Offer accepted 5 months ago!

jenni_fer

We're the other side of this. We accepted an offer on Jan, had an offer accepted in Feb that then fell through in June and we've been searching with our buyer holding on ever since. 
Do I feel guilty that we're keeping them waiting?  Yes.
Do I think they should probably be looking for alternatives? Yes.
Would we consider moving into rented?  Not a chance. 
Many reasons why but three key financial ones:
1. 2x removal costs
2. Throwing away thousands on renting for an undefined period of time. 
3. If we don't find somewhere very soon we'll have to remarket to make up the gap between our accepted offer and the ever rising prices here. If we were to take ourselves off of the housing ladder for a period of time we could find ourselves priced out. 

lookstraightahead

jenni_fer said:

We're the other side of this. We accepted an offer on Jan, had an offer accepted in Feb that then fell through in June and we've been searching with our buyer holding on ever since. 
Do I feel guilty that we're keeping them waiting?  Yes.
Do I think they should probably be looking for alternatives? Yes.
Would we consider moving into rented?  Not a chance. 
Many reasons why but three key financial ones:
1. 2x removal costs
2. Throwing away thousands on renting for an undefined period of time. 
3. If we don't find somewhere very soon we'll have to remarket to make up the gap between our accepted offer and the ever rising prices here. If we were to take ourselves off of the housing ladder for a period of time we could find ourselves priced out. 

Sounds like you've got yourself into a bit of a pickle then. Let your poor buyers go and remarket. 

What actually do you want to happen?

Thrugelmir

Flugelhorn said:

I suspect people say "we'll move into rented" thinking it will make the purchaser more likely to offer and meanwhile assuming that they will never actually do this - viewed a property a couple of days ago, they want to move within the small village (!) and would "go into rented if no property available" - yeh right

Words are cheap. The reality is far more difficult.  Rentals are hardly in abundance in some areas. 

jenni_fer

lookstraightahead said:

jenni_fer said:

We're the other side of this. We accepted an offer on Jan, had an offer accepted in Feb that then fell through in June and we've been searching with our buyer holding on ever since. 
Do I feel guilty that we're keeping them waiting?  Yes.
Do I think they should probably be looking for alternatives? Yes.
Would we consider moving into rented?  Not a chance. 
Many reasons why but three key financial ones:
1. 2x removal costs
2. Throwing away thousands on renting for an undefined period of time. 
3. If we don't find somewhere very soon we'll have to remarket to make up the gap between our accepted offer and the ever rising prices here. If we were to take ourselves off of the housing ladder for a period of time we could find ourselves priced out. 

Sounds like you've got yourself into a bit of a pickle then. Let your poor buyers go and remarket. 

What actually do you want to happen?

Let them go?? They are free to pull out whenever they choose. They want this house though.

Unsurprisingly, I want to move house!

lookstraightahead

jenni_fer said:

lookstraightahead said:

jenni_fer said:

We're the other side of this. We accepted an offer on Jan, had an offer accepted in Feb that then fell through in June and we've been searching with our buyer holding on ever since. 
Do I feel guilty that we're keeping them waiting?  Yes.
Do I think they should probably be looking for alternatives? Yes.
Would we consider moving into rented?  Not a chance. 
Many reasons why but three key financial ones:
1. 2x removal costs
2. Throwing away thousands on renting for an undefined period of time. 
3. If we don't find somewhere very soon we'll have to remarket to make up the gap between our accepted offer and the ever rising prices here. If we were to take ourselves off of the housing ladder for a period of time we could find ourselves priced out. 

Sounds like you've got yourself into a bit of a pickle then. Let your poor buyers go and remarket. 

What actually do you want to happen?

Let them go?? They are free to pull out whenever they choose. They want this house though.

Unsurprisingly, I want to move house!

If you flipped this round, you could sell to them, then negotiate on another property if you were in rented as you would have no chain.

That's what I did - it ended up costing me less to rent for a year.

I see in your other thread you're finding it hard to get viewings / not sure what to offer etc. You might be in a better bargaining position with no chain. Maybe not, but it's no more of a risk than hanging on indefinitely. House prices can go down as well as up. 

climbthatwallseegar

@Dusk1983 similarly, the EA we are dealing with is one of the best in our area and I do not want to p*ss them of either so I’ve tried to remain polite and calm! I have sent a gentle reminder that our mortgage offer expires in 4 months but in fairness I’m sure they have tried their best to move things along with this difficult vendor. They have now started sending me details of other properties so I think they’ve given up on him tbh.

Re renting : we agreed to move into rental for our buyer when we sold a couple of months ago and it never crossed my mind to change those plans. I don’t understand how anyone can mess people around by promising one thing and then doing another. Fortunately there are plenty of places available where I live, albeit very expensive, and we moved less than a mile than the road so removal costs were minimal. I really dislike the place we are renting but I’m still glad we did it. I couldn’t wait to see the back of my leasehold and awful freeholder. Plus I prefer being chain free as a buyer. My current situation is very annoying but it would be a whole other level of stress if I was in the middle of a chain with an impatient buyer behind me.  

jenni_fer

lookstraightahead said:

jenni_fer said:

lookstraightahead said:

jenni_fer said:

We're the other side of this. We accepted an offer on Jan, had an offer accepted in Feb that then fell through in June and we've been searching with our buyer holding on ever since. 
Do I feel guilty that we're keeping them waiting?  Yes.
Do I think they should probably be looking for alternatives? Yes.
Would we consider moving into rented?  Not a chance. 
Many reasons why but three key financial ones:
1. 2x removal costs
2. Throwing away thousands on renting for an undefined period of time. 
3. If we don't find somewhere very soon we'll have to remarket to make up the gap between our accepted offer and the ever rising prices here. If we were to take ourselves off of the housing ladder for a period of time we could find ourselves priced out. 

Sounds like you've got yourself into a bit of a pickle then. Let your poor buyers go and remarket. 

What actually do you want to happen?

Let them go?? They are free to pull out whenever they choose. They want this house though.

Unsurprisingly, I want to move house!

If you flipped this round, you could sell to them, then negotiate on another property if you were in rented as you would have no chain.

That's what I did - it ended up costing me less to rent for a year.

I see in your other thread you're finding it hard to get viewings / not sure what to offer etc. You might be in a better bargaining position with no chain. Maybe not, but it's no more of a risk than hanging on indefinitely. House prices can go down as well as up. 

Our issue is the lack of suitable properties not the fact I choose not to throw money away on rent.

The point of my post was to show some sympathy for the OP and give the perspective that it's just as stressful being on the other side.

lookstraightahead

jenni_fer said:

lookstraightahead said:

jenni_fer said:

lookstraightahead said:

jenni_fer said:

We're the other side of this. We accepted an offer on Jan, had an offer accepted in Feb that then fell through in June and we've been searching with our buyer holding on ever since. 
Do I feel guilty that we're keeping them waiting?  Yes.
Do I think they should probably be looking for alternatives? Yes.
Would we consider moving into rented?  Not a chance. 
Many reasons why but three key financial ones:
1. 2x removal costs
2. Throwing away thousands on renting for an undefined period of time. 
3. If we don't find somewhere very soon we'll have to remarket to make up the gap between our accepted offer and the ever rising prices here. If we were to take ourselves off of the housing ladder for a period of time we could find ourselves priced out. 

Sounds like you've got yourself into a bit of a pickle then. Let your poor buyers go and remarket. 

What actually do you want to happen?

Let them go?? They are free to pull out whenever they choose. They want this house though.

Unsurprisingly, I want to move house!

If you flipped this round, you could sell to them, then negotiate on another property if you were in rented as you would have no chain.

That's what I did - it ended up costing me less to rent for a year.

I see in your other thread you're finding it hard to get viewings / not sure what to offer etc. You might be in a better bargaining position with no chain. Maybe not, but it's no more of a risk than hanging on indefinitely. House prices can go down as well as up. 

Our issue is the lack of suitable properties not the fact I choose not to throw money away on rent.

The point of my post was to show some sympathy for the OP and give the perspective that it's just as stressful being on the other side.

Ok - hope you get sorted and eventually manage to move.

Dusk1983

jenni_fer said:

We're the other side of this. We accepted an offer on Jan, had an offer accepted in Feb that then fell through in June and we've been searching with our buyer holding on ever since. 
Do I feel guilty that we're keeping them waiting?  Yes.
Do I think they should probably be looking for alternatives? Yes.
Would we consider moving into rented?  Not a chance. 
Many reasons why but three key financial ones:
1. 2x removal costs
2. Throwing away thousands on renting for an undefined period of time. 
3. If we don't find somewhere very soon we'll have to remarket to make up the gap between our accepted offer and the ever rising prices here. If we were to take ourselves off of the housing ladder for a period of time we could find ourselves priced out. 

Appreciate the other point of view. How
would you respond if your buyers said you have to exchange by a certain date, or they pull out?

You’ve mentioned re-listing so I suspect I already know the answer. But I wouldn’t be so confident that a) prices have risen as much as you think and b) you would find a new buyer willing to pay a
higher price anyway, especially after you’ve strung one buyer along for nearly a year!

Appreciate it’s different for every region, but the market I’m in was one of the two hottest in the country a few months back, but I have hard data showing that it’s cooled a lot. In fact despite all the hype there’s no clear price trend even when viewed over the last 6 months and the vast majority of places are not selling (average listing age is over 60 days).

MsACam

Brie said:

We were lucky that the people who offered on our house were able to wait 8 months.  Our EA kept trying to get us to move out to get the sale complete but we refused, in part due to having a cat and not knowing when we would be able to finish the purchase we wanted.  

The length of time was due mostly to the fact that we were selling 2 properties and while we had an offer on one the other didn't go through until the 3rd offer was made and that purchaser was so demanding we considered rejecting their offer when they still weren't satisfied with needing to dot all the "i"s and cross all the "t"s.  That took nearly 5 months to finalise.  

But the sale finally completed, the pain in the backside buyer had the second property, everyone moved.  And then 2 weeks later the pipes in the sold second property burst causing extensive damage.  I couldn't have been happier!!!  (I know...nasty of me)

I’m interested to understand why you were so annoyed about a buyer wanting to cross all the Ts and dot the Is. What was so bad that they did?
we’re trying to buy a house which has a sagging roof after a loft extension that’s 3 years old and we’re just given the building reg certificate but nothing else. That’s all well and good that someone signed off on the works and legally that’s “all that’s required” but if there’s evident fault with the works we’re asking for further docs and effectively being told to “stop being fussy”. Don’t need to remind people that Grenfell was also signed off on building regs and we all know what happened there...