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Original poster

Waiting for vendor to find a house

28 replies

OverinaFlash · 13/07/2018 09:49

We decided to put our house on the market as, although we don't really need to move, we fancied a change and more space and thought we would see what else was out there. We accepted an offer on our house within a couple of weeks, and had an offer accepted on a house which we adore. This was the 13th June, so less than a month ago. We were clear with our estate agent, and our buyers, that we would only move for the right house. Our vendors found a house they liked but the owner went with another buyer who was chain free. We have spoken with our vendor, and their agent, and said we are happy to wait for them to find somewhere, even if it takes months. We love their house, they are keen to sell it to us, and have taken it off the market. We genuinely are in no rush to move, and would wait a year if that's what it took, even if it meant finding another buyer (although our buyers don't seem in any great rush either). Are we mad or right to hold on for a house we love?

OP posts:

PickAChew · 13/07/2018 09:51

Even if you're happy to wait, your own buyer may have more urgency in their need to move.

Kismett · 13/07/2018 09:59

I think it’s something you should make clear to your buyers, that you are putting no restrictions on the timeline and it could take a year or more. If they’re happy to wait or you’re happy to lose them, then it doesn’t matter.

But just because they aren’t pressuring you doesn’t mean they don’t want to get on with things. I’d be upset if I was trying to be patient and understanding with a vendor only to find they were willing to string me along indefinitely. You need to tell your buyers everything very clearly.

Original poster

OverinaFlash · 13/07/2018 10:08

We sent an email to our estate agent after we accepted the offer from our buyers saying that we had told our vendors we were willing to wait as long as it took them to find somewhere (they do want to move, they are retiring and moving away from the area, but like us, only want to move for the right house). We told them that we didn't want them to pressure the buyers into spending money on surveys etc before our vendors had a property as we wouldn't be able to guarantee when the sale would progress. We had an offer after accepting their offer that was much higher than theirs but refused it after confirming with our agents that they were happy to wait as long as it took, and had no timescales in mind, on the basis that that was worth more to us than more money. It's possible that the estate agent hasn't passed this on to them clearly, but I'm not sure there's anything else I could do in that regard. We have also refused to appoint a conveyancer so that our buyers can't be pressured to start progressing the purchase under false pretences that we will be pressured to move into rented accommodation, or find another house.

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Original poster

OverinaFlash · 13/07/2018 10:12

DH said to me the other night he didn't think we would end up getting the house, but my thoughts were that our vendors have been to where they are moving to on 2 or 3 weekends since accepting our offer, and their agent emailed me on Monday this week to say they were still looking. It just rattled me that maybe I am mad thinking we will still get this house but to me 4 weeks of waiting for someone to find a house they want just doesn't seem that long and it's too soon to start thinking it won't happen! I think that's why I posted maybe. To get some reassurance that it's not crazy to think that they will find somewhere, and that it taking a couple of months or longer isn't that odd!

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RangerLady · 13/07/2018 22:53

It's nice to hear others are happy to wait. We accepted an offer on our house 6 weeks ago, the buyer said she was "happy to wait" as we've been clear to our agents all along we are looking for somewhere to live for 40 years. However she's now getting twitchy and I am severely feeling the pressure!

mynamesjohnnyutah · 14/07/2018 08:01

I’d consider going ahead with your sale and moving into rented while your vendor finds somewhere. There is every chance your vendor won’t find anywhere or will change their mind and you will lose your buyer.

zebrapig · 14/07/2018 22:24

If there's not much on the market where they are looking to move to it could take them a while. We saw everything on the market that we were interested in, luckily we loved the last one we saw as otherwise we'd have been waiting for new stock to come on and who knows how long it would take for the right house to come up. We would have moved into rented though as we're desperate not to lose our sale (on the market 8 months before we got an offer).

On the other side our vendors weren't purchasing anything else, which was perfect for us as we were the end of quite a long chain which was already well under way. Six weeks down the line and our vendors have now decided they are buying something else, to say I am pissed off is an understatement. The chain has been broken twice by people below us to ensure that it can all go ahead (they've moved in with family in the interim). This isn't an option for us and we're only a couple of weeks from exchange/completion. I've told the estate agent they either need to be ready to move to our timescale or or move out!

Original poster

OverinaFlash · 14/07/2018 23:46

my names that's exactly why we won't move into rented accommodation. If our vendor doesn't sell, we won't move. We want that house. Otherwise we're happy to stay put until we find somewhere we like as much. Which could be months, or years! If we sold we could end up in rented indefinitely or buying a house we don't love just to get back in the market!

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Original poster

OverinaFlash · 14/07/2018 23:48

ranger yes I want a house I love that I can live in indefinitely, which I have found. I'm not sure it's that common to move because you really love a house, most people need a house to meet other needs, but not us, our current house is fine for that really. We just want to move somewhere new and different, with no compromises. Which is why we want to wait for this one!

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Original poster

OverinaFlash · 14/07/2018 23:50

Really hope everything goes through for you now zebra. Our buyers are relocating about 1 hour from the area we're in now. They aren't desperate to move right now, bit definitely want to have moved within the next 12 months, so we're hopeful they will find somewhere, or at least sell to us when they finally do move!

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mangocoveredlamb · 15/07/2018 07:20

How easy will it be to sell your house again?
I wouldn’t say you’ll give them “as long as it takes”, because then it really could take for ever.
Personally I think if you put your house on the market and accept an offer then your effectively saying you are prepared to move in the next 3/4 months.

FabulousSophie · 15/07/2018 08:01

Is your buyer's buyer willing to wait forever, too? If the whole chain has to wait indefinitely, presumably there are a lot of sales that are likely to fall through.

MindMyOwnBeesSlacks · 15/07/2018 08:24

Sorry OP but this is everything that is wrong with the system in England. Your buyer wants your house, and has to wait and hope your buyers find somewhere

How long do you think is reasonable for everyone to wait? We have just sold, no chain (FTB and we are leaving UK) and that took 11 weeks to exchange and 13 to complete.

I do hope you get your dream home and your sellers find something but it is just a crazy system that I can't believe still exists here.

MindMyOwnBeesSlacks · 15/07/2018 08:28

Sorry your buyers have to hope your sellers find somewhere that should say.

FabulousSophie · 15/07/2018 08:31

Why don't you suggest your seller rents somewhere, if they are not ready to buy?

ChristmasTablecloth · 15/07/2018 08:33

I think your buyers patience will run out. You've told your vendors to take as long as they like and you don't mind waiting. But you can't really make them that promise by yourself can you as your purchase of their house is dependent on the sale of your own? Unless your buyers have exactly the same laid back attitude as you (and anyone else lower down the chain needs to be equally relaxed also) then I really can't see it happening.

Original poster

OverinaFlash · 15/07/2018 10:47

It's very possible that our buyers patience might run out and that would be entirely understandable, however we did not know that our sellers would not the get the house they wanted and we needed to have a buyer before our offer would be attractive. Our vendors agents have suggested that they move into rented but they said at the moment, they aren't willing to do that. Our buyers are selling to a housing association, so they have no pressure from them and it is likely to be a drawn out process according to our agents, as it is difficult dealing with them in their experience. We sold our house within two weeks of going on the market and have other people still expressing interest despite taking it off the market. You can't predict the future but I'm not concerned about finding another buyer. I'm still really hopeful that our vendors will find somewhere within a reasonable time frame and that then things can proceed as normal. But in general, it is a slow market at the moment and as nothing else has come on that we like, and ditto for our buyers I think it's worth holding on. I will communicate again to our buyers what our position is re waiting for our vendors and hope they come back with their honest feedback of how long they are prepared to wait. I'm just not willing to buy any old house, that was never the point of selling. Our vendors feel the same and so I can understand why it is taking time. I know at some point we may have to cut our losses, but if we reach that point our buyers would still lose it I guess, as we would then stay put.

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FabulousSophie · 15/07/2018 10:52

I think it's a bit off of your seller to 'sell' their house without really being in a position to sell. What happens if they take years to find somewhere?

MeMeMeow85 · 15/07/2018 10:53

I hope your vendor isn’t doing what my MIL does!! Every 3 years or so, she puts her house on the market, finds a buyer immediately and then faffs about for months looking for somewhere to buy.... which she never does, as her current house is perfect for her, she’s a fussy old boot and is consequently wasting a lot of people’s time and money!!

Original poster

OverinaFlash · 15/07/2018 10:53

I realise that it seems I am ignoring all advice, but neither of the agents seem to think it's that unusual for it to take a few months for a longer chain to be complete, or for people to be prepared to wait for a house they really want. I guess because most people have a time sensitive reason for moving like growing family, relocation, financial issues etc whereas we just liked the idea of upsizing and finding a beautiful house. I appreciate though that it is likely that our buyers may pull out before our vendors find somewhere and also that it's important, while they are still prepared to wait, to keep them informed.

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Original poster

OverinaFlash · 15/07/2018 10:56

But we weren't in a position to sell either. We put our house on the market as we were told we wouldn't be taken seriously as buyers if we didn't have a buyer. We didn't know if we would find anywhere we liked, as there's not a lot in the market. But we got lucky. When we had our offer accepted, the vendors told us they had a house they liked, which they then offered on but didn't get. They are now continuing to look.

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Original poster

OverinaFlash · 15/07/2018 10:59

I don't think that is the case. Our vendors were up front with us and said they had a house they liked, which after accepting our offer, they did offer on but the vendor went with someone else. They are now continuing to look. We told them we would prefer they took a few months to find the perfect house than took it off the market, as we still wanted to buy it even if it might take longer than hoped.

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FabulousSophie · 15/07/2018 11:02

The big red flag that sticks out when you talk so confidently about having sold your house is that you have not, in fact, sold your house. There is currently so much news about sales and chains falling through, and buyers pulling out for whatever millions of reasons, that I think you may be tempting fate to say with such confidence that your house has been sold.

Original poster

OverinaFlash · 15/07/2018 12:52

Ok that's obviously terminology. It's sold subject to contract. We have a proceedable buyer. Of course it's not sold until we exchange, but that would be true even if our vendor had found a property.

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FabulousSophie · 15/07/2018 15:01

I only say it because your chain, as with so many chains today, does not seem to be be supported by cash or reality. Instead, what binds you all together is simply offers and dreams of moving into each others houses.

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