How long should we wait for our vendors?

Ward1486

We are first time buyers and had an offer accepted on a property in November.
The vendors seem to be looking however have been let down twice now.
We are very anxious that how the market is in the south east at the moment that we basically just need to sit and wait.
What are our options?
Have we waited too long already? Should we suggest rented accommodation? One thing I've thought of is to see if they would be willing to let us but the property and they rent if from us but I'm not sure how tricky this can get.
We really want the property however we also want to move. Although I understand it's hard for them we are getting rather impatient! Any help welcome!!! Thanks!

ethank

Talk to the Estate Agency and ask them to get them to hurry along!

QTPie

Personally I would be actively looking elsewhere.

We had an offer accepted on a property in September - supposedly chain-free, but seemed that wasn't their intention. They found two places - which they proceeded with, both fell through. Then they called the sale off (January), then a week later is was back on again. We have now exchanged and complete next week, BUT it was a long rocky road...

I would say speak to the estate agent, do suggest renting, saying that you are beginning to get impatient. Do actively look.

QT

Dan-Dan

Ward1486 wrote: »

One thing I've thought of is to see if they would be willing to let us but the property and they rent if from us but I'm not sure how tricky this can get.

Very , dont do it

Jenniefour

Where in the south east? South east where the market is slow? Your choice - hang on if there's no pressing reason to move quickly other than you want to get moved, ask them if they're willing to move out and rent, or look elsewhere.

London and the pockets in the south east where market is very hot? Hang on because it's likely you've already been priced out of the level of the market you're buying in now. In which case the vendors would be mad to rent for a while because they will get caught out with rising prices as well.

Not all the south east is a hot market, far from it, so what you do next needs to take into account what your local market is really like.

Ward1486

Jenniefour wrote: »

Where in the south east? South east where the market is slow? Your choice - hang on if there's no pressing reason to move quickly other than you want to get moved, ask them if they're willing to move out and rent, or look elsewhere.

London and the pockets in the south east where market is very hot? Hang on because it's likely you've already been priced out of the level of the market you're buying in now. In which case the vendors would be mad to rent for a while because they will get caught out with rising prices as well.

Not all the south east is a hot market, far from it, so what you do next needs to take into account what your local market is really like.

The house is in Brighton. What would you advise for there?

Jenniefour

Brighton is moving but nothing like the mad pace in London. Some houses seem to be under offer quite quickly - within a couple of weeks. But the vast majority are not and there are some that have been on for a few months and longer. Flats seem to be selling a little better. possible because of the good rental market there and second homers. So I think you're in position to push a bit now on this, say you want to move soon and you might even want ask if the vendors are willing to move out and rent. Meantime, keep an eye on what's coming onto the market and don't spend any more money on this property until your vendors have an offer accepted.

If it's a property you really want, and there are not so many of that type on the market, then you might decide it's worth waiting for, but obviously you will have your limits. If you already have a mortgage offer this will have a time limit on it of 6 months, which can normally be extended. But who wants that hassle if it can be avoided. But that's another bit of leverage you have - your mortgage offer will expire. And you may not have gone that far yet. But we're in March now and that is a hefty wait already. I have friends down there who are buying right now - in the same position as you (offer last October, still waiting) - and for different reasons. But they've decided to stick in there because it's the ideal house for them.

Do you have any ideas of what your vendors are looking for? Would it be something that is hard to find?

AliceT_2

Ward1486 wrote: »

One thing I've thought of is to see if they would be willing to let us but the property and they rent if from us but I'm not sure how tricky this can get.

Dan-Dan wrote: »

Very , dont do it

Dan-Dan, can I ask why you would not recommend this? We have had an offer accepted and are waiting for our vendors to find somewhere to buy. its only been 4 weeks so we are not getting too twitchy as we are flexible with time (though it is difficult not to get impatient and worry about all the things that could go wrong to put us back to square 1!), but I am familiarising myself with all available options in case it does take several more weeks and renting to the vendors was an option I had in mind...

Thanks