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    • gmh
    • By gmh 11th Apr 19, 4:24 PM
    • 2Posts
    • 3Thanks
    gmh
    Offer accepted but vendor won't move until found a property
    • #1
    • 11th Apr 19, 4:24 PM
    Offer accepted but vendor won't move until found a property 11th Apr 19 at 4:24 PM
    Hi all,

    I'm a FTB so I just wanted a bit of advice on how long I should wait for the vendor to find a property.

    A bit of backstory: my partner and I put an offer on a house (asking price) that was accepted. The bank valuation said that the house was worth 5k less, but the vendor says he needs asking price in order to be able to afford a new property. We are really in love with the house so we are borrowing this money from parents. In return, we asked that the vendor compromise and give us a timeline for when we can think about moving into the property, which he has refused to do.

    The estate agent told us that the last person who had an offer on the property waited 10 months before pulling out, as the vendor refused to even consider moving/starting solicitors process until he found a property.

    Now, normally time wouldn't be an issue...but I am employed on a contract (PhD stipend to make things more complicated) and we were lucky at all that anyone would lend us the money. I need to have a certain amount of time left on my contract to purchase a house, and if I wait 6 months and the mortgage offer runs out, I won't just be unable to purchase his house, but any house at all due to the time left on my contract.

    He didn't seem to care that the last buyer pulled out (although he didn't have asking price) and I am under the impression that he doesn't care if we pull out. Has anyone been in a similar situation? Is it unreasonable to ask for a timeline? I completely understand that people want to feel secure about finding a property to move into - but the last person waiting 10 months for
    him to find a property PLUS the amount of time the house was on the market is filling me with dread

    In short: how long do I wait for this guy to find a property? And is there any smart ways of negotiating?
Page 1
    • eddddy
    • By eddddy 11th Apr 19, 4:28 PM
    • 7,675 Posts
    • 7,729 Thanks
    eddddy
    • #2
    • 11th Apr 19, 4:28 PM
    • #2
    • 11th Apr 19, 4:28 PM
    Perhaps the best plan is to leave your offer on the table, but continue to look at other properties.

    If you find another property you like at some point, review the situation with this property, and decide which one to move forward with.
    • goodwithsaving
    • By goodwithsaving 11th Apr 19, 4:44 PM
    • 946 Posts
    • 1,553 Thanks
    goodwithsaving
    • #3
    • 11th Apr 19, 4:44 PM
    • #3
    • 11th Apr 19, 4:44 PM
    You shouldn't have started with applications etc until the chain was complete, this advice is all over this forum. Some people don't want the hassle of renting etc and so won't move if they don't find a house but can't move until the have an offer on theirs. A chain is most often built bottom up.


    You can negotiate but if he won't budge, he won't budge. I wouldn't be straying from bank valuation in the current market either.


    Good luck though, I hope you manage to live in the house you wish for. Keep looking, sometimes a better property will come up while you wait and the purchase will sail through.
    • Soot2006
    • By Soot2006 11th Apr 19, 4:45 PM
    • 1,306 Posts
    • 1,352 Thanks
    Soot2006
    • #4
    • 11th Apr 19, 4:45 PM
    • #4
    • 11th Apr 19, 4:45 PM
    Leave your offer on the table but don't stop looking for other houses. Keep an eye on the market!


    We're starting the process of selling our house but currently there is nothing on the market we're interested in. We love our house, we don't HAVE to move, we WANT to move to have more space ... So we certainly wouldn't move for anything less than the perfect house for us, and we certainly wouldn't entertain renting as unlikely we'd find what we wanted as a rental either and then we'd lose security too. So if your vendor is in a similar position as us, it's just bad luck, really


    It's my big fear! That either we'll have a buyer on the line for ages, but no house to move to ... or we'll find the perfect house and no buyer for ours. Duh.
    • Thrugelmir
    • By Thrugelmir 11th Apr 19, 4:52 PM
    • 62,865 Posts
    • 55,837 Thanks
    Thrugelmir
    • #5
    • 11th Apr 19, 4:52 PM
    • #5
    • 11th Apr 19, 4:52 PM

    In short: how long do I wait for this guy to find a property? And is there any smart ways of negotiating?
    Originally posted by gmh
    Not just your vendor. There's possibly the party above them in the chain to consider, and so on and so on. A chain needs to be built. Being bottom of the chain can be extremely frustrating. You'll need patience. As may take take some considerable time.
    "The most dangerous thing is to buy something at the peak of its popularity. At that point, all favourable facts and opinions are already factored into its price and no new buyers are left to emerge." - Howard Marks
    • middleclassbutpoor
    • By middleclassbutpoor 11th Apr 19, 5:29 PM
    • 612 Posts
    • 550 Thanks
    middleclassbutpoor
    • #6
    • 11th Apr 19, 5:29 PM
    • #6
    • 11th Apr 19, 5:29 PM
    I would walk away personally.

    You are paying 5k more than it's worth - does your lender know you are borrowing more money? Will that affect your ability to borrow what you need?

    In your shoes, as you clearly like the property to pay 5k more than its worth, I would go back and say if they can't find anywhere within the next 2 weeks, you are not paying more than the valuation.

    If they can't move without full asking - they can't move and should look for another borrower who doesn't need a mortgage.

    If they need to move and haven't found after 2 weeks, then they will need to borrow the additional money to allow them to do it or negotiate the 5k from the asking price or look for a house that is lower in price.

    It's not your responsibility to take on the financial shortfall if they can't negotiate a discount of the property they are buying. As they haven't even found a property - how is the reason we need that to afford our new house even relevant/logical - do they know what price the house will be that they have yet to find?

    You should continue looking and expect to move on as I can imagine this going nowhere. If by chance they do find somewhere then all it takes is for them to adopt a similar position and you are screwed again. Bearing in mind a chain can take 3-4-5-6 months or longer - you don't have the freedom/luxury to be hanging around.

    Sorry to say but they are extracting the urine and taking advantage of your naivety and goodwill.

    If i haven't made it clear already, find a better seller.

    Anyone who puts their property on the market and is not motivated to sell when a buyer is found within a reasonable time, is wasting everyone's time. If you need to move for a reason which cannot be met from current property stock, you should be prepared to break chain if you put on the market and cannot find within a couple of weeks of having an offer accepted.

    Expecting a buyer to wait an indefinite amount of time whilst a 'unicorn' property comes up is madness.
    • csgohan4
    • By csgohan4 11th Apr 19, 5:58 PM
    • 5,802 Posts
    • 3,807 Thanks
    csgohan4
    • #7
    • 11th Apr 19, 5:58 PM
    • #7
    • 11th Apr 19, 5:58 PM
    I would walk, if their not bothered to sell the house and buy another one in a timely manner why should you?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • Sibz
    • By Sibz 11th Apr 19, 6:13 PM
    • 366 Posts
    • 240 Thanks
    Sibz
    • #8
    • 11th Apr 19, 6:13 PM
    • #8
    • 11th Apr 19, 6:13 PM
    Your OIP from your lender has an expiry date - after that you get another credit search etc. Having to provide all the documents again with up to date ones

    You should have put a completion date on your offer maybe?
    Who knows whats going on with your vendor.

    Like others have said - I would keep looking.
    • kinger101
    • By kinger101 11th Apr 19, 6:21 PM
    • 4,610 Posts
    • 6,382 Thanks
    kinger101
    • #9
    • 11th Apr 19, 6:21 PM
    • #9
    • 11th Apr 19, 6:21 PM
    I was going to say look for other places that are advertised as no chain, and if you find one, pull out of this one, letting the vendor know. But having read this.....

    The estate agent told us that the last person who had an offer on the property waited 10 months before pulling out
    Originally posted by gmh
    I'd pull out without letting the vendor know. They are clearly dreamers who have zero chance of finding their goldilocks home unless they win the lottery.
    • Cakeguts
    • By Cakeguts 11th Apr 19, 6:48 PM
    • 5,856 Posts
    • 9,146 Thanks
    Cakeguts
    It looks as if you aren't going to be able to buy this house eventually because the vendor isn't really that interested in selling. If he was he would be working with you and he isn't plus he doesn't mind if buyers pull out. He is probably looking for the perfect house which doesn't exist.



    Might be a good idea so to withdraw the offer now that you know that he won't help you out and look for a different property being sold by someone who is serious about selling.
    • MysteryMe
    • By MysteryMe 11th Apr 19, 7:06 PM
    • 2,147 Posts
    • 2,664 Thanks
    MysteryMe
    I agree that sadly it looks like this house will be a non starter. I would not waste further time or money on it.

    I usually call for patience but the vendor seems to not have a great desire to move from what you've posted.
    • middleclassbutpoor
    • By middleclassbutpoor 11th Apr 19, 7:16 PM
    • 612 Posts
    • 550 Thanks
    middleclassbutpoor
    I wonder how many viewings the vendor has done since accepting the offer......
    • Sibz
    • By Sibz 11th Apr 19, 7:18 PM
    • 366 Posts
    • 240 Thanks
    Sibz
    actually go back with an offer saying you look forward to the sale progressing whenever that may be and put in a clause that you will not release the funds to him until whenever you feel like moving into his house after that date.
    • chickens11
    • By chickens11 11th Apr 19, 7:37 PM
    • 321 Posts
    • 2,949 Thanks
    chickens11
    He sounds like a complete waste of time , if hes messed the other buyers about then he will do the same to you , I personally dont really think he wants to move at all.......Dont waste your time waiting for him hes full of BS.....
    My motto is " one life live it ".....
    • mpr87
    • By mpr87 11th Apr 19, 9:19 PM
    • 38 Posts
    • 12 Thanks
    mpr87
    I'm also a FTB and if I were in your position, I'd be looking for other properties. This Vendor sounds like an absolute waste of time. It may be your "perfect house" but it sounds like he know's it and is pulling at your heart strings. I'm sure if you keep your eye's peeled something just as good if not better will come up with a Vendor who isn't going to waste your time and cause extra stress.


    Maybe keep your offer on the table and keep looking in the meantime but I certainly wouldn't be spending any money on fee's etc until you know he's serious.
    • steampowered
    • By steampowered 11th Apr 19, 9:22 PM
    • 3,132 Posts
    • 3,156 Thanks
    steampowered
    The vendor cannot give you a timeline, because he hasn't found another property yet.

    He might find another property tomorrow. Or it might take him 10 years.

    As he has not found a property in >10 months, that suggests it will probably take him a long time to find something he likes. He is probably looking for something "perfect" at an unrealistic price.

    I think you should start looking at other properties. On the offchance that your vendor finds another property, you can move ahead. Otherwise, you should proceed with another property.
    • diggingdude
    • By diggingdude 11th Apr 19, 9:28 PM
    • 716 Posts
    • 922 Thanks
    diggingdude
    I think you have to accept this house is not for sale and move on
    House owner as of 27.3.2019
    Free Tumble drier 44
    • getmore4less
    • By getmore4less 12th Apr 19, 2:35 AM
    • 35,517 Posts
    • 21,715 Thanks
    getmore4less
    A bit of backstory: my partner and I put an offer on a house (asking price) that was accepted. The bank valuation said that the house was worth 5k less, but the vendor says he needs asking price in order to be able to afford a new property. We are really in love with the house so we are borrowing this money from parents........

    What does your lender think about that?


    Shame you started throwing money at this before it is proceedable

    Keep looking.
    • gmh
    • By gmh 15th Apr 19, 8:00 PM
    • 2 Posts
    • 3 Thanks
    gmh
    A bit of backstory: my partner and I put an offer on a house (asking price) that was accepted. The bank valuation said that the house was worth 5k less, but the vendor says he needs asking price in order to be able to afford a new property. We are really in love with the house so we are borrowing this money from parents........

    What does your lender think about that?


    Shame you started throwing money at this before it is proceedable

    Keep looking.
    Originally posted by getmore4less

    I say borrow, it was more of a gift with no obligation to pay back.

    As far as I know, the bank knows - the broker informed them that we were proceeding despite this valuation so can only assume that they know we have gotten money from somewhere.

    No money has been thrown anywhere as of yet - the valuation was free and no solicitors proceedings have begun.
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