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

ultimatedingbat

Rain_Shadow wrote: »

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.

We've not spent any money at present. We've got our mortgage in principal and chosen a solicitor but no money has changed hands.
From what we've been told it all depends on what they buy and the position of their vendors as to whether we could be in by January or not.

Rain_Shadow

ultimatedingbat wrote: »

We've not spent any money at present. We've got our mortgage in principal and chosen a solicitor but no money has changed hands.
From what we've been told it all depends on what they buy and the position of their vendors as to whether we could be in by January or not.

Even if you find another property with a suited vendor you aren't likely to be in before mid January. Which would, of course, suit you perfectly.

ultimatedingbat

Rain_Shadow wrote: »

Even if you find another property with a suited vendor you aren't likely to be in before mid January. Which would, of course, suit you perfectly.

Suppose we'll just have to wait and see. Our estate agent must be being very optimistic as she said 6-8 weeks

Rain_Shadow

ultimatedingbat wrote: »

Suppose we'll just have to wait and see. Our estate agent must be being very optimistic as she said 6-8 weeks

It's possible but very very unlikely.

Oakdene

ultimatedingbat wrote: »

Suppose we'll just have to wait and see. Our estate agent must be being very optimistic as she said 6-8 weeks

It could be quick if the vendor decides to rent for the short term...

My solicitor turned it round in 4 weeks from instruction to completion on just me buying a house with no forward chain

Grenage

ultimatedingbat wrote: »

Suppose we'll just have to wait and see. Our estate agent must be being very optimistic as she said 6-8 weeks

Their estate agent; don't believe a word they tell you - they'll tell you anything to keep you invested.

6 months when the seller hasn't even found somewhere else is very unlikely.

Rain_Shadow

Grenage wrote: »

Their estate agent; don't believe a word they tell you - they'll tell you anything to keep you invested.

6 months when the seller hasn't even found somewhere else is very unlikely.

weeks? .

ultimatedingbat

Grenage wrote: »

Their estate agent; don't believe a word they tell you - they'll tell you anything to keep you invested.

6 months when the seller hasn't even found somewhere else is very unlikely.

They hadn't looked prior to receiving an offer which has slowed it down. I've phoned them to tell them we are still looking and need some assurances / information otherwise we will have to rescind the offer

PasturesNew

It's a "how long is a piece of string" question.

I know my neighbour sold their house and didn't have anywhere to move to. The people buying it were buying it as a holiday home, so in no rush. Suddenly, unexpectedly, my neighbour found a house to buy and it ended up completing 2-3 months sooner than the holiday home owners had originally expected.

While people are looking .... you can never tell when the right one will come along.

For searching bungalows, I'd say it'd take longer than usual as they're mostly very disappointing and/or seem overpriced for what you get.

Downsizers are more picky than upsizers.

BJV

A house sale can if everyone wants take a matter of a couple of weeks. Lots of houses are sold at auction with 28 day completion stipulated in the contract.

This unfortunately is why buying a house can be so stressful as you are now relying on the vendors to get themselves sorted. They may decide to go into rental they may not. I know I moved recently and the biggest issues for me was lack of control or lack of being able to influence it.

We had a mix up and long story short we ended up having to go into rental rather than break a long chain. Now it is all done I am so pleased that we stuck with it and got the house had we all as a family wanted. That said it was very stressful.

I would recommend that you keep looking at what is in the market, what is for sale and start looking. It may be like us that there is nothing else that even comes close but it may be that there is something else.

Communication is the key to everything. Be 100% honest, talk to the EA. They want you to buy the house as that is when they get paid. Tell them that unless the vendor can commit to a date ??? in Jan that you will have to start looking. They can not make the vendor go with it but they will try. That said don't trust anything that is not in black and white and is not from your solicitor.

I honestly, genuinely, and whole heartedly wish you all the best. Moving is stressful and you will get stressed and upset and everything in between. Just try and stay clam, and be honest. It is worth it and you will come out the other-side.