Forum Home» House Buying, Renting & Selling

Offer accepted subject to vendor finding a property? - Page 2

New Post Advanced Search

Offer accepted subject to vendor finding a property?

edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
17 replies 6.2K views
2»

Replies

  • Hi, I'm also on the flip side of the coin here. I accepted an offer a few days ago and travelling 150miles at the weekend hunting for a property. Hopefully I'll find somewhere and have an offer accepted.

    I'm very keen to find somewhere quickly. Hopefully your purchaser will have the same mindset.

    Good luck
    I must remember that "Money Saving" is not buying heavily discounted items that I do not need. :hello:
  • Loopy28Loopy28 Forumite
    463 posts
    Thank you for your replies.

    We do really love the house and will wait a reasonable time but at the same time, I am keeping my eye out for any new properties coming out and if something came along, particularly if there was no chain or the vendor had found, then we would definitely consider our options.

    The property we are hoping to buy has been on the market for 9 months and was reduced so I am fairly confident the vendor will not try and get more money if things goes on a bit before he finds a property. Prices seem quite stable where we are at the moment and sales on houses are steady but there are lots that are sitting unsold so I don't think price increases will be a massive issue.

    I do have a nagging doubt about whether the vendor is that committed but I won't put all my eggs in one basket.

    There are a couple of houses I have my eye on, they have been on the market a while but are slightly above my price range and if they were reduced, I would consider them too. I don't want to let anyone down though but I guess you have to be selfish when buying a house?!
  • It can be a nightmare trying to sell and buy at the same time.

    My advice would be to sell first (whilst still looking around, of course), then stay with family/rent for a few months until you find a property you, like without a condition attached.

    It's good the vendor is being transparent about his own needs, but you could be in for a long wait. Keep your options open.
  • I'm glad you've finally had an offer accepted Loopy28 :beer:

    I'm in a similar position to your vendor. Back in July I got a new buyer (the previous one having suddenly become too ill to live without supervision, and thus unable to buy), and within a couple of days had my offer on a place accepted. A few weeks later, the survey showed the house I had offered on was a wreck, and I pulled out of the purchase.

    I've been looking at everything that might be suitable, but there are few properties coming on the market. The ones that are still available are the wildly overpriced ones, that might be nice, but the sellers are asking for way more than anyone around here is prepared to pay.

    I'm looking online every day, and the local agents all know what I want, but I don't expect to be moving until next year now, much as I would snap up the right place, if it came on the market.

    I'd go with the others' advice - don't fork out for survey, solicitor or mortgage approval fees until the chian is complete. We narrowly prevented our buyer shelling out on their survey fee in August by quickly telling them we'd pulled out of our purchase; they'd been instructing their survey that day.
  • Loopy28Loopy28 Forumite
    463 posts
    Thanks babyboots, I imagine the vendor is having the same problems as you, which is why I told the EA I would wait a reasonably length of time. I do know from what the EA has told me though, that the vendor doesn't have to move if he doesn't want to as he hopes to downsize now he is alone but he doesn't need to financially. This is why I am keeping an eye out still and am remaining aware that things might fall through.

    It wouldn't be the end of the world if I had to wait until spring as I could save up more towards my deposit but the family member we will move in with has his house on the market so things could get tricky if his house sells.

    Ironically, family member is one of 'those' people whose house is lovely but overpriced and as a result has been on the market since Spring of this year. EA has told him it isn't overpriced so he won't listen to me!
  • ellie27ellie27 Forumite
    1.1K posts
    If it was me I would be viewing houses and looking to put an offer in on something should something come up that I like as much.

    The house that is keeping you waiting, with no real date in mind, would be my fall-back plan should nothing else come up in the meantime.
  • Loopy28Loopy28 Forumite
    463 posts
    Thanks Ellie, I will keep looking. Nothing is coming at all at the moment but I am checking rightmove daily :)

    I haven't heard anything from the EA, I had a phone call to say the offer was accepted subject to the vendor finding and a request for my solicitor details. I made it clear I was progressing with my sale but doing nothing in respect of the purchase until the vendor has found.

    There is only one other property I viewed, which I would consider but to secure the property, I would need to offer 8k more than what I have offered on the current property. I don't mind so much but the other property doesn't offer anything extra for the 8k. Plus I am aware that while that vendor has found, the property they wish to buy has vendors who need to find still so I would be in no better position.

    Fingers crossed for a nice chain free property to come along!
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support