Vendors still haven't found a property leaving us up sh*t creek

veemo

This also happened to us! Our vendors waited 2 months after accepting our offer to even begin looking as they couldn’t decide whether to rent or buy... :doh:
We had a chat to the estate agents to let them know we were frustrated by lack of progress, they got onto the vendors to suggest they moved into rented to break the chain and prevent any hold ups. Luckily they agreed as I think they were worried we would pull out of the sale as we hadn’t exchanged yet. We did arrange with vendors to pop round one evening to have a quick chat about it all so I think that helped. See if you can speak to the EA and suggest the same?

TBagpuss

You can't force them to go, but you can start looking at other propertis,. Be clear with the agetns that you are doing so.

You can give the vendors an ultimatum and tell them that you are withdrawing unless they agree a firm date for exchange and completion, but of course this is only any good if you are prepared to follow through, and to walk away if they don't agree a date. It would be opne to them to go into rented but they may prefer to lose the sale than do so.

If you don't want to do that, then do it the other way round - tell the agents you will need to start a new AST so if they can't acomplete by [date] you won't be able to do so for a further 5/6 months..

lookstraightahead

So if you need to leave your parents house anyway, that would be the same whether you are buying or not. Vendors can be really annoying just staying while they dawdle about, but they can do what they want,

Move into rented if you need to, tell the agent that you're thinking of pulling out, get a reduction equal to your rent, or if not walk away and find somewhere else.

No one has left you up the creek - it's life and you need to sort yourselves out.

mlynne

I had a similar situation only the agent told me the vendor needed x amount to purchase a new build on their books so it was definite I could move in on a specified date in 3 1/2 months time. agent advised my vendors offer had been accepted so all was good. Some 5 weeks later I find out by the agency intermediary or whatever they are that the vendor is in a chain on another property and never had any intention of moving by the date my offer had been dependant upon. Then asked if the agent had confirmed in an email what I had relied upon. Dirty,dirty,dirty tactics costing me time and money. The sale of land system is in desperate need of an overhaul. Look to ‘the colonies’ to learn how to administer an effective and efficient sale and purchase agreement and basis for what constitutes a legally binding contract.

need_an_answer

Realistically how much longer could you stay with parents?

That would possibly be the best situation from an "able to proceed " point of view,simply because if you opt for going into a rental you become tied for a period of 6 months with a rental contract.


Personally I would be questioning how motivated this seller actually is and asking for the straight answer...it may be time for you to consider that this purchase is going no where fast and its time to start looking again.

AnotherJoe

I agree with needananswer, if they've been looking for a year they really aren't that bothered, no doubt they are looking for the perfect property and you are a highly convenient backstop giving them lots of leeway.
There are multiple routes you can take now, it's possible an ultimatum might work in that they may decide better to be in rented ready to jump on that perfect property than with no buyer, if you pull out, but after a year that's a conclusion they could have come to themselves.
Given you have time pressures of your own I'd give them a 8 week deadline but I'd start looking elsewhere very seriously right now having it in mind that they are probably not going to sell.

AnotherJoe

TBagpuss wrote: »

If you don't want to do that, then do it the other way round - tell the agents you will need to start a new AST so if they can't complete by [date] you won't be able to do so for a further 5/6 months..

Trouble with that is, practically speaking if they do find a place to buy it could take 6 months to complete anyway what with chains and that, so thats just giving them a 6 month extension to keep looking.

pinkteapot

This thread is a 6 week old one that's been resurrected by someone. OP hasn't been back since day 1.

warby68

If the vendors haven't found somewhere after 10 weeks in the peak selling season and after a year on the market, this does not look promising. Their general silence on the subject to your detriment is not great either. Bear in mind here the agent is very unlikely to be a liar - it is far more likely that it is the vendor who has been economical with their true position. Again that rightly should affect your confidence in them.

I understand why you don't want to move into rented short term with all the attendant costs and upheaval. Perhaps parents will flex now they know you have been misled.

I'd look fast and hard for an alternative here - the timescales will be little different if your vendor hasn't even found somewhere yet. Press quite hard on the onward plans aspect next time and don't progress very far until any chain is complete.

Be open and clear with the agent and vendor. You need to move fairly quickly and due to the lack of progress will now be looking elsewhere and may withdraw your offer. The response will give clues as to vendors' intent.

AnotherJoe

pinkteapot wrote: »

This thread is a 6 week old one that's been resurrected by someone. OP hasn't been back since day 1.

:mad: So the OPs no more responsive than their vendor.