Bad homebuyers survey results...wwyd?

[Becaroooo]

We have had the survery results today and they are not great....we knew there were some issues - the current owners are not DIYers!!! but the survery shows issues with;
the fuse board
the gas meter
some door frames
cracks under window frames
ill fitting windows
pointing
flashing
kitchen finished to very poor standard (eg: floor tiles not grouted, pipes not boxed in etc)
stud wall in upstairs hall needs replacing
leak in bathroom which has affected the stair wall

sigh.

We are pulling out BUT our buyer is a no chain cash buyer who is expecting to move in here 4 weeks tomorrow!!

We need to find a new house, but til then what??? Even if our buyer wold wait til end august, its still not long enough to complete on a new sale.

Renting seems the obvious choice but how long do you have to sign for? We would be looking at a short term lease (3-6 months) Do you have to pay a deposit??

aaarrghhhh...help!!!!!!!!

OK, so.....

Told everyone involved (bank, EA, solicitors etc) that we are pulling out. Feel very bad for the vendors, but we just cant take on that much work

We are planning to book some more viewings this weekend to see what else is out there...

Bank seem very helpful (mortgage application on hold, dont need to apply again) and solictors know we need to move quickly and are on board.

Wish me luck!

Perhaps your DH is worried that in the time you are off the property ladder, prices may actually increase, leaving you unable to buy what you want/need. that is the flip side of the "prices may drop" scenario you are seeing.

SD True.

We have always been too very cautious wrt property and we could borrow a fair bit more than we currently are so we may end up doing that and going for a more expensive i.e less run down house.

From what I gather the housing market for the UK generally is not going anywhere soon, maybe prices will fall even further so renting is probably a sound bet unless you are in London?

Not in London, in East midlands and housing market def not buoyant here!

I've just been looking at sold prices for round here (also East Midlands) for the past month. A house we used to live opposite just sold for 500 quid less than it was bought for in 2004. I don't think you need to worry about getting back in the market if you were to rent for 6 months.

No, me either tyler

I think we will be in a really good buying postition too - i.e. no chain, and mortage agreed. Almost like 1st time buyers I guess!