How long is too long - waiting for vendors to find their new home

Bwiththegoodhair · 2020-09-21T21:41:45+00:00

As the title says really, how long after they’ve accepted your offer do you think is reasonable for them to find their new house? Our vendors accepted an offer 4 weeks ago so I’m not too worried at the moment, although apparently they’ve not even found anywhere that warrants a second viewing yet. I am however letting doubt creep in that they’re maybe being too picky, so thought I’d see what you lot think... How long before you’d start to look for backups / start to worry?

beggingforsleep · 22/09/2020 06:47

We waited four months and then gave up and retracted our offer. We'd sold and moved in with family to wait but got frustrated and felt like they'd never find something. This was at the end of March though and complicated by the general uncertainty of covid. They ended up finding something in April and decided to keep the house we wanted to buy as a rental.

Was a bit gutting at the time but we found something better in the end.

It depends how much you want the house I guess and if you're in a chain. Yes they might be being picky but that doesn't mean that they're not committed to selling.

YellowNotRed · 22/09/2020 06:55

I would say 1-2 months is reasonable, but saying that I found somewhere in 2 weeks as I really didn't want to lose my buyer (bidding war, so got a lot more than expected).

VeronicaVanHoopen · 22/09/2020 07:01

I think it depends on the bracket. We accepted an offer 4 weeks ago and will move into rented if it comes to it to keep the sale.

We are looking for somewhere to buy though and have looked at 14 houses now and none of them have been suitable. We're looking at spending 1.5 - 2 million so I wouldn't say we're being picky at all but it does have to be absolutely right at that bracket! There is very limited stock coming on the market - and what is seems to be compromised houses trying to capitalise on this random bubble in the market that is happening right now in the South East.

GolightlyMrsGolightly · 22/09/2020 07:10

Our buyer waited 3 months. Then another 4 for the sales to go through. He was living at home though and didn’t mind the delay.

PurBal · 22/09/2020 07:20

We've been told by multiple agents we can't even view without our property being under offer. DH and I will only move for the right place and if it's not now then 12 months will be fine too. It's awful knowing we might let potential buyers down and I've had more than one heated conversation with agents about how unethical this attitude is given our circumstances. But with more and more agents doing this what choice do we have? I'd hang on in there. Your vendors want to move too.

Original poster

Bwiththegoodhair · 22/09/2020 09:41

Really appreciate all the different views! The price brackets isn’t quite as high as @VeronicaVanHoopen! We’re purchasing theirs for £560k, and they’re looking for somewhere more rural with their grown up kids (quote common theme where we are).

We have FTBs buying ours who are somewhat flexible which is reassuring, and the only real deadline is 31 March for stamp duty, which I’m assuming our vendors will want to take advantage of as well...

I’m concerned they may offer on somewhere with a chain, but can’t do much about it I guess

I’m keeping an eye out on new properties as they come to market as a ‘just in case’... will give it another few weeks before I start to worry!

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VeronicaVanHoopen · 22/09/2020 09:45

Haha @Bwiththegoodhair The bracket sounds ridic but only buys you a very bog standard 4 bed detached in these parts! We're not talking MTV Cribs I promise. If only...!

Original poster

Bwiththegoodhair · 22/09/2020 10:06

@VeronicaVanHoopen madness!! Where DH is from that would buy all homes in a postcode! It’s all relative though I guess - best of luck with the move!

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cupofdecaf · 22/09/2020 10:36

@PurBal

We've been told by multiple agents we can't even view without our property being under offer. DH and I will only move for the right place and if it's not now then 12 months will be fine too. It's awful knowing we might let potential buyers down and I've had more than one heated conversation with agents about how unethical this attitude is given our circumstances. But with more and more agents doing this what choice do we have? I'd hang on in there. Your vendors want to move too.

I've said the same to agents. Our house will likely sell quickly, next door did a few months ago and other houses down our street have both before and during lockdown. The house most like ours that sold recently only got the outside picture on Rightmove before it was under offer. The house we are looking for though is more specific and in an area with a slower market. I would be really unimpressed with a seller that insisted we were on the market and likely under offer but then didn't have anywhere to go themselves. I think I'd say take a lower price and we'll wait or you go into rented.

Pootles34 · 22/09/2020 10:38

Our buyer has been waiting a while for us - we found somewhere, but they couldn't find anywhere so pulled out. I think it's same story everywhere - it's a sellers market, and the higher up the chain you're going the quicker they're selling.

Original poster

Bwiththegoodhair · 22/09/2020 11:17

Hi @Pootles34, if you don’t mind me asking, how long has your buyer been waiting?

Locally the market here has slowed compared to the crazy boom we saw post lockdown and we’ve not seen anything else that we’d put an off in on so content to wait a little longer (for now!).

Their EA told us their dream home fell through a few years ago due to issues with chain so I fear that property is still on their mind and nothing will compare.

But I may be overthinking everything

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Pootles34 · 22/09/2020 11:34

Just had to check - we sold late July. We did find that one we offered on, but that fell through 3 weeks ago. It does feel like it's been a lot longer tbh!

WB205020 · 22/09/2020 12:18

If you have your property on the market you should at least be looking at other properties you like the look of. That way when your property goes under offer you are aware of the current batch of houses to see and can book viewings for the coming week or 2. I would say withing 4 weeks you should have a good idea on whether there is anything out there that is suitable. If there isn't after 4 weeks or so then its unlikely you will find it unless you just wait for something to come on the market.

I would give them another week then say you need to start making plans and what are their plans regarding the move (rented / family etc.) once their property sells. If after a week (so 6 weeks in total) you have no clear idea what is happenning or what their plans are then i would think about looking at other properties.

Original poster

Bwiththegoodhair · 22/09/2020 22:13

Hi everyone, thank you for your views, really does help ratify what I'm thinking

@WB205020 - your timeline is what I had in mind too... will learn patience for a week then be on the blower to their EA!

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InescapableDeath · 23/09/2020 19:22

We sold ours two weeks ago for 293 (standard 3-bed), and were perhaps foolishly thinking we could upgrade to a great 3-bed on a central road or a 3/4-bed detached on the outskirts if we spent 450-500. No, it seems. My town is either full of 300k houses or 600k houses. It's so demoralising.

We have viewed the handful of properties that were maybes and are nos for solid reasons. Loads of houses that WERE right sold while we were having viewings. So I don't think it's fussiness but just that we've missed the boat on some key properties.

Now wondering if we will get to even see anything good or if we have to cancel the sale until we can afford the 600k-level houses.

Worried we will lose our buyer or miss the stamp duty holiday.

Original poster

Bwiththegoodhair · 23/09/2020 19:25

Oh Jeeze @InescapableDeath, keep the faith! The one we’re buying actually sold but then came back on the market as original buyers’ mortgage fell through. Not wishing that on anyone, but does mean some might come back on?? Best of luck!

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Pootles34 · 24/09/2020 15:50

My parents reckon we should sell now, go into rented, then buy 'once the recession has kicked in and they all fall in price'.

We personally can't due to our mortgage, but something to consider Inescapable?

I'm starting to think the stamp duty thing is something of nothing - 6k is nothing if you end up paying more than a house is worth.

KnobChops · 24/09/2020 16:00

If you put a house on the market you should be prepared to move out in a reasonable timeframe ie 3 months. Whether that be buy somewhere or rent. It’s unfair on buyers to spend all that money on searches and surveys for the seller to be so uncommitted.

InescapableDeath · 24/09/2020 20:12

The process itself takes about three months once a chain is complete. Our buyers haven’t done anything as yet. We’re not ‘so uncommitted’ there are simply no houses to buy when there were loads over the summer!

Did think about renting but we have kids and no family nearby and it would be a lot of upheaval.

KnobChops · 24/09/2020 20:21

@InescapableDeath

The process itself takes about three months once a chain is complete. Our buyers haven’t done anything as yet. We’re not ‘so uncommitted’ there are simply no houses to buy when there were loads over the summer!

Did think about renting but we have kids and no family nearby and it would be a lot of upheaval.

Well take it off the market then. Either you’re ready to sell or you’re not.

InescapableDeath · 24/09/2020 21:47

@knobchops wtf? I am ready to sell. There’s a pandemic which means you can’t view houses until you sell, which means it takes a bit longer to find one. This is what everyone does. Do you think all sellers automatically move into rented after two weeks? Are you on glue?

KnobChops · 24/09/2020 21:50

[quote InescapableDeath]@knobchops wtf? I am ready to sell. There’s a pandemic which means you can’t view houses until you sell, which means it takes a bit longer to find one. This is what everyone does. Do you think all sellers automatically move into rented after two weeks? Are you on glue?[/quote]
2 weeks - no.
3 months - yes.

No glue.

Pipandmum · 24/09/2020 22:04

I'm putting my house on the market as the time is right to sell. But I don't want to move until after Christmas if possible. I have potential buyers coming tomorrow- already sold and getting desperate as there are few houses big enough. I can't move to my new area as my daughter has her GCSEs this year, but pragmatically I need to take advantage of the market and accept I will be renting for a while. I'm certainly not going to expect the buyers to wait. Not convenient at all - I have another child and dogs, but I believe the market will stall next year so if i can find a buyer now will do what i can to hold on to them.
When i come to buy I would expect the sellers to move to my schedule or at least compromise - I'm not waiting indefinitely.

mumsy27 · 24/09/2020 22:38

best advice is to do the homework before dip in.
make sure what sort property you need/want, don't decide once you are under offer.
work out compromise you can live with or without.
be realistic with your budget and stick to IT, mainly buying
make sure about the area you wish to move in.
conveyancer chosen and ready to instruct.

mock test, yes mock test!
save properties you will consider(price,location...etc) period, minimum 6 months to 18 months, keep an eye how fast they were sold and why, plus the price,I would check history purchase price,old pictures, old/new planning applications, timeline google street picture how the property kept changing, any improvement,that will teach you to work fast and grab the right property.
once you worked out the pattern, selling speed and quality and compare each property plus and minus each one.
as soon you see a property you will know if it's good one.
work out list of things to avoid, example house near major road too noisy, house near petrol station or paint factory hard to mortgage.
HMO nearby, crime search, deprived area index.....etc.
all this online.
once you are under offer, you have the tools and data for the area.
I spot the right property, I will search any information about the seller and selling agent(planning application, facebook, their friend,pictures,comments,pets...etc) gives me clearer picture what sort people I'm dealing.
you will surprise how much info out there.

InescapableDeath · 25/09/2020 22:05

re. homework, we've done loads, had a list of properties we knew were likely buys, we have our conveyancer appointed and the mortgage pretty much chosen. I know which roads are likely wins and what we should be able to buy. I thought I knew our budget...

Then as soon as we sold, everything in our list went in the days beforehand with nothing to replace it. Prices have gone up. Some vendors (appear to be/) are unrealistic, unwilling to accept offers below what's way above what the last one sold for.

You can do all the homework you want but the reality is that in the current climate, you can't do very much until you sell. You can decide everything's looking right when you decide to go on the market, but until the unpredictable day you sell, you can't know for sure you'll find what you want. And while it can be sensible to go into rented, it comes with associated costs (not all financial) that not everyone will be willing to accept. We would rather go off the market (and will if necessary) than settle for spending half a million on a house we're not keen on, or putting the kids through the stress of two house moves.

I think it's okay, and perfectly normal, to want some empathy and actual useful advice when you're going through all that, especially in the early weeks.

I sound super defensive I'm sure, because I'm actually really upset. We researched so much and now pah, it's all disappeared! But we have at least learned we like our cheap house a lot more than some other properties on the market!