Offer accepted 4 weeks ago and seller hasn't found anything yet

seema_1001

We offered on a house based on the EA telling us the seller was very close down the line to buying a property. Our offer was accepted but unfortunately our seller's offer on the house they wanted was rejected. It has been 4 weeks since our offer was accepted and we've been told by the EA that the seller is looking every weekend.

The problem is we've also accepted an offer on our current house and this was back in Feb. Our buyer's mortgage offer will last 6 months however they are very keen to move in ASAP. They haven't yet shown signs of backing off and they have got their valuation and structural survey done on our house which tells me they are very committed to buying our house.

I am just really worried that our sellers won't find anything. We have asked if they can move into rented to break the chain and they don't want to do that, they want to move into a new house.

I really want that house and I also don't want to p*ss off our buyer by making them wait too long.

We were also asked if we can break our chain and sell up and move into temporary accomodation but then we would need to pay a heft early repayment fee so we are not willing to do this, we'd rather port our mortgage.

We have had our valuation done on the property and just waiting on the bank to say mortgage application is approved.


What suggestions can anyone give to push things along?

Has anyone been through this? How long would you wait?

Our seller is looking at a location that isn't closeby either so I presume they only do their viewings on weekends which also takes time.:eek:

Manchee

Can you move into rented? I know it would be expensive but if you're desperate enough to keep your buyer...

sharon7_2

We are in the same position in that the people we buying from haven't found anywhere and it's been a month already - houses are going above the asking price and going very quickly. We are probably going to keep an eye out on rightmove and if we see something we like, to have a look if they haven't found anything by June. Our other worry is that what if the people buying from them need to find a place!

kay_1

It's been 12 weeks for us since our offer was accepted and it finally looks like our seller has finally found something. We sold our house and moved in with my parents as we didn't want to lose our buyers. It's not easy though and at times I've felt like pulling out but unfortunately not a lot else has come up in the meantime for us to look at. Keeping my fingers crossed that our chain is now complete and we can get out of my parents ASAP.

ethank

Have you explained this to the sellers EA? I would also be telling them that due to the change in mortgage rules on 26 April that it is not as simple as extending a mortgage offer for your buyer, it would be a whole new application under different rules - so could take longer. I would tell them you HAVE to move within the mortgage offer period.

seema_1001

Hi all, thanks for the advice so far. Our mortgage has been formally approved and the property is marked as sold on right move however still no signs that our seller has found anything.

Our buyer in the meantime has told the EA if he should start looking at other properties which is a bit worrying. Our EA has told us to start looking at other properties in the meantime as well but I really want the property that our offer has been accepted on. I am not willing to compromise on losing that house.

Do you think our selling EA is pushing us as he wants his commission or do you think he's genuinely concerned that we'll lose the buyer?

I am now considering closing our mortgage and breaking our selling chain so that we dont lose the buyer but it comes at a cost

We are fortunate that parents will let us stay but I don't know if this is the right decision, given that we have to get credit searched again, have to pay a hefty early repayment charge which we were going to use to repay our debts.

whats the general consensus guys?

Star1

Have you checked with your lender? I know we get our early repayment charges back if there's no more than a 90 day gap between properties

sharon7_2

Star1 wrote: »

Have you checked with your lender? I know we get our early repayment charges back if there's no more than a 90 day gap between properties

Is this if you are taking the new mortgage with same provider? I wonder if Nationwide allow this

theGrinch

I had a similar situation 10 years ago. I paid for surveys extra and was actually told it was chain free only to later be told that vendor was still looking. and in the end she didnt bother to move.

PasturesNew

You need to focus on what YOU want. You want to sell your house so that you are enabled to buy your next one.

You need to not allow your seller to make his problem your problem.

Proceed with your sale and let the seller/agent know that his problem is not your problem and you need to secure your own future, so will be proceeding with your sale. After that you'll be a cash buyer and will be forced to review your situation.

Make it his problem again. Put yourself in control of your destiny.

ethank

How do you know the vendor is being honest with you? Do they really want to move? Lots of people put properties on the market, and then cannot face leaving....