Vendors pulled out - jut by to vent

[cupofdecaf]

So we found a nice house, not perfect but we could improve it. Like the area and size etc.
Got our house sold so we're we proceedable.

All good to go then the vendors think they will put the squeeze on and ask for a lot more money. I think we offered more than it was worth anyway and was already concerned about the bank valuation. No good reason they just wanted more.

Had to walk away. Now we have buyers ready and nowhere to go.

The house needed some work and I think they are oblivious to it. In a very busy sellers market we were their only offer at all. Other houses in the area are going to best and final, getting offers the first day they are listed etc.

I'm so bloody angry with them. Feel sorry for our buyers.

Any tips on finding somewhere fast? Have rung all the local agents to explain and ask they contact us if something comes up

Any ideas how we can keep our buyers happy? We can't go into rented for work and childcare reasons otherwise we'd do that.

That sucks. unfortunately, there's nothing you can do in this situation. Don't go into rented - that won't do you any favours in the long run. Just explain that you're doing all you can do but it's out of your hands.
On the plus side, you are in a strong position for finding a new house because you are immediately proceedable so a seller should theoretically want you as a buyer

The English housing system is just ludicrous and I genuinely can't see how there's been no demand for reform.

Our buyers have been waiting since February. We have the vendors from hell who are still dicking around - we were supposed to exchange 3 weeks ago until it turned round that our vendors didn't get their mortgage offer on their new build till Friday last week! So god knows what's happening with our purchase. Quite frankly I would pull out but the only reason I'm not is because our buyers are happy to carry on waiting and I feel like I karmically can't keep them waiting for 7 months only to walk away now!

I think the main point here is to communicate with your buyers (if you want to keep them): make sure they know you are actively viewing, and if you want to keep them on side, get them to wait before spending money on surveys etc until you have an offer accepted

As you are proceedable, if you find a house you are happy to move into then things could progress v quickly

You've done the right thing in calling all the local agents - as they WILL call you if any chains break (I got several calls when I had sold but not yet found a property to buy)

How long are your buyers prepared to wait? In their shoes I'd be thinking 4-8 weeks max...

Oh that's just rubbish and very greedy (and possibly shortsighted) of your sellers. But yep, that's the system here.

Bit of a crap time to be buying again at the moment, market seems to have dried up in a lot of places. So just keep communicating with your buyers - after all they'll be in the same position if they pull out of buying yours.

Thanks. Very frustrating.
Friends of ours went into rented hoping it's make them more attractive buyers but have told us they don't think it's helped. Hopefully being under offer will be enough when we find somewhere.