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

lookstraightahead

Elliott.T123 said:

lookstraightahead said:

elsien said:

It’s not necessarily about being scared or lacking the confidence to move.
For me, I would only move for the right house. If I can’t get want I want, I’m staying put. But I have to be marketing my house to be able to look at/bid on others even though I’m not 100% committed to moving.
So there’s no way I’d be moving into rented if I’d not found somewhere. All I can do is be honest with buyers and see if they are willing to take the chance that I may change my mind.
Pragmatism, not selfishness. 

I get that, but what happens if you find your one in a million house but you're not in a position to move? 

If you say exactly this to your potential buyers then that's fair enough, but it stops you getting what you really want, surely? 

At least what you are telling buyers gives them the opportunity to not spend any money and to look elsewhere as well.

On the flip side of that if the buyers really are looking for a one in a million house what if they move into rented (that is less enjoyable than their previous house) and then 3 years later still haven't found the perfect house?

My parents are currently looking to move but know they are incredibly picky, they have been looking (admittedly fairly passively) for about 4 years now and in that time have seen 2 houses that may meet their needs. They know this is going to be a long process and there is absolutely no way they would spend that long in rented. They are totally up front with buyers on their property and if a situation arises where something they like comes on the market they are happy to sell theirs at 10% below market rate to get a fast sale and put them in a position to buy.  

Just out of interest, what do they find frightening about renting? Is it lack of security? 

This was my parents' issue but with the money in the bank they will always be able to live somewhere. 

I think if they are happy to sell quickly (at a bargain to say a chain free buyer) then that sounds like a plan.

But there are vendors who want as much money as possible, and to make buyers sit and wait patiently and potentially lose their mortgage offers, in order to accommodate them taking years to find the perfect property. Of course they're going to lose that buyer (as you can see with buyers on this thread) which defeats the point of selling in the first place.

elsien

lookstraightahead said:

elsien said:

It’s not necessarily about being scared or lacking the confidence to move.
For me, I would only move for the right house. If I can’t get want I want, I’m staying put. But I have to be marketing my house to be able to look at/bid on others even though I’m not 100% committed to moving.
So there’s no way I’d be moving into rented if I’d not found somewhere. All I can do is be honest with buyers and see if they are willing to take the chance that I may change my mind.
Pragmatism, not selfishness. 

I get that, but what happens if you find your one in a million house but you're not in a position to move? 

If you say exactly this to your potential buyers then that's fair enough, but it stops you getting what you really want, surely? 

At least what you are telling buyers gives them the opportunity to not spend any money and to look elsewhere as well.

I'm not actually that fussy - I don't have a huge list of criteria, I can't afford to. So I'd be hoping that I'd find somewhere reasonably quickly. But if there's nothing better than where I am in my price bracket, and you need to see places to find that out, then I'm not selling.  And I need to be on the market to properly look. Catch 22. 

rexmedorum

elsien said:

lookstraightahead said:

elsien said:

It’s not necessarily about being scared or lacking the confidence to move.
For me, I would only move for the right house. If I can’t get want I want, I’m staying put. But I have to be marketing my house to be able to look at/bid on others even though I’m not 100% committed to moving.
So there’s no way I’d be moving into rented if I’d not found somewhere. All I can do is be honest with buyers and see if they are willing to take the chance that I may change my mind.
Pragmatism, not selfishness. 

I get that, but what happens if you find your one in a million house but you're not in a position to move? 

If you say exactly this to your potential buyers then that's fair enough, but it stops you getting what you really want, surely? 

At least what you are telling buyers gives them the opportunity to not spend any money and to look elsewhere as well.

I'm not actually that fussy - I don't have a huge list of criteria, I can't afford to. So I'd be hoping that I'd find somewhere reasonably quickly. But if there's nothing better than where I am in my price bracket, and you need to see places to find that out, then I'm not selling.  And I need to be on the market to properly look. Catch 22. 

Exactly what I worry about too!

We're looking to move but haven't really done anything concrete. We've been monitoring the areas we'd consider, not exactly a large suply of perfect houses!

I'm worried that if we went on the market and we get a buyer we'd struggle to find what we want quickly enough!

lookstraightahead

rexmedorum said:

elsien said:

lookstraightahead said:

elsien said:

It’s not necessarily about being scared or lacking the confidence to move.
For me, I would only move for the right house. If I can’t get want I want, I’m staying put. But I have to be marketing my house to be able to look at/bid on others even though I’m not 100% committed to moving.
So there’s no way I’d be moving into rented if I’d not found somewhere. All I can do is be honest with buyers and see if they are willing to take the chance that I may change my mind.
Pragmatism, not selfishness. 

I get that, but what happens if you find your one in a million house but you're not in a position to move? 

If you say exactly this to your potential buyers then that's fair enough, but it stops you getting what you really want, surely? 

At least what you are telling buyers gives them the opportunity to not spend any money and to look elsewhere as well.

I'm not actually that fussy - I don't have a huge list of criteria, I can't afford to. So I'd be hoping that I'd find somewhere reasonably quickly. But if there's nothing better than where I am in my price bracket, and you need to see places to find that out, then I'm not selling.  And I need to be on the market to properly look. Catch 22. 

Exactly what I worry about too!

We're looking to move but haven't really done anything concrete. We've been monitoring the areas we'd consider, not exactly a large suply of perfect houses!

I'm worried that if we went on the market and we get a buyer we'd struggle to find what we want quickly enough!

We moved area - 3 hours away. So we moved into a rental and this gave us at least 12 months to find somewhere. When we did find what we wanted, we negotiated on price because of being chain free and got our rental money back (and more).
we had a bit of a crossover so that we could move at our leisure (didn't hand in notice until exchange).
we were more interested in area than actual house to be honest, and we didn't have a real set of criteria. Ended up in a 19th century house that needs work doing, but looked at lots of different types of housing. We actually thought we would buy a new build to start with as thought that was all we could afford.
we made some new friends while we rented, who helped us move.

Crashy_Time

With luck in three months the property you are buying will be "down-valued", has the seller thought of that?

fullah25

Just had an offer accepted on another property that's chain-free! Semi-detached in a desirable postcode 5 mins away from the other house. Not as nice as the first one but seems like it might actually happen

seven-day-weekend

We have been very lucky and each of the three properties we have bought to live in has been empty.  Our first house, we were first time buyers and the people had already moved out of the house.  

We kept this house when we moved to Spain.  The Spanish house was a Spanish family's holiday home, so all they had to do was move their stuff out, and we had nothing to sell, so just had to move in.  We didn't have a mortgage on this house.

Our bungalow where we live now was bought with the proceeds of an unexpected inheritance, plus the proceeds from the sale of the Spanish house.  It was a probate sale so was empty.  Although the purchase did not depend upon us selling the original house we bought as FTB's, we did sell it, to FTBs.  So no chain with either purchase or sale.

It must be a nightmare to be in a chain, especially a long one.

Congratulations to the OP on finding another house with hopefully, a simpler sale.

lookstraightahead

fullah25 said:

Just had an offer accepted on another property that's chain-free! Semi-detached in a desirable postcode 5 mins away from the other house. Not as nice as the first one but seems like it might actually happen

That is brilliant news.

what total time-wasters those vendors are. I'm sure this will be just as lovely when you look back.

I hope this goes smoothly op, you've been extremely patient and deserve it now.

Snow_Angel

fullah25 said:

Just had an offer accepted on another property that's chain-free! Semi-detached in a desirable postcode 5 mins away from the other house. Not as nice as the first one but seems like it might actually happen

You can make it nice and just how you want it. Great news for you. 

TripleH

When we were buying, we had a list of essential features a property required (no.rooms, garden, garage) and a list of desirable characteristics.

When it came to buying where we are now, we had a choice of a new build or a fixer upper. We got the new build because our offer on the fixer upper was rejected.

It has turned out well for us. I have a dream home, yes but I doubt it exists.