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

ultimatedingbat

Thanks
We really don't want to be looking anymore if we can avoid it but have kept an eye on the market. WE're limited to what we can go view due to work. Maybe I just need to start pushing at bit harder.
WE're doing into the EA tomorrow with some ID so maybe a good time to push is when I'm there.

EmmyLou30

Don't spend any money on it yet till they find somewhere and the chain is complete. Unfortunately your vendors have been very stupid by not looking around already as bungalows are hard to come by and if they're being particular over the area as well they could be looking for ages. A house we tried to buy, the vendors took over 3 years to find the bungalow they wanted....by which time they'd had multiple buyers on the hook wasting money on searches and surveys (including us) and then pulling out of the sale.
If I were in that position again I would start looking elsewhere straight away and accept that this property probably isn't going to be yours any time soon if at all. No need to tell the EA you're looking elsewhere though as you are still interested in this house if the vendors stop messing about and move out into a rental. Ours lied and said they'd do that....I doubt many people are actually willing to rent between houses.
I probably sound a bit bitter but it's because it cost me a heap of money! Once bitten and all that...

pinkteapot

Can only reiterate what EmmyLou30 said and say don't spend any money until the chain is complete.

The EA will push you to apply for your mortgage, get your solicitor started, etc. They do that because once you've started spending money, you're less likely to give up and walk away. Just be polite but firm, and say you're organised - you know your solicitor and mortgage product, and you'll get everything done immediately when the chain is fully formed.

You can't exchange contracts until the chain is formed and everyone in the chain is ready, so you don't save any time by getting things done now. If the vendor agrees to going into rented, you can start doing stuff as the chain will just consist of you and them. Be warned though - vendors have been known to say they'll go into rented then change their mind late in the paperwork process, just before exchange of contracts. Not a lot you can do about that though.

Korra

I viewed a property at the end of April, offer got accepted mid-May. The vendor took ages to find something suitable. She finally had an offer accepted in August and the chain was complete with buying her house and her buying another. Just before her offer got accepted, I called up the estate agent and booked a viewing for another house they had on the market. If I had found another house, I would have put an offer in and gone for that.

I would suggest you carry on looking as you don't know how long the chain will take to complete. I've had relatives wait for a year for a chain to complete before they can progress.

phoebe1989seb

Rain_Shadow wrote: »

It's possible but very very unlikely.

It can definitely be done. In 2014 we accepted an offer on our house at the end of the first week in October. Admittedly we had already identified - and viewed - our onward purchase. We had our offer accepted on that the following week and we completed on sale and purchase on 16th December. It was a short chain though as our buyer (who was taking a large leap up the ladder due to a book advance!) was selling to a BTL investor and the house we purchased was empty, the vendor having already bought elsewhere.

In your position though, OP I would definitely make it abundantly clear you are looking at other properties.

Grenage

Rain_Shadow wrote: »

weeks? .

I was referring to their total time-scale hopes:

ultimatedingbat wrote: »

Realistically, 6 months which takes us to February.

phoebe1989seb wrote: »

It can definitely be done.

You can certainly do it, but add a chain, and that the seller has not found an onward property...

I wouldn't bother telling the estate agent anything; just keep looking at houses and switch if you find another you prefer - one where the seller has somewhere to go.

Surrey_EA

phoebe1989seb wrote: »

It can definitely be done.

It's not impossible, but looking unlikely, given the situation the op has described.

ellie27

I would not have waited as much as the 4 weeks.

I think you have given them enough time. Make it clear that you do want in by January and for that reason are now considering other properties.

I hope it all works out for you.

ultimatedingbat

THey msut have had a psychic wind as the vendors have offered on a property! SO happy IT's empty as well

We've been ok to wait so far as I work in education and timing it is very important to us.