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

Leeannero1

tink_1983 said:

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? 

If the vendors feel under pressure to find somewhere they may make a rush decision and later down the line pull out. You cant expect them to have found somewhere in a week or even a few weeks, thats not fair. This is a massive desision for them

Leeannero1

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

These things cant be rushed. There is no way renting is an easier option. Having patience is much better. 

lookstraightahead

Leeannero1 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

These things cant be rushed. There is no way renting is an easier option. Having patience is much better. 

 Not in all cases. I have found renting and splitting the chain much much easier, less stressful, and cheaper (everyone is looking for someone at the top if a chain - no chains would be successful otherwise). Each to their own though.
Overloading on the patience can be a costly and time consuming experience .

tink_1983

lookstraightahead  

Overloading on the patience can be a costly and time consuming experience .

My issue is I'm not patient so I stress out the whole time ! Think I've aged 5yrs in this last year with moving/lockdown stress !! 

WiseOwl00

I'd probably hold on for about a month, but also keep looking at the same time. See if you come across something you prefer without a chain. 

We were originally going to buy a house in July, and the vendor asked for FTBs specifically as he didn't want a chain. We waited for 3 months for him to instruct his solicitors to start the sale, and he never did. Every time we asked for an update, he'd take ages to reply and then say he'd do it tomorrow. Never happened. He finally pulled out after 3 months, admitting he didn't have a house to buy yet...

People on here are always quick to say "you need to be more patient", and people were even insinuating it was my fault they weren't instructing their solicitors when I asked for advice on here. But, not all of us are happy to wait months for a vendor to find a house. Especially those of us that have waited months prior for a house purchase just to fall through. I'd probably give it a month, see what else is on the market at the same time. If after a month they haven't got one, ask where they are with it. 

Scotbot

I have broken the chain and rented every single time. This has been influenced by the fact I have often been moving out of the area & indeed country. The only stressful part was finding a suitable rental. Setting up utilities and changing addresses is tedious but not particularly stressful. Extra moving costs were out weighed by being in a strong buying position. It's largely a mindset although I do accept the pandemic adds stress.

jenni_fer

Do you know what sort of property they are looking for? It might be helpful to understand if they are being picky or there just hasn't been anything suitable yet.
I don't know what the market is like where you are, but for us, we aren't going to be allowed to physically view anything until ours has sold, and actually, typically, nothing suitable has come on the market since we put ours up so there is a very real risk whoever wants to buy ours will have to wait a little while for us to find something.
If you think they are stalling and not serious about moving, look for something else. If you really want *that* house and you don't think they are mucking you about, have some patience and accept that the market and the pandemic means things are not that quick right now.

AnotherJoe

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.

yes they could, that was a foolish attitude to take.

As soon as mine was on the market I looked at a lot from the outside, visited a few, and when i got an offer on mine was therefore in position to offer almost immediately. With their very specific / niche requirements they shoudl ahve been looking all the time.

You could be waiting for a long time now, Id not withdraw your offer but Id certainly keep looking.

jenni_fer

AnotherJoe said:

As soon as mine was on the market I looked at a lot from the outside, visited a few, and when i got an offer on mine was therefore in position to offer almost immediately. With their very specific / niche requirements they shoudl ahve been looking all the time.

Sadly you often can't even view anything until you are proceedable these days and things tend to sell quickly so it's unlikely much if anything you have shortlisted will be on the market still at the point you sell.
I understand it, but it does hugely slow the market down

Scotbot

jenni_fer said:

I don't know what the market is like where you are, but for us, we aren't going to be allowed to physically view anything until ours has sold, and actually, typically, nothing suitable has come on the market since we put ours up so there is a very real risk whoever wants to buy ours will have to wait a little while for us to find something.

Same here you cannot view unless you are on the market but most vendors stipulate you must be  SSTC. Plus the market has been really slow to start up after Xmas presumably because of the lockdown  and uncertainty around the SDLT holiday