which are chain free.

D00gie72

This is all part of the house buying process, and you will probably need a lot more patience before this is though. So your vendor - now that they have an offer on their property can start seriously looking for a house and putting in offers. (there would of been no point before they had your offer) Then, the owners of the property they want does the same.... and it goes on. In our area there is not much property coming onto the market - so if your area is the same you may have a while to wait yet - try to be patient. Agree with others though - do not spend any money until your EA tells you the chain is complete. In the meantime investigate solicitors - choose one to act for you and then sit back and save all you can for the new furniture you're bound to want to buy when you eventually move in.