My buyer is pushing me into rental, WWYD?(47 Posts)
My buyer, who offered in Christmas period, informed me that he's rental expires in beg of March and it would be excellent to complete before then, but if not that's ok, he will wait. No dates agreed.
I had found a house to buy myself, and started legal proceedings, but then withdrew my offer after found out that this house is next to a substation.
I told the EA that I will consider going into rental but I want several more weeks to find a new house.
In the meantime the buyer has applied for mortgage but there is no sight of survey booked yet.
Today I received a call for the EA saying that the buyer extended his rent until beg of April, can I complete by then? After that he will have to sign 6 months rent agreement.
I said I will try my best, but at the same time realized this leaves me no time to find a new house and complete, so it is a definite move to a rental!
I have 2 kids so it ain't be easy and I tried to avoid it.
I don't want to let the buyer down, but his timescale does not leave me any air for breathing.
I think the buyer is being more than reasonable in waiting this length of time. But if prices are going up in your area then I can see that you would not be keen to move into rented and risk prices going up quickly. There isn't an easy answer. But something is wrong if you've already lost four buyers.
Your house is either for sale or it isn't. I wouldn't put up with being in a forever chain. I'd find another house to buy which we did with this house because of somebody first saying no problem to move and then changing their minds.
shoom you would not believe but the area I am looking in lots of houses are often sold even before going on the market.
Buyer No. 1 - I was being too picky (in the retrospective) and so did not find a house
Buyer No. 2 - unexpected problems with my mortgage, lack of mortgage funds (in the retrospective - very bad mortgage advisor), pulled out altogether and decided not too sell until fix my problems with mortgage
Buyer No. 3 - my EA encouraged me to go back on the market, saying you will get higher price. Fixed my mortgage. Lost out in 1 bidding war. Generally low stock before Christmas.
Buyer No. 4 - it is been less than 3 weeks and he is dictating the timetable. I always said to EA, allow me to look for 1-2 months, house market should pick up in January and I will go into rental otherwise. 2 months+ to complete if I am selling and buying is not enough in any case.
It doesn't sound like you really want to move.
We had to move as we had run out of space in our house, and by the time we accepted an offer, I was pregnant with another DC who certainly wouldn't fit in the house. Despite this being in early summer, lots of houses we wanted available last year etc, nothing in our area came up. But we had to go so bought a compromise house - bigger house but worse postcode, still good schools but not the one we really wanted to be in catchment for etc. It has worked out so well so far I can't really believe it. We've now been in three months, having loads of repairs etc done which at 7+ months pregnant would think would drive me mad, but it isn't.
If there is a big enough push, you will move and it can be a good thing, like in our case. If there isn't a big enough push or pull to a new place then you won't move, and you are really wasting everyone else's time. I think you need to work out what you really want.
I do want to move but the estate I am looking at is only about 250 houses, and they don't sell very often. My EA knows this very well.
Yes, I was being too picky in the beginning as it was easy start-off, and then got riddled with issues.
Another mistake that I made, was to try and work out the best offer based on comparable recently sold prices, but I did not took into account that prices started rising quicker then I thought.
I am now ready to offer what it takes, but it is just no houses on the estate, apart from one with the substation at the back of the garden.
I feel that I made a massive mistake buying my current house, and I am really panicky buyer trying to avoid a similar mistake again.
Have you sent flyers out to these 250 houses? If you know where you want to be, and only there will do, then you really need to be super proactive about making it happen.
Sounds like you should pull out of the sale crystal. No rush in London market at the moment anyway - impossible to predict how long the "bubble" will last.
You have such a specific area that you want to live in, so I would wait and find somewhere first. The only issue is they may not accept your offer if you don't have a buyer but you can give anecdotal evidence of how easily you found a buyer last time.
Have you thought about flyering houses in your chosen area? May be worth it since it is so small.
We wanted the same. Leafleted the small estate we wanted. Only response was from a slightly crazy old couple who wanted more than the house was worth despite the fact that their brick built porch contravened the planning permission they had.
So we had to look elsewhere. Now 7 months on there has still not been a suitable house on the market in the area we originally wanted, despite being more than 10 for sale in the previous 2 years. Sometimes you are just unlucky with the timing of things.
If you really want that area then you need to accept you are probably going into rented and take a financial hit because there is no guarantee that in a few months the right house could come up. Even if you lose this buyer you could have the same problem again next time.
I'm not sure about him having to sign up for another 6 months rent, unless he's leaving his current rental and moving to a new one. My limited renting experience is all in Scotland so this may be totally irrelevant, but once a 6-month short assured tenancy expires, the tenant usually goes onto a rolling monthly contract which can be ended at any time by giving a month's notice in writing on either side.
So unless it is totally different in England, or his landlord is insisting on a fixed term contract, then surely he could be more flexible re dates?
No way would I risk renting and finding somewhere to buy from there in London, prices are rising too fast and I've seen too many friends priced further and further away from the area they want to be in by doing this. Added to which you have all the hassle, upheaval and cost of moving twice.
I took flyers twice to the part of the estate (the ones I thought looked nicer), no replies both times. Perhaps need to try again. As I said these houses fly off the shelf. If I do not have a buyer, I am zero in their eyes. I need to be under offer.
I understand how we look out for our own interests in house buying and selling, but you are asking this buyer (and three before him) to work to your timetable with nothing else to go on. How long do you believe is reasonable to keep him waiting before completion? And what happens if within that time frame no suitably nice house from this single estate comes up for sale that you are the highest bidder for?
Don't take your house off the market. With up to 17 buyers coming to open day viewings, if you aren't at least under offer when you submit your sealed bid, you won't stand a chance of having your offer accepted.
I know people who have been in a chain for more than year. If its the place your buyer really wants, they will wait. Your estate agent just wants their commission so they can move on so keep a clear head. Its a sellers market and trust me the person you are buying from will know that!
If its so competitive surely you would be best being a chain-free buyer? But if leafleting isn't getting you anywhere and there's nothing on the market then I think you need to accept moving into rental, losing your buyer or compromising on location.
These are your only real options.
Thanks for encouragement Londogirl. I just came up with a couple of ideas. I will wait until buyer does survey (3 weeks?), if he is happy with the survey and if no house in sight for me, I may consider a quick completion and going into rental. Otherwise if he can prove he is in tied rent, I may offer him lets say 3k discount in order to cover half of 6 months rent and for him to wait until I complete. Though it is seller's market.
I wouldn't go into rental just to keep this buyer. If he is serious about buying your house, let him go into another rental if he has to vacate his current place. Why should you be pressured into moving out just to please him. Call his bluff - even if he withdraws his offer there is no guarantee that the next house he wants to purchase will complete in April anyway.
That's really fair. I suspect his real concern is that if you pull out of the sale, he might be priced out of the market or you could change your price on him.
It's really tough to buy and sell in London. We were moving within our own local area and it was still so time consuming and stressful.
10 weeks to complete and he hasn't even had a survey, nor have you had confirmation that he even has a mortgage in place. Not possible with london solicitors in my experience.
"It will not be possible to complete by 1 April 2014. Subject to confirmation that you have have finances in place, and completion of our chain, I am happy to accept 30 June as reasonable date for completion that we can all work towards".
Then and only then if it looks good, you can offer to exchange at an earlier date so you are acknowledging that you will move into rental property if you can't find anything.
I wouldn't go into rental just to keep this buyer. If he is serious about buying your house, let him go into another rental if he has to vacate his current place. Why should you be pressured into moving out just to please him.
I find this astonishing. If you put your house on the market surely youy buyer is entitled to think he will move into it within a reasonable time frame? Which in Scotland is 7-8 weeks. I cannot fathom all this chain nonsense.
There is a difference between a chain taking time to get all the checks done and a seller who doesn't seem keen to even start making offers once they have an offer in place. If he knows this I can see why he's putting pressure on you and hasn't done surveys yet.
Er I do believe that an area can be very popular. Been there myself. You said that it's easier to find a buyer than a seller, and that you don't want to rent (the clue is in your thread title) so I said to wait.
If you are saying that there's nothing available that you want to buy, and that there aren't many anyway, then be honest with your buyer and say that it's an indefinite wait. Before they spend money. They may know they are the fourth potential buyer, so are trying to find out if you are serious.
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