Seller taking time to find new home

FlyMeSomewhere79

Hi All

I sold my property to a first time buyer on 31st Oct and had an offer accepted on another property on 2nd November.

Paperwork wise everything is ticking along nicely but our sellers are making us a little nervous as they are still yet to find another property, apparently they have a second viewing on a house they like so hopefully they will have somewhere soon but according to our agent the family are looking to upsize but are limiting themselves to a small area and limited budget so it plays on our minds what will happen if this drags on too long.

The agent did say that it's not infeasible for sellers to have to vacate into temporary accommodation if it takes them too long to find somewhere - does anyone have any experience of this? We can't go into temp accommodation because we have indoor/outdoor cats and it just isn't a workable option for us. 

The guy does seem to get I think and hope as he asked the agent if there was any pressures on our side and I've explained to the agent that there will be at some point because my buyers are a guy and his mum, his gran is also moving in and they are currently stuck in rented accommodation - whether they are all individually paying rents I don't know but I think they'll want to be in as soon as they feasibly can.

It's a tricky juggling act isn't it! 

youth_leader

So sorry, everything is so uncertain and stressful up until exchange, and people could well be coming off the market over the Christmas period. I sold in the May, and it took me several months to find a suitable property within my budget.

I hope your vendor does find somewhere soon, and you can have your survey.  As for the EA saying it's not unusual for vendors to break the chain to go into rented property, because of the recent interest rates increase, some landlords are selling, so rented properties are in short supply.  Personally I wouldn't go into rented if I sell again, too expensive and disruptive.  

Hoenir

Have you received your mortgage offer yet? 

FlyMeSomewhere79

The seller runs the risk of losing the house sale if he doesn't make enough effort or agree to vacate because several months isn't really workable, we need somewhere to go once the sale of our property is complete. Most buyers aren't going to be happy to sit for many months waiting for someone down the chain to find their dream home. There's plenty of property on the market currently, it's about not being ridiculously picky.

He has seen houses he really likes so that's a step in the right direction.

cymruchris

Boot on the other foot - I've had my house for sale for a few months. Originally accepted an offer from someone who had to sell their house first. Because of that I haven't viewed any onward properties, as I wanted to wait until their house also had a firm offer. (I didn't want to make those I would buy from wait while my buyer found a buyer). As it's happened after being patient, their house didn't sell, so it's gone back to market, and has sold again. I'm waiting confirmation that they have everything in place this time before starting my viewings and making offers.

To be fair it sounds like the sellers are of a similar frame of mind.

It's a difficult balance - but I wouldn't want to be offering on a property whereby mine hadn't actually sold yet, and things were definitely ready to progress. If this all happened only 3 weeks ago, I think you might be jumping the gun a little. They do need time to view a few properties, and you need a little patience. You're not a first time buyer, so it should be understandable that these things take time.

When houses were selling like Dunkin Donuts - then yes - things might have moved at pace. Things are a little more fragile now - and although people still want and need to move - it's not quite a 'snap it up' before it's gone market. Everyone is (and should be) a little more cautious.

I'm sure it'll all work out - the time I'd worry would be if after around 3 months they still hadn't found a place to live in the current climate.

FlyMeSomewhere79

Cymruchris, we are at a stage where both homes are sold subject to contract, mortgages are now in place for both properties, solicitors paperwork has be been filled out for both properties, searches have been paid for and currently in progress for both properties. What would you be waiting for at this stage? Contracts to exchange before you agree to view properties? That's not practical or justifiable and thankfully my seller isn't thinking that way, he e knows he's sold his house and they have been viewing and have a second one on a house they like.

Mortgage offers don't last forever, sellers have to play fair and look for houses as soon as they can.

FlyMeSomewhere79

Hoenir said:

Have you received your mortgage offer yet? 

Hi, yes the mortgage is in place, solicitors paperwork filled in, searches underway and paid for. That's why we need the seller to find something sooner rather than later because the process is going pretty smoothly so far. Mortgage offers do expire after so long so the seller has to respect that element of things too.

propertyrental

3 weeks is nothing. People (eg your sellers) are making a massive decision that will impact their lifestyle, positively or negatively, for years to come. Not to mention the financial commitment.

I really don't understand posters here who expect their buyer or seller to make 'quick decisions'. Yes, it's frustrating, but it's totally understandable and rational.

Be patient!

FlyMeSomewhere79

propertyrental said:

3 weeks is nothing. People (eg your sellers) are making a massive decision that will impact their lifestyle, positively or negatively, for years to come. Not to mention the financial commitment.

I really don't understand posters here who expect their buyer or seller to make 'quick decisions'. Yes, it's frustrating, but it's totally understandable and rational.

Be patient!

You are jumping on me for nothing but people like you always lurk on forums waiting for an excuse to be superior.

I never said three weeks was too long and I was not showing any signs of impatience! I'm asking for people's experience that happens of weeks turn into months of the seller's not finding anywhere, what if a very difficult situation occurs where contracts are exchanged and my buyers need to be in.

I just knew somebody would feel the need to twist me saying it's been three weeks! I've seen first time buyers being abused on these forums and I know how they feel, when you are only asking for experience of the what ifs yet instead get accused of throwing some kind of fit of frustrated impatience which I just don't feel right now. I'm just trying to prepare for any future issues that may possibly arise but hopefully won't.

FlyMeSomewhere79

Can I ask that people please only post genuine advice or experiences. I am future thinking, I'm not impatient or frustrated or demanding my sellers buy a house instantly.

As an intelligent person I thought it would be great to come on this forum and research worst case scenarios. I don't think my sellers will be a problem, I personally told the agent that I don't want to put unwarranted pressure on them. I do have whatever my buyers expectations to manage also so that's why I wanted other people's advice and experience.

Propertyrental decided to turn my query into something unpleasant. 

housebuyer143

You don't exchange contracts with your buyer until everyone is ready, so there is no pressure to move based on this. The choice is really you move into rental and sell and wait, or you all wait and hope the top of the chain finds something, baring in mind that those sellers may also have to find something. 

You have said it yourself, they are looking for a specific house, in a small area with a limited budget... Realistically they will wait until that house comes up. It could be 6 weeks or 6 months, it depends when it comes up.