Sellers still looking for a house dilemma

yaffleTM

I’d really appreciate people’s advice on this. I’ve made a couple of offers on a house I like that has been on the market for almost 3 weeks. I didn’t hear anything after the last offer for a couple of days so rang the estate agent to see what the situation is.

The sellers are downsizing and looking to move a few miles away, but haven’t found a house they like yet so are looking for a buyer who can be flexible with dates. (They also claimed that there’s a slightly higher offer in).

This worries me and I’m really not sure what to do next? I’m quite picky about area, size and price so this house ticks about 90% of what I’m looking for but is now getting near the top of what I think it’s worth. There’s only be a couple of similar places in the last few months, and I missed out on the last one as I was outbid. I can be a bit flexible as I’m renting, but really wanted to have moved by the summer.

Do I make a slightly higher offer to get it accepted and start the mortgage application and conceyancing? Do I just leave my offer on the table while the vendor (and I) keep looking? It feels like that way I might be gazumped, but otherwise I might waste money if the seller can’t find anything they like and changes their mind about selling?

Doozergirl

You shouldn't start any process until you have a complete chain anyway, do the only answer is to keep looking.

Ask the EA to inform you when they find a house and you can re-address your offer (or not) based on how you feel at the time.

Flugelhorn

once viewed a house where the vendors made it clear that they were looking for a house locally and didn't know how long it would take to find the RIGHT one, apparently everyone else who viewed was perfectly happy to wait... listening to them don't think they got that if there was someone able to move then they were better to get on with it.
I didn't like the house so carried on looking elsewhere, leaving the EA to tear his hair out .
I would keep looking - you may find the sellers take months to move

lookstraightahead

Either they want to sell or they don't. They are asking you to wait and spend your money waiting for them while they wallow in the luxury of choice. I wound have been put off by now and told them to get lost. Look elsewhere, say that when the vendors have decided to put themselves out a bit you might reconsider buying.

They sound really spoilt to me. They don't know when they're well off, they might have to wait years now.

KatieDee

I'm in a very similar situation! We've been searching for a house for quite a while now and we've finally agreed on one that is more or less suitable. We went in with a lower offer as the house as been on the market for a while, which was declined.

Went back to view tomorrow with a view of putting a higher offer in that meets the vendors needs and she said she was looking to downsize but might move into private rented if she can't find anywhere to buy.

For somebody demanding top whack for her house (and it is a good quality home, so I don't blame her) she is being a bit vague with the details. This makes us reluctant to go in with a higher offer, as we'd want to be in there relatively quickly. It's almost a "how long is a piece of string" scenario and I'd be worried that the more we push, the less likely she is to go through with the sale.

If you really like the property (90% of your must haves is a very high amount!) then I'd go for the offer you feel comfortable with. Don't over offer, as there's nothing simple about this situation and if it does drag out longer than anticipated, you may regret paying the higher amount.

Have you tried asking the EA if she would consider moving into private rented if you hit the higher offer? Explain that you're reluctant to pay more if you have an undefined amount of time that you'll need to pay rent for, but if you have a decent time frame then can factor that in.

yaffleTM

Thank you all for the advice.

I’ve put my best offer on the table and spoken to the estate agent again. The sellers have a few more viewings lined up in the next week, but definitely won’t proceed until they’ve found their next house. I’ve gone with a “let me know when they’re ready” approach as I’m very suspicious that if they haven’t found somewhere out of the places already on the market that they could take ages or decide not to sell, but we’ll see.

Apparently there is another buyer who’s made a similar offer who’s willing to move it to rental accommodation and wait!