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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:

BemusedBrenda · 03/05/2022 10:41

@stuntbubbles that's a lot of what ifs, and we all know there is no shortage of buyers for a reasonably priced house. Whereas proceeding with a sale at £££s less than the current value and either moving into rented or stretching to purchase an unsuitable house, would definitely be putting the OP into a vulnerable position. My suggestion was for the OP to wait until she can see there are suitable properties coming up for sale that meet her needs, before re-listing herself.

BearBibble · 03/05/2022 14:08

Haha, theres an almost identlcal thread running at the moment but from the buyer's point of view. Their seller has just increased the price based on current market rates and the responses are mostly "Well, wouldn't you have done the same? It's not the seller's fault the market has changed".

Frazzled2207 · 03/05/2022 14:14

BemusedBrenda · 03/05/2022 10:41

It’s a catch 22 because agents won’t let you view unless your own property is on the market

User354354 · 03/05/2022 14:16

It would be a dick move. You obviously have good, flexible buyers. Most wouldn't have waited this long for you.

hoorayandupsherises · 03/05/2022 14:19

Do you need to upsize right at the moment? I'd personally pull out, take the house off the market and reassess in a few months. Either the market will refresh, prices will stagnate a bit or you can put your house back on for more at that point. It's crap for your buyer, but it's unrealistic to continue if what you're looking for doesn't exist within your budget.

plinkyy · 03/05/2022 16:40

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

If the market had dropped would you be happy with your buyers renegotiating a lower price?

CorsicaDreaming · 03/05/2022 16:58

@Hdaw27 - I am not clear if you have actually got something in mind you would like to buy but can't afford to, or just generally want to increase the price on your buyers because the market has increased so much in that time.

If the latter, I agree with all the other posters. Really not on.

If it is the former and you actually have a property in mind that would finalise things for your buyer and you could all move forward, it may be worth carefully trying to have that conversation with your buyer and see if they can stretch their offer to enable you to buy the house you have in mind to complete the chain.

We had similar negotiations on our purchase and sale because it was during a hugely volatile period 18 months ago, and we ended up selling ours for significantly less than we could've got later on - but then the people we bought from agreed to reduce their price in order for us to buy the house and complete the chain in a time frame they needed.

So it is worth having a conversation, and it is more complicated than some of the posters here replies would suggest...

gunnersgold · 03/05/2022 17:04

This is an issue isn't it , it's what puts me off selling because there is nothing I like on the market . I am waiting for something I like before I put mine on and hope for the best as mine will be an easy sell I'm sure .

Surely you could ask the buyer what they want to do? My last buyers waited 9 months as long as they knew there was an end date . Some people are happy to wait .

WonkyWheelbarrow · 03/05/2022 17:06

If you did remarket the house at a higher value, any savvy buyer would see it was previously listed for less, that nothing has happened except time and yet it's on for more. And they'll avoid you. You're assuming you could sell at a higher price. I wouldn't be so sure.

Itjustgetsbetter · 03/05/2022 17:15

Do you definitely need to upsize? Otherwise I’d be tempted to hang on where you are. Cost of living is rising and if you’re going to be stretched financially upsizing then I’d consider staying out.

WimbyAce · 03/05/2022 18:42

We asked our buyer for more money as the prices had increased so much it was obvious we couldn't afford to move otherwise. They did agree but in the end chain broke down as we still couldn't find anywhere. We then went under offer again for an increased amount and luckily found somewhere quite quickly.

sausagepastapot · 03/05/2022 18:53

If you were me I would cancel this sale and go back on in a bit at the current market rate. I just bought my house for a lot more than it was on for as the market has changed a lot recently and to be honest it was under priced before.

You have to think of yourselves. It's just the way it is. Your buyers will find somewhere else. And if they don't... it's not your problem.

Floofyfoofy · 03/05/2022 19:05

Loads by me that were on last summer are going back on now for much higher. We just looked at one that was on for £400 last sept and is now £440. Estate agent came up with a story about the seller not finding anywhere and their buyers pushing them into rented so they took a breather. I’d like to hear the original buyers side of the story!

If you put your house back on with the same agent and it says added 09/21 then some people will ask questions. You’ll likely still sell though. Take it off for a month and remarket with someone else for more money and you’ll be fine.

House buying is an awful business, fuelled by estate agents who will say anything to sell a house for the maximum possible commission. Unfortunately, you’ll likely be priced out of the purchase you want if you sell for the September price.

If karma is a thing though then you’re taking a risk! Good luck OP.

Frazzled2207 · 03/05/2022 20:11

Agree with pp that if you have an actual house to buy and you need an extra, say, £20k, then there is a basis for a conversation.

but your buyer will be extremely pissed off if you ask them for extra money but still no solid indication that you will actually sell your house to them! Why on Earth would they agree? And yes if your house suddenly goes back on the market for more money than previously, buyers will not want to go near it.

AmberLynn1536 · 03/05/2022 20:17

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

This a million times!
you can’t afford the house you want.

sarahc336 · 03/05/2022 20:21

Our lovely buyers waited 6 months for us to find something, they stuck with us so there was no way I would pull out on them, stick with it I'd say you'll find somewhere it just takes time at the min op xx

ThreeFeetTall · 03/05/2022 20:28

But how can someone tell if a house has gone back on the market at a higher price? I'm seeing some I think I remember from last year but I can't see a way on Rightmove to see if they were previously marketed at a lower price.

WonkyWheelbarrow · 03/05/2022 20:42

@ThreeFeetTall Zoopla generally has all the info about listing history

LittleDoveLove · 03/05/2022 20:44

This type of thing really irks me as if the house you where buying did this to you you can imagine you're own response.
They have waited since September for you which is a very long time they have given you! Many wouldn't be that patient with you. I have heard of someone doing this before and the buyers walked away.

sst1234 · 03/05/2022 21:07

Break the chain and go into rented.

WimbyAce · 03/05/2022 21:38

Wouldn't advise going into rented as if prices go up even more you will have no chance of buying what you want.

Katkincake · 05/05/2022 10:16

It’s a tough one. I’m amazed they’ve hung on so long.

We sold mid-feb and our buyers have started putting pressure on as their chain free buyers (who they sold to in Dec) are applying pressure. We’ve agreed to go into a rental if needed as we are committed to moving to a new location in our town. It’s starting to feel like our local market is slowing as houses aren’t shifting as fast and agents are saying that under asking offers are being considered now. So we concluded we’d rather take our time to find the right place, rent closer to where we want to be long term rather than suffer buyers remorse due to such a small market and slim pickings.

As for purchase price and rising values since Sept only you can decide what to do, but don’t use moral obligation to sway it. I’ve suffered from that in past house moves and regretted it after. Ultimately these are asset sale and purchase transactions and you don’t want to suffer financially as a result.

Hopefully something will come up for you soon, but someone needs to bite the bullet otherwise you’ll both be hanging on forever regardless of market values!

Elsiebear90 · 05/05/2022 10:33

I think it would be awful of you to make them wait since September, which is an incredibly long time then go back on your deal and demand more money because you haven’t been able to find anything you want to buy. You agreed on a price and the only reason it’s dragged out this long and prices have gone up is because you haven’t found anywhere to buy, so that’s your fault not their’s.

I would say either pull out if you really can’t find anywhere and wait until the market isn’t so crazy before listing again or sell on the agreed price.

HairyBum · 05/05/2022 10:47

I would explain you can’t afford to upsize and so you think they should look elsewhere

gracedentssketty · 05/05/2022 11:12

I really wish we had pulled out. As it was, we sold with nowhere to go to meaning a loss of about 200k on price, plus 17 months in rented (awful rented plus all the upheaval, as we had to move into two different rentals - once a month before I was due DC2!) then got beasted buying something else.

i reckon in total we’ve lost about 300k

id pull out and maybe offer to pay their surveyors fees or something - I really really wish we had done that

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