Sense check needed please ...

tgon

Please follow my line of thought...

1. We've just had the report from our purchase which finds evidence of subsidence from neighbouring trees and the mortgage company will not lend against it. Devastating news as we loved the house but have to walk away now.

2. We have progressed with our buyers and should exchange before Christmas and do not want to lose our sale - there seem to be more sellers than buyers around here as its taken 9 months to get to this stage.

3. Our target purchase housing market is depleted, especially at this time of the year so we cant find a house that meets our criteria, even a broadened criteria.

4. We've concluded that as we don't want to risk losing our sale and we've nothing suitable to buy, we should rent for the next 6-12 months and see if the reported slight downturn in house values for 2008 opens up more opportunities to buy and also eases the pressure off us as a no-chain purchaser. We're really exhausted with this whole scene.

I know there's loads of questions in coming to that resolution but does it make sense at all? As always, advise most welcome.

Magentasue

Makes perfect sense to me!

lynzpower

makes perfect sense to me too! I cannot see any negatives at all.

Theres this thinking that "spring" is a better time to sell. personally next spring will be no different to now IMO, people will be putting property on the market when they can literally no longer afford to keep it. I have mates on the market with no viwers at the mo. So next year, if THOSE types of vendors are still on the market, the more expensive places might well take a low offer if they are as jacked off with sitting on the market.

Brilliant plan, and dont knock renting, its often cheaper and you get the flexibility you simply dont have when stuck in a potential chain in a falling market.

Good luck x

elona

We have had our house up for sale since summer - one viewer was "very interested" , cash sale etc but has not got back to us!

He did say he liked to take his time and was going to arrange a second visit but have hear nothing.

We have decided just to leave our house on the market and hope things improve in Spring.

Have lost the house we really wanted and am trying to convince DH that maybe it is just as well as the garden might have been a bit big for him to manage!

Trying to be optimistic and as we are looking at more expensive houses than the one we have now - if house prices drop then we should save money on our next one despite getting less money for ours.