Offer accepted 5 months ago!

climbthatwallseegar

I am in your situation with a vendor who has allegedly been looking for months. I am now actively viewing other properties and hoping I find somewhere else soon. My sense is my vendor is unrealistic about what his budget can buy but I have no idea really as he is apparently refusing to provide his EA with any real information about his search and will not disclose where he is looking or what he is trying to buy. He has also ruled out renting. I suspect he just wants to remarket the property and is stringing me along. It's fine as I've given up on the house but it's annoying that I've already wasted months waiting for this seller. 

MsACam

So rubbish - feel for OP and climbthatwallseegar! I hope it works out. I’ve been told vendor is not prepared to rent and will only move for that 1 single house they’ve had offer accepted on. Polar opposite of we’ll be going into rental as we’ve decided to move out of London. Just simply lied. So I’m also looking in case they cut the cord.

Fingers crossed for you!

Dusk1983

Following the thread. Another one also in this situation. 4.5 months. Sold and now in rented. The one move we’ve made is reminding them when the mortgage expires. Seemed to scare the EA and did get a message of understanding back from the vendor.

Been viewing other places with other agents and asked every one for advice, had a wild range of suggestions including knocking on the vendor’s door. Consensus overall though was there’s nothing much we can do to pressure the vendor.

One thing I can suggest is make a log of all listing and sold prices nearby. We’ve been doing this to preempt the vendor asking for money and/or telling us they can easily re-list and get a higher price. The data in our area doesn’t actually support it despite all the hype.

Haven’t told EA yet we’re viewing elsewhere. Latest plan we have (probably the only move left) is to wait till exactly 6 months then outright tell the EA we want their help to find an alternative because we are incredibly proceedable.

Will probably add a note saying “it’s up to you if you decide to tell the current vendor” then leave it with them. As opposed to an ultimatum. This EA has the best properties so we’d rather have them on our side and I can tell they’re also !!!!!! off at the vendors.

fusedhyperion

In the same situation - vendor had found a property, got to the point of exchange for completion on June 11th but pulled out of their purchase before exchange was completed (so we broke the chain for our buyers). 13 weeks later after they committed to go into rented and here we are! 

Echoing the sentiments shared by others - there's just nothing of any decent quality coming onto the market that we can switch to...

Moneybear

I was in the same situation but it wasn't my offer that was over 6 months. We made an offer on somewhere that we know was on the market since at least 2019. They were looking to retire in Wales and were struggling to find somewhere. They kept getting outbid and the EA was insisting they were trying to move. Sadly my mortgage val came back downvalued by 25k and they were only able to reduce PP by £10k. And we couldn't afford to go up by more than £10k. So over £5k they took it off the market instead. It made me realise it was a lucky escape as they definitely weren't going to find anywhere soon or move. 
I felt like there was nothing else more suitable but suddenly I did find somewhere even better. I'll keep my fingers crossed for you! 

Flugelhorn

I suspect the the OP's vendors are discovering that they can't get the property they want for the price they intended to  pay last year, or the year before that. 

They aren't going to find  anywhere or pay enough to get what they want - get looking at other places

Titus_Wadd

I wouldn't tip-toe around the vendor's EA; arrange to view something else listed with them, or the same chain in the next village.  They work for the vendor but knowing that you're losing heart might motivate them to nudge the seller.  In the meantime they might just find you a gem to salvage their commission.  Good luck all, I feel your pain!

youth_leader

My friend has now waited five months for her seller to find somewhere.  Unfortunately her buyer, after many assurances, bought somewhere else after a month's wait and didn't even have the courtesy of informing her.  She is back on the market and  selling through a different agent but they keep sending unsuitable viewers,  she's at the end of her tether and coming off the market next week. She did offer her seller £5K towards rental/storage costs and she refused.

lookstraightahead

This is appalling isn't it. I'm not sure why people won't just move into rented. Millions of people live in rented their whole lives yet for some it's just "not possible".

There's a huge delusion of grandeur with vendors at the moment. The tables will turn eventually.

sammyjammy

lookstraightahead said:

This is appalling isn't it. I'm not sure why people won't just move into rented. Millions of people live in rented their whole lives yet for some it's just "not possible".

There's a huge delusion of grandeur with vendors at the moment. The tables will turn eventually.

Anybody with any knowledge of the rental market at the moment would know thats not as easy as it sounds!