Typical scenario arisen

hounsehunterftb

Hello all,

Your advice and suggestions would be very well appreciated!

We are First Time Buyers! So no chain! So we are in a scenario where.
- We have an offer accepted on a house for which the vendor is yet to find a house. Its been about 3 weeks since the offer was accepted. And no signs yet of them finding one. The offer is much lower than the chain free vendor would demand for. Lets say this amount is X
- We found another house in which the vendor is chain free and hence has priced accordingly. We met with the vendor and is fine person. We are paying about X + 15K extra.
- Structure and maintenance wise both house are immaculate!
- In the chain free house that we have found the added advantage is, its newer to the first house, has en suite bedroom, relatively bigger kitchen and furniture + white goods (most). As it was rented before. And its handy for us else we would have to buy it all.
- We loveee both houses without a doubt. Immaculate and well maintained

My questions
- Now we want to tackle the situation such, there remains a clarity always. So when would be a good time to tell the vendor with chain that we would have to pull out?
- Whats the best way to break this news?
- There is no technique where we can play safe here right? We don't really want to bluff here in any case as morally it would be so wrong.
- How do we ensure the sale goes through fine for the second house? (We dont want to be in a worst situation where we end up giving up on both houses)

Please let us know if you guys could offer any suggestions! Thank you in advance!!

Regards,
househunterftb

hazyjo

Tell them as soon as possible.

Ring the EA that's selling it. Say, 'I'm very sorry but we have found another house which is chain free and have decided to proceed with that one.'

End of conversation. The vendors of the house you were buying might never find anywhere, or it could take months, or something might come up tomorrow. You just never know. I presume you have had an offer accepted on the second house.

hounsehunterftb

Yes we have the offer accepted on the second house. Any suggestions on ensuring how to make it as smooth as possible?

ScorpiondeRooftrouser

Absolutely.

The thing to remember is that most buyers want their transactions to be as convoluted and drawn-out as possible. Solicitors work on this assumption. So if you send a letter to your solicitor and to the vendor (it has to be written in green ink; this is VERY important) saying you want the transaction to go smoothly, they will realise that unlike everyone else in the world, you really want this. Then everything will go well.

Davesnave

You cannot have the certainty you're seeking. House buying is an uncertain process. Roughly 1/3 of purchases that begin, don't complete.

Some vendors will tell you things like "We will go into rented if we can't find what we want," and then they renege on that some time later. Purchasers will claim to be cash buyers or chain-free, when they're not.

Some purchsers also dither when they change their minds, instead of phoning the selling agent immediately and saying, "We've found a house we like better. Sorry, we're pulling out."

We'd all like things to go smoothly, but for one party in this, it sounds as if they won't be.

Mickygg

You say morally it would be wrong to bluff. Yet you've offered and had two offers accepted several weeks apart. That is messing around if you weren't upfront with house no.1 and gave them a time period to find a house. 3 weeks is not long to find a house.

Be upfront to house no.1 or you risk losing both. Presumabley your offer on house 1 and 2 were accepted based on you beng proceedable yet you can't be proceedable on both.

hounsehunterftb

Mickygg wrote: »

You say morally it would be wrong to bluff. Yet you've offered and had two offers accepted several weeks apart. That is messing around if you weren't upfront with house no.1 and gave them a time period to find a house. 3 weeks is not long to find a house.

Be upfront to house no.1 or you risk losing both. Presumabley your offer on house 1 and 2 were accepted based on you beng proceedable yet you can't be proceedable on both.

We continued with our search because our vendors did not seem that motivated. Also having read it everywhere, family friends suggested to keep looking in case we find something equally better and something without chain. No deadline was agreed as they weren't ready to agree. We kept calling them and chasing them for the status and they just shook us off with word like "putting the offer in couple of weeks" or "actively searching". And they could buy a house already in long chain! Even more off-putting
In the end, the current vendors might make us wait endlessly isn't it. I don't think looking for other houses is morally incorrect. No homebuyer would feel that i think. Keeping both the houses simultaneously is what i said is morally incorrect. And I was just seeking a suggestion where there is no mess up. I am the last person to play around !

We only have our offer accepted.In the coming week we would get our sale memo. We will fix everything with the house 2 vendor perhaps to have things speed up as quickly as the solicitors can. That would be a suitable time to break the news.

I do feel bad for them for the fact that they would have to sell again. But if anything, we would have had to wait endlessly spending dead money on rent

hounsehunterftb

hazyjo wrote: »

Tell them as soon as possible.

Ring the EA that's selling it. Say, 'I'm very sorry but we have found another house which is chain free and have decided to proceed with that one.'

End of conversation. The vendors of the house you were buying might never find anywhere, or it could take months, or something might come up tomorrow. You just never know. I presume you have had an offer accepted on the second house.

Agree 100%! That's what I and my husband discussed. Thanks!!

G_M

I don't understand the point of the thread.

It's obvious what the course of action is.

hounsehunterftb

G_M wrote: »

I don't understand the point of the thread.

It's obvious what the course of action is.

Yes true.Just wanted to confirm. That's all