To expect them to give us more time (house sale related)?(30 Posts)
Hello. Just looking to see if I am totally barking up the wrong tree here as I have never bought and sold in the UK before and I don't know what the norm is.
So we have found a house we love and put our house on the market in order to buy it. The house we want to buy needs a lot of work, but we love it and are prepared to overlook the problems. It has been on the market over a year and two previous sales fell through.
We were lucky enough to find buyers and all was going well. We forked out on a survey and solicitors and are now down by about 1.5k. Kids are really excited too...
You can see where this is going...!
So our buyers have pulled out and now the estate agent and vendor want to put the dream house back on the market for other people to view.
AIBU to expect them to give us a bit more leeway here? Chains often get a broken link during the house sale business, and it seems a bit trigger happy for them to go back on the market so soon and not give us the chance to get a new buyer. They say they have given us long enough as the sale fell through before Christmas, but we all know that no one goes buying houses while they're tucking into their turkey!
Would it be reasonable for us to ask the vendor to give us a bit more time? What is normal in this situation? Thanks!
I think you're being naive. The seller wants to sell!
Let them put it back on the market and offer lower once you've sorted your place out.
Most agents expect that your property is under offer before you begin looking for a new one. If they're putting it back on the market, you'll have to accept that, but if it's been slow to sell previously, you could let them know that you're still interested and will inform them immediately your house goes under offer again.
This is exactly why the system works so much better in Scotland. The vendor pays for the survey so the buyer doesn't spend until the same goes through. YANBU to expect them to wait for a while!
It's normal practice to keep a house on the market until you have a buyer who is in a position to proceed
You won't necessarily miss out if you find another buyer quickly
It's actually fair!
They want a sale and you aren't in a position to buy - they will ware if anyone else is!
Sorry that's how it works.
If you reduce yours they may take a lower offer.
what idontdowindows said. You really might get it for less!! I know someone who went through this, and that actually happened.
We were in the same position last year. But as I was pregnant with ds we took our place off the market.
It’s going back on next week. We plan to accept an offer, agree a completion date in 8 weeks of the offer being accepted (if we can - or longer if possible) then go for our new house. If we can’t find it (I’m looking already) or if it falls through we can stay with family for a little bit. Not ideal but things move so so quickly here it’s best being a cash buyer if you can.
It goes back on the market. You get your agent to actively seek new buyers for you and they will usually stick with you if you din another buyer because they know all the "footwork" has been done.
However if someone else comes forward and you haven't got a buyer they can still sell.
Bearing in mind it has been on the market so long of course they want to sell asap. Do your best to find a buyer.
Totally normal practice!
No they need to sell. If someone comes along with money before you can buy then that's tough. What if it takes a year for you to sell?
They need to sell. You can't buy it (yet). They're right to remarket.
Well, your is going back on the market, why shouldn't theirs? It will encourage you to be flexible on the price you expect. If you get a buyer quickly, you will all be on again. If not, well....
You may not get a buyer.
You may not get a buyer with a complete chain.
You may only get a very low offer and not be able to proceed on the one you're buying.
They are right to go back on no, especially as they've given you a few weeks grace.
Unless you are in a position to buy their house without selling yours, YABU.
Your sellers need to sell their house and you are not currently in a position to buy it. Only fair to them that they put it back on the market.
Wow, looks like I am being unreasonable! I had no idea.
So what you're all saying is that it's the norm not to put an offer on a house unless you have an offer on yours already? I am amazed anything ever gets off the ground if that is the case.
I just hope we don't lose it. It's a very unusual place and we have been looking for years and found nothing like it. Fingers crossed we find our buyer before they do!
Haven't you noticed the 'lack of first time buyers' in the papers and how they keep trying to attract them? Low rates, paying fees, bank incentives. They are the start of the chain, without them nothing moves!
Estate agents around here will not even pass on an offer if you are not in position to proceed: house under offer and finance in place, with letter from bank if mortgage or solicitor if cash buyer etc.
If you had a buyer, would you accept a delay and risk losing your dream home?
Your seller is totally right, and houses do sell around Christmas. For example, the deadline for primary school applications is mid January, there are quite a few people REALLY keen to get things done at this time of year!
It is a ridiculous system, things should be binding much earlier in the process and the chain shouldn't be able to collapse up till the minute you exchange, but sadly it's the current system. Fingers crossed you find a buyer
And for what it's worth, years ago they wouldn't let you view unless you'd sold yours! Some people still do this .... saves nosy/time wasters
It's really frustrating OP. The English housing market with its chains is kind of crazy and so restrictive. I've avoided chains when buying and selling here. We sell first and go into a short-term rental. Have accepted slightly lower offers in order to go with someone with no chain too. But I can't fault the sellers in your situation. They need to find a buyer who can actually buy, which you can't at the moment.
Any idea why your buyers pulled out?
How much interest has your house had in what time period?
You might find that you still get the house you want.
An offer is only an offer if you are in a position to proceed, otherwise it’s just hypothetical, they were very good to give you any grace period.
I sympathise. But if your sale has fallen through completely then you are back to square 1 again and can't really make offers on any house till you have a buyer for yours. I think they could have given you a couple of weeks or so but no more. But if the house you want doesn't get any buyers then you could come back with a lower offer once you've sold yours.
Yes, sorry to agree with the others, but YABU.
They need/want to move on with their lives, not be living in limbo while your house is on the market. Your (non) buyer has caused you to let them down, they thought they had a buyer and made plans around that, now they don’t, so they’re trying to find a new buyer ASAP so they can do whatever they have planned.
I know it’s hard, especially when the house is exactly what you want, but sadly the world doesn’t revolve around you (or me!).
Could you consider bridging finance?
This happened to us twice. First time we gave our buyer’s 4 weeks to find another buyer. Unfortunately they didn’t and we got another offer when we put it back on the market.
Second time we said we’d keep in touch with them, but we weren’t in a position to wait around for them to find another buyer. They also didn’t find a buyer before we had another offer.
As others have said, you could hopefully (for you) be in with the chance of getting it cheaper. I don’t think your buyer is unreasonable to want to continue marketing their property though, your offer isn’t much use until you can proceed.
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