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Original poster

Moving out to be a cash buyer?

60 replies

sarahc336 · 20/01/2022 14:11

Hi just looking for some other opinions. We've sold to first time buyers but we were up front and said as we have small children we didn't want to sell up and move out unless we had our new property to move into which at the time they said they agreed. Now we're struggling to find a property, I get that this is annoying for our buyers but that's just the market at the min isn't it, we keep getting out bid or we find our asking price offers get rejected as people now seem to want more than the asking price and there's been a few times we couldn't afford this so we've had to walk away from the sale.
Our buyers and our estate agents are now treating us as were the problem as we won't simply "move into temporary accommodation". Now I know many will choose to do this but surely not everyone does this, we can't be the only ones wanting to wait?? They're literally harassing us emailing and phoning all the time. It's really starting to stress me out to the point I feel like just cancelling the sale.
Are we unreasonable or are people allowed to wait and move when that have a sale? Our argument is if we're constantly being out bid now then why would that magically change if we were renting? We're concerned about loosing our childrens home and getting stuck in renting 😭
Xx

OP posts:
StillTryingtoBuy · 20/01/2022 14:19

I think remember that your estate agent’s main interest is in making this sale go ahead, not in your long term future! We did it, with young kids, have rented for 6 months and move into our new home in a few weeks (already completed on it). It wasn’t easy by any stretch. We were turned down for lots of rental places and ended up paying more than we wanted. Moving twice is expensive and disruptive. And yes there are no guarantees it will work out. It has worked out for us but it’s a risky approach. It was worth it for us as we really really wanted to move, and we only ever had one offer on our property - a new build flat with no outdoor space. Was it easy to sell your house? Is the offer a great offer or to compensate for the disruption of moving would you need a better offer? Would you sell again with ease back on the market? And would your buyers easily find something comparable?

Original poster
sarahc336 · 20/01/2022 14:40

Thanks for your reply. Yeah we had multiple offers on our house so we feel there's not much pressure for us to move out and rent in that way, more guilt and pressure from the buyers and estate agent. It's just hard isn't it. There's also not much to rent around by us either and we don't have any local family to move in with. I feel our buyers if they're frustrated should pull out of the sale but I know they don't want to as there's not much else on the market for them to buy. I have also wondered whether it's more the estate agent pushing it rather than our buyers as your right they want their commission don't they xx

OP posts:
AlDanvers · 20/01/2022 14:46

How long since you accept their offer?

The2Omicronnies · 20/01/2022 14:47

We moved into rented after we sold our last house, but we were relocating so needed that opportunity to get to know the area.

Positives: it was hugely advantageous as a buyer to be a cash buyer in rented as it was appealing to the vendors over those in a chain.

We got to live in a cool farmhouse (and subsequently discounted it as the type of property we’d ever want to live in 😂)

We were fortunate to have a rental with a barn so we could store excess furniture

Disadvantages: it is disruptive packing up twice and paying double for removals

We felt unsettled as we knew it was temporary, so that was a horrible feeling

However, we are now moving back to where we came from and I would definitely consider going into rented again as I think it can make both buying and selling easier and we don’t need to panic buy the first thing that comes on.

For context, we have middle age primary children and 2 cats

Wimblingwombling · 20/01/2022 14:48

I think it depends on the market you’re in- whether you’re in a strong position as the seller or not..

newnamenewyear · 20/01/2022 14:48

Don't move into rented without good reason. If the market goes up before you find your next home, you will find yourself increasingly priced out of homes and areas you can afford now.

StillTryingtoBuy · 20/01/2022 14:48

I would hold firm from what you’ve said. You haven’t shifted the goalposts at any point.

Just be clear that you won’t be moving. Tell your EA that you appreciate they want the sale to go ahead but they need to shift their focus to keeping the buyer on board, explaining to them that there isn’t anything else comparable out there that they’ll be able to buy and that you’ve been clear about that from the outset.

And tell them the stress is getting to you too; they ultimately work for you.

falalalalalalablahblah · 20/01/2022 14:49

Er yes, this is shit for your buyers and you should either be very honest about timelines with them or come out of the contract.

StillTryingtoBuy · 20/01/2022 14:50

Yes as other posters mention, unless there’s advantages to you in being in rental. Chance to try other areas say. Being chain free as a buyer hasn’t been hugely beneficial in our case, it’s not worth moving into rental just for that I don’t think.

StillTryingtoBuy · 20/01/2022 14:51

But they buyers are free to walk away if they don’t want to wait? And if sensible they’ll still be keeping an eye on other options on the market.

Thistooshallpsss · 20/01/2022 14:52

It’s completely your choice. We are selling and have made it clear from the outset to all parties that we will not be moving into rental. Our property is very popular and has already sold twice. Don’t be bullied unless you are desperate for the sale and your property is hard to sell.

LetsGoParty · 20/01/2022 14:55

It's really annoying for the buyers and it may be costing them money. If I were them I would be feeling frustrated and anxious about it☹️.

Have they already spent money on the survey etc?

How honest have you been with them?

My sons seller changed their mind about selling the day AFTER the survey was carried out. My son had paid for a full survey.

It's difficult for you too though, I wouldn't want to go into temporary accommodation either.

Jarstastic · 20/01/2022 15:22

Well they can wait or they can walk away. A very frustrating position for them.

We moved into a rental and it worked very well for us because we were moving areas and couldn’t keep waiting for schools etc. Not much has come up but we are certainly in a much better position being chain free buyers. The problem we’ve had is being told we are competing with cash buyers (although often turns out after the vendor is down the process they weren’t actually cash buyers)

newnamenewyear · 20/01/2022 15:23

Well, yes it's shit for the buyers. But as long at the OP is actively househunting, what can she do?

Going into rented could cost her dearly, especially if the market goes up. It's not in her interests if it's just to be nice to the buyers.

Fluffymule · 20/01/2022 15:43

I think all you can do is be absolutely honest and transparent with your buyers.

Make sure they know that you will absolutely not consider going into rental and that you will continue your search at the pace/cost that works best for you.

They can then make the decision to accept your position and back off from pushing you for movement, or they can start looking for other properties where the sellers are in a more flexible onward position than you are.

This might mean they pull out now, or further down the line, but that's obviously a risk for you at any time anyhow.

Gettingonabitnow · 20/01/2022 16:47

DONT DO IT!!!! We got pressurised the same and I nearly broke after we moved out, the pressure finding a rental then going from rental to new house with all the lease timings is horrendous. Honestly it was awful - there will be another buyer x

beggingforsleep · 20/01/2022 16:56

We did it with two under three year olds and a cat and I wouldn't recommend it. It's absolutely exhausting moving twice, you'll likely end up paying more in rent than you would on a mortgage and it sounds like you could sell your house again if your buyers pull out.

Remember to do what's best for you.

MaizeAmaze · 20/01/2022 16:58

Would you be cash buyers? Or just chain free? Those 2 are different imo.
I guess it depends on how long your buyers have been waiting. If you accepted an offer in Setember, it's a different question to if you accepted this year.

Original poster
sarahc336 · 20/01/2022 17:39

Thank you all for your messages. Our home luckily had multiple offers on it so I don't think we need to worry about re selling. On reflection I feel it's more the estate agents being pushy, we were very open and up front at the start. I feel if they are not happy then can always walk away. We don't need to re locate or anything so as some of you have said I don't feel there is any major advantage to us renting. Thanks for all your opinions, helps to make me think things through xx

OP posts:
Porfre · 20/01/2022 17:42

I wouldn't.
It's taken me almost 2 years to find something that we even think about buying. There currently just isnt enough houses on the market.

You might get stuck in rented

Original poster
sarahc336 · 20/01/2022 18:17

Exactly this was our thinking, there's limited houses where we are now anyhow, we're scared of getting stuck in renting xx

OP posts:
dollybird · 20/01/2022 18:27

@sarahc336

Thank you all for your messages. Our home luckily had multiple offers on it so I don't think we need to worry about re selling. On reflection I feel it's more the estate agents being pushy, we were very open and up front at the start. I feel if they are not happy then can always walk away. We don't need to re locate or anything so as some of you have said I don't feel there is any major advantage to us renting. Thanks for all your opinions, helps to make me think things through xx
If the estate agents are being really pushy and causing you loads of stress, you can always change and they won't get the commission either.
Porridgeislife · 20/01/2022 18:53

If the estate agents are being really pushy and causing you loads of stress, you can always change and they won't get the commission either.

I wouldn’t advise doing this without checking your contract carefully. Usually if you back out of a sale then you still owe the agent their commission as they brought you a proceedable buyer.

Starseeking · 20/01/2022 18:55

I wouldn't move into rented unless it suited my position; and it doesn't sound like it suits yours.

I moved in with family having sold in the summer to be in a better purchasing position; 7 months later we are still living with family as the purchase has dragged on. The good thing about it is that I've actually been able to save more, as having had to pay rent, although I do contribute. I'd not have been happy if I'd have gone into rented; I'd have spent £17.5k by now if that had happened, which is much more than the equivalent mortgage would be.

WulyJmpr · 20/01/2022 19:01

Hold fast. Renting could cost £20k per year or more. Rental market is very limited and competitive at the moment.

Your buyers need to be patient particularly as it's a sellers' market and your house is probably worth more now than the price you've agreed to sell it to them for...

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