Anyone else under offer with nothing to buy?

[pinksnowball]

We found a buyer in March, then had an offer accepted on a house shortly afterwards. All seemed too good to be true, and indeed it was! The survey on the house we were buying uncovered some major structural issues so we've just pulled out

So now we are under offer with no onward purchase. Anyone else in the same boat? We're still keen to move and our buyers seem very committed and reasonable but I'm wondering how long they'll hang around while we look for something in this slightly crazy market!

I don't see how the current market serves anyone. You might benefit from a clamour to buy your house but then if you want another roof over your head, you have to join the hunger games arena to buy one. Heads you win on your sale but tails you lose on your purchase.

Yes - but we are moving into rented. We've got a toddler and a baby so it will be annoying to move twice but not the end of the world. Slightly concerned about property prices rising but on the other hand when a house we like finally comes along we will be in a great position to buy. Chains are collapsing all over the place at the moment. We wouldn't be choosing now to move if we didn't have to, but we have new jobs so got to be now!

I agree and in fact we've already moved into rented and banked the sale proceeds. I'm making the general point that the fact we are doing this is indicative of a broken market. It serves no one. Even estate agents are going to have to keep a lot of plates spinning to keep chains intact and earn commission.

Absolutely. And you're right about benefitting from the clamour to buy the house you're selling, but then having to join the fray to buy. I really really hope things get less frantic in the coming months... we are moving somewhere cheaper (currently in Surrey so an expensive pocket) so hopefully won't notice the rising prices as much as if we were moving within the same town, but I am concerned by how little there is in our price range on the market currently (that we like) in the area we are moving to. A few months ago there was loads!!

We're moving back to London but we're hindered by Covid restrictions as we can't do overnight stays to have a good viewing blitz. We're not willing to join in a dog fight or start doing quick visits on the speculative chance that our offer will be looked favourably upon.Things are just not normal and although it's fraying our nerves, we are holding off for now.

Yes, we are newly in this situation too. Whenever a suitable property comes up, there's a crazy amount of competition and people are offering way over the valuation amount (I'm in Scotland).

The offer we accepted on our flat is 20% (!!) over valuation so it's likely that all the 'excess' will have to be sunk into offfering a similarly crazy amount above valuation just to be in with a chance!

Absolutely the same shoes. A PP earlier said they will wait until June - do we anticipate the market becoming more normal after June? Why June? Nobody starting the process now can expect to benefit from SD holiday, can they. Sigh. Why can't we all start behaving sensibly now, and we can all move into our next homes

Those who have marketed and accepted offers - are you spending any money on conveyancing on your sold property before you have found one to buy?

Why can't we all start behaving sensibly now, and we can all move into our next homes? why indeed, @hammersmithbridge Sooner rather than later please!

We have spend money on conveyancing. Our sale is fairly well progressed. In part this was because we had also started to progress our purchase and the vendors said they could move into their holiday home if need be. Maybe that was naive though, as I have heard others here saying they have waited until their chain is complete before starting. We’re pretty committed to our buyers though (and they’re pretty committed to us) so even if we can’t find an onward purchase I feel confident we would go ahead with this sale anyway and move in with a friend or rent. Worst comes to the worst, we would probably buy something smaller than we want with the aim of staying only short term then moving again. Although saying that makes me feel a bit pale inside.

I sold my house to cash buyer at the end of last year and have moved into rental as I didn't want to get stuck in a chain. I waited a few months and have now had an offer accepted on a property with no chain. The sellers chose to accept my offer over the others they had received as I was in such a good position as a buyer and pretty much ready to go. In my mind, the inconvenience of moving twice as a single parent is much less than the stress of being in chains.

We accepted an offer on ours a few months ago, but haven't found anything. We're moving to a different county. We've been watching the market there for a couple of years, checking out the area etc, and the prices have gone mad.

We've seen several properties in an absolute state that are so overvalued, but we've been one of 15+ viewings booked that day and then they've received several offers before the viewing day starts. It's just mad.

We're not moving into a rental. We're just outside London (end of the tube line) and don't want to be left behind if prices move on. Rental prices here and in the location we want to move to are very high, more than our monthly mortgage amount. We also want to port our very good mortgage deal. And we have three kids. Any one of those reasons is enough not to rent!

But I'm feeling so down about it. I've been dreaming about moving for a few years and it took a while to convince DH. So here we are. No chance of finding anything as hardly any properties are coming onto the market, and there seem to be cash buyers willing to pay over the odds at every turn.