How long do we wait for vendor to find onward purchase?

tink_1983

Good morning, seeking advice from more rationale minds!
We have a buyer and an offer accepted on a new house., but vendors dont have onward purchase yet. 

It's been a week since they accepted our offer which isnt long, but how long is fair to wait before my buyer gets annoyed and walks?

We have been burnt with buyers and vendors dropping out so I'm very cautious not to get too attached.
My partner suggested we wait another week so 2 weeks in total and then maybe we start to look at other houses. Or should we push the EA now? It's the same EA that has sold ours and selling our purchase so big money for them! 
Is that reasonable or are we impatient? 

[Deleted User]

I think expecting your vendors to find a suitable property within 1 week is quite harsh, especially with the current pandemic situation. 

tink_1983

Deleted_User said:

I think expecting your vendors to find a suitable property within 1 week is quite harsh, especially with the current pandemic situation. 

I know its harsh, but we have been burned and I just want to be prepared is all.
Prepared that if they find nothing they will pull the house and weve looked at nothing else in the mean time.

cattie

You are being quite unrealistic in your expectations. It could take a couple of months or more before vendors find anything suitable, especially as oozle mentions, we're in a pandemic situation & travel is restricted. All areas of life are currently affected & none of us know how long for.

What would be the  point in pushing the ea? He can't force or conjure up a suitable new home for the vendors?  If  you really want the house then be prepared to be patient or look for a house with no onward chain.

[Deleted User]

tink_1983 said:

Deleted_User said:

I think expecting your vendors to find a suitable property within 1 week is quite harsh, especially with the current pandemic situation. 

I know its harsh, but we have been burned and I just want to be prepared is all.
Prepared that if they find nothing they will pull the house and weve looked at nothing else in the mean time.

Of course there is no harm on keeping an eye on right move, but even if you found another property, had an offer accepted etc, the vendors of that house will need to find a property, so what is the difference? The only way you can avoid this is if you buy something that is chain free. 

Out of interest, how long did it take you to find your property after you sold yours?

tink_1983

cattie said:

You are being quite unrealistic in your expectations. It could take a couple of months or more before vendors find anything suitable, especially as oozle mentions, we're in a pandemic situation & travel is restricted. All areas of life are currently affected & none of us know how long for.

What would be the  point in pushing the ea? He can't force or conjure up a suitable new home for the vendors?  If  you really want the house then be prepared to be patient or look for a house with no onward chain.

Thank you.
We do want the house. But not willing to wait months and months for chain to complete. No chain underneath us.
We are bursting at the seams in our current home especially now two of us are WFH.
Appreciate I'm being unrealistic, helps to get the outside perspective to reinforce it! 

tink_1983

Deleted_User said:

tink_1983 said:

Deleted_User said:

I think expecting your vendors to find a suitable property within 1 week is quite harsh, especially with the current pandemic situation. 

I know its harsh, but we have been burned and I just want to be prepared is all.
Prepared that if they find nothing they will pull the house and weve looked at nothing else in the mean time.

Of course there is no harm on keeping an eye on right move, but even if you found another property, had an offer accepted etc, the vendors of that house will need to find a property, so what is the difference? The only way you can avoid this is if you buy something that is chain free. 

Out of interest, how long did it take you to find your property after you sold yours?

We sstc 28th december and within week we offered after viewing 6 houses.
This was after a chain fell through on 23rd December on day of exchange, so it's all been quick for us so waiting feels like its stopped.
Il be patient, but will monitor RM. I feel more detached from it since the last one fell through and broke my heart.!

[Deleted User]

tink_1983 said:

Deleted_User said:

tink_1983 said:

Deleted_User said:

I think expecting your vendors to find a suitable property within 1 week is quite harsh, especially with the current pandemic situation. 

I know its harsh, but we have been burned and I just want to be prepared is all.
Prepared that if they find nothing they will pull the house and weve looked at nothing else in the mean time.

Of course there is no harm on keeping an eye on right move, but even if you found another property, had an offer accepted etc, the vendors of that house will need to find a property, so what is the difference? The only way you can avoid this is if you buy something that is chain free. 

Out of interest, how long did it take you to find your property after you sold yours?

We sstc 28th december and within week we offered after viewing 6 houses.
This was after a chain fell through on 23rd December on day of exchange, so it's all been quick for us so waiting feels like its stopped.
Il be patient, but will monitor RM. I feel more detached from it since the last one fell through and broke my heart.!

Ok, I'm getting the sense that this house is a bit of a panic buy for you. Stop and have a real think about if you really do want this house. I appreciate if living conditions are difficult at the moment but that is only a short term inconvenience. If this is not the house for you then its better to change your mind now rather than getting buyers remorse 1 week before exchange. 

Nothing you can do to push things through any faster unless as mentioned you buy something with no onward chain. 

tink_1983

Deleted_User said:

tink_1983 said:

Deleted_User said:

tink_1983 said:

Deleted_User said:

I think expecting your vendors to find a suitable property within 1 week is quite harsh, especially with the current pandemic situation. 

I know its harsh, but we have been burned and I just want to be prepared is all.
Prepared that if they find nothing they will pull the house and weve looked at nothing else in the mean time.

Of course there is no harm on keeping an eye on right move, but even if you found another property, had an offer accepted etc, the vendors of that house will need to find a property, so what is the difference? The only way you can avoid this is if you buy something that is chain free. 

Out of interest, how long did it take you to find your property after you sold yours?

We sstc 28th december and within week we offered after viewing 6 houses.
This was after a chain fell through on 23rd December on day of exchange, so it's all been quick for us so waiting feels like its stopped.
Il be patient, but will monitor RM. I feel more detached from it since the last one fell through and broke my heart.!

Ok, I'm getting the sense that this house is a bit of a panic buy for you. Stop and have a real think about if you really do want this house. I appreciate if living conditions are difficult at the moment but that is only a short term inconvenience. If this is not the house for you then its better to change your mind now rather than getting buyers remorse 1 week before exchange. 

Nothing you can do to push things through any faster unless as mentioned you buy something with no onward chain. 

We do love the house, its big enough with room for my children to grow and have space, and in lovely area.
But yes it's all been fast since the last chain collapsed. Weve put nothing financially in yet as the chain not complete so we have time to reflect.

lookstraightahead

Hi tink you know my opinion from other threads 😊
i wouldn't hang around too long, you might lose your buyer if you do (as per my impatience)

badger09

tink_1983 said:

Deleted_User said:

tink_1983 said:

Deleted_User said:

I think expecting your vendors to find a suitable property within 1 week is quite harsh, especially with the current pandemic situation. 

I know its harsh, but we have been burned and I just want to be prepared is all.
Prepared that if they find nothing they will pull the house and weve looked at nothing else in the mean time.

Of course there is no harm on keeping an eye on right move, but even if you found another property, had an offer accepted etc, the vendors of that house will need to find a property, so what is the difference? The only way you can avoid this is if you buy something that is chain free. 

Out of interest, how long did it take you to find your property after you sold yours?

We sstc 28th december and within week we offered after viewing 6 houses.
This was after a chain fell through on 23rd December on day of exchange, so it's all been quick for us so waiting feels like its stopped.
Il be patient, but will monitor RM. I feel more detached from it since the last one fell through and broke my heart.!

Completely understand the ‘broke my heart’ comment. Been there (Oct 13th & Nov 18th, not that it’s seared on my memory😢). 

I do think you should give vendors a bit longer, especially if they’ve only just put theirs on the market. Do you know why they are moving? Obviously they don’t need to say, or even tell the truth, but that might give you a clue as to how motivated they are to find somewhere