Might loose my buyer

[lboogy]

Accepted an offer 4 months ago but We haven't found anything and we're getting pressure to find something.

Not sure what to do. I feel like giving up. There very little coming on the market and what's coming on is either over priced or it's landlords selling up with properties they've neglected so they need a bit of work.

If the buyer keeps applying pressure and we can't move then I reckon I will stay put. It wouldn't be the worst thing in the world tbh.

Anyone experienced this and if so what costs do you incur if a buyer pulls out ?

We can’t find anywhere so are intending to move into rented.

Surely you mean you , the seller, pulling out? You don’t have any expenses unless you’ve engaged a solicitor. It’s not very nice for your buyers if they’ve had a survey done and instructed their own solicitors.
This has happened to me - sellers decided not to sell and I was £1200 out of pocket. My only satisfaction was when they finally did sell two years later it was for £10,000 less than I had offered! It’s the crappy system in this country that neither side is under any obligation til contracts exchanged, no matter how much money has been spent up to that point.

Don’t most people rent in these circumstances? I did until I found something. It was a useful exercise in finding out which of my possessions and furniture I really needed or valued, as much was never unpacked/used, on the second move I simply got rid of it.

You need to bear in mind that your buyer's life is currently in limbo, waiting for you to find something!

It's true that the market is not great at the moment. So if you aren't willing to compromise on what you're looking for and you're not willing to rent, honestly take yourself off the market.

Sounds like maybe you're not bothered about moving anyway? Which isn't fair to your buyer. (Yes we have been the buyer in your situation and it was frustrating! They never did find anything and we wasted a lot of time).

You should go into rented. It's all very well saying the buyer is pressuring you and you want to stay put, but they will have already paid out for some solicitors fees and a valuation fee. You shouldn't just string someone along, someone has literally just done this to my mother and it was bloody awful. She had to pull out after 4 months and lost the money she had paid, you need to take some responsibility and not play the victim.

we had this with a seller and 7 weeks later she still hadnt found something else but we have found another house so offer on hers withdrawn and sale going through on this house instead

They might start looking around, and find something else. Then, you might find yourself interested in a property but with no buyer. It’s a pita, this property malarkey. I’d go into rented OP and wait for the “overpriced” houses to reduce in price.

Some friends of mine took 1.5 years to find another house and to my utter amazement their buyers held on for them as they were in rented!

Surely when you put your house in the market you knew what was out there and whether the available properties were what you could afford/wanted?

Your poor buyers, I hope they haven't paid for survey and searches yet. House buying is such a long process even when everyone in the chain is committed to moving.

I've made 4 offers - two full asking so it's not like I'm not comprising. We did see one house right at the start of our search that I now regret not paying full asking since everything else seems to be rising.

Going into rented will put our current payments up by 500-700 since rent is more expensive than my mortgage

Tbh, I'd rather pay the buyer his survey costs. I'm sure I'll be able to sell when the market is more healthy - I had 5 offers

I know it's not fair to him but in many ways he has benefited from the falling market since I've sold mine for less than what I wanted.

We had this last year. Our place sold quickly but we couldn't find anything to buy. We viewed everything in the area in our price range (there wasn't much) but just couldn't find anything suitable. Eventually our buyers dropped out - I don't blame them and feel bad that they paid for a survey (although we were explicit that we hadn't found anything at that point and they chose to go ahead anyway). The market is just dead here at the moment. We are continuing to look at anything new that comes on the market (there's not much) and plan to put ours back on the market if we find something - we had several offers within days last year.

Ignore those saying how unfair it is to your buyer. Yes it's unfair and unfortunate but it's the name of the property buying/selling game and you can't be worrying about it or paying out compensation ffs. 😮

I'm in the same boat - house will sell v quickly but can't find somewhere I want to go to. I'm not even putting mine on the market until I see something I'd like. But getting mine ready to go asap once I do.