Moving out to be a cash buyer?

[sarahc336]

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

@sarahc336

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

I wouldn't even be considering it then in your shoes. If you lose your buyer you'll easily get another one. And it'll cost you a fortune plus you'll be out of the property market if prices rose (probably unlikely at the moment but it is a risk).

Tell the estate agent you are not under any circumstances moving into rented and to stop asking.

Alternatively say you would be happy to if the buyer covers all the costs. That should shut them up.

Yes we were very clear from the start that we would only move once we had found our next home. The market is awful at the min, one house will come on and they'll be 15 back to back viewings around here and then they'll be around 7 offers made so it always goes to best and final offers which we've gone over the asking price so many times and still been out bid. This is why it's taking so long not that I'm just sat around not checking right. God quite the opposite I probably check it every 10 mins like a mad woman some days 😂 x

@sarahc336

Yes we were very clear from the start that we would only move once we had found our next home. The market is awful at the min, one house will come on and they'll be 15 back to back viewings around here and then they'll be around 7 offers made so it always goes to best and final offers which we've gone over the asking price so many times and still been out bid. This is why it's taking so long not that I'm just sat around not checking right. God quite the opposite I probably check it every 10 mins like a mad woman some days 😂 x

Stick to this OP, you would be mad to move into a rental place - our EA tried getting us to do that and we found that a lot of rental landlords wanted a minimum 12 month term with no break clause anyway. We worked out we would pay around £18k in rent for a year, which would have meant we had £18k less in our budget, and all the time house prices would be rising.

I know a family at the DC's school who moved out into rented a few months ago so they didn't lose their buyer and are now pretty much priced out of buying in the area. If they had held tight and even lost their buyer they would have easily found another one who would have paid more.

Don't put your family in a precarious position to make someone else's life easier! If your EA is being pushy I would be tempted to come off the market and go with another EA.

It would be fair of you to ask the buyer for a deadline of how long they will wait, end of Jan, Feb? Then you all know where you stand. If you get stuck in a chain it could be autumn before they get in!

Yes I think I will do that today, agree a deadline as I actually don't want to string them about at all but I've got to do right by my family. Some horror stories of people getting stuck in renting isn't there 🤯 xx

Don't put your family in a precarious position to make someone else's life easier! If your EA is being pushy I would be tempted to come off the market and go with another EA.

Once again, check your contract. The norm is that you owe the agent their commission if they’ve brought you a proceedable buyer and you decide not to sell (or switch agents).

@Porridgeislife

Don't put your family in a precarious position to make someone else's life easier! If your EA is being pushy I would be tempted to come off the market and go with another EA.

Once again, check your contract. The norm is that you owe the agent their commission if they’ve brought you a proceedable buyer and you decide not to sell (or switch agents).

I just looked at our contract from when we sold recently and we were not liable for any fees unless a sale concluded. Yes the OP couldn't go ahead with the buyer they have now without paying the fee, but unlikely they would owe any fees if they withdrew their house from the market.

If you remarketed your property today would it sell for more? I suspect it would.

Perhaps you just can't afford to move now or not unless you sell your for more

Certainly not the time to move into rented.

My estate agents opinion seems to be you sell and then move out even if you have no where to go

Your estate agent is being a duplicitous arse.

It is in THEIR interest for you to do this as then they get their commission.

It is NOT in your interest to do this.

Please don't be talked into having a deadline, to be nice to your buyer. You are being taken for a mug if you do this.

You must act in your family's interest, not allow people to screw them over because you're being too nice.

My friend's mum got talked into going into rented. By the time she found somewhere, she could no longer afford to live in the nice inner London borough she'd live in for 40 years and planned to retire into, and had to move somewhere rougher and further out as she coudln't affrord it - because prices went up while she was renting. This is what you're risking.

Let the buyers know that you are doing everything you can. And be prepared to let them go, you will find more buyers quickly in the kind of market you describe. You owe these people nothing! It's not your fault the market is as it is, and you sound like you're doing your utmost to find a place. Let them go.

And, take everyting your agent says with a pinch of salt from now on. It's very clear they're acting in their own interests, not yours.

I assume you've looked at school catchment in the area you want to move into? (Or have some other reason you want to be there).

If you move into rented, you need to accept that you are risking not being able to afford to live there if prices go up, and having to accept an area with schools you're not keen on - (or not near whatever it is that makes you like the area).

Hang on where you are, don't risk this.