should we give more time for the collapsed chain?

lumscx

Late April: we made an offer to a house in the local area (London) and the offer was accepted. we were told that the forward chain has formed and just wait for us to end the chain.

May: we put our house on the market and secured a first time buyer within three weeks but then were told that the forward chain has collapsed and need to wait for our vendor to find another property (in London)

Until now our vendor still haven't found anything, neither have they instructed their solicitor to progress with our buying transaction (search/survey) as they don't want to incurred any cost on their end until they found something. So there is little thing can be progressed from our end. Nor they want to take the house off the market or give us any indicative timeline etc.

We start to feel frustrated and not sure how much commitment the seller has to sell and have no idea how much longer the chain can be formed. I have been looking other houses in past 2 weeks and found something we interested in (2 of them are chain free). Would it be sensible to try to put an offer to other houses (through other agents) or I should stay put and give the seller more time?

TBeckett100

If your seller is marketing their property despite the chain problem being ahead of them, they are probably looking for a higher offer. It appears you are keeping everything on hold being a loyal buyer and racking up costs when your vendor is likely to drop you on a whim.

Personally unless it is a must have house, I'd head off and buy a house on easy street where the path of least resistance has been well maintained.

Hoploz

They were good enough to accept your offer and wait for you to sell, you should allow them the same courtesy. It an take a little while so try and be as patient as you can, while your buyer is happy to wait.

When you say your sellers haven't taken the house off the market, do you mean they are actively marketing to other potential buyers, or do you just mean they are not withdrawing the house from sale altogether and staying put?

lumscx

Hoploz wrote: »

When you say your sellers haven't taken the house off the market, do you mean they are actively marketing to other potential buyers, or do you just mean they are not withdrawing the house from sale altogether and staying put?

Thanks for your reply. Our offer to the seller is very close to the asking price and when we also did promise that we would price our house competitively so that we can secure our buyers within few weeks, which we did.

Taken the house off the market I mean they did not make 'under offer' or 'STC' status in rightmove or zoopla etc. So potential buyers will at least think the house is still available or open to offers.

Also the seller has asked the EA specifically not to issue the Memorandum of Sale to my solicitor thus everything has to be put on hold on my end. This makes me worries as I don't see how much commitment the seller is willing to make to complete the deal. And this will hold up my buyer too and i will be at risk to start everything from beginning.

Old_Git

look at other agents .If something shows up that you like then buy it .

PDF

Get a friend to call up the EA and see if they can get a viewing on the place that you have had your offer accepted. You'll soon know for sure if they're holding out for a higher offer. Good luck.

jbainbridge

lumscx wrote: »

Thanks for your reply. Our offer to the seller is very close to the asking price and when we also did promise that we would price our house competitively so that we can secure our buyers within few weeks, which we did.

Taken the house off the market I mean they did not make 'under offer' or 'STC' status in rightmove or zoopla etc. So potential buyers will at least think the house is still available or open to offers.

Also the seller has asked the EA specifically not to issue the Memorandum of Sale to my solicitor thus everything has to be put on hold on my end. This makes me worries as I don't see how much commitment the seller is willing to make to complete the deal. And this will hold up my buyer too and i will be at risk to start everything from beginning.

You appear to have zero commitment from your vendor ... I don't blame you for being worried!