How long is too long? Vendors haven't found a property

Ksenby30

Hello Everyone!

Just wondering your views on the following situation myself and my partner are in at present. 

We are first time buys who had an offer accepted on a property two months ago. We have our mortgage set up, which stands for 6 months (now 5 months). We have had all of our checks done by our solicitors, who are now ready for completion. 

The vendors have been viewing properties and have had numerous offers turned down. Our advisor had informed us this is not unusual given the current market, and it is extremely competitive. However, it does make us question if they are putting in offers high enough. They are cash buyers which speeds things up abit I suppose.

Regardless, we have recently had a change in circumstances in relation to my partners job. Whereby he is going to re-train in another job entirely within the next year. There is absolutely no other way around this and is has come as a shock to us both. Obviously, this will impact our mortgage offer as it will be considered a change of job.

At times, it feels as first time buyer still living with parents, we are taken advantage of because we are seen not being in a rush to move forward. But this is not the case.

The ultimate question I'm asking is how long is too long to wait for a vendor in this current market?
At what point should we put pressure on them? We are obviously concerned now this is a time crunch (keeping in mind we don't know if they will be in a chain or not).
Is it rude of us to ask them to move into rented? If not when should we consider this? 

Thank you for your advice in advance!

kazwookie

Start suggesting to the EA, that the vendors should be looking at a rental until they find some thing suitable, and you can complete and move in.

If they won't look to a rental, time for you, to look else where.

I'd give them another month.

boxer234

I wouldn’t have started solicitors work until the chain was complete.  It took me a year to find a house granted I have nothing to sell so no issue but it’s a difficult market at the moment.  Renting is difficult especially with children or pets.  

lookstraightahead

I would have walked away a long time ago 😕. Vendors (and sometimes buyers) who think their comfort is more important than yours aren't worth the effort.

They've messed up your plans 

lisyloo

It’s not rude to ask what their situation is regarding moving into rented accommodation.
I do think it’s something I’d be prepared to do but I would be prepared to be honest, give updates ans put effort into finding somewhere.
they owe you transparency and updates.
nothing wrong in asking for that.

Slinky

How long were you looking before you found this house? Longer than 2 months?

There's often 'move into rented' touted about. I've just done a quick search on my town. There are 60 properties for sale and just 5 up for rental, none of which is larger than a 2 bed and 3 of them are flats. Would be no use for a family with pets.

It's frustrating OP, but ditching this vendor and trying to start again with another probably won't be any quicker.

Ksenby30

Slinky said:

How long were you looking before you found this house? Longer than 2 months?

There's often 'move into rented' touted about. I've just done a quick search on my town. There are 60 properties for sale and just 5 up for rental, none of which is larger than a 2 bed and 3 of them are flats. Would be no use for a family with pets.

It's frustrating OP, but ditching this vendor and trying to start again with another probably won't be any quicker.

We had our eyes on the market for around a year and a half before. Although we where somewhat reluctant due to the pandemic.

The situation for them is that they're both older, both retired without family or pets.

Regardless, the last thing we want to do is put too much pressure on and as you say have to start again. 

Ksenby30

boxer234 said:

I wouldn’t have started solicitors work until the chain was complete.  It took me a year to find a house granted I have nothing to sell so no issue but it’s a difficult market at the moment.  Renting is difficult especially with children or pets.  

Our advisor recomended us to start the checks as soon as possible with the view of how long they take in the area we live in. At present this is the only thing we have paid for in terms of solicitors. 
With regards to the there circumstances with renting they are both retired, with no family and no pets.

Slinky

nanceli96 said:

Slinky said:

How long were you looking before you found this house? Longer than 2 months?

There's often 'move into rented' touted about. I've just done a quick search on my town. There are 60 properties for sale and just 5 up for rental, none of which is larger than a 2 bed and 3 of them are flats. Would be no use for a family with pets.

It's frustrating OP, but ditching this vendor and trying to start again with another probably won't be any quicker.

We had our eyes on the market for around a year and a half before. Although we where somewhat reluctant due to the pandemic.

The situation for them is that they're both older, both retired without family or pets.

Regardless, the last thing we want to do is put too much pressure on and as you say have to start again. 

So it's likely that this may well be their last move, they will want to get it right.

How long have they been in the house? If it's a long time, I think it would be unlikely they will want to move into rented and then move again.  I know I wouldn't.

Thrugelmir

nanceli96 said:

The vendors have been viewing properties and have had numerous offers turned down. Our advisor had informed us this is not unusual given the current market, and it is extremely competitive. However, it does make us question if they are putting in offers high enough.

If you are proposing to pressurise your vendors by suggesting that they offer more just to accomodate you. You may well receive a frosty response and a strained ongoing relationship throughout the process. . 

Flick85

It's a tricky one... as you know, the market is ridiculous at the moment. I accepted an offer on my flat 6 weeks ago, and in the interim no suitable existing properties have come onto the market at all. Not a single one, and I'm not really being all that picky - except I'm only looking in 1 town and require a utility room or space to put one in - but other than that, my wish-list is flexible and budget healthy for what I was hoping for in the area I'm looking. I've actually ended up reserving a new build for 70k less than my max budget which meets my requirements, but won't be ready til December at the earliest. And, that was the only new build hitting those key points that has come on the market too.

There's no harm in you looking at other properties while you are waiting. But, given it took you 18 months to find this one, you may not find something else quickly. So, personally, if I were you I would be reluctant to withdraw entirely. The oft-touted 'they should go into rental' advice given here isn't as easy as it may seem, where I am you're looking at 12 month minimum term on rented, which isn't likely to work for someone looking to buy...

I appreciate this isn't particularly helpful, but just thought I'd share the alternative perspective atm.