Offer Accepted - Vendor has no where to go. WHat Now?

ultimatedingbat

We've had our offer accepted on a house. WE're keen to move the process forward and have a date in mind we'd like to be in why.
We're keen to be in the property by January if we can.
Our problem at the moment is that the vendor has no where to go at present. They are looking for a bungalow.
We know we can't force them to go as they can just back out of the sale, however what is a reasonable timeframe to give them to look? THey've had a month so far.

Rain_Shadow

I presume you are at the bottom of any potential chain?

eddddy

You can put forward a timescale if you want.

For example, if they haven't got an offer accepted in the next four weeks, you will start looking at other properties.

That might encourage your seller to get moving, or it might just make them angry with you.

(Or you could not say anything and start looking at other properties anyway.)

ultimatedingbat

We have no property to sell as we are first time buyers renting at the moment so I think that means yes?

ultimatedingbat

eddddy wrote: »

You can put forward a timescale if you want.

For example, if they haven't got an offer accepted in the next four weeks, you will start looking at other properties.

That might encourage your seller to get moving, or it might just make them angry with you.

(Or you could not say anything and start looking at other properties anyway.)

We've kept an eye on other properties in the area but haven't viewed any others as of yet.

danslenoir

ultimatedingbat wrote: »

We know we can't force them to go as they can just back out of the sale, however what is a reasonable timeframe to give them to look? THey've had a month so far.

How long are you willing to wait before pulling out to find somewhere else?

Have you told the vendor you want to be in by January? What was their response? Have you asked them if they would be willing to move into short-term accommodation to allow the sale to go through if they struggle to find somewhere?

ultimatedingbat

danslenoir wrote: »

How long are you willing to wait before pulling out to find somewhere else?

Realistically, 6 months which takes us to February.

pinkteapot

Just keep an eye on what else is around. Do view and if something as good as or better AND proceedable comes up, switch to that. If not, keep with the one you like. Even if you put a deadline on them, there's no point pulling out if you haven't found anything else.

Just tell the EA that you want the house and are committed, but until the chain is complete* you will keep looking for something where the vendor is in a position to go as you need to move. The EA will keep up the pressure on your current vendor for you.

* not to be confused with exchange/completion. Complete chain = no-one is still looking for a house. There's a chain-free buyer at the bottom and someone at the top who's not buying (going into rented, deceased estate sale, etc). If your vendor finds something where that vendor then needs to look, you'll still be waiting. The paperwork can't really start until you've got a complete set of people.

As above, it's worth asking if they're prepared to go into rented rather than lose the sale. Worst that happens is they say no. It will depend how good a buyer you are to them. We've said no before because we accepted a low-ish offer where we had several offers at the same price, so our buyer was easily replace-able if they pulled out. On the other hand, if your vendor found it hard to sell, you're more valuable to them.

ultimatedingbat

danslenoir wrote: »

How long are you willing to wait before pulling out to find somewhere else?

Have you told the vendor you want to be in by January? What was their response? Have you asked them if they would be willing to move into short-term accommodation to allow the sale to go through if they struggle to find somewhere?

I have made it clear to the estate agent we really want be in by January - There was no negative response. It has been suggested that they go into rental but at this stag they're still looking

ultimatedingbat

pinkteapot wrote: »

Just keep an eye on what else is around. Do view and if something as good as or better AND proceedable comes up, switch to that. If not, keep with the one you like. Even if you put a deadline on them, there's no point pulling out if you haven't found anything else.

Just tell the EA that you want the house and are committed, but until the chain is complete* you will keep looking for something where the vendor is in a position to go as you need to move. The EA will keep up the pressure on your current vendor for you.

* not to be confused with exchange/completion. Complete chain = no-one is still looking for a house. There's a chain-free buyer at the bottom and someone at the top who's not buying (going into rented, deceased estate sale, etc). If your vendor finds something where that vendor then needs to look, you'll still be waiting. The paperwork can't really start until you've got a complete set of people.

As above, it's worth asking if they're prepared to go into rented rather than lose the sale. Worst that happens is they say no. It will depend how good a buyer you are to them. We've said no before because we accepted a low-ish offer where we had several offers at the same price, so our buyer was easily replace-able if they pulled out. On the other hand, if your vendor found it hard to sell, you're more valuable to them.

It's been on the market since July and we're the first offer, and the only real interest they've had. When should I mention rental again?

Rain_Shadow

I would think you are unlikely to be in before January now. The process generally takes 10-12 weeks and quite a few people are reluctant to move immediately before Christmas.


I wouldn't spend any money on this purchase at the moment. I would continue to look at other properties.