Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Flip

1 2 3

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:

FitAt50 · 20/01/2022 19:08

How long ago did you accept their offer?

dollybird · 20/01/2022 19:23

@Porridgeislife

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.

I thought they were usually no sale, no commission, at least ours was ten years ago, but maybe things have changed.

cherrywhite · 20/01/2022 19:40

Don't do it. You've been clear from the start and the buyers can take it or leave it. You might even get more now if it's been a while since you accepted an offer if you had to re-market?

It'll be the agent fretting about getting their commission and hitting sales targets. There's a national shortage of houses for sale and there has been for a few months so they don't have the pipeline of sales that they did during most of 2021. Forcing you into rented means they get paid.

Perhaps they could work harder to find you an onward purchase and complete the chain?!?

Summersdreaming · 20/01/2022 19:41

How long since you accepted the offer? Hard to tell if you're taking the piss or they are being impatient, probably both? Bit weird to sell then expect to house hunt at your leisure, indefinitely. Get a move on!

muddyford · 20/01/2022 19:47

A friend had this recently. It's the estate agents pushing, not your buyer. They tried it with us a few years ago and I laughed and said no.

RidingMyBike · 20/01/2022 19:49

How long ago did you accept the offer? If it was November or early December then I'd be getting annoyed as the buyer, but if it's within the last month then that's not so bad. You need to be absolutely upfront with them about not being prepared to rent so they can decide whether to stick with the property or carry on with viewings. Can you push back to the estate agent and ask them what they're going to do to find you an onward purchase? They can leaflet preferred roads etc?

We sold last year and have gone into a rental but mainly because we needed to relocate 200 miles for work and needed to be at the new place by a certain date and this was the only way to make it happen! There are obvious advantages, but some of them relate to moving to a totally new area and getting to know it before buying which doesn't apply in your case. It is expensive and disruptive having to move twice although hopefully it will put us in a strong position to buy when something suitable comes up.

TellerTuesday · 20/01/2022 19:51

I can't say if I think YABU or not without knowing when you accepted their offer, which I do notice you've been asked a few times & haven't answered so suggests it was quite a while ago.

I've never known anyone put their house up for sale then just dawdle about finding somewhere else to go, if you don't want to move out take it off the market until a house you want comes up for sale.

fourplusfour · 20/01/2022 19:52

I agree with PP it doesnt sound like moving to rented makes any sense for you. however, I am in a similar position to your buyers and it's very frustrating.

fourplusfour · 20/01/2022 19:54

@TellerTuesday

I can't say if I think YABU or not without knowing when you accepted their offer, which I do notice you've been asked a few times & haven't answered so suggests it was quite a while ago.

I've never known anyone put their house up for sale then just dawdle about finding somewhere else to go, if you don't want to move out take it off the market until a house you want comes up for sale.

This tbh

Michellexxx · 20/01/2022 19:55

my friend did this and is still in the rental- it has been over a year. They made money on their house but the 'step up' is now far greater and the profit is nearly gone as they are paying a fortune in rent.

mugoftea456 · 20/01/2022 20:07

You seem to be ignoring many posters asking how long ago the offer was accepted. This is hugely relevant.

Original poster

sarahc336 · 20/01/2022 20:12

I'm not ignoring people I've been in work. Yes we sold sept, a long time I know but we've been in closed bids and been out bid multiple times or had offers rejected for not being able to offer over the asking price etc. We're not just sat twiddling our thumbs doing nothing. We can't take it off the market and wait for something to come up as houses we have made offers on are selling within 1-3 days around here still so that's just not possible. Thank you for everyone's advice, inwas merely asking if I was the only one that ever thought you could move in a chain. My estate agents opinion seems to be you sell and then move out even if you have no where to go x

OP posts:

Original poster

sarahc336 · 20/01/2022 20:13

And yes I know it's hugely crap for our buyers, that's why I'm so stressed as I don't want to do badly by them xx

OP posts:

surreygirl1987 · 20/01/2022 20:30

We had this situation, as the buyer. We even gave them a deadline for our offer to be conditional on but they strung us along. We ended up pulling out (and bizarrely they took offense; we'd offered well over their asking price!!). As long as you were very clear and upfront when you accepted the offer, you haven't done anything wrong, but it's possible that the estate agents weren't clear and upfront with the buyers about it! The EA definitely just wants the sale. We moved into rented (we had no choice as relocating) but I wouldn't recommend it unless you really have to... although it did help us to secure the house we wanted against another offer as we were chain-free.

SiobhanSharpe · 20/01/2022 20:39

We sold and moved into an air bnb for what we thought would be a month or six weeks or so.
Our first purchase fell through as the chain collapsed.
It turned out to be six months -- three air bnbs and 10 days in a hotel. Plus six months of storage charges for our stuff.
Yes, we were a cash buyer but it's still too uncertain.

FitAt50 · 20/01/2022 20:40

I am really sorry but I do think you are being hugely unfair to your buyers as September was a long time ago. You still haven;t even found anywhere to buy yet so thats at least another 3 months wait for your poor buyers. We are putting out house on the market in April and have accepted that if we don't find anywhere we want to buy, we will have to move into rented accomodation whilst we look.

Summersdreaming · 20/01/2022 20:45

September! I would have pulled out by now. I suspect you will let them pull out to buy time then string the next buyers along for 6 months.. the property process in this country is shocking.

surreygirl1987 · 20/01/2022 20:47

It depends on what the buyers were told. If it was 'we won't be moving until we find somewhere, which could be a month, could be a year, we're in no rush', then that's fair enough. If they weren't told that they might have to hang on for ages and wait indefinitely, then I agree that's really unfair.

cherrywhite · 20/01/2022 20:48

@Summersdreaming

It's not in the current market. Most agents last year wouldn't even allow you to view a house unless yours was under offer. Around here there are 20+ viewings from proceedable people for every decent house that comes up and everything goes to best and finals. OP says she's been bidding and getting outbid.

Starseeking · 20/01/2022 20:53

September was nearly 6 months ago, and it sounds like the conveyancing process has barely started. They'll be lucky to complete before June at this rate

It's really rubbish for your buyer to be in that position (my purchase was accepted in July last year), but if you were clear with them on your position when you accepted their offer, there's not a lot they can do, other than pull out and find a new property.

Summersdreaming · 20/01/2022 20:59

@cherrywhite I know the current market I'm in the middle of a purchase myself, so think about the buyer and how much they want to move into the house they've finally found, and been accepted on.

Garysmum · 20/01/2022 21:03

There are very few rentals around too - especially ones that will take children. Rentals are commanding big money too. You'd probably be financially better off staying put.

Kite22 · 20/01/2022 21:26

I have sympathy for both you and your buyers.
It is frustrating for them, and potentially costing them in rent they don't want to be paying too.
However I think you are right. I wouldn't move out in your circumstances either. You being in rented accommodation wouldn't stop you being outbid on houses you have offered on, and you could end up without a home and paying rent for a long time.

Your ftbs need to make the decision to just sit and wait or to look at other properties and see if they can get another one they like. It is a shame, but makes no sense to put yourselves in a difficult position just to be nice to people you are effectively in a business transaction with.

Youreatragedystartingtohappen · 20/01/2022 22:14

We're in your situation, constantly outbid through best and finals and houses going for up to 70k over asking in our search area. It's caused a lot of stress as I don't want to appear like I'm not trying to move- because I really am!Our buyers are hanging on and have been for a long time now but we have categorically refused to move into rented and were clear about this when we accepted the offer. This move for us is a long term move so I want to get it right for my family with regards to space and schooling.

With respect to those who say that September is a long time for the buyers to wait I would disagree, the house market is very bizarre at the moment and long chains in terms of length and time seem to be more normal. Hold fast and if your house needs to go back on the market so be it. Good luck in securing your onward purchase soon

WulyJmpr · 21/01/2022 01:22

Yes September is nothing for the current housing market with people moving around the country and often having way more budget than buyers in individual locations would typically offer.

It would be very easy for the OP to be priced off the housing ladder if property prices keep rising. The amount of posters suggesting the OP should put her family in a precarious renting position is a bit shocking on a parenting forum 🤔

The market is to blame not the OP.

Flip

1 2 3

Swipe left for the next trending thread