Advice needed: sold our house but nothing to buy

[BingoFucklinger]

We sold our house in November on the understanding that we need to find a suitable house to buy. Since then there has been very little coming on the market so we still haven’t found anywhere.

Our buyers are, understandably, growing impatient and want us to instruct our solicitor so that their solicitor has the relevant documents to “complete [their] side of the process.” We’ve been advised by our solicitor not to take any further action until we have an offer accepted on a property.

Has anyone else found themselves in this position and what did you do? Do we sit tight and hope houses start coming on the market soon? Do we walk away and relist our house when there seems to be more coming up?— this means we risk missing out on any houses that come on the market in the meantime and also there’s the risk of getting a lower price for our house. We really don’t want to sell up and move into rented at this point.

I hate to mess our buyers around and feel really uncomfortable with them wasting money on solicitors, surveys, etc when we aren't in a position to proceed.

Also, has anyone had any experience of leaflet dropping to let property owners know you’re interested in their house? We’ve wondered about doing this around the main area we’re looking at.

Any advice would be greatly appreciated.

We are in this position so are going to rent.

Being cash buyers we are expecting that we will be able to strike a deal which will mean we will have covered any rental costs and also be in a position if something comes on the market which is perfect we will be able to offer straight away

Lots of positives for going into rented. Trying to find a buyer who can move speedily at the right time is going to be more tricky if you find the perfect house but haven’t sold your own.

If you want to keep your buyers and think you'll struggle to get more I would just go into rented, it gives you more options, breaks the chain to make you more desirable when something comes up and makes the move easier as you don't have to do it in a day. We did it last year despite the fact it was only a month, no regrets.

We've moved into a rental before buying on 3 occasions. Yes, it's hassle, especially with kids but it gives you a massive advantage since you no longer have a chain PLUS you don't have the time pressure to find a house within a certain time frame. You will have the luxury of choice to wait out what comes on the market in the next year or more for example. Imo, House prices are going down, more so after March. Prime properties may not go down in price but you will be in a great position to pounce as a no chain buyer.

If you're worried about redundancy or job security, I wouldn't be moving house at all unless you're downsizing to reduce your outgoings significantly.

Thanks so much for all your replies. Some great advice and it's really helped clarify my thoughts.

I'm going to phone the estate agent today and ask for our house to be taken off the market and we'll relist again later in the year. I agree that our buyers have been more than patient and I hate the idea that we're stringing them along.

As someone said, it comes down to whether we'd rather lose our buyers or move into rented and at the moment that's an easy choice. Renting is very expensive where we are and I worry about how quickly it would eat into our deposit. We had multiple offers over asking price very quickly so I'm confident we can sell again.

Thanks again for all the advice, it's really appreciated.

I’m like your buyer in this situation. We are ready to exchange and set a date for completion, survey done, we have an excellent solicitor, mortgage in place, large deposit. All along, our vendor has known we want to complete before the end of March. And they’ve delayed and delayed and refused to commit to a date. Our solicitor has told them we are about to pull out as they don’t seem serious. I doubt they’ll get anyone like us again quickly as we’re chain free, in rented, can move quickly and anyone offering now definitely won’t win on the stamp duty. We still could. Some vendors expect the moon on a stick.

Be warned other estate agents may not take you on as they don't think you're serious. Your current estate agent might also send you a bill to get their commission from you. I think your behaviour is pretty crap tbh.

God your poor buyers. I feel for them.

We've sold and moved out before we had anywhere to go in the past.

If your buyers were wanting to take advantage of the Stamp Duty holiday they are going to be disappointed if they miss out on that. I would probably proceed with the sale and move out. At least then you will be ready to make an offer when your ideal property comes on the market.

Homeless, cat at my mother's, furniture in storage and 3 kids in tow we went off and travelled round Europe on a grand adventure holiday for 4 weeks over the school holidays. Having lots of money in the bank from the sale of our house helped When we got back we had another 4 weeks squished into one room in a Travel Lodge before we finally got the keys to our new home. Working it out we probably spent less than the alternative of paying 6 months rent.
Saying that, that's not possible in lockdown. Would I stay in a Travel Lodge for all 8 weeks? Hmmm maybe not. Good luck OP, I hope you find somewhere soon.

Definitely rent. With the slump impeding, you'll probably get a lower offer, so what does the cost of renting matter since you won't be able to capitalise on the current offer if they walk.

@CallForHecate I feel for them too, I really do. I've been as open and honest with them throughout as I can, but feel awful that we've inadvertently messed them around.

There were so many properties coming on that we'd have loved and they dried up as soon as we put ours on the market.

Leaflet drop streets you are interested in. People may want to move but be waiting until after lockdown. Be prepared to loose your buyers though. They will only stay patient for so long.

There were so many properties coming on that we'd have loved and they dried up as soon as we put ours on the market

All the more reason to sell now and rent then be in a position to buy when something you love comes up for sale rather than waiting to find a buyer.
We missed out on the perfect house that came on the market the day before we put ours up for sale and was snapped up within hours.
I want to be in a position that I can move immediately if I see something and any money I spend on rent because we will be cash buyers I will factor into the amount I bid so the amount spent on rent will be negligible

We are in exactly the same position as you OP, we have been totally honest with our buyers that we do want to sell but we need to find the right house, they are free to hold on or walk away. I've told them we can't go into rented, it's not as simple as a lot of people think but that doesnt mean you arent serious about moving. I would be annoyed if you have lied but you havent so dont feel bad.

If I was the buyer, although I might be fed up of waiting if it was the right house I wanted I would wait.

Don't pull out but tell them how you feel. For us nothing at all is coming up, when we put the house up in Oct loads of things we liked, but by the time we sold all had gone and nothing new now so I'm praying that will change soon as we near spring. I think the stamp duty announcement might me making people hold off too.

Good luck x

The problem is as honest as you may be being you don't know what the EA is saying, they don't want to lose the buyer and have to start viewings again so they might not be being quite as forthcoming with the truth as you are, they might be giving false hope.

Thanks @Ladyof I needed to hear that! Sorry you've found yourself in the same position and I hope things look up for you soon. I feel like Rightmove needs a "last 15 minutes" option rather than 24 hours!

That's crossed my mind @user85963842 Thank you.

@Bythemillpond Renting is sounding increasingly appealing but unfortunately isn't an option right now. If we do end up taking our house off the market we'll only relist when we're in a position to be able to rent if needs be. It's been really interesting to hear the positive sides of moving into rented, so thank you.

Just waiting for the estate agent to get back to me and will see what he says.

Thanks everyone. Off to check rightmove. Again.

No worries, I asked a similar question on here not long ago and got slated for not going into rented and being selfish etc.

It isnt unusual to try and complete the chain and I think it is just a bad time of year for houses higher up the market, the lower end is thriving.

If you want a chat PM me, I'm hoping my totally honestly will pay off, I have no intention of not selling like people seem to suggest, but I'm not buying the wrong house either. No one is making the buyer wait, if they want to walk away they can do always remember that, you're not holding a gun to their head haha :-)

Keep us posted on what happens! I hope it all falls into place for us both soon.

I think you did the right thing, but it's so difficult.

I've been on both sides, but before lockdown, when anyone could view any property.

Our buyers waited 3 months from offer completion to us moving out, we found our place 6 weeks after accepting their offer, but we waited another 4 1/2 months for our sellers to find somewhere and move out. We moved in temporarily with my parents, rather than renting.

At the moment though, lots of EAs won't let you view a property unless you have had an offer on yours and are proceedable, so it's a bit of a chicken and egg situation.

If the right house comes up tomorrow, what happens then?

No one is making the buyer wait, if they want to walk away they can do always remember that, you're not holding a gun to their head haha :-)

One day you might be on the other side of this and not be quite so glib We’re about to pull out of where we’re buying having spent the best part of £2K on a survey and solicitor’s fees. But if a house is on the market, you do tend to believe that the person selling it, err, wants to sell! It’s an inevitable outcome that they’ll need to move out for this to happen.

@WinstonmissesXmas I'm sorry to hear that however the difference with me this that I have told them not to pay it until the chain is complete. Iim not making them wait and neither am I asking them to make any financial payments until things can start progressing.

Hope you can understand my typos, must remember to proof read ha!

We rented even though we had a new baby and it was a huge hassle. Sometimes it’s just the only practice option.

@WinstonmissesXmas oh arent you just a delightful human being. Karma, for being honest that's a new one on me. How lovely of you, be kind memo not reach you eh?

I think you will find you are wrong there, we have agreed sell, its showing as STTC and just down that parties are waiting to until the chain complete before starting the process what a bad person I am.

@Ladyof - truth hurts, does it? Honest? Don’t make me