Risk losing buyer?

Rambosmum

We accepted an offer on our house on 8th November. It had been on the market 30 hours.

We had a property lined up but the survey showed massive structural issues and the valuation didn't stand up, so we pulled out as the vendor would not negotiate. Since then we've offered on 2 houses but not been successful, it has been Christmas and nothing new has come on the market.

We viewed houses again this weekend and offered on 2 properties, one we didn't get, one we are waiting to hear back from but it is a long chain.

Our buyer is understandably getting frustrated. The solicitor and our estate agent have both contacted us to tell us this. We would normally be setting a date for completion at this point as the searches etc have all been done.

We've been asked to consider moving in to rented. Am I crazy to just say no? It will cost us about £700 if we lose the buyer (solicitor fees) but would cost us about £4000 if we move in to rented (3% mortgage release fee, an extra set of moving costs, storage for our stuff, letting agent fees). There isn't another option, we have no friends or family we can stay with.

If our house sold in 30hours last time (and had 6 offers out of 8 viewings) it should sell quickly again right?

Our buyer is a FTB but needs to sign another contract for his rental property in March (don't get me started about how actually he doesn't - not my argument to have with him).

Ithaca

If you were faced with losing your dream house it might be worth considering, but if you don't even have a house you're considering moving then it will come down to how confident you are that your house will sell if the current buyer walks away.

I would go back to your buyer and point out that you had a number of offers, so you're not fussed... they might walk but as you say it shouldn't take long to find another buyer.

Crashy_Time

Rambosmum wrote: »

We accepted an offer on our house on 8th November. It had been on the market 30 hours.

We had a property lined up but the survey showed massive structural issues and the valuation didn't stand up, so we pulled out as the vendor would not negotiate. Since then we've offered on 2 houses but not been successful, it has been Christmas and nothing new has come on the market.

We viewed houses again this weekend and offered on 2 properties, one we didn't get, one we are waiting to hear back from but it is a long chain.

Our buyer is understandably getting frustrated. The solicitor and our estate agent have both contacted us to tell us this. We would normally be setting a date for completion at this point as the searches etc have all been done.

We've been asked to consider moving in to rented. Am I crazy to just say no? It will cost us about £700 if we lose the buyer (solicitor fees) but would cost us about £4000 if we move in to rented (3% mortgage release fee, an extra set of moving costs, storage for our stuff, letting agent fees). There isn't another option, we have no friends or family we can stay with.

If our house sold in 30hours last time (and had 6 offers out of 8 viewings) it should sell quickly again right?

Our buyer is a FTB but needs to sign another contract for his rental property in March (don't get me started about how actually he doesn't - not my argument to have with him).

Depends how the Brexit "negotiations" pan out (I support the view that the EZ doesn`t negotiate, even when it is on the back foot, so we are going out of the single market) so you have three choices -


1) Grab a buyer, sit it out in rented, buy a cheaper house down the line.


2) Sit it out in your present house, maybe watch the price drop, maybe fail to get as many keen buyers in future, but also buy a cheaper house eventually down the line.


3) If you believe house prices won`t crash (I don`t) you probably need to grab the buyer and get hold of a house you want at a sensible price. At the moment you are being totally ruled by emotion, that is probably not where you want to be.


2) Will be the most stressful and feel like being in limbo if you don`t have the mind-set for it, 1) and 3) will feel better because they are about taking action, but 1) is for people who believe prices can`t be sustained at this level and 2) is for people who retain a belief in the housing "Ladder" (I don`t)

Grenage

Don't rent; if the defecation hits the oscillation, you'll be stuck in rented and out of the market. It's unfortunate, but you really don't want to rent unless it's heavily in your interests.

Crashy_Time

Grenage wrote: »

Don't rent; if the defecation hits the oscillation, you'll be stuck in rented and out of the market. It's unfortunate, but you really don't want to rent unless it's heavily in your interests.

At least if you rent you will be able to move for work etc., you won`t be able to move if buyers dry up in a mortgaged/owned house.

Grenage

Crashy_Time wrote: »

At least if you rent you will be able to move for work etc., you won`t be able to move if buyers dry up in a mortgaged/owned house.

There's always a buyer, at the right price; going into rented while speculating that prices will drop is a risky game. Historically, and on average, it doesn't pan out unless you're lucky, or an economic oracle.

One would have better odds putting everything on black - over the longer term, at least.

Crashy_Time

Grenage wrote: »

There's always a buyer, at the right price; going into rented while speculating that prices will drop is a risky game. Historically, and on average, it doesn't pan out unless you're lucky, or an economic oracle.

One would have better odds putting everything on black - over the longer term, at least.

Many recent buyers can`t afford to drop their price though, see threads on here, that is the problem with a property bubble.

m0bov

If you re market it, its likely you could get more and your buyer would have to shell out as prices have increased. Nov is no time at all, I'd get your EA to ask the buyer if they will wait or you re market. Given them 24hrs to respond.

Doozergirl

I wouldn't rent. I've done it before and it was so stressful, just to alleviate someone else's impatience.

Moving house once is bad enough.

I'd be nice about it and tell them that I appreciated their patience, but I'd say no.

Lovin_It

Yeah, stay put. You're not deliberately giving them the run-around. Even with a fair wind March completion might not be possible - delays just happen when buying and selling. The fact they're so keen to complete shows that it's keenly priced. Of course the agent wants a sale asap - that's how they pay their own rent. Find something you like and have a chain - it protects you from being homeless and from shifts in the market.

bluesnake

I would rent, but on a short term basis.

Many think that the market will bottom, and if this is the case and people can't afford to buy, then those in long chains will be in trouble as mortgages get refused and buyers become scarce. I'm old enough to remember negative equity and job losses in the 90's

tell us in 7-ish years time who on here was right