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

Thrugelmir

tink_1983 said:

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?

You've no control over your buyer. There's new property being listed every day now. Who knows what they may decide to do, or possibly be forced due to a change in circumstances. If the buyer really likes the property they'll wait even if they express frustration. Annoying your vendors isn't going to help either. If you aren't prepared to wait you need to be very clear with them.  

tink_1983

badger09 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.!

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 

They had been on the market since august. But couldn't really start to look till had a confirmed offer.
They have outgrown the house with 4 children and in laws moved in, so they need to move but potentially looking for something quite specific taking the in laws into account.

We have decided to go with the flow for at least 6 weeks, much as it goes against my basic personality! 
Thanks for the response :-)

Seashell517

tink_1983 said:

badger09 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.!

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 

They had been on the market since august. But couldn't really start to look till had a confirmed offer.
They have outgrown the house with 4 children and in laws moved in, so they need to move but potentially looking for something quite specific taking the in laws into account.

We have decided to go with the flow for at least 6 weeks, much as it goes against my basic personality! 
Thanks for the response :-)

You also need to bare in mind that once your vendor finds something, there may be a wait for THEIR vendor to find something and so on. And it will be that way unless you find something end of chain.

lookstraightahead

This is why I don't understand people not going into rented. In my mind it's less stressful than all this not knowingly (present OP I know you have pets so that's more difficult). All this hanging around would do my head in!

Personally if I was that first time buyer I would be actively looking elsewhere now. Sorry

badger09

lookstraightahead said:

This is why I don't understand people not going into rented. In my mind it's less stressful than all this not knowingly (present OP I know you have pets so that's more difficult). All this hanging around would do my head in!

Personally if I was that first time buyer I would be actively looking elsewhere now. Sorry

Unless you have done it, broken the chain & moved into rented, or more particularly, very temporary accommodation because you know there is only going to be a matter of weeks between sale & purchase, you cannot possibly imagine just how difficult & stressful it can be.
I do, because my husband & I, both in our 70s, are currently doing it. Believe me, it is not the easy option you seem to think it is! 

Thrugelmir

lookstraightahead said:

This is why I don't understand people not going into rented. In my mind it's less stressful than all this not knowingly (present OP I know you have pets so that's more difficult). 

Always easy to tell somebody else what to do when it's at their time and expense. Merely moves the problem out of sight. 

tink_1983

Our buyer isnt FTB luckily. He owns a 2 bed hes remortgaging to let out and buying our 3 bed to live in. 
We can all only wait for now, if he pulls out so be it. We will find a 3rd buyer !
I'd not consider going into rented either, especially with two small children and a dog. We have no family local who could host us either.

lookstraightahead

badger09 said:

lookstraightahead said:

This is why I don't understand people not going into rented. In my mind it's less stressful than all this not knowingly (present OP I know you have pets so that's more difficult). All this hanging around would do my head in!

Personally if I was that first time buyer I would be actively looking elsewhere now. Sorry

Unless you have done it, broken the chain & moved into rented, or more particularly, very temporary accommodation because you know there is only going to be a matter of weeks between sale & purchase, you cannot possibly imagine just how difficult & stressful it can be.
I do, because my husband & I, both in our 70s, are currently doing it. Believe me, it is not the easy option you seem to think it is! 

Yes I've done it every time I've moved. I've done it with young children, I've done it with moving from one part of the country to another, I've done it when selling a house because of divorce. I've moved into a studio flat and put my stuff in storage. 
Im renting at the moment and waiting to buy. When I buy I will keep my rental on for an extra month.
i know people see security differently when it comes to bricks and mortar, but for me I prefer to break my stress into bite sized chunks.

badger09

I also did it for about a year, in my 30s as a single parent with a 9 year old son,  after relationship breakdown. It was ok, and a breathing space. 

Fast forward 40 years, in the middle of a global pandemic, in lockdown. Not quite so easy. 

NatNat77

I'm porting my mortgage so can't break the chain, otherwise I would if it came to it. The thought of moving into rented with three grown up kids, 2 dogs and a cat doesn't appeal though!