Offer accepted but vendors still havn't found a house 4 months later

Dusk1983

Slithery said:

Next time don't spend any money or organise your mortgage or survey until the chain is complete.

Not sure where you guys are or when you last bought, but this looks like outdated advice and is totally out of alignment with the crazily competitive sellers market I’ve been buying in this year.

The EA actively chased our mortgage valuation and conveyancing starting from nearly day one, even though the sellers hadn’t found. Was pretty clear the offer wasn’t “real” to them until a survey was booked, presumably because of the number of time wasters out there.

In addition, I think it’s especially bad advice in competitive and rising markets because if you haven’t made any progress or an investment in the process, it’s easier for the vendor to pull out and remarket (probably for more money) without “losing” anything, especially if you start pushing them on timelines.

t2havock

You could probably get a further extension by one month -if things start progressing with the Old couple. Look at other properties in the meantime. If you find something else with the same or similar price you’ll likely be able to switch the offer to that property without a requirement for a new application. In any case if it comes to reapplication, maternity leave needn’t be an issue, the major lender differ slightly on how they want you to evidence this, but as long as you can convince them your partner will go back to her job with the same salary they will take her pre mat payslips. Halifax and TSB for instance just need a letter from you to say as such, whist Barclays want to here this from your employer. The issue here is “in between job” but suspect it’s not an issue as she may be wanting to work at a practice closer to where ever you’re moving to. Speak to a broker about what evidence she needs. It may be an idea to delay moving surgeries until you exchange on something.

Murphybear

Reading these posts over the last year or so it appears that there are a lot more buyers than there are properties.  Therefore it is realistic to understand that your vendors are taking time to find their ideal property.  Many posters on here have taken a year or more to find their ideal home.

we were looking for a bungalow some years ago, before the current housing issues.  We viewed nearly 50 before we found the perfect one.  There are some lovely bungalows where we live but they get snapped up at a speed that would make your eyes water. 

Please try and have a bit of understanding 

csgohan4

Dusk1983 said:

Slithery said:

Next time don't spend any money or organise your mortgage or survey until the chain is complete.

Not sure where you guys are or when you last bought, but this looks like outdated advice and is totally out of alignment with the crazily competitive sellers market I’ve been buying in this year.

The EA actively chased our mortgage valuation and conveyancing starting from nearly day one, even though the sellers hadn’t found. Was pretty clear the offer wasn’t “real” to them until a survey was booked, presumably because of the number of time wasters out there.

In addition, I think it’s especially bad advice in competitive and rising markets because if you haven’t made any progress or an investment in the process, it’s easier for the vendor to pull out and remarket (probably for more money) without “losing” anything, especially if you start pushing them on timelines.

but it works both ways as well, buyers spending money but seller doesn't  and still looking for properties expecting the Buyers to wait indefinitely.

This would only apply to buyers wanting their house to be sold in a chain, then I would expect the buyer to have a confirmed offer from another buyer to proceed. 

lookstraightahead

Thrugelmir said:

lookstraightahead said:

Retirement doesn't mean you're not able to look at things in a business-like way.
it's no excuse for not being fair. In fact, these sellers seem extremely savvy and want everyone else to be flexible for them. They surely know what's going on with the housing market?  In fact, they are probably extremely wise people. But selfish.

The party being selfish is the one making demands. 

Actions speak louder than words. Or inaction, in this case. They are probably so selfish, they're not even aware they're being selfish.

elsien

Waiting to move until you find the right property for you is selfish? Please explain. 

 

peterhjohnson

Dusk1983 said:

Slithery said:

Next time don't spend any money or organise your mortgage or survey until the chain is complete.

Not sure where you guys are or when you last bought, but this looks like outdated advice and is totally out of alignment with the crazily competitive sellers market I’ve been buying in this year.

Absolutely!!!

Thrugelmir

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

Retirement doesn't mean you're not able to look at things in a business-like way.
it's no excuse for not being fair. In fact, these sellers seem extremely savvy and want everyone else to be flexible for them. They surely know what's going on with the housing market?  In fact, they are probably extremely wise people. But selfish.

The party being selfish is the one making demands. 

Actions speak louder than words. Or inaction, in this case. They are probably so selfish, they're not even aware they're being selfish.

I didn't realise that you knew the vendors personally. 

diego_94

You have 2 choices:

1. look for another house
2. Wait

There isn’t a third option 

juliedee4663

It took you 12 months to find this one, what makes you think anyone else should be any quicker finding their perfect house. You either wait or look for alternatives.

Unfortunately the rental market is just as crazy at the moment, we couldn't find a rental property and moved in with family for 5 weeks to break our chain, but that was only because we were desperate to move from our previous house at all costs. Most landlords at the moment won't consider anyone who isn't prepared to commit for more than 12 months minimum.