Est Agent found buyer, we can't find home, what now?

busy_b

Estate agents have found a buyer for our house, after 10 months on the market.

Buyer wants to complete within 6 weeks.
We have spent a week viewing 17 properties and can't find anything at all that's suitable.

We now think we want to take it off the market and wait until the New Year BUT don't want our potential buyers to lose out financially, so have asked the estate agent to let them know the situation and hold back on surveys, etc...Unfortunately, he believes that we should give it a week or so in case we find something.

As we cannot get hold of the potential buyers and know that they were in the process of instructing solicitors, I am really concerned that as well as being bitterly dissapointed, they might lose money and I want to know how we stand.

Finally, we are unable to proceed with the sale as we can't find a property so as it states on our contract No Sale No Fee, can we just walk away from the estate agents, without paying anything, now that we are out of the 16 week contract?

Thanks for any replies in advance...

PasturesNew

Why not just take your time - and rent for 6 months?
If you want to sell, you've already made the decision that house isn't for you, that you want to move on. So why put your life on hold?

Sell it, rent. Then find a house to move to.

You've done the hardest bit: deciding, instructing an EA, going through the viewings, finding a buyer willing and able to proceed....

Why wreck their lives and yours? Unless you were just playing and didn't want to move really.

Guy_Montag

You've just got a buyer after 10 months & now you're thinking you don't want them. What are you going to do in the new year? Wait until October 2008 for the next one? Why will this new year be better for finding buyers than the last one?

Either you want to move, in which case sell & rent, or you don't & you're just messing people about. Tbh I'd be very surprised if the EA isn't going to charge you for the last ten months' "work", they found you a buyer & now you don't want to know.

Sorry if the tone is a little harsh, it's more incredulity.

LandyAndy

I'd agree with renting while you look. This is no time to be turning away buyers.

We moved from one end of the country to the other 2 years ago and rented while we sold our house in Warrington and then looked for property to buy in Hampshire. Going into EA's and, when they ask you 'where are you up to', being able to say 'We have sold, we have the money in the bank and a mortgage offer in our pockets' is a very strong position. You can almost see them salivating at the thought of a quick sale to someone who is serious. Our experience of renting, it was a furnished Edwardian villa, was very good although looking at this board that isn't always the case.

sham63

Given that the housing market appears to be 'cooling' and it took you 10 months to get a buyer, I would seriously consider renting. You can then take your time looking for your next house - you will also be a first time buyer/chain free and will probably be able to get a good deal on your next place.

MissMotivation

If I was your EA I would be giving you some serious advice about going ahead with the sale. You have been on the market for 10 months, you now have an offer and you want to walk away? Do you really want to wait another 10 months next year before you get another offer? What about if you can't find a buyer next year? What if you can't get the right price next year?

FWIW my advice is to think seriously about the implications of walking away. I agree with previous posters in that the best thing you could do is to let the sale go ahead, move into rented accommodation and give yourself time to find something.

In the current market you should hold on to any buyer you get with both hands.......you may not be so lucky next time!

kodokan

Have you been living in a cave for the last month!? You're INCREDIBLY lucky to have got a buyer at all, let alone one who wants to move briskly along, at a time when there's been nothing but news about the credit crunch, withdrawal of mortgage offers, slowdown of the housing market - just this morning Halifax have reported that prices fell 0.6% last month.

Rent, rent, absolutely rent, and then (if you want to, and it's not compulsory) look for a place to buy at your leisure, during the dead winter months when an EA will tear both your arms off if you present yourself as a chain-free buyer. Sure, you'll have to move twice, but just get real movers to do it rather than struggling yourselves - it costs around £1200 to get professionals to do a full pack and move the contents of a large 4-bed house, so all you have to do is make the tea and top up the biscuit tin. You will almost certainly get this back by being able to make a lower offer as a chain-free buyer, and by being better off each month from rent being cheaper than mortgages and the high rates of bank interest you can currently get on any equity.

You can then have the fun of checking Rightmove, and pouncing on anyone who puts their house on the market between mid-Dec and mid-Jan, when they must be moving jobs or avoiding being repossessed!

Good luck with your sale (we know you'll do the right thing!)

kodokan

silvercar

Are you moving to change area, or you have outgrown your current home, or are downsizing? If so, then sell and rent.

Are you moving because you just fancy something different or larger? If the sale fell through would you be happy to stay where you are for another year? Do you consider a stable home to be more important than a house to live in. Have you children/ pets/ oldies that would be a major upheaval to move? Does the idea of moving twice give you sleepless nights?
If so, then stay put until you find something.

busy_b

I am so sorry for the misunderstandings but this is a second home that we occupy for short periods due to work, etc... it's complicated and I should have made it completely clear...Sorry!

Our circumstances have changed over the 10 month period and the estate agent was made aware at every stage. (We requested that he make all potential buyers aware too!)

We had also advised him that we wanted to take the house off the market but he left it on for another month in error!

I agree with everyone's comments that we're lucky to get a buyer and I certainly don't want to mess them around. This is the reason I am so concerned and wanting to clear this up urgently.

It's a huge risk for us to sell a property that we love, especially as the one we were selling it for has just been taken off the market!

It's too difficult to list everything here but be assured, I have nothing against the estate agent and will pay whatever is necessary and I don't want to mess any potential buyer around either.

Thank you for your honest comments.

macaque_2

busy_b wrote: »

Estate agents have found a buyer for our house, after 10 months on the market.

Buyer wants to complete within 6 weeks.
We have spent a week viewing 17 properties and can't find anything at all that's suitable.

We now think we want to take it off the market and wait until the New Year BUT don't want our potential buyers to lose out financially, so have asked the estate agent to let them know the situation and hold back on surveys, etc...Unfortunately, he believes that we should give it a week or so in case we find something.

As we cannot get hold of the potential buyers and know that they were in the process of instructing solicitors, I am really concerned that as well as being bitterly dissapointed, they might lose money and I want to know how we stand.

Finally, we are unable to proceed with the sale as we can't find a property so as it states on our contract No Sale No Fee, can we just walk away from the estate agents, without paying anything, now that we are out of the 16 week contract?

Thanks for any replies in advance...

In the current market conditions, I would be inclined to grab any offer with both hands. You may find it difficult to find another buyer if you lose this one, especially if you wait for another 4 months. Although many people have not realised it, credit tightening is a seismic event and its fallout has hardly started.

It is also worth doing your sums on renting. I think you will find that this makes much more sense than ownership at current prices.

busy_b

I should have made everything more clear, as at the moment a close friend is living in our property (as we don't live there permanently) and we don,t want to make him homeless. As I have stated in my response above, it's very complicated....

I really need to know how we stand as the estate agent seems reluctant to tell the buyer that we need more time.

I have every intention of selling if I can find a suitable property, I just don't want to rush into anything and make a HUGE mistake now that we have eventually found a buyer.

I want to get it right for all of us, we can't win as every property we wanted as either gone or has been taken off the market. Just wanted to know how we stand and if this is a common dilemma...sorry for making everyone so mad!