Sellers pulled out of their purchase, now can’t find house.

b303

I’m a first time buyer, currently in rented accommodation and had an offer accepted on a house at the beginning of May. Our sellers found a house and the chain was complete so we went ahead with surveys, solicitors and the like. 

A couple of months later, our sellers pulled out of their purchase and so needed to find another house. Since then, they have made offers on other houses but have been outbid and so none have been accepted. 

It has been 4 months and I’m no closer to moving in. Is there anything I can do apart from sit and wait or find somewhere else? Any advice appreciated. 

searchlight123

b303 said:

I’m a first time buyer, currently in rented accommodation and had an offer accepted on a house at the beginning of May. Our sellers found a house and the chain was complete so we went ahead with surveys, solicitors and the like. 

A couple of months later, our sellers pulled out of their purchase and so needed to find another house. Since then, they have made offers on other houses but have been outbid and so none have been accepted. 

It has been 4 months and I’m no closer to moving in. Is there anything I can do apart from sit and wait or find somewhere else? Any advice appreciated. 

unfortunately you have correctly identified your only two options in this scenario which are to wait (could be forever) or find another property. certainly do not sink any more of your money into this purchase because it may never happen unless your seller is prepared to move out into rented accommodation.

lookstraightahead

I can guarantee that while they find it perfectly acceptable for you to stay in rented, they "can't possibly" do it.

Find somewhere else op. You don't even need to tell them. They're in no rush.

MaryNB

tonygold said:

b303 said:

I’m a first time buyer, currently in rented accommodation and had an offer accepted on a house at the beginning of May. Our sellers found a house and the chain was complete so we went ahead with surveys, solicitors and the like. 

A couple of months later, our sellers pulled out of their purchase and so needed to find another house. Since then, they have made offers on other houses but have been outbid and so none have been accepted. 

It has been 4 months and I’m no closer to moving in. Is there anything I can do apart from sit and wait or find somewhere else? Any advice appreciated. 

unfortunately you have correctly identified your only two options in this scenario which are to wait (could be forever) or find another property. certainly do not sink any more of your money into this purchase because it may never happen unless your seller is prepared to move out into rented accommodation.

And bear in mind, a lot of sellers say this and then back out when they realise it's easier said than done. Or they find somewhere to buy just before exchange, drop their rental plans and delay exchange until their onward purchase is ready. They can say they'll move into rental but there's no guarantee they will until contracts have been exchanged. 

Unless this is the house you really want, consider telling the EA you'll leave your offer on the table but you will be looking at other properties. 

firebubble

I'd start looking at other places, but I wouldn't tell the EA of the place you're buying (tbh, I'd keep checking in with them and making it clear I was still interested, not a problem to wait etc). As nothing is moving with the onward sale, I would go back to your solicitor and tell them to down tools for now, and to let you know when they hear anything from the seller's solicitors, so your solicitor isn't incurring costs in the meantime, as if there is a significant delay stuff like searches may need to be redone).

When you start looking, you might find it as difficult as your sellers are to find an alternative property, so then you'll know you're in the best position. Or you might find a property you like better, or that is more of a bargain, and then you can walk away from this purchase. Your sellers will be aware that this is the risk but they obviously feel confident you'll happily wait.

delirious

We had our buyer pull out on Friday and they had buyers for their house (you’re not in Bolton are you haha). I really feel for you as it’s not a nice situation when you’re eager to get into your new house. 

london21

Been in a chain can be a pain sometimes. Your completion is dependent on them progressing.In the meantime can keep an eye out if a new property comes on the market.

TripleH

I agree with firebubble's suggestion.

The problem with moving from rented is that some buyers can take you for granted since you are in rented you might as well stay there whilst they sort themselves out 'after all it is a seller's market' but not all buyers are equal.

Look around for another property in the meantime, it might be houses at the level you are aiming for are  easier to come by.

We pulled out on a sale because the vendors onward chain (that they had conveniently forgotten to mention) collapsed and their attitude was that they'd do nothing on selling their house until they had an onward purchase sorted. We had agreed a higher price because we wanted a quick purchase so we're okay walking away.

lookstraightahead

TripleH said:

I agree with firebubble's suggestion.

The problem with moving from rented is that some buyers can take you for granted since you are in rented you might as well stay there whilst they sort themselves out 'after all it is a seller's market' but not all buyers are equal.

Look around for another property in the meantime, it might be houses at the level you are aiming for are  easier to come by.

We pulled out on a sale because the vendors onward chain (that they had conveniently forgotten to mention) collapsed and their attitude was that they'd do nothing on selling their house until they had an onward purchase sorted. We had agreed a higher price because we wanted a quick purchase so we're okay walking away.

Absolutely. The arrogance of it! Those in rented should be a vendors dream but some vendors are far too 'posh' (loosely speaking) to poo (or rent).
I don't understand how they can't possibly, or certainly won't throw money away by renting, when someone somewhere is having to do just that to make the chain work.  I have no patience for these people and just move on. They can't see beyond their own four walls and they can keep them.

on the other hand, there are some great switched on vendors  who really do want to move and get it. You need to find those people.

Suseka97

lookstraightahead said:

TripleH said:

I agree with firebubble's suggestion.

The problem with moving from rented is that some buyers can take you for granted since you are in rented you might as well stay there whilst they sort themselves out 'after all it is a seller's market' but not all buyers are equal.

Look around for another property in the meantime, it might be houses at the level you are aiming for are  easier to come by.

We pulled out on a sale because the vendors onward chain (that they had conveniently forgotten to mention) collapsed and their attitude was that they'd do nothing on selling their house until they had an onward purchase sorted. We had agreed a higher price because we wanted a quick purchase so we're okay walking away.

Absolutely. The arrogance of it! Those in rented should be a vendors dream but some vendors are far too 'posh' (loosely speaking) to poo (or rent).
I don't understand how they can't possibly, or certainly won't throw money away by renting, when someone somewhere is having to do just that to make the chain work.  I have no patience for these people and just move on. They can't see beyond their own four walls and they can keep them.

on the other hand, there are some great switched on vendors  who really do want to move and get it. You need to find those people.

I have to disagree with the 'arrogance' reference here, a bit of a sweeping statement and not always the case, methinks.  

Whilst I accept that some vendors might not show due consideration to a renters position, it isn't as straightforward as you may think.  We ended up in an Airbnb for 3 weeks having agreed to move out for our buyers whose mortgage offer was about to expire and as we had agreed to move into rental if necessary, I should add the delay in that part of the chain was down to their buyers, not us.  

But when it came to it we simply could not find anything, and it wasn't for the lack of looking - there just wasn't anywhere available to us.  LL's naturally wanted a minimum of 6 months to a year which wasn't ideal, but we'd have taken up a 6 month one if we could have got it.   The local Lettings Agents were telling us there was a serious lack of rentals in the area we were moving to and when any did come up they usually had a string of potential tenants waiting in the wings.  So our hands were somewhat tied and we were lucky that the lockdown had encouraged Airbnb's to open up to short term rentals, otherwise I'm not sure what we'd have done.

The OP should definitely keep their options open and stop throwing any more money at this property for the time being - but keep their offer on the table.  Who knows, they might find something better or the vendors might spring into action.

lookstraightahead

Suseka97 said:

lookstraightahead said:

TripleH said:

I agree with firebubble's suggestion.

The problem with moving from rented is that some buyers can take you for granted since you are in rented you might as well stay there whilst they sort themselves out 'after all it is a seller's market' but not all buyers are equal.

Look around for another property in the meantime, it might be houses at the level you are aiming for are  easier to come by.

We pulled out on a sale because the vendors onward chain (that they had conveniently forgotten to mention) collapsed and their attitude was that they'd do nothing on selling their house until they had an onward purchase sorted. We had agreed a higher price because we wanted a quick purchase so we're okay walking away.

Absolutely. The arrogance of it! Those in rented should be a vendors dream but some vendors are far too 'posh' (loosely speaking) to poo (or rent).
I don't understand how they can't possibly, or certainly won't throw money away by renting, when someone somewhere is having to do just that to make the chain work.  I have no patience for these people and just move on. They can't see beyond their own four walls and they can keep them.

on the other hand, there are some great switched on vendors  who really do want to move and get it. You need to find those people.

I have to disagree with the 'arrogance' reference here, a bit of a sweeping statement and not always the case, methinks.  

Whilst I accept that some vendors might not show due consideration to a renters position, it isn't as straightforward as you may think.  We ended up in an Airbnb for 3 weeks having agreed to move out for our buyers whose mortgage offer was about to expire and as we had agreed to move into rental if necessary, I should add the delay in that part of the chain was down to their buyers, not us.  

But when it came to it we simply could not find anything, and it wasn't for the lack of looking - there just wasn't anywhere available to us.  LL's naturally wanted a minimum of 6 months to a year which wasn't ideal, but we'd have taken up a 6 month one if we could have got it.   The local Lettings Agents were telling us there was a serious lack of rentals in the area we were moving to and when any did come up they usually had a string of potential tenants waiting in the wings.  So our hands were somewhat tied and we were lucky that the lockdown had encouraged Airbnb's to open up to short term rentals, otherwise I'm not sure what we'd have done.

The OP should definitely keep their options open and stop throwing any more money at this property for the time being - but keep their offer on the table.  Who knows, they might find something better or the vendors might spring into action.

It's not easy I agree. But it is possible for the majority of people. It's just they have their own set boundaries, and a different idea of being put out.
there are also lots of vendors who just wont. This I just do not understand. It's like saying you won't drive to an airport to get on a plane to reach your destination, you want someone else to time machine your there. They won't put themselves out but want the end result. Often in the guise of a lack of confidence though probably, or thinking renting is somehow beneath them.
"throwing money away" (by renting) is definitely a smoke screen in the whole scheme of things. I would hate to think what is going to happen when interest rates go up if people are that close to the mark.
ive been a buyer, a tenant, and a seller and a landlord. I've rented through divorce, I've rented with kids, I've rented with pets, I've moved to the other end of the country and rented. It's hard. It's not impossible.