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Would you move to rented in order to complete a sale on your house?

(19 Posts)
IlanaK Fri 30-Oct-09 19:23:59

Given the current market, if your property had been on the market a while and you had a cash buyer who wanted to move quickly but you were in a long chain, would you move into rented to keep the sale?

Ruthiebabes Fri 30-Oct-09 19:29:00

Yes... definitely. You are then in a really strong position when you find a house you like.

somewhathorrified Fri 30-Oct-09 19:29:06

I wouldn't, but I have 3 cats and finding a rental that allows pets is hell on earth! Also you are looking at a 6 month rental, you have to do the math of paying rent and a mortgage at the same time.

IlanaK Fri 30-Oct-09 19:31:15

True - I had forgotten about the 6 month rental thing.

We exchanged on our flat today and move out (in my mum's) in 3 week's time. We have asked the people we are buying from to be out of their place before Christmas. They are still looking for a place (viewing 7 places tomorow apparantly!).

They have been on the market a long time and we are the only bite they have had. We are cash buyers. I want them to move out and rent so we can move in before xmas.

saltyseadog Fri 30-Oct-09 19:36:06

Yes - we did, have rented since end of Jul. Just had an offer accepted, so we'll probably lose a month's rent, so in bigger picture it was worth it.

Just out of interest - which flat/ house did you go for Ilana - option A, B or C (hope I've got the right MNetter lol)?

IlanaK Fri 30-Oct-09 19:38:24

Yes, that was me. I am struggling to remember what the options were now, but I think they are not the place we chose. We went for the place we were going to buy a while back (when our last buyer pulled out). It was still on the market. It has a 50ft garden.

Denny185 Fri 30-Oct-09 19:40:27

We did this and it worked really well, we had a few weeks in the rented place whilst we completed on the next house too so we managed to get some decorating done before the furniture went in.

saltyseadog Fri 30-Oct-09 19:42:13

Sounds perfect Ilana (nope, don't remember 50' garden being one of the options )

EldonAve Fri 30-Oct-09 19:44:25

No, I know someone who did this - they are still in rented

IlanaK Fri 30-Oct-09 20:10:34

Hmmmm.....mixed response.

They don't strike me as reasonable people so I think they won't want to move to rented. They have 2 young kids (we have 3) so that may add to their reason. But as they have not even offered on a place yet, I do not see how they can move in our timescale.

Scottie22 Fri 30-Oct-09 20:36:54

Yes definitely! We did this because similarly our house took a long time to sell and we weren't going to lose our buyers! We haven't bought back into the market yet because I believe prices will fall further next year. A cash buyer makes for such an easy sale too - and renting puts you in a much stronger position to buy!

Fizzylemonade Sat 31-Oct-09 15:15:04

Yes, it puts you in a much better position for buying, even if you stay in rented for a bit it means nothing has come up to buy and you could potentially have lost your sale over it.

To me shelling out for a few months over-lap of rent and mortgage is worth it to have keys to the new house and decorate, put new flooring down etc without having all your stuff in it.

I have done it in the past, overlapped rented and purchased house.

rebl Sat 31-Oct-09 19:30:51

Yes and it looks like we're about to do this to hold onto our sale. The people we're buying from are messing around so much I can't see us moving in to the new place before the school application deadline. As for the 6 month tie in, you're only tied in if the agent can't get another person in. You have to pay the admin fees for re-marketing it.

LordVetinarisApprentice Sat 31-Oct-09 22:54:09

Yes, dh and I were in this position earlier this year. Thankfully we just managed to get sale/purchase tied together (at the last minute!) but we were prepared to go into rented so as not to lose our buyers and to put ourselves in the best position for our next house.

IlanaK Mon 02-Nov-09 20:58:49

Well I spoke to the agent today for the place we are buying and the vendors looked at loads of properties at the weekend and haven't chosen one yet! I brought up the issue of renting and said that really, they would need to make the decision to do that or we would not be able to proceed. He is going to speak to them.

Rebeccaj Mon 02-Nov-09 21:18:14

Yes, but only if we'd exchanged on the sale - I wouldn't move out half way through a sale unless that had happened, otherwise you run the risk of it falling through.

preggersplayspop Tue 03-Nov-09 11:05:46

We did it, to keep the house we wanted (which was progressing slowly as the chain collapsed further up and my buyer was starting to look a bit twitchy). We got a short term let, which are fairly rare so we grabbed it when one came up in the area we were moving to. Worked out really well as we had a months notice. The only duplicate cost ended up being 2 x removals.

At the we had no children though, I think I would look at differently if we had children in tow, as it would be very disruptive for them.

DwayneDibbley Tue 03-Nov-09 14:44:12

Message withdrawn

ampere Tue 03-Nov-09 16:24:41

Our vendors FINALLY decided to move into a renter as the house they were trying to buy fell through.

House prices have held up quite well here (great catchment in Hampshire) but I think the reason we managed to hang on to the house we offered on (in July!) is because a) we only applied minimal pressure seeing as we were in a 6 month let, though it nearly become hairy- as it is we buy 10 days before our tenancy expires!) and b) I believe our vendors HAD to sell.

The renting thing IS an option but as has been pointed out, there are pitfalls: the 6 month lease, the cost of setting up the renter; the hassle and cost of 2 moves; the 'status' change in becoming a tenant complete with having a spotty youth poring through your house every 3 months, reporting on your house-keeping...

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