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Original poster

Sold our house but can't find a house to buy!

22 replies

c24680 · 03/08/2019 21:11

Hello, we sold our house for the 2nd time a week ago, 1st sale fell through due to something dodgy going on - we were looking for just over a month and couldn't find anywhere, this time it's sold to 1st time buyers, they did ask when we viewed if we had found anywhere and we said no.

So the question is has anyone been in the situation before? What's the usually process?

Accept an offer and then frantically look for somewhere?

Renting isn't an option for us - would rather the sale fell through as we have a baby and a dog so it's just not practical!

OP posts:

AwkwardPaws27 · 03/08/2019 21:22

Just let your buyers know you are still looking. If you wait too long they may pull out, but as FTB they are likely more flexible than someone else in a chain.
As long as you keep the buyers and solicitors informed they shouldn't do anything that incurs cost (like surveys or searches) until you have found somewhere.

Bluesheep8 · 04/08/2019 07:46

We sold and rented so we could take our time but we were relocating to a completely different area so it was the best thing for us to do. We also have a cat so found somewhere that would take pets. Why wouldn't you consider renting op? Your buyers may not be happy to wait....

Pipandmum · 04/08/2019 07:50

The normal process if you have t found your next purchase would be to ask for some flexibility from your buyers; rent back your sold house for a short term; move out and rent (some landlords allow pets).

JoJoSM2 · 04/08/2019 07:58

Just have an honest conversation with your buyers. Realistically, there might not be much coming on in August so if you don’t want to rent in the interim, they’ll need to wait (or pull out if they get fed up).

Original poster

c24680 · 04/08/2019 08:22

Thanks for your advice everyone, I'm going to inform the buyers of our situation again.

I'm fine with losing a sale (again) we live in an area where houses get sold usually within a week, we're not desperate to move just need somewhere bigger so happy to wait it out!

We're against renting because moving is quite stressful as it is and the rent in this area is £300 more than our mortgage so it would be a struggle and to add on top storage costs because it would be a flat no doubt that we'd have to rent! No family near by to temporarily move in with either

OP posts:

MrBobLobLaw · 04/08/2019 08:38

@c24680 I'm in a very similar position! We have almost exchanged our on flat but we were gazumped by our vendors a week after they accepted our offer and now we cannot find anywhere else for love nor money! And we're looking in London too so you would have thought we'd have more choice. I'm due to give birth to DC2 in 3 months as well so we don't really want to rent but we might have to if we don't find anywhere else in time as we can't risk losing our buyer.

I keep refreshing Rightmove in the hope that something comes along...

We were upfront with our buyer though regarding the gazumping and said that we're doing all we can to find somewhere new. He's also a FTB and has been understanding so far but of course will only wait for so long..

Neron · 04/08/2019 09:08

How serious are you about moving OP? You've mentioned you won't go in to rent (understandable as it's more expensive) don't mind if the sale falls through again, you couldn't find anywhere before and that you don't need to move, just want to and can wait it out. When you look at that, I don't think it's fair for the FTB because who knows how long they are going to be waiting for you.
Maybe speak to them again, not fair for them to weigh out money right now.
Personally if I would be concerned if it was me buying from you.

CottonSock · 04/08/2019 09:09

This happened to my friend and her buyers waited at least 6 months! If you're is in a fast market they may just wait, esp if you keep in touch.

CarafeOfTheFinestWine · 04/08/2019 09:14

We sold before it went on the market, private sale, he knew we were still looking and was happy to wait. FTB livin* at home. We’ve just had an offer accepted 4 months later. We’ve kept in touch with him . I was half expecting him to have found somewhere else... he’s holding off on survey etc till we’ve had ours done.

Robs20 · 04/08/2019 09:15

I’m in exactly the same position! Accepted an offer from ftbs who are renting and want to move soon....we don’t even know what area we are moving to (we did until last week when DHs work told him they want us to relocate 150 miles.....would mean the end of my career so we need to weigh it up). I would keep an ongoing dialogue with your buyers and hope more will come on the market in September.

Original poster

c24680 · 04/08/2019 14:13

We explained to them when they viewed the property that we hadn't found anywhere and wouldn't be able to proceed with the sale until we do which they seemed ok with.

I've left a message with my estate agent for them so I'll see what they say!

We are serious about moving we're just not going to buy something because we're under pressure and we're not in a position to rent! We've been open about not proceeding with the sale until we've found somewhere from the start, our estate agent said a lot of people are like us and assured us it wouldn't be a problem so we'll see how it goes I guess!

OP posts:

ClareIsland · 04/08/2019 16:05

You have made it clear to the buyer and reiterated it again. I would just keep plugging on with the paperwork. There are options - PP has suggested that you rent from them - or alternatively you can exchange and have a period up to 6 months to complete (doesn’t have to be the standard 1 month) - lots of flexibility - go with the flow and progress with the sale.

Buddywoo · 04/08/2019 16:13

The ftb's will probably keep looking as well and might find something they like better.

Puffthemagicdragongoestobed · 04/08/2019 16:16

This happened to us. Sold in under three weeks but couldn’t find a place to buy in the area we were looking. We changed areas in the end but this was also because we decided against relocating. We then found a lovely house in an area close to where we are now, just a bigger house in a better school catchment.
We found it after about six weeks of accepting our buyer’s offer. We felt finding something within 2 months would still be reasonable.

zonkin · 04/08/2019 16:25

If you didn't find anything very soon I'd think you were a timewaster. If things sell within a week in your area why would you go to market when you haven't found anything you like yet?

Shelbybear · 04/08/2019 16:29

I've been through it. We sold to first time buyers. They were renting and didn't specify a move in date with their offer and knew we had not even started viewing houses, said they were fine to wait a bit re the date.

So we started looking and in quite a large area, about 5mile radius, we had a flexible budget but we couldn't find anything we liked. The houses just didn't tick all my boxes. It would potentially be our forever home. The areas I liked most had no houses for sale at the time. So we had to look at our less desirable areas. Ones I liked the look of were snapped up before we even got to view.

So after 3/4 weeks my solicitor contacted me to say that the buyers wanted in with an entry date just over 4 weeks away. I was a bit 😮 they should have put that date on their offer. They threatened to pull out of the sale unless they got in on that date. We got full asking price so I really didn't want to lose the sale but was almost ready to tell them where to go.

We looked at renting but they were all 6 months min. We actually went back to view the first house we looked at and bought it. i rules it out as wasn't south facing and a few miles from the train station. It had lots of potential though and we got it at a great price, still here after lots of home improvements 3 years later.

We had to put our furniture in storage for a month and live with my in laws till we got the keys to our new house. Also had to removal
costs twice but was worth it in the end.

My advise would be to agree a far away date that's reasonable, say 12 weeks or longer if U think u can stretch it out. U don't want to end up with the stress and hassle we had. I'm still not convinced it was the buyers, more their solicitor and was tempted to call their bluff but didn't in the end. Good luck with it all!

Shmithecat2 · 04/08/2019 16:32

Speak to your buyers. My dm sold her house to a lovely couple who unfortunately lost their buyer just before exchange. But by that point, the buyer had built up a nice relationship with dm and dm was quite prepared to wait for them to sell again. It took 9 months, but eventually the chain fell into place and everyone moved about 6 weeks ago.

titchy · 04/08/2019 16:32

We rented.... To be honest Brexit is putting people off buying so it might be worth sucking up the cost and inconvenience so keep the sale. Being chain free puts you in a brilliant position when you do find somewhere - we negotiated a massive reduction on the basis of being able to move in very quickly.

Oliversmumsarmy · 04/08/2019 16:48

We sold and furniture was put in storage and we went into holiday cottage accommodation with ddog and cats went in a chattery untill we found somewhere

I think we will do the same sort of thing this time as well

Original poster

c24680 · 05/08/2019 19:54

@zonkin we had put an offer of interest in on a property before listing ours however a cash buyer snapped it up the day ours went on the market.

OP posts:

Neet90 · 07/08/2019 01:18

I know how you feel, our house has been on and off the market a few times over the last 18 months. Everyone advises yoir house is sold stc when you start viewing but sometimes it's hard to find somewhere you like let alone get an offer accepted (often beaten by people in no chain) by which time your buyer has gotten bored of waiting. Our buyers were pressuring us to find somewhere, we are in the process of buying somewhere but aren't certain on it, if we pull out we will lose our buyer and be back to square 1 but at the same time rent is double what our current mortgage costs and it's extra upheaval for our family so I have no idea what will happen if we end up not progressing.

Original poster

c24680 · 07/08/2019 11:02

@Neet90 exactly, it's a lot of extra stress to move twice not to mention the financial aspect of it all! I'm glad I'm not the only one in this situation. We've explained to our buyers now so it's in their hands.

We're looking all the time but August is a slow month for the housing market.

I hope the sale goes through and you're happy with your purchase

OP posts:

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