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    • thethirdbar
    • By thethirdbar 9th Apr 18, 12:57 PM
    • 19Posts
    • 15Thanks
    thethirdbar
    Vendor taking forever - any similar experiences ? What would / did you do?
    • #1
    • 9th Apr 18, 12:57 PM
    Vendor taking forever - any similar experiences ? What would / did you do? 9th Apr 18 at 12:57 PM
    Hiya,

    We (FTBs) had a (full asking price) offer accepted on a property on 2nd Jan.

    Our Vendor still hasn't found their onward purchase.

    I finally received an email from the Vendor yesterday in response to my last request for an update (which was a fortnight ago - i've chased him 3 times all in as didn't want to be too much of a pest - but we were starting to worry he'd forgotten about us... !). He said that they've looked at lots of properties and are still looking and do still want to sell but haven't had any offers accepted yet and would understand if we decide to pursue other options. He did ask if we'd like to schedule another viewing too as as it's now so long since we saw the place ! From the context of the email it sounds a bit like their budget doesn't match their wants - which doesn't especially help me feel their purchase is imminent.

    We have started looking elsewhere but to date haven't found anything we like as much as the one we're buying. It's a pretty straightforward terraced house but it has an extended kitchen/diner which most of them don't and would certainly cost us too much to put in an extension ourselves. It's also completely move-in-ready, the only work needed would be decorating to our taste (well... subject to survey anyway. But there was nothing to flag any alarm bells when we viewed), rather than anything *needing* to be done. So I feel like every house I view I'm measuring against this one and they're falling short.

    I am getting fed up of waiting though and am conscious that even if by some miracle they have an offer accepted tomorrow, we're still at the bottom of the chain and potentially have to then wait for the next vendor (and the next and the next... eek!).

    We lined up a solicitor when the offer was accepted (instructed not to commence yet), have an AIP in place from Nationwide but haven't yet progressed to full mortgage application (as the lovely helpful MSE forums advise not to spend money till the chain is complete! thanks guys) - we haven't actually spent any money on this house yet so could pull out with little financial pain.

    I know it's a pretty personal decision that we have to make ourselves but I'm just curious as to other peoples' similar experiences (from either perspective - selling or buying) and what you did, whether you waited it out, how long did it take in the end, did you make the right decision, etc etc.!

    S x
    Last edited by thethirdbar; 09-04-2018 at 1:00 PM.
Page 1
    • Cakeguts
    • By Cakeguts 9th Apr 18, 1:10 PM
    • 4,180 Posts
    • 5,910 Thanks
    Cakeguts
    • #2
    • 9th Apr 18, 1:10 PM
    • #2
    • 9th Apr 18, 1:10 PM
    I think that the fact that they have told you that they will understand if you look for something else tells you that they are not going to find something quickly. I think it will depend on how long you want to wait.
    • nicmyles
    • By nicmyles 9th Apr 18, 1:17 PM
    • 91 Posts
    • 108 Thanks
    nicmyles
    • #3
    • 9th Apr 18, 1:17 PM
    • #3
    • 9th Apr 18, 1:17 PM
    You don't need to pull out. Just keep looking at other properties. Some might say you shouldn't do this, but if they've kept you hanging on for three months with no movement, I think it's totally fine.

    If you find one you like as much or better, put an offer in and if it's accepted pull out of your current purchase if there's still been no movement by then. But be aware it might still have been quicker to complete on your current purchase - no-one can know how long any property transaction is going to take, sadly!
    • AnotherJoe
    • By AnotherJoe 9th Apr 18, 1:37 PM
    • 9,067 Posts
    • 9,979 Thanks
    AnotherJoe
    • #4
    • 9th Apr 18, 1:37 PM
    • #4
    • 9th Apr 18, 1:37 PM
    There's no point in you retracting your offer if you haven't found anywhere else especially since your vendors havent made any rash promises such as moving into rental.

    At some point they will go overnight from nothing to having had an offer accepted, and as you haven't found anywhere else yet, you'd gain nothing by pulling out now.

    So keep looking perhaps more in earnest than you have been.
    • moneyistooshorttomention
    • By moneyistooshorttomention 9th Apr 18, 1:46 PM
    • 15,395 Posts
    • 42,880 Thanks
    moneyistooshorttomention
    • #5
    • 9th Apr 18, 1:46 PM
    • #5
    • 9th Apr 18, 1:46 PM
    How long have they made you wait so far? Days, weeks, months?

    If they've made you wait more than a couple of weeks - I'd agree that you keep your offer in on this one - but it would be their choice/fault that you'd kept looking for another one.

    I think many people looking for an "up the ladder" type house are trying to keep all the advantages they already have and gain some further advantages as well. My suspicion is that second/third/etc buyers are probably the "fussiest" of the lot.
    Fastest way to get a headache = try and make someone that thinks for themselves conform to local "group think"
    • ReadingTim
    • By ReadingTim 9th Apr 18, 1:56 PM
    • 2,564 Posts
    • 3,678 Thanks
    ReadingTim
    • #6
    • 9th Apr 18, 1:56 PM
    • #6
    • 9th Apr 18, 1:56 PM
    The only thing which would properly motivate them is the knowledge (or fear) that you'll drop out as a buyer, and any other buyer they find won't offer as much as you have.

    So, if the local market is slow, and/or you're willing to walk away, you probably have the upper hand. But if the local market is buoyant, and/or you haven't seen anything better, you probably don't.

    But regardless of who (in theory) has the upper hand, the other side could bluff. And if that's the case, what happens if that bluff is called? If you want to be in charge of the negotiations, then take charge, hold your nerve, and call their bluff. You'll get a decision, but it might not be the one you want. If you don't, then you probably have to just suck it up.
    • ThePants999
    • By ThePants999 9th Apr 18, 1:58 PM
    • 1,091 Posts
    • 1,324 Thanks
    ThePants999
    • #7
    • 9th Apr 18, 1:58 PM
    • #7
    • 9th Apr 18, 1:58 PM
    The only thing which would properly motivate them is the knowledge (or fear) that you'll drop out as a buyer, and any other buyer they find won't offer as much as you have.
    Originally posted by ReadingTim
    And since they've already basically said "walk if you want", that isn't much of a fear for them.

    I'd be tempted to ask what incentive they'd need to move into rented.
    • JayZed
    • By JayZed 9th Apr 18, 2:53 PM
    • 702 Posts
    • 593 Thanks
    JayZed
    • #8
    • 9th Apr 18, 2:53 PM
    • #8
    • 9th Apr 18, 2:53 PM
    I was until recently on the other side of the fence - we accepted an offer from our buyers in early January, but then we took two months to find a property to buy (because we needed to live in a specific area and there weren't many suitable properties on the market). After just two months our buyers were starting to get a bit impatient - not surprised that you are feeling this way after more than three!

    We were very keen not to lose our buyers as we'd already had a sale fall through late last year. Despite that, I don't think there's much that our buyers could have done to change the situation - we weren't willing to be pushed into buying a place that wasn't right for us, and we certainly weren't going to consider moving into rented accommodation - far to much disruption, complication and cost. So if it had come to the crunch, we probably would have had to let our buyers walk away.

    Incidentally, once we did find a place (fortunately with no onward chain)and had an offer accepted, we had our mortgage offer in place and our survey completed within about ten days, so that we could move things forward as quickly as possible. (Of course, the conveyancing is now dragging on interminably, and we are all waiting impatiently to exchange...)
    • dunroving
    • By dunroving 9th Apr 18, 3:18 PM
    • 997 Posts
    • 622 Thanks
    dunroving
    • #9
    • 9th Apr 18, 3:18 PM
    • #9
    • 9th Apr 18, 3:18 PM
    I was until recently on the other side of the fence - we accepted an offer from our buyers in early January, but then we took two months to find a property to buy (because we needed to live in a specific area and there weren't many suitable properties on the market). After just two months our buyers were starting to get a bit impatient - not surprised that you are feeling this way after more than three!

    We were very keen not to lose our buyers as we'd already had a sale fall through late last year. Despite that, I don't think there's much that our buyers could have done to change the situation - we weren't willing to be pushed into buying a place that wasn't right for us, and we certainly weren't going to consider moving into rented accommodation - far to much disruption, complication and cost. So if it had come to the crunch, we probably would have had to let our buyers walk away.

    Incidentally, once we did find a place (fortunately with no onward chain)and had an offer accepted, we had our mortgage offer in place and our survey completed within about ten days, so that we could move things forward as quickly as possible. (Of course, the conveyancing is now dragging on interminably, and we are all waiting impatiently to exchange...)
    Originally posted by JayZed
    OK, I have to ask anyone with the knowledge, WHAT takes so long? My solicitor says she is waiting on responses to some "queries" from the vendor's solicitors. What might typical queries be that hold things up for days or weeks, and why???
    (Nearly) dunroving
    • JayZed
    • By JayZed 9th Apr 18, 4:55 PM
    • 702 Posts
    • 593 Thanks
    JayZed
    OK, I have to ask anyone with the knowledge, WHAT takes so long? My solicitor says she is waiting on responses to some "queries" from the vendor's solicitors. What might typical queries be that hold things up for days or weeks, and why???
    Originally posted by dunroving
    In our case, our vendors' solicitor didn't send a draft contract and the associated forms to our solicitor until nearly three weeks after our offer was accepted (i.e. two weeks ago). This meant that the process of applying for searches, sending queries etc didn't begin until two weeks ago.

    The queries relate to all sorts of things, e.g. confirmation of planning permission/building regs compliance for extensions, clarification of boundary/right of way issues, missing documents etc. Some of these things are absolutely necessary, but my impression is that (presumably because of an increased risk of professional negligence litigation) conveyancers are far more risk averse than they used to be, and tend to query/seek indemnity cover for all sorts of relatively peripheral things.
    • Hoploz
    • By Hoploz 9th Apr 18, 7:17 PM
    • 3,563 Posts
    • 3,140 Thanks
    Hoploz
    Last time we moved we were in the same position, with a buyer waiting for us to find. Like Jayzed there was no way we would go into rented and would have reluctantly said goodbye if our buyers had walked and remarketed. We would have got more if that had happened as the market increased in those few months - likewise the buyer wouldn't have found anything as good so it worked in their favour to stick with us.

    Once our house did come up though, it was all suddenly tied up and we moved after a few short weeks with no dragging of heels.

    Your seller's house could come on the market tomorrow. Any other house you try to buy could easily have a long chain or a slow one so there's no sense pulling out for no good reason.
    • Lysimache
    • By Lysimache 9th Apr 18, 9:30 PM
    • 142 Posts
    • 48 Thanks
    Lysimache
    Is the reason people don't usually wish to go into rental the fact of having to move twice, rather than the extra costs? Or both?
    • Lolly88
    • By Lolly88 9th Apr 18, 9:43 PM
    • 299 Posts
    • 816 Thanks
    Lolly88
    Is the reason people don't usually wish to go into rental the fact of having to move twice, rather than the extra costs? Or both?
    Originally posted by Lysimache
    There are lots of reason. Also some people want to port their mortgage and can't do that if they go into rental. If people can't find the kind of property they want they might have been happy to have carried on in the previous home but if they have gone into rental stepping off the property ladder might make it harder for them to get back on as they might struggle to find something that matched their previous property. They might also be priced out of their desired market while renting, if it's a fast moving market.
    House Fund - 35078.21
    Currently buying a house
    • thethirdbar
    • By thethirdbar 10th Apr 18, 8:21 PM
    • 19 Posts
    • 15 Thanks
    thethirdbar
    Thanks for the comments folks. I do feel the original house is rapidly becoming a pipe dream, though I agree there's no sense pulling out until / unless we find something else, I just can't believe how difficult that is proving. I am driving myself crazy obsessively paging through rightmove. \o/

    On the plus side, the longer we wait the more funds we have saved up... I'm just feeling very glum about the whole process now though! Wish me luck...
    • Smodlet
    • By Smodlet 10th Apr 18, 8:44 PM
    • 2,932 Posts
    • 5,933 Thanks
    Smodlet
    Wishing you luck. I found the only way to find a property when moving to another town was to page obsessively through RM. It became like a job to me and took forever... And worked in the nick of time.

    Hang in there. Good things come to those who wait (with grace, which you seem to have; just try reading some of the threads on here similar to yours, OP) Keep on keepin' on.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
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