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Can someone tell me what to do please? (House purchase)

66 replies

ChampagneTastes · 19/06/2017 11:52

We are trying to move house. We have sold STC and have found a beautiful house that could be our forever home. We offered over the asking prices and are now just waiting for the vendors to find somewhere.

The thing is that it is taking AGES. There are various reasons for this and I feel really sorry for the vendors as they are having a horrible time but I'm just not sure whether we should cut our losses and pull out.

If we don't complete by the end of October our buyer will lose their mortgage offer (and will not be able to get another one as the deal will have ended) and I really don't want to do that to them. I also really really want to move before September so that my DS can start Yr1 in his new school.

There simply aren't any other houses that we like as much though so if we do pull out we won't get anything as lovely. But my DH is knackered from his commute (which will decrease substantially when we do move) and it's putting a strain on all of us.

I don't want to screw anyone over. Our buyers have been wonderfully patient and our vendors seem to be lovely, just really unlucky. I have had a little sob but it doesn't really help. What do I do?

OP posts:
OliviaBenson · 20/06/2017 14:58

Could you not sell and move into rented?

OliviaBenson · 20/06/2017 14:59

Posted too soon- while waiting for them to find a new place?

I do think they should be looking at rented though, but if you want the house.....

Can you give them a deadline?

MrsPatmore · 21/06/2017 14:31

I also think you should sell and move into rented whilst you wait.

ajandjjmum · 21/06/2017 14:44

I would look at rented - it will put you in a stronger position.

ChampagneTastes · 21/06/2017 14:45

Obviously we're looking on Right Move constantly but this EA had the only other likely contender.

There are lots of problems with moving into rental. (a) It'll be 1k a month down the drain every month we wait.
(b) If we are renting, the pressure is off them and they may relax EVEN more!
(c) If we rent in the area we are moving to and the sale falls through, we may well end up having to move DS's school again and that's simply not fair.

If they were going to pay for it, I'd consider it. We're already paying more than the asking price.

As things stand, there is nothing to do but wait. There are NO other properties at all and we have set our hearts on this one. I just wish the vendors would wake up to the fact that they don't have as much money as they want to have.

OP posts:
walkinganhouraday · 21/06/2017 16:32

I think I would go back to the vendors and agree a definite moving out date by which they have to abide or you will rescind offer.
I'd also say that if you need to rent in order to progress your own house sale that you will need to reduce your offer to them so that you are not out of pocket because of their delays.

ChampagneTastes · 21/06/2017 17:12

Yes I think you might be right. I will leave it a few days as I know something suitable has just gone on the market but I think we need to lay down a timescale.

OP posts:
Didiusfalco · 21/06/2017 17:31

I would hold tight if I was you. Too much money to settle for a not quite as good house because you panicked. Can understand the vendor not renting, money down the drain for them too - and they have no guarantees from you either. you could equally pull out at any time.

BangkokBlues · 21/06/2017 18:01

Can understand the vendor not renting, money down the drain for them too - and they have no guarantees from you either. you could equally pull out at any time.

Not true.

If the vendor agrees to go into rental, the chain exchanges, only then the vendor goes into rental form date of completion and the OP can not back out without huge penalties after exchange.

If the OP breaks the chain and exchange and completes on her sale, then goes into rental, there is no guarantee her vendor will ever exchange.

Totally different.

ChampagneTastes · 22/06/2017 09:09

BangkokBlues I'm inclined to agree. The very latest we can do is October 24th (when our buyer's mortgage offer runs out). I don't want to mess them around. I'm going to give it a week or so and then talk to DH about renting.

The biggest problem is that the housing market has changed significantly since we offered and if we dropped out there would be thirty other buyers willing to take our place and probably offer even more money. Sad

OP posts:
RoseVase2010 · 22/06/2017 09:13

Why don't you move into rented until your vendor finds somewhere? Then complete the sale, that way you don't lose the house you love and you don't lose your buyer.

Naughtyfrog · 22/06/2017 09:27

Could you offer an increased bid as an incentive if they complete on time - thinking of the extra cost as the money you would save by not renting and ensure you secure the house you love?

BangkokBlues · 22/06/2017 10:08

Why don't you move into rented until your vendor finds somewhere?

Because she is worried the vendor won't ever find anything and she will have sold her house and moved area/school for nothing.

peaceout · 22/06/2017 10:24

we have set our hearts on this one
This is the real problem, it's a business transaction and you are emotionally attached to a certain outcome, that means the other party has the power to jerk you around as much as they like

CabbageLooking · 22/06/2017 10:34

Peaceout yes I suppose you are right. But then isn't that the same for everyone when they buy a house? I'd be sad to move into a place that I wasn't excited about.

peaceout · 22/06/2017 10:43

Sure house buying is inherantly problematic, but in any transaction the person who is most able to walk away has the most power

MovingOnUpMovingOnOut · 22/06/2017 10:49

I would find all that maddening.

I don't have any very useful advice, but I would say don't just check RightMove online. Actually phone agents and keep in touch with them. We bought our last house before it even went online.

You could also leaflet drop areas that have houses you want to buy and see if anyone is interested in selling?

The other thing you could do (and I have done) is agree with your vendor that you exchange and have a long period until completion date that could be moved forward (it can't be moved back) if necessary. Eg exchange date is 1st July and completion is 1st October but things get moving and you all agree to move completion forward to 1st September and move then. This means you definitely won't lose the house and have some certainty around schools and things if you need to go into rental.

Your sale completion date does not need to be the same as your vendor's either.

In my case we ended up with our flat sold and money in the bank and went into rental and agreed to exchange with our vendor (their sale had fallen through) on 20th July with completion date of 1st December. They then decided to go into rental and we changed the completion to 15th September.

CabbageLooking · 22/06/2017 10:56

Movingon Thank you, that is useful. Especially the stuff about the exchange and completion. I will have a chat with their estate agent about that.

I am in touch with a few estate agents, in fact I just had a call from one now. I do still think that this is the best house we will find for US.

FemaleDilbert · 22/06/2017 11:04

From what you said about the market having risen since you offered it could be that the buyers are deliberately stalling to try and shake you off and will remarket at higher price. This happened to us, bitter experience

FemaleDilbert · 22/06/2017 11:04

Ah, I meant the sellers in the above post

JeffreySadsacIsUnwell · 22/06/2017 11:30

Is the housing market seriously on the up round you? (Genuine question, as all the EAs will be talking it up for all they're worth, but what do the sold prices say?)

I think I might start making noises to the EA about BoE's change of heart, possibility of interest rate rises, house prices coming down, might not be a great time to buy a house, maybe you're better off not buying at the moment but renting instead - £1k a month on rental but £10k a month coming off house prices, etc. They'll bluster back, but if they think that they're losing good buyers (ie buyers with a house already STC), they'll start acting on that. Better a bird in the hand, and it's amazing how many people make offers without the financing in place and how many accepted offers lead to nothing. Whatever the EA believes or hopes, it would be in their interests to start mentioning to the vendors that there is no security that they would achieve the same offer if you dropped out...

OTOH I would also dangle the long completion carrot. That is what we did, but other way round. Our vendors were pissing about big time, we had buyers who had buyers who had buyers who had buyers... and the time was ticking on the mortgage offers from the bottom up. We agreed an exchange date with everyone below and a long completion date in the school hols, which meant we would take the risk of being homeless (but with a lot of cash in our pockets, parents to stay with over the summer if necessary and time enough to find somewhere to rent) but we would guarantee everyone below would get their mortgages and be able to buy. Amazingly, once they realised that we had indeed done what we'd said we'd do, and cut them out of the chain completely, the vendors got their act together, our solicitor was suddenly deluged with the documents she'd asked for five months previously and a few days later we exchanged, with completion on the same day as completion of our sale (one of the conditions of exchange, or alternative of vendor paying storage costs until their preferred completion date).

The problem is that unless you sell, you can't buy anything (and your vendors are in the same position). You can't risk losing your buyer. Worst case scenario is that your buyer gives up, you don't sell, you can't buy the house, you've lost all the legal etc costs so far, which you'd have to pay again if you tried selling again, with no guarantee of finding another buyer quickly or indeed another chain going through. Weigh that against 'worst' case of selling your house, having the cash, being in a strong position, but paying £1k per month rent and breathing space, and renting may be worth considering.

Don't give up hope, but be prepared to act tough. You may think the EAs are 'nice' but they are not acting for you. They are primarily acting for themselves and will follow the easiest course of action to achieve the sale of their client's property. At the moment, that is going along with the vendors' faffing but you could easily make chivvying things along their preferred method Wink

ChampagneTastes · 22/06/2017 12:31

FemaleDilbert It did cross my mind but I think they are more flaky than calculating.

Jeffrey I don't know how it is everywhere else but where I am there is very little stock and very high demand. Things that appear on Rightmove have been sold before I get on the phone. Prices seem to be rising (although whether people are actually paying those prices remains to be seen). All of which makes me very nervous.

The purchase has not even begun yet - their solicitor has yet to make contact with mine. I would like to push them into getting the process started at least so that they are in a better position as buyers.

I think we might need to commit to renting and keep looking. My poor DH is exhausted.

OP posts:
peaceout · 22/06/2017 12:42

It would help if there was more transparency with selling prices, as it is you can only find out a few months after the sale (not sure what the actual time lag is?)

ChampagneTastes · 27/06/2017 07:10

Update.... Vendors are apparently becoming more realistic. They have now settled on a budget (kinda thought that was something you do at the beginning of the process but hey ho). DH and DS viewed somewhere completely different on Saturday. I'm seeing it today. It looks great and the vendors may be moving in with parents so no chain. But much more expensive. Wish me luck.

OP posts:
Boredboredboredboredbored · 27/06/2017 07:16

Good luck op. This house buying and selling process is a NIGHTMARE. Said as somebody whose buyers pulled out last week at the last minute!

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