Selling my house

khickey88

OK so I've sold my house to a 1st time buyer (all 11 offers were off 1st time buyers) and didn't want to go through with the sale until we found somewhere and had an offer accepted. We thought we was in a good position selling to a end of chain. We've currently missed out on 5 houses now even though we've offered asking price and above. Is it worth us going through with the sale and temporary renting? 
We are a family of 4 and the and the rent would be double what I'm paying now on my mortgage. 
Is it really much improvement in buying position than what I am now? And is it worth it? 

davilown

It all depends on your position- why are you moving? It’s difficult and I’m in the same position as you. We’re going to rent for 6-12 months and just write that cash off

getmore4less

If they will they wait then there is not a lot of difference.

seems pretty popular property if they drop out would finding another buyer become a problem.

if you have the  leeway on the LTV pump 12months of double mortgage money into your offers see if that helps.

UnderOffer

How long ago did you sell and accept their offer? When I’ve previously sold we had waited 2 months for the vendor to find an onward purchase, I didn’t think that was too bad and was happy to give them time. 

lookstraightahead

I break the chain every single time. You will probably make the money back on negotiation for having no property to sell, and gives you flexibility for an overlap in you need it. 

You do have to consider whether you will still be able to get a mortgage down the line compared to now though.

I think we have swayed far too much into the territory of "making people wait for the privilege of buying my house" and that's why people walk away. 

khickey88

We are looking for a bigger house as we've had 2 kids since we bought this house. It is a popular house and area its newly built in 2015. We only have 50k left on the mortgage. It was last July since we accepted the offer I I'm shocked they are still waiting. We did turn down a 5k bigger offer but that was a day after we accepted this offer. I have no worries about reselling it if I have to and would definitely get more. Its just the going forward and buying a house is where we are struggling. I didn't want to rent if it only going to put us in a slightly better position I'd have fears of us renting for years and panicking into buying a house we didn't really want. 

fishfingerbutties

It's a really common problem at the moment, there is a lack of decent supply to buy, but also in a lot of areas rentals are really hot too. And chains are falling apart left, right and centre as people get frustrated and patience is sorely lacking!

I'm having the same kind of thoughts too, as I've got 2 offers on my property but both more than asking and a lot more than I was expecting. But I've only just got those, so I'm setting myself a time limit to find an onward purchase before just accepting that renting while painful financially and hassle wise might be the best option. 

How long has it been since you accepted offer? Would you easily sell again if your buyers pulled out? Do you have to move or do you want to move?  Are you moving in the same are and kids going to the same school, or will that be an issue too? These are all the kinds of things to be asking yourself. 

khickey88

Accepted the offer last July 😳. It would easily resell again in days more than likely for more. No we don't have to move its more we want to move we still love the house its the size that's the problem and the it was always the plan to move. Area's we are looking at are  the same distance to school my daughter started back in September.

So to make it simple 
I'm not worried about losing the buyer. 
I'm not pushed to move out. 
Staying where I am is by far the cheaper option than renting 
If we had to resell I'm be certain we'd get a better offer and still be a 1st time buyer. 
I'd want renting to better our chances of having an offer accepted massively than the position we're in now for me to consider. 

Slinky

People have this idea that being in rented makes for a fast move. My friends sold to a person in a rental, who said he could move quickly, and who then strung them along for the balance of his rental contract as he didn't want to be paying both rent and a mortgage.  A lot of rentals now come with a 12 month contract which could limit your chances, or be expensive to pay for both, and I've seen plenty of people on here saying they've struggled to find a suitable rental to move into, particularly if they have pets.

Given your buyers have waited nearly a year, you may as well stay where you are for now til you find that onward purchase.

UnderOffer

You accepted an offer last July and your buyers are still waiting? They have been incredibly patient. I’m surprised they aren’t putting more pressure on you. If they are happy to wait just keep looking, sounds like if they get fed up you’d easily sell again.  

Weathergirl_76

Your buyer has been very patient. If you are struggling to find something, let them know (im sure you have done already). I think as long as people know what’s happening, they can make their own minds up. If they are not tied into a sale, and are FTB then keep looking until something comes up. Contact all local agents in areas you are looking so they contact you as soon as a prospective property is listed. Get alerts set -up on Rightmove too. Good luck.