Sold our home but new purchase fell through.

Cashmere0008

Hi.
Our house has been sold and we had nearly exchanged contracts for a new one but unfortunately just pulled out due to new findings with the property. This has left us very disappointed as we have to start the stressful search and research for another property all over again. We are exchanging contracts for the sale very soon but now we haven't found anywhere else. We wouldn't want to keep our buyers hanging on for too long so that they don't lose their mortgage offer. There are currently no suitable properties in all the areas we want and we are trying not to do a 'panic-search' and end up somewhere we don't like. Any advice on how best to proceed will be very much appreciated. Many thanks

Davesnave

Many people who can't find what they want, rent for 6 months, or more. We did. It's an option to consider if prices aren't rising rapidly in your buying areas.

Yes, it is a hassle, moving twice, but so is buying the wrong house or starting over with selling at a later date. Being in rented makes you an attractive buyer too, because you're chain free.

The other option is obviously to widen the area you're prepared to live in and/or change the type of house you'll consider.

comeandgo

I totally agree on renting for as long as you need. It means you have not to rush and buy something and you may be a preferred buyer as you have sold your house so you are a more attractive buyer.

PasturesNew

Rent. But don't rent something nice and lovely, perfect .... rent something that's too small and awful and cheap - as it really sharpens your mind into cracking on and finding the right property soonest while most of your stuff's in storage ... and you're 'wasting' the least money.

If you rent something "lovely" you'll just mellow out and forget what you were supposed to be doing.

Davesnave

PasturesNew wrote: »

Rent. But don't rent something nice and lovely, perfect .... rent something that's too small and awful and cheap .

I agree with 'not that nice,' but not with too small if you have a lot of stuff. You don't want to be paying storage fees anywhere on top of rent.

Our rental was huge and killed the £250 a month storage fees we'd been paying due to other circumstances.

[Deleted User]

Hi,

could you rent a place with an extra bedroom and use it for storage,

least you have everything in the one place, and available if needed.

pinkshoes

Definitely rent.

It puts you in a much stronger position when you come to buy again.

We did this, and were able to negotiate a better price ask we were chain free and could move wheneve.

LandyAndy

Cashmere0008 wrote: »

Hi.
Our house has been sold and we had nearly exchanged contracts for a new one but unfortunately just pulled out due to new findings with the property. This has left us very disappointed as we have to start the stressful search and research for another property all over again. We are exchanging contracts for the sale very soon but now we haven't found anywhere else. We wouldn't want to keep our buyers hanging on for too long so that they don't lose their mortgage offer. There are currently no suitable properties in all the areas we want and we are trying not to do a 'panic-search' and end up somewhere we don't like. Any advice on how best to proceed will be very much appreciated. Many thanks

So your property isn't sold?

mysterymurdoch

LandyAndy wrote: »

So your property isn't sold?

Not every house sale falls through!

sparky130a

mysterymurdoch wrote: »

Not every house sale falls through!

But Andy's point stands. The house isn't sold. Not even close really.

scottishblondie

I'm glad you're aware of the risks of panic buying. My DH's uncle and aunt did a panic buy last year, and are now putting the house they bought back on the market after only 9 months of living there! They had an offer on their house but couldn't find anything in the area they wanted to move to, so ended up going for a house that is smaller, more expensive and only 5 minutes down the road from their old home. Pretty much as soon as they moved in they regretted it.

Strangely, they still won't consider the idea of renting while looking for their next new property as it is a "waste of money". I shudder to think how much money already went down the drain when they sold and bought last year!