Can’t find a house to buy after accepting an offer on mine

whitesatin

Literally days before all the chaos of the last week or so kicked off, we accepted an offer on our house explaining that although we know where we want to move to, we could only really look seriously now we’d had an offer.  Despite constantly looking online, and even viewing a few in the area which were never going to be suitable but desperation made us at least look, we still haven’t seen anything suitable and supply is drying up due to current circumstances.  Our buyers are still keen, as we are to move, but are now in a quandary as how to move this forward.  We’ve extended our search area but, in reality, this isn’t what we want.  We’ve considered going ahead and finding somewhere to rent while we continue to look, but we’re elderly and find this prospect very daunting.  It’s causing us a great deal of stress and I’m sure it is also causing our buyers similar stress.  Any advice welcome, thanks.

dannim12345

A week or so looking is nothing, just continue to look but no need to feel rushed.  The buyers should understand as this is pretty normal. 

jog

As above, you need to keep looking and be realistic about the fact that it is going to take time. We accepted an offer on our house in April, and have just exchanged contracts last week and will finally be completing in the middle of November.

We were completely clear with our buyers about the fact that we needed to find somewhere to move to, couldn’t really go into rental and have kept them informed of what has been going on with our search along the way.

Prior to having a buyer for our house we were not being allowed to view properties, so couldn’t start looking properly until then, and it does take time.
We had an offer accepted, only for the sellers to pull out a month later, three other attempts to buy, we weren’t successful with (out bid on best and final offers ) finally having our offer on the house we are actually buying accepted in late July. We found that there was not really much choice of houses in the area we were looking in and had to just keep checking everyday, and be quick to book viewings. We did expand our search area and have compromised a bit on location, but are really happy with what we are now getting. 

We last moved 17 years ago, and there is no doubt, this time has been very different to our previous moves. 

The whole process has taken a lot longer, but we have managed to get there in the end.

Good luck with your search.

Jonboy_1984

We went through this earlier in the year, accepted an offer for a buyer that “wasn’t going to hang around for 6 months and wanted us to break the chain if nothing found” and then found properties coming to market in our target area dried up and became highly competitive. One property had circa 30 viewings booked for the same day.

We offered on quite a few (at one point two simultaneously) and in end we got one 10 weeks later that we had wanted, as the second best offer when the first buyer fell through early into their conveyancing.

In the end we completed on our sale just over 5 months after accepting the offer, luckily the buyer bogged themselves down with some strange questions that bought time ( and seemed surprised the answers given to the estate agent twice, their surveyor and then in reply to their solicitors enquiries were the same each time).

I was grateful we had left all communication with the buyer to the estate agent as a layer of separation from any emotions(which is partly what they are paid for!), and that our solicitor was fully appraised of our situation.

london21

House buying can take some time.

Do not feel rushed to buy just anything.

Hopefully you find something in time, but if you don't will you be ok renting temporarily?

Scotbot

Why are you daunted by renting but not buying? Buying is a HUGE decision, renting is not. I have rented every time I have sold, most have been nondescript, one was a dive in a nice area and one was a  dream house in the dream area that I could never afford to buy. None were permanent.

Finding a rental is straightforward and not as hard as people make out if you have cash in the bank which after a house sale you will have  and your search area can be much wider than your purchase area. As for having to set up utilities,  pack etc you have to do that anyway if you buy. It is a day or two of your time 

Ath_Wat

whitesatin said:

Literally days before all the chaos of the last week or so kicked off, we accepted an offer on our house explaining that although we know where we want to move to, we could only really look seriously now we’d had an offer.  Despite constantly looking online, and even viewing a few in the area which were never going to be suitable but desperation made us at least look, we still haven’t seen anything suitable and supply is drying up due to current circumstances.  Our buyers are still keen, as we are to move, but are now in a quandary as how to move this forward.  We’ve extended our search area but, in reality, this isn’t what we want.  We’ve considered going ahead and finding somewhere to rent while we continue to look, but we’re elderly and find this prospect very daunting.  It’s causing us a great deal of stress and I’m sure it is also causing our buyers similar stress.  Any advice welcome, thanks.

Why are you moving?

If the reality of the situation is just that you want to move to a nicer area but are now finding you can't actually afford a house you actually like there, cancel the sale and stay put.

If you have to move for other reasons, revise your expectations downwards.

housebuyer143

It's been a week, houses come on all the time but if you have certain things that you are looking for, then it's going to take much longer than a week to find something and even then a little luck is needed. 

You either have to move to rented or search so your own pace without getting stressed about it. Worrying isn't going up make that dream house appear.

RM_2013

Hopefully something will come up that you like soon.  We sold (intending to rent and buy a new build next year) but then found the perfect house a few weeks later.
i agree market is moving more slowly but there are still new properties being added. 

Our vendors were in a similar position as they need to move but hadn’t found something they liked so planning to move in with family to give them more time as our offer was a good price and they’ve made money since they’ve owned the house 

good luck 

lookstraightahead

Can I ask why you're worried about renting? Is it because you haven't don't it before, because those who haven't seem to find it worrying, but those who have don't find it worrying doing it again.

Are your buyers in a chain / do they have a property to sell? Are you a cash buyer? 

Why are you moving? Is it to downsize.

babyblade41

I'm afraid if I was your buyer I would be also looking every day to see if something else came up.

What I never understand is deciding to move house isn't usually a whim & is planned for . I look every day before selling & everyday until I have an offer .I keep them in my favourites folder on RM. Even ones that aren't fully in my criteria but location is key

Once I receive an offer I call EA & ask the position of each of those that we like then whittle it down again.

We usually book viewings  in the space of a couple of days but usually have decided beforehand as we have done our own due diligence , so the viewing is just crossing the "t's" & dotting the "I's


If the move is a necessity due to circumstances then you will have to accept your criteria won't be fully met so will have to compromise or break a chain for the sale to complete.

My last sale this year , we broke the chain as are first cash buyer bowed out day before exchange , went to next in line who were desperate & in rented so from start to finish inc first buyer was 14 weeks 

TLDR. you must accept you might lose your buyer if they find something else