Offer accepted 5 months ago!

lookstraightahead

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)

Did you know there was a problem with the pipes? 

jenni_fer

@Dusk1983 I think it's a little harsh to say we have strung our buyer along, we found a property originally within a couple of weeks and it wasn't really our fault that the vendot decided to pull out rather than exchange at the last second.
We have been nothing but open and honest the whole way through. Our buyer have a strong reason for wanting our property and are choosing to wait,  that is their choice. A property on our street came up last month and was sstc with days of the first viewings,  for c£40k more than we accepted. I'm shocked our buyer didn't at least try and buy that if I'm honest. 

If they do pull out,  we'll remarket with the agent we now think we'll buy through in the hope having the double interest means they work a bit harder for us as our agent has barely spoken to us since it all fell through.

Tokmon

lookstraightahead said:

Tokmon said:

lookstraightahead said:

I think it depends on what people think is putting them out.

To some, moving is a massive undertaking. To others it's nothing compared to what else might be going on in their life.

ive been divorced and had to move into rented, this was the least of my problems. I've also sold and moved into rented when looking after a very poorly relative and consequently dealing with her death at the same time.

ive also moved into rented by moving to the other side of the country and changing jobs.

I also rented when I was so skint I didn't think I would even find a room.

So I don't see the issue - I don't think it's a lot of money (if you can't afford a few months extra rent you're not in a good position to buy). 

And remember. By a seller not moving, someone else is having to pick up the flack.

im sure there is snobbiness, lack of confidence/scared, and "can't be bothered" thrown in there. To some sellers their home is their castle and it should be everyone else's castle and they should wait for it.

I always move on. To be fair though, my chains have always kept their word.

At the very least moving in to rented makes the process less efficient and more time consuming than it needs to be plus it's irrelevant whether or not it's a "lot of money" it's still extra money that doesn't need to be spent which isn't very money saving at all. Why would you want to spend an extra day of free time moving and a few thousand extra on renting when it didn't need to be done?

Quite the opposite, I find it more efficient, you sell your house, you break your chain which in every single case has meant more negotiating power for me and less cost, and you kept your buyers.

sitting in a house and not moving onwards is like hiding your money under the mattress. 

But I get some people are nervous about it. 

If it worked out as less cost overall then it would be a good decision but in most cases it would cost more due to moving twice and paying for renting.

I sold my house and I want to move to a new house. The most efficient way to do this is to move directly from my current house into a new one. That's a fact because moving twice is by definition less efficient because your goal is to end up in the new house and not an intermediary rental.

I found a house in January that I wanted to buy and I got them to accept an offer just under 5% less than they wanted because I was willing to wait until November. I then found a buyer for my place and said I wanted to move in November and as it is a desirable property I got an asking price offer from the first viewer.

So what possible benefit would there be in me moving into a rental? 
Why would I not just stay in my current home and then move directly into the new house I want?
If I moved into a rental it would just cost me more money in renting for no benefit  at all so very inefficient. 

If everyone is upfront with what the situation is like I was and the agents involved then it is possible to find people that are happy to wait.



If I had a property that was difficult to sell and I was poor at negotiating and kept missing out on properties that I wanted then I can see the benefit in moving into a rental to put myself in a better position. But it's not always the best option and it's  ridiculous to say that people are "nervous" as the reason they don't move into a rental.

climbthatwallseegar

Tokmon said:

lookstraightahead said:

Tokmon said:

lookstraightahead said:

I think it depends on what people think is putting them out.

To some, moving is a massive undertaking. To others it's nothing compared to what else might be going on in their life.

ive been divorced and had to move into rented, this was the least of my problems. I've also sold and moved into rented when looking after a very poorly relative and consequently dealing with her death at the same time.

ive also moved into rented by moving to the other side of the country and changing jobs.

I also rented when I was so skint I didn't think I would even find a room.

So I don't see the issue - I don't think it's a lot of money (if you can't afford a few months extra rent you're not in a good position to buy). 

And remember. By a seller not moving, someone else is having to pick up the flack.

im sure there is snobbiness, lack of confidence/scared, and "can't be bothered" thrown in there. To some sellers their home is their castle and it should be everyone else's castle and they should wait for it.

I always move on. To be fair though, my chains have always kept their word.

At the very least moving in to rented makes the process less efficient and more time consuming than it needs to be plus it's irrelevant whether or not it's a "lot of money" it's still extra money that doesn't need to be spent which isn't very money saving at all. Why would you want to spend an extra day of free time moving and a few thousand extra on renting when it didn't need to be done?

Quite the opposite, I find it more efficient, you sell your house, you break your chain which in every single case has meant more negotiating power for me and less cost, and you kept your buyers.

sitting in a house and not moving onwards is like hiding your money under the mattress. 

But I get some people are nervous about it. 

If it worked out as less cost overall then it would be a good decision but in most cases it would cost more due to moving twice and paying for renting.

I sold my house and I want to move to a new house. The most efficient way to do this is to move directly from my current house into a new one. That's a fact because moving twice is by definition less efficient because your goal is to end up in the new house and not an intermediary rental.

I found a house in January that I wanted to buy and I got them to accept an offer just under 5% less than they wanted because I was willing to wait until November. I then found a buyer for my place and said I wanted to move in November and as it is a desirable property I got an asking price offer from the first viewer.

So what possible benefit would there be in me moving into a rental? 
Why would I not just stay in my current home and then move directly into the new house I want?
If I moved into a rental it would just cost me more money in renting for no benefit  at all so very inefficient. 

If everyone is upfront with what the situation is like I was and the agents involved then it is possible to find people that are happy to wait.



If I had a property that was difficult to sell and I was poor at negotiating and kept missing out on properties that I wanted then I can see the benefit in moving into a rental to put myself in a better position. But it's not always the best option and it's  ridiculous to say that people are "nervous" as the reason they don't move into a rental.

 If everyone is upfront then no-one can have any complaints. I think some of the buyers on this and other threads are dealing with sellers who claimed they would move into rentals/in with family and then changed their mind. Or were selling chain free and then suddenly declared they had an onward purchase. 

Unfortunately upfront and transparent are not words I’d use to to characterise the house buying and selling process in this country! 

Flugelhorn

I had a vendor who was anything but transparent, the onward destination changed frequently and the EA was no wiser. Fortunately we were buying before selling so chain free otherwise would have driven us potty

smpNWI

In February, I resumed viewings after waiting  six months. But only told the agents to withdraw my offer once I was certain I wouldn't want it even if we could sign right away.

However, because of how the market is right now, I have failed to get another offer accepted since - and it wasnt' for lack offers either. So that's also something to take into account: average market prices now vs when you agreed on that property. Is it worth risking it?

Dusk1983

smpNWI said:

In February, I resumed viewings after waiting  six months. But only told the agents to withdraw my offer once I was certain I wouldn't want it even if we could sign right away.

However, because of how the market is right now, I have failed to get another offer accepted since - and it wasnt' for lack offers either. So that's also something to take into account: average market prices now vs when you agreed on that property. Is it worth risking it?

Exactly. Sorry to hear of your struggles but I’m wrestling with this exact question. Part of me thinks: our vendor have said they understand and appreciate our situation, so they won’t have the stomach to pull out or raise the price. So if we’re just patient enough we will end up with (by the time it happens) an amazing house below market value.

And as you say, there’s no guarantee that we can get an offer on a new place even accepted. We are also looking at chain-free places, but there aren’t many, so there’s no guarantee we won’t go back to square one in a new chain either!

God I hate the English property market.

lookstraightahead

Dusk1983 said:

smpNWI said:

In February, I resumed viewings after waiting  six months. But only told the agents to withdraw my offer once I was certain I wouldn't want it even if we could sign right away.

However, because of how the market is right now, I have failed to get another offer accepted since - and it wasnt' for lack offers either. So that's also something to take into account: average market prices now vs when you agreed on that property. Is it worth risking it?

Exactly. I’m wrestling with this exact question. Part of me thinks: our vendor have said they understand and appreciate our situation, so they won’t have the stomach to pull out or raise the price. So if we’re just patient enough we will end up with (by the time it happens) an amazing house below market value.

Unless they find somewhere that's over their budget and ask you "nicely". 

You're not paying below market value - unless you're saying it's been valued at more than you're paying (by your lender?)

Dusk1983

lookstraightahead said:

Dusk1983 said:

smpNWI said:

In February, I resumed viewings after waiting  six months. But only told the agents to withdraw my offer once I was certain I wouldn't want it even if we could sign right away.

However, because of how the market is right now, I have failed to get another offer accepted since - and it wasnt' for lack offers either. So that's also something to take into account: average market prices now vs when you agreed on that property. Is it worth risking it?

Exactly. I’m wrestling with this exact question. Part of me thinks: our vendor have said they understand and appreciate our situation, so they won’t have the stomach to pull out or raise the price. So if we’re just patient enough we will end up with (by the time it happens) an amazing house below market value.

Unless they find somewhere that's over their budget and ask you "nicely". 

You're not paying below market value - unless you're saying it's been valued at more than you're paying (by your lender?)

By next year it will be below market value.

MF2015

We offered on a house 6 months ago and the vendors have yet to find another house to buy.

Our buyer has already completed and moved out so as not to lose her buyers and she's pushing us to complete.

We approached our vendors to see if they would be willing to go into rented but was met with a flat 'no' as it's 'too much trouble with 3 children'. Even though we are relocating 200 miles, have the stress of job and school moves we offered to go into rented with the associated costs and wait for them. The only issue is we have a £6.5k early redemption fee  so would they offer anything towards it if we didn't port in time as we only has 90 days after completing, hoping it would gee them up to find something quickly. Again, they flatly said 'no'. 

We then found out that they are only considering houses in the small village they are currently in and larger than the one they have, it's 5 bedrooms, they've letter dropped every house they would like to buy and had no response. 

As you can imagine, we've lost patience and decided to move on.

We signed for a new-build that's at snagging in a better location. We should hopefully be in by the end of September and can move on with our lives.

During this time the new-build development behind the house we we're originally buying has moved closer to the garden, it will back directly onto it and last several years.

We also found out we're not the only buyers to pull out.

OP, something else will come along. The vendor needs to remember you agreed to buy their house. Not wait in limbo until they are ready unless set out from the offset.