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Original poster

Cant find a house. Give up or hang on?

50 replies

Hdaw27 · 02/05/2022 20:45

We accepted an offer on our house in September and have since had to pull out of 2 houses (one because it was clear the vendors would only move to one particular house that they couldnt get, and the second because it came back with building regs issues!!)

This is a big step up for us.. we are going to be stretched financially to upsize so I want to move to something I really like but nothing is coming on the market.

So as it stands we have accepted an offer in september and buyer has hung on but that was septembers price.. what do we do?!

Do we just pull out all together then wait for a house to come up, thus putting us in a weaker buying position

Or do we try and ask for the current market ratre from our buyer?

Confused. Deflated. Pissed off!!!

OP posts:
blibblibs · 02/05/2022 20:50

So your buyer has been patient with you since September and you think upping the price on them is the way to go?
I know what I'd be telling you if it was me and it wouldn't be polite!

Frazzled2207 · 02/05/2022 20:51

You def don’t ask your buyer to increase their offer. A price was agreed in September

i sympathise as we were in a similar situation but it did work out for us in the end

as long as you are honest with your buyer that’s all you can do.
don’t be surprised if they back out though I hope they don’t

Offintothesunset · 02/05/2022 20:52

Your buyer has hung on for you all this time and now you want to pull the rug out from under them....

Original poster
Hdaw27 · 02/05/2022 20:56

This is what I thought but the estate agents actually suggested it as we're getting priced out of area. The situation just seems hopeless all round!!

OP posts:
Frazzled2207 · 02/05/2022 21:08

Hdaw27 · 02/05/2022 20:56

This is what I thought but the estate agents actually suggested it as we're getting priced out of area. The situation just seems hopeless all round!!

It’s not your buyers fault though is it?

Original poster
Hdaw27 · 02/05/2022 21:16

Not at all. But we have nowhere to move to so we're pretty stuck and its just dragging on and on with no success.

OP posts:
Beck01 · 02/05/2022 21:29

Urgh! Someone done this to us... waited 10months. We are chain free they gave us every excuse under the sun then asked for £10k more.

The place was a shit hole that would need full renovations.

We had put kids name down on local nursery and started buying stuff as all enquiries/searches were done etc.... Told them to stick their house.

Utter stress on top of me going through cancer treatment.

Greed is a awful thing.

Hazel444 · 02/05/2022 23:05

We were in a similar situation lest year, our buyers hung on for 9 months while we struggled to find somewhere - there was no way we were going to up the agreed price even though prices had risen a lot in our area. We did widen our search area by half a mile eventually and found somewhere. Legally you can do what you want, but I'm a bit superstitious and a believer in karma!

fourofwands · 02/05/2022 23:44

That would be a dreadful thing to do imo.

Original poster
Hdaw27 · 02/05/2022 23:49

Thanks for responses all. Getting different opinions from all angles so good to get other views.

OP posts:
TheLadyDIdGood · 03/05/2022 04:50

The decent thing to do is to inform your buyers that you can't find anything so they're free to look elsewhere. Take it off the market and change estate agents. Do the required home improvements to justify the price increase then realist.

Don't ask for more money from people who have done you a favour by patiently waiting. Are you widening your search criteria and being flexible in the areas & making compromises? I've done this and have found a house slightly out of my area but getting more for my money.

LetHimHaveIt · 03/05/2022 06:06

Hdaw27 · 02/05/2022 23:49

Thanks for responses all. Getting different opinions from all angles so good to get other views.

Not getting many different opinions on here, are you? 🙄

WhatsHoppening · 03/05/2022 06:31

Morally no that’s terrible. However house buying in the UK is a shitshow and ultimately you have to think about yourselves. Can you have an honest conversation with your buyers and explain the situation? Is it a lack of houses coming on the market?

stuntbubbles · 03/05/2022 06:38

They’ve waited since September and you want to financially shaft them now? Hope your new house has bed bugs.

Notagoodnight · 03/05/2022 06:44

You can only buy the prop which exists or is for sale within your proce bracket

If you haven't found anything chances are you arent being realistic about what you can afford

Lucia574 · 03/05/2022 06:47

Trouble is, if you don’t increase your price, you might not be able to buy a new one at all, if prices have all gone up. Which would also be a problem for your buyers. Tricky.

KangarooKenny · 03/05/2022 06:47

I’d take it off the market for a while then put it back on with a new price.
But don’t move unless you love the new house, it’s a lot of money to waste if you’re then moving again soon.

Coffeeholix · 03/05/2022 06:55

OP I don’t think greed is what’s driving you to consider upping your price. If you’re selling based on September prices and buying on todays prices you’re not buying/selling in the same market and that doesn’t make good business sense. I feel sorry for your buyer but I think this may be what you have to do. They will already be aware of the risks. There’s so little out there on the market at the moment it’s not surprising you’ve not found anything yet.

ManicMonday007 · 03/05/2022 08:34

This is exactly what happened to us. I feel your pain.

We sold in Dec 2020 and didn't get a house until Aug 2021 (which didn't complete until April 2022!!)

By the time we bought we bought at the top price and sold for 60k lower than if we sold in Aug. Devastated as that is a lot of money to me.

However I didn't think it was right to change the agreement with my buyer and so kept my word. I try not to think about it now and luckily love our new house. I would just keep looking but don't feel rushed, if you don't find anything they are free to move on although prob not likely as they will know it's a bargain like my buyer did!!

Good luck

Kerberos · 03/05/2022 08:42

It's a tricky one. If the market has moved that much since September then you are unlikely to find what you're looking for in today's market with September's money.

If at all possible, I'd take yours off the market and watch interest rates and market moves for the next year or so.

You don't owe your buyers anything, and if you can't move then you need to let them know.

iamsoreadyforbednow · 03/05/2022 08:48

We accepted an offer last September time too, our new build was meant to be ready in December.. it still isn’t ready and won’t be until June now at least.. (not holding my hopes up!)
We eventually said we would leave and rent as our buyers mortgage offer was going to run out, so we left in Feb, was able to rent a house in another town. I’m gutted now because if I had a crystal ball we could have waited, put the house up for more and then got the house without needing to move twice.. but here we are!

I feel your frustration, but I wouldn’t take it out on the buyer at this point.. it’s too far gone.

MountainDewer · 03/05/2022 09:19

Pull out. You’re ultimately selling in order to upsize. At this rate you’ll end up in rental, for a long time while prices rise higher and higher.

Sad for your buyer but can’t be helped. I say this as a buyer who’d be upset with the same thing happening… but I wouldn’t have waited a year anyway.

BemusedBrenda · 03/05/2022 09:31

I'm amazed so many people are telling you to stick with your buyer and previously agreed price, even if it massively disadvantages you and affects your ability to buy the home you want.... You can't compromise your financial position and accept being priced out just to be nice. The market moves fast and everyone understands that - even your buyers. If you can't find anything to move to after 8 months the most sensible thing to do is to pull out of your sale. If the market picks up and you start to see properties you would be interested in, re-list at that point. Undoubtedly you'll find another buyer quickly enough. It's not about greed, it's about being practical and making the best decision for your family for your future.

MountainDewer · 03/05/2022 09:41

BemusedBrenda · 03/05/2022 09:31

I'm amazed so many people are telling you to stick with your buyer and previously agreed price, even if it massively disadvantages you and affects your ability to buy the home you want.... You can't compromise your financial position and accept being priced out just to be nice. The market moves fast and everyone understands that - even your buyers. If you can't find anything to move to after 8 months the most sensible thing to do is to pull out of your sale. If the market picks up and you start to see properties you would be interested in, re-list at that point. Undoubtedly you'll find another buyer quickly enough. It's not about greed, it's about being practical and making the best decision for your family for your future.

So easy for everyone to ‘be nice’ when they’re not directly affected.
UK house buying is shit. Can’t blame people for looking out for themselves within reasonable timescales (gazumping is still 😡)

stuntbubbles · 03/05/2022 10:33

But what happens when OP ditches her buyers, resells her house at May 2022 prices, and still can’t find somewhere in eight months’ time? Does she ditch the next lot of buyers because she’s priced out in October 2022? What if she can’t find new buyers now?

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