Vendor not found a house yet

Scythi

Hi all,
Wondering if anyone has ever been in this position, my vendor has not found a house yet, they are looking for one but nothing has been suitable, and conveyancing on the sale, and my sale has been on going for over a month, draft contracts are even done.
I have put pressure on and suggested they go into rental, but they have refused. I hope my buyer doesnt become impatient as me and my partner are not in a position to go into rented either!

MaryNB

I'm in a similar boat. Offer accepted nearly a month ago and they haven't found somewhere. The house was advertised as a quick sale because they found somewhere, then having to form a chain was mentioned on my first call with the EA, then he said they were buying a new build. Despite repeatedly asking, the EA couldn't give me any indication of when this new build would be finished. Them I'm told they weren't buying it and were back to trying to find a house. It's been very frustrating.

Unfortunately since chains are commonly built from the bottom up, I'm likely to be in this situation if I bid on something else. I just remind myself that this is the best house within my budget. 

You're just going to have to hope your buyer sticks with you, or reassess if you can go into a rental. Even if your vendor tells you they'll go into rental to keep you on side, nothing you can do to stop them reneging on it.

SpiderLegs

Scythi said:

Hi all,
Wondering if anyone has ever been in this position, my vendor has not found a house yet, they are looking for one but nothing has been suitable, and conveyancing on the sale, and my sale has been on going for over a month, draft contracts are even done.
I have put pressure on and suggested they go into rental, but they have refused. I hope my buyer doesnt become impatient as me and my partner are not in a position to go into rented either!

You shouldn’t really have been spending money on legals until there’s a complete chain.

iwb100

You can’t go into rented...so why should your vendor. Time to find another house to buy or just wait for them. You can’t pressure someone out of their house.

staffie1

If they want to sell, they’ll move into a rental. That’s what I did. My buyer was very patient with me, but I figured it was either that or lose the sale, and have to start all over again and not get as good an offer. 

iwb100

staffie1 said:

If they want to sell, they’ll move into a rental. That’s what I did. My buyer was very patient with me, but I figured it was either that or lose the sale, and have to start all over again and not get as good an offer. 

It entirely depends on their situation. So many factors there. And OP said they wouldn’t move into rental. I think it’s a mistake to think majority of people will. In my experience it’s a very limited group who will ultimately move into rental to guarantee their sale.