Seller's likely to move early?

Missy79

Hi All,

I've seen a house I like and have made an offer after being told by the agent that the vendor was keen to move quickly. For me this would be a cash purchase and I basically want to move ASAP. My offer was rejected and increased at which point due to other interest it has gone to final bids. However, it also transpires that the seller's new build house won't actually be completed until May (plus potential delays obviously) which is much longer than I would want to wait.

Correct me if I'm wrong but my feeling is that even if the seller agreed to move to rented there'd be pretty much nothing I could do if come January they just decided they weren't prepared to move until May and they could just keep me hanging on until it suited them?

eddddy

Missy79 wrote: »

Correct me if I'm wrong but my feeling is that even if the seller agreed to move to rented there'd be pretty much nothing I could do if come January they just decided they weren't prepared to move until May and they could just keep me hanging on until it suited them?

Both parties are free to do whatever is agreed in a contract.

For example, if the seller contractually agreed to move by January, then the contract could also specify what happens if they don't move (e.g. you walk away and they have to pay your legal fees etc).

But it's up to the seller if they'll agree to that kind of contract. (I suspect they wouldn't, because they'd be contractually committed to buying their newbuild.)

kazwookie

Yes they could.


Suggest they move to rent and see what the answer is, or walk.


Personally I would walk.....as May could become June / July etc