Vendors can’t find a house

NameUnavailable

1616six said:

We’ve been given very little info other than they are moving to be closer to work, every time I ask for an update the EA just says “the vendors are actively viewing properties however yet to find anything that suits them”

Pretty generic response. These replies to my thread have kind of confirmed the niggling feeling I’ve been having - time to start looking again I think.

I'm not sure what else the EA can tell you, if they haven't found they haven't found. The problem is that you don't know what's in their mind - are the really fussy sorts who pick fault with everything they see and won't compromise? Are they looking for something that just doesn't exist? Or are they perfectly reasonable people with sensible expectations but that there really are no houses coming on the market in their range.

I don't think you can pressure them to find something - they would probably tell you to find something else if you can't wait. Which is probably what you should start doing....

MobileSaver

NameUnavailable said:

1616six said:

the EA just says “the vendors are actively viewing properties however yet to find anything that suits them”

I'm not sure what else the EA can tell you, if they haven't found they haven't found. The problem is that you don't know what's in their mind - are the really fussy sorts who pick fault with everything they see and won't compromise?

The father of a friend of mine was like this; he kept putting his desirable property on the market, accepting offers from excited buyers then leaving them waiting and waiting because he couldn't find the perfect next property for himself.

I can't remember the exact details now but this went on for years and years and years, all the time wasting time and money and bringing huge disappointment for countless buyers. I always thought it was appalling behaviour but he just didn't care, it was all about him.

jenni_fer

lookstraightahead said:

jenni_fer said:

RM_2013 said:

jenni_fer said:

We're the other end of this scenario.

Having read through all the comments I see the usual people have the unrealistic expectation that people will be willing to move with no where to go.

We first accepted the offer on our property in Jan, we were outbid somewhere mid Jan, found somewhere in March which then fell through, were outbid when it was put on for more in April, offered crazy over asking on a property but were still outbid around May, were strung along with an off-market property that they eventually decided not to sell in July, now in Sept we are offering on another property. Along the way we have seen 3 or 4 properties for every one we've offered.

Our buyers are still waiting because a) we are trying and have been honest and  b) there hasn't (until this month) been anything comparable in the area.
I fully expect that they will have viewed the similar property and probably offer on it. If they do, then I'd be happy for them. We'd then hopefully be allowed to not have to re-sell ours until we had found somewhere to buy. The key being, we don't want to SELL our house, we want to move house.

As the vendor, I would absolutely expect you as a buyer to be still looking until such time as the chain is complete. Just be mindful that further up the chain there are far fewer houses to choose from and in our experience, often 10 people bidding on the same property. It's easier said than done to 'hurry up'.

I can see it totally from both sides and if we were in our vendors shoes we would want to make sure that our money is being spent on something we really really want to move into.  I’m not an unreasonable person (maybe just a little impatient!!) my main issue is the worry that the longer they take to find somewhere the more likely they will pull out of the deal.  I will wait for the house because I believe it’s the right house for us but we will find ourselves in a difficult position once our buyer is ready to go because they will want to move

i really wish there was an abundance of lovely houses on the market suitable for everyone!! 

If anything, this (2nd) time around I feel like we can't give up because I dont want to let our poor buyers down. My current house is lovely and I want to be able to sell them it.

They will find something else just as nice if you decide not to move. You sound as though you want to stay. Might be best to put them out if their misery so that they can move on, it's just going to cost them more and more to buy it.

Nonsense!

RM_2013

Reading through this thread has really helped me out perspective on things.  I had been feeling very anxious about our vendors not yet finding an onward property but I can see from a wider perspective now.  

I’ve been searching on rightmove for new properties being added to the market in all price brackets and there really is not much coming on so understand my vendors might take time.  I just have to hope that they can find something and don’t have a change of heart and decide to stay put.
in the meantime I will continue to look at properties with a view to making an offer if something comes up with no chain. 

Good luck to everyone still looking 

1616six

We finally have an update 

On Tuesday I asked for an update from the EA who just said still no progress

I replied saying ok I completely understand however due to the fact our mortgage offer will be expiring in December and new rates will mean the asking price will potentially be out of our budget, we will now be looking again too.

Email from the agent today saying the vendor has agreed to break the chain and will move in with family until they find somewhere.

Happy days.

Ive now got the stress of trying to get the full conveyancing done and complete the sale before Xmas. Going to be tight.

RM_2013

1616six said:

We finally have an update 

On Tuesday I asked for an update from the EA who just said still no progress

I replied saying ok I completely understand however due to the fact our mortgage offer will be expiring in December and new rates will mean the asking price will potentially be out of our budget, we will now be looking again too.

Email from the agent today saying the vendor has agreed to break the chain and will move in with family until they find somewhere.

Happy days.

Ive now got the stress of trying to get the full conveyancing done and complete the sale before Xmas. Going to be tight.

This is good news.  We had a similar update this week.  Our vendors still haven’t found an onward purchase (well as of end of last week when EA spoke to them).  The EA has said that vendor won’t want to risk losing the sale so will move into rented if needed.  Just now have the stress of how long we leave this before trying to get this nailed down.  Our mortgage offer expires 1st mar so we have a little time but depends on if our buyers FTB push for an earlier moving date 

lookstraightahead

Great news.

Quite honestly there's so many threads about vendors not moving I'm glad the table is turning somewhat.