got a buyer now I can't find a house to buy

Mickygg

I am in a similar ish position. Had my property on for sale but I've pulled it as I just can't find anywhere due to massive lack of properties for sale in my areas.
Round here agents say September and October are the best sales months of the year, but tails off November and then December and January are pretty dead. So I'm calling it a day and launching again next year with the hope there is more activity.
I won't move into rented though. The stress, effort and risk of house prices rising with me off the ladder I don't think is worth the risk. But then I'm not desperate to move and will only move for the right property.
Good luck OP, I feel your pain.

red_imps_2003

That's a very good point. I hadn't really given much thought to the risk of prices rising while we were off the ladder. It didn't affect us because house prices aren't really increasing where we live (we lost money on ours) but is is definitely a good consideration.

I did mean to add on my previous post that the vendors we are now buying from (when a suitable property did eventually come up) only agreed to our offer (substantially lower than they were hoping for) because we were immediately proceedable (substantial cash deposit, mortgage offer recently issued for a property of a similar value we were in the process of buying, and no existing home to sell or even rental notice to give).

Also, we wanted this next move to be to a more permanent family home if at all possible and the thought of possibly missing out on the one golden nugget when it came along because we couldn't find a buyer for our own place (which had been on the market for fourteen months when we finally got an acceptable offer) has given us the motivation to persist with living with family for the past eight months. I doubt we would have secured this place nor had a similar sized deposit available had we remained in our own home until we found the 'right' place.

Good luck, again. This must be a common situation and one there is no easy answer to.

Waterlily24

The reason I wouldn't consider renting is because we are lucky enough not to have a mortgage and the rent would be money down the drain. I think I would consider it money down the drain even if we did have a mortgage lol. Also because of price increases.

whitesatin

We are no further forward than on my original post. We have definitely ruled out renting (we are mortgage free here). September hasn't brought the "expected" influx of properties, only the same few we have already viewed and didn't really like now being marketed with yet another agent. What we have noticed is that anything that does come on seem to be priced a lot higher than we would have expected by looking at sold prices as recently as three months ago. I know prices increase but I can't quite understand why they are asking so much with no sign of reducing, even if they don't sell.

So, we can't carry on like this and are going to have to be fair to our buyers (who knew we still had to find a place) and put things on hold till we decide what to do. There were no solicitors involved yet and our agent was told at the beginning that we would only move if and when we found a suitable property, so, hopefully we won't have to pay any fees. I do feel bad for our buyers but can't, at this stage in our lives, move from our lovely house unless we are confident that we will be comfortable with the house and area we move to.

I am disappointed but relieved to at least have made a decision.

pinkteapot

If your buyers are happy to wait longer, why make that decision?

Just be honest with them (via EA). They may be happy to keep waiting, until such time as they find something else to buy. You've still got a buyer lined up if something new does come to the market soon. As and when they drop out because they find another house, you can re-evaluate.

Unless you've actively decided you don't want to move at all anymore, I'm not sure what the benefit is of getting rid of the buyer now.

So long as you're absolutely honest with them, you've got nothing to feel guilty about. It's up to them how long they hold on for. You'll probably find that things they'd want to buy are now at higher prices so they're happy with the price they're paying (if they can get your house).

DaftyDuck

Waterlily24 wrote: »

The reason I wouldn't consider renting is because we are lucky enough not to have a mortgage and the rent would be money down the drain. I think I would consider it money down the drain even if we did have a mortgage lol. Also because of price increases.

The reason I rent every time I sell (and I sell every 2 - 4 years) is because I'm also lucky enough to have no mortgage and, as an easy flexible seller and cash buyer, I save so much on purchase price I could rent something really lovely (instead of this dump I'm currently in), or put the savings right back in the bank. Not being in such a good position is, in my case, money straight down the drain...

Sold ~ 3k under valuation, bought £70k under valuation (as sellers have to sell), 6 months rent ~ £8,800. That's a sum I can deal with!

DaftyDuck

OP. This is a slow time for properties to come on the market, and this is a poor year for fresh stock.

Have you considered approaching owners not on the market, polite note through the door? Widening your search area? Renting something that would

make this move ... which involves a total lifestyle change

?
Not sure what your lifestyle change involves, but a rent-to-try-it might not be a bad idea. Have I missed your indicating what the change is? If it's just South-East seaside... I just moved from that! :rotfl:

whitesatin

pinkteapot wrote: »

If your buyers are happy to wait longer, why make that decision?

Just be honest with them (via EA). They may be happy to keep waiting, until such time as they find something else to buy. You've still got a buyer lined up if something new does come to the market soon. As and when they drop out because they find another house, you can re-evaluate.

Unless you've actively decided you don't want to move at all anymore, I'm not sure what the benefit is of getting rid of the buyer now.

So long as you're absolutely honest with them, you've got nothing to feel guilty about. It's up to them how long they hold on for. You'll probably find that things they'd want to buy are now at higher prices so they're happy with the price they're paying (if they can get your house).

I can see what you mean and that is worth considering. I will put that to my OH before we pull out. Thanks.

whitesatin

DaftyDuck wrote: »

OP. This is a slow time for properties to come on the market, and this is a poor year for fresh stock.

Have you considered approaching owners not on the market, polite note through the door? Widening your search area? Renting something that would?
Not sure what your lifestyle change involves, but a rent-to-try-it might not be a bad idea. Have I missed your indicating what the change is? If it's just South-East seaside... I just moved from that! :rotfl:

Yes, it is South East seaside. It will happen one day, I am sure as that's where I want to be in my older age. The lifestyle change would come from leaving family and friends behind and involving myself in a weekly return visit in order to continue being involved in my grandchildrens' lives and childcare. I thought I could do it easily but I have been quite unwell this past couple of weeks and beginning to wonder if I will actually be up for regular travel. I still think I am young enough when I am well then ill health (nothing serious but debilitating nonetheless) makes me feel my actual age or older.

DaftyDuck

Well, I knew a number of old chucks in their eighties (and one in her 90's) who regularly trundled off to see youngsters, despite their obvious decrepitude. Children, particularly those who had produced grandchildren, were always regular visitors, partly to see their wrinkly elders, but partly because the seaside is just so visitable and holiday-like.

Possible to let out your current house for, say, a year, and rent at the seaside (so reasonably neutral money-loss-wise)? So, if you think it stinks of fish, get mobbed by seagulls, and nobody visits, you can think again?

Quite a few seaside towns (Deal, Rye, Hastings, Eastbourne, to mention a few) are a Mecca for the elderly, and I seldom see them regret it, whether they are up early in Margate for a beer and breakfast in Wetherspoons (they do!), or a brisk walk over the golf course near Rye with the dog (which others also do!).

Mind you, you are right to tread carefully in not having a house if you are coastward-bound. Prices are still climbing steadily, and there's no sign they'll stop, with demand so high.

Rye or Chichester would be my current choices. Except I've headed back to East Anglia!

Let out and rent as a taster?