Vendor moving into rented?

[MeMeMeow85]

It seems odd to me that a vendor would offer to move into rented if they “get the right price” on their sale.

Why would a vendor do that? They’re incurring further costs and upheaval for themselves.

It makes me suspicious about the potential property I’m buying...as if they can’t wait to unload it.

Any thought please from vendors?

If they move i to rented, they effectively remove themselves from a chain (in one direction at least.
It puts them in a strong position to buy.

As the market is fairly static in a lot of areas, it can be a good thing to do.

This is standard in my area because there are a lot of first time buyers who want to move without a chain.

IME it's something that vendors are often happy to offer to do at the beginning of the process, and very reluctant to do when it actually comes down to it...

^^ This with bells on!

Always offered and never followed through.

Similarly wary of 'don't need to get a mortgage for our onward purchase' and yup, they always slow the process with, you guessed it, their mortgage.....

we moved into rented for 9 months last year. Found a buyer quickly but couldn't find anywhere we liked. Probably were lucky in hindsight that the market is pretty flat around here so rental costs probably were offset by lower onward purchase (never know for sure!).

It can be a good idea, since you're then in a better (no chain) position to move on a property you like. No chain can give you greater leverage when negotiating price, too.

I did this with mine - I was moving to a new area for work and didn’t know it at all. I’d much rather spend six month’s rent than find I’d bought somewhere all the locals knew not to touch with a barge pole.

I also rented furnished which meant everything was blissfully easy. The old property was cleared out Friday, I cleaned Saturday and completion was the Monday by which time I was 120 miles away (I’d left the keys with the estate agent on the Saturday).

Moving in was the same - they loaded the crates on the lorry first thing and arrived at my new place by 10.30 so I had the whole day to unpack. Also, there was no problems with money. My deposit from the sale of the old property was with my solicitor a week in advance and she got the mortgage money first thing so the property was mine by 9.30. The only problem was tracking down the keys because the estate agent hadn’t realised they’d be needed so early!

I’m also fairly sure that the seller accepted my bid because I didn’t have a chain.

I sold my house and went into rented just to break a chain and put myself in a better buying position. So does not sound strange to me.

Our vendor is doing this. They are buying a new build and don't want to be part of a long fragile chain. Would rather it was just them and their new house. I don't care. Gets me into my house quicker!

Slightly different situation but we’re now considering moving into rented so as not to loose our buyer.
Our onward purchase is looking shaky and there is nothing else in our price bracket!

I did it, always the plan due to moving 150 miles.

our eventual vendor pissed us about over this as they found somewhere and wanted to stall us. assume it is a lie, especially with people who havent moved in years .

We had a sale fall through at 10 weeks so the next time it sold we didn't start looking for anything until it was done and dusted. I wanted to be the end of the chain not the middle. It was a calculated move knowing we could spend the equivalent of our mortgage on rent for 6-12 months without denting the capital from the sale sitting in the bank. In the end we spent 3 months in a caravan which we bought for £50 and saved money but we would have rented if we'd needed to.

Doesn't sound strange to me.
It puts them into a really strong buying position for their next property, so what they pay out in rent and removal costs, will be recouped on getting a better price for what they buy, as, effectively 'cash buyers'. Even if it is a strong market and they don't recoup all costs, it means they can move on any house they want, straight away, not having to put in an offer 'conditional on them selling theirs'.

Even as a hoarder, with a load of 'stuff' I'd consider this for the right offer. If you are minimalist, it makes a lot more sense.

It's something that I didn't hear a lot of 20 years ago, but seems fairly common now.

I'd certainly do it. It's less stress. 6 months or even 12 months rent isn't much in the greater scheme of things. Certainly not in comparison to say making a mistake and paying 2 lots of stamp duty in 1-2 years.

On the other side of it, there's a house I know where the vendors have lost 3 buyers because they can't find somewhere in the area they want to move to. After 2 years, the estate agents are rather fed up.

I did this when I made my last move. As others have said I had a specific area/house in mind and there was nothing at the time my buyers wanted to complete. I did have to pay rent for 6 months and put some of myu things into storage (meant I could rent a smaller house) and the dog did not like the small garden (not his call) but in the end I got a good discount off the asking price for the cottage I am in now. I could not have afforded it without that discount.
It is not my first choice for my next move but it does have many positives and frees up the chain.