Offer accepted.....vendors not found anywhere after 5 months.....

penguingirl

6 years ago when buying our previous house we simultaneously had 2 offers accepted. One was ready to exchange and the vendor appeared to have cold feet and several dates came and went. So we found another property and had an offer accepted. We then formally withdrew our offer on the initial property as we genuinely believed it wasn't to be. The vendor suddenly had a change of heart and we were able to exchange within 48 hours (our deadline when they asked us to reconsider). We did feel bad about the second property, but it was only for a couple of days and karma worked out for them as they sold it for a higher price than our offer.

ScorpiondeRooftrouser

If they haven't found anything in five months then they are waiting for something that almost certainly doesn't exist. The chances are they simply can't afford the type of house they actually want. I have known a couple of situations where people effectively think that because their house has increased in value tin a rising market they can now buy something better - this is of course not the case; as the things that they remember being available for that price when they bought have increased by a similar percentage.

nubbins

foxy-stoat wrote: »

People who would want to be in the strongest position to buy when/if they find somewhere they liked, no chain.
People who have a good buyer with an offer agreed and presumingly had surveys done, IE no chain and ready to buy.

You might get exceptional circumstances where this might happen but I do not know anyone who has done this and to be selling up and moving into rented whilst searching for your dream property could leave you seriously out of pocket if the market moves 5 or 10% before you find the one, not only have you spent 10-20k on dead rent, depending on area and house you might have to find another 20-30k. Also being chain free is not necessarily a deal maker these days.
Anyhow your original comment was the seller is not serious otherwise they would have moved into rented which is still wrong in my view.

Davesnave

nubbins wrote: »

I do not know anyone who has done this and to be selling up and moving into rented whilst searching for your dream property could leave you seriously out of pocket if the market moves 5 or 10% before you find the one, not only have you spent 10-20k on dead rent, depending on area and house you might have to find another 20-30k. Also being chain free is not necessarily a deal maker these days.
.

We did it, but it was in a falling market with interest rates of 6.5% and above, so having cash in the bank meant we were accumulating significantly more than we were paying in rent.

Not being in a chain and paying in cash were important factors in our purchase.

Different circumstances mean we'd try not to do it now, but I still wouldn't rule out renting between property sale and purchase. The market where we are is not like London / South East and other hot spots.

savingfortomorrow

i would start searching for another house but i would say nothing to the original house- in case they think you really want to move and ask you for more money. i would only tell the original sellers when a second house was all organized. don't walk away too soon - they may find a house soon - but if they don't you will have a back up option

ScorpiondeRooftrouser

savingfortomorrow wrote: »

i would start searching for another house but i would say nothing to the original house- in case they think you really want to move and ask you for more money. i would only tell the original sellers when a second house was all organized. don't walk away too soon - they may find a house soon - but if they don't you will have a back up option

In other words, because somebody has mucked you around, you go ahead and muck some innocent third party around.

Just tell them "It's been long enough, what's going on? it looks like you are never going to find anything and if so I am going to move on unless you give me a satisfactory response." If their reaction to that is to "ask you for more money" then they are idiots as well as selfish.

Waterlily24

It depends on what they are looking for, in our case we were looking for something rural with no near neighbours, it's very hard to find a property like that. We compromised a bit in that we are rural but have got neighbours but they aren't overlooking our house/garden.

I think some of the comments on here are very rude!!!!!

Newcheekontheblock

nubbins wrote: »

5 months is more than enough time to wait but imo putting pressure on the seller is not going to make things go any faster, if anything they may use it as an excuse and think sod it we'll put it on for another 10k. If I was in your situation (and I have been) I would just keep looking, keeping your options open and don't burn any bridges. For all you know the only reason they have not put it back on is because you have not kicked up a fuss. Also remember just because you found your "Dream property" they are trying to find theirs which is difficult in a rising and competitive market.

I've just joined the forum looking for exactly the same advice. We had our offer accepted in July. The vendors found a property fairly quickly but their purchase fell through shortly after. Now, two months later (only 2 months but it feels like a year of torture!) they still haven't got a house to move to. We're actually in direct contact with our vendors and it seems that they have put offers on several properties but haven't been successful in fighting against cash & first time buyers. Yet they are still not going to consider selling up and moving to rented accommodation. We've already started looking for another house but our (or mostly mine) problem is that none of the other houses compare to the one we want to buy. So my dilemma is, do we settle for a different house that isn't as good as the one we want, but is realistically more within our reach, ie. end of chain or do we continue with the torturous wait?

But I would agree with the above - putting pressure on the vendors won't get you anywhere if you don't have an alternative already secured. Just keep looking, without damaging the relationship unnecessarly, until you've found a suitable alternative or so have the vendors

apadda

Thanks - nice to see we're not the only ones.
Currently everything is through the EA which makes it more difficult, so think we are now going to ask to speak to the vendors directly.
Their issue is they have sold 2 houses to buy one in another area, and aren't finding what they are looking for.

Davesnave

apadda wrote: »

Their issue is they have sold 2 houses to buy one in another area, and aren't finding what they are looking for.

But they haven't really sold the one you want yet!

Moving location is one good reason for renting, if the area isn't known well. Once anyone moves to a new place, more options come to light, and it could be easy to regret an uninformed purchase.