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We have a buyer. And I can't find anywhere to move to.

(6 Posts)
heylottie Tue 19-May-15 13:14:43

At long last we have a buyer - we accepted her offer three weeks ago. Because our house had been on the market a while, we hadn't viewed any properties until we got the offer.

Whilst we were on market, quite a few 'suitable' houses came up - they all went quite quickly

Since the offer - nada. Only one house in our price range has come up, and that's with me putting in about 20k more into the search engine than ideally we want to spend. This house is ok, but opposite a car park and has a tiered garden which isn't exactly ideal with two smalls.

We live in a 'holiday' town - so all the rentable houses are holiday lets. There are two bed flats (we live in a two bed, its why we are moving) and four beds way beyond our budget. I don't really want to go into rented anyway, for a few reasons, but there isn't anything anyway.

Our buyer loves our house, which is great, but is starting to make noises about when she can exchange, which I understand.

But there is nowhere for us to go to - I frantically check all the websites every day, I have letter dropped and been into the high st agents. They all agree there is a 'stock shortage.'

my question is - what do I do?
I think the buyer wants to set an exchange date with a longer spell to completion, but I think that will force us into rented (2 bed or out or area) - my agent said 6 week gap between exchange and completion, but if we haven't found anywhere by exchange we wont be able to complete in time ourselves iyswim

I feel a bit stuck, and am assuming we will lose our buyer - she could always move into rented until we find somewhere but I am sure she doesn't want to do that any more than we do.

Cacofonix Tue 19-May-15 13:22:46

Don't exchange until your chain is complete unless you are happy to go into rental. If you never stated to your purchaser that you would go into rental so they could complete then think long and hard if you are prepared to do this to sell your flat. Otherwise just tell them - they have to wait until you have found something but reassure them you are actively looking. If they get pissed off and pull out, then so be it.

Get your EA to leaflet drop in areas you are interested in and even pop letters through postboxes yourself if need be. Honestly though, if houses aren't coming up that suit you, then 3 weeks isn't that long so far. Are you being realistic about what you can purchase too? You may have to look at stuff you don't like the look of but if you are seeing properties with EA and calling them daily you will be at the top of the list when something new comes in. It is hard work but pays off.

specialsubject Tue 19-May-15 13:26:35

if your place has been hard to shift, then realistically you will to rent to keep this buyer. It is a pain, two moves, storage etc - but you have to sell this particular house. You can buy anything.

REALLY no rentals nearby? Wow. You may also be able to do a longer-term deal with a holiday let owner while you look.

heylottie Tue 19-May-15 13:35:02

You see, I didn't think 3 weeks was that long to find somewhere else but wondered if I was being unreasonable. I feel 6 weeks is the minimum 'grace period' but I will have to see how our buyer feels to wait longer

yes, really no 3 bed rentals - 2 beds yes, 4 beds at more than I can afford, yes - the situation is likely to change come September when a winter let could come up. maybe that's the compromise - if nothing by September we will rent (and then cross our fingers)

Ursaminor Tue 19-May-15 13:39:00

We were in the same position, except we are in Scotland where we exchange missives and agree an entry date at that point, so delaying completion is not an option. I was begining to bite my nails, as there is an under supply of rental properties (also in a holiday let area).

But - found a rental that will do in the meantime, by identifying a house that has been on the market for a wee while, and cheekily phoning the estate agent to ask if the owners might consider renting instead of selling - and they said yes. So we got in ahead of others also looking to rent, as it wasn't advertised on that basis.

(You can use the "most recent" filter on RightMove to find out which houses have just come on the market, and which have been hanging about for a bit.)

Good luck with your search.

ozzia Tue 19-May-15 13:46:55

I'm in a similar position, although mine sold quickly nothing is coming up for sale. Its crazy, a few months ago there were loads I liked the look of. Apparently the election slowed everything down, an agent agreed today that there seems to be nothing around.

I've just been firm and said that we can't move until we find somewhere so I'm sorry it may be a bit of a wait. Getting fed up of checking housing websites though.

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