How long do we stick this out?

ellsbells97

We're FTB and 9 months in on buying our property. To make it easier, we'll call our sellers B and their sellers (current top of the chain) C. At our end, the purchase has been simple and we signed our paperwork in October. 

We had initial delays because the house B were buying had some verrrry slow land registry-related issues which got resolved in January. We were preparing to exchange, due for completion in late Feb, however C's mortgage lender withdrew their offer at the 11th hour due to a missed request for info around a previous subsidence claim on the property they were buying (we think this is what happened anyway - this came via the EA so don't have the full story). 

C decided to withdraw from their purchase. They then got another offer accepted on a (chain-free) property a few weeks later, but then got gazumped. Per the EA, they have been viewing other properties since then. 

Lots of (annoying) family members and friends have told us to threaten to pull out - however I don't really understand what we'd be 'bargaining' for in doing so as C are currently seemingly doing everything they can to secure an alternative property. The house we're buying is a steal for the money and B will have no problem getting another buyer if we were to pull out, so if we did threaten this I feel that we'd just get an "okay, see ya!" rather than any movement at all. 

I know that if we did think about moving on, we never know how quickly we'd find something, get an offer accepted... all to risk ending up in an equally as nightmarish chain. We're just so sick of this rubbish situation in which we are getting nowhere with no end in sight. I guess I'm half venting, half asking for advice on how long we should stick this out.

Mark_d

"The house we're buying is a steal for the money"

If it was a steal, someone else would offer more money than you and get if for "slightly less of a steal but still a steal."

You've been waiting for 9 months already.  I would give B an ultimatum and pull out if they don't get a move on.  If B are serious about their sale, they would move into a rental property.

eddddy

ellsbells97 said:

Lots of (annoying) family members and friends have told us to threaten to pull out...

There's no real point in pulling out and/or giving ultimatums, if you don't have an alternative plan.

Maybe start looking at properties again, and if you find one you like, at that point, review the situation with your current property - and decide whether you want to make an offer on the new one - and if you get that offer accepted, pull out of your current purchase.

Tell the estate agent that you're looking at properties again. Then the estate agent might pass that info up the chain, and the appropriate agent can encourage C to get moving.

saajan_12

I would just start looking elsewhere. There's no commitment or monogamy with houses, you can look elsewhere and even start on checks if you find one you like (nearly) as much. If this one comes through then you can come back to it. 

No need for ultimatums etc as there's little they can do. 

ReadySteadyPop

Mark_d said:

"The house we're buying is a steal for the money"

If it was a steal, someone else would offer more money than you and get if for "slightly less of a steal but still a steal."

You've been waiting for 9 months already.  I would give B an ultimatum and pull out if they don't get a move on.  If B are serious about their sale, they would move into a rental property.

Not necessarily, demand is way down in some areas now.

Herzlos

ReadySteadyPop said:

Mark_d said:

"The house we're buying is a steal for the money"

If it was a steal, someone else would offer more money than you and get if for "slightly less of a steal but still a steal."

You've been waiting for 9 months already.  I would give B an ultimatum and pull out if they don't get a move on.  If B are serious about their sale, they would move into a rental property.

Not necessarily, demand is way down in some areas now.

Do you not get bored of the constant doom and gloom and the need to shoehorn it in everywhere?

Bonniepurple

It’s so hard. I don’t *think* you’re my brother’s buyers (although the timelines are similar!). He’s actually decided to sofa surf for a bit to make sure his buyers can actually buy.  There’s also a house come up which would be better-but more expensive and he’d need to restart the process.  He’s been waiting for all his ducks (finances, job, house, buyer) to get in a row for 5 years and he just wants to move.  I also want him to to move (he is hopefully moving half a mile away from me), not least because as a single man he’s likely to have more space in his rubbish bin than us, a family of 4.  That’s obviously not why I want him to move, but it will be very useful!

Bigphil1474

OP, your discussion needs to be with B IMO. They are probably as miffed as you. Only B or C can break the chain and move into temporary accommodation , so if they want to keep their sale they have a choice to make. I'd be suggesting they do that. 

FlorayG

If B could accept another offer very quickly then you really have no bargaining power. Keep looking elsewhere, but keep your offer in meanwhile

ellsbells97

FlorayG said:

If B could accept another offer very quickly then you really have no bargaining power. Keep looking elsewhere, but keep your offer in meanwhile

These are our thoughts exactly to be honest. 

Funnily enough, the number of people saying to look elsewhere is actually convincing me to wait it out - not because I don't value the advice, but because it's really reminding me that I truly adore the house we're buying and nothing else I've seen from (almost daily) scouting on Rightmove comes close for us, and the idea of moving on is really upsetting. 

ellsbells97

Bigphil1474 said:

OP, your discussion needs to be with B IMO. They are probably as miffed as you. Only B or C can break the chain and move into temporary accommodation , so if they want to keep their sale they have a choice to make. I'd be suggesting they do that. 

I agree - I don't know what C's situation is other than after losing out on two houses, they do still really want to move. B are a young family who have outgrown the house and, I'm assuming, would like to be in the area they're moving to before the new school year (although I'm the first to admit I have no idea on the timelines of moving kids over to a different school if you ended up moving in, say, August) and I know they have been moving things into storage since before Christmas. 

We're all with the same EA and get updates once a week - current plan is to see what the next update says and if C haven't at least put an offer in on a new place, then we'll tentatively book a couple of viewings in or see if we can chat to B.