How long do I have to find somewhere ?

[Lapwingslore]

Had all my house details prepared last Autumn ready to list if the right house came on.

The perfect house showed up two weeks ago. I loved it and listed mine the same day.

I offered the next day and mine was under offer to a cash buyer within a week.

However by then the vendors of the house I loved had accepted another, lower, offer from someone due to exchange on their sale within a month.

I don’t blame them at all. This is a rapid, cut throat market. However I do need somewhere to buy and don’t want to muck my buyer around at all.

How long is a reasonable time to ask them to wait while I search?

They are fully informed about the situation and while I would like to retain them as buyers, I will understand if they go elsewhere.

I have spoken to all the local agents, am racing around looking at anything remotely suitable and today have viewed a lovely house. However it is too large, the location is wrong and there are other issues. I have spent hours trying to persuade myself to buy it, but know in my heart it is the wrong decision.

So how long is too long for my search? What are others doing in this situation?

I’ve made mine wait a year… you keep them informed it’s up to them! It’s a weird market at the moment.

I'm in exactly the same position. Im downsizing but haven't found anywhere yet and the buyers are threatening to pull out as they're almost ready to exchange.
I'm not leaving my much loved home until I find somewhere smaller but equally lovely. The buyers have suggested I rent.
It's their perogative to pull out and I've no intentions of renting. I've said as much the EA (in confidence 😶).

If I was your buyer I’d be looking elsewhere and bin you as soon as I found something. I wouldn’t wait for you a second longer that it didn’t suit me.

personally I’d exchange, complete and rent whilst looking and stop being a selfish cock.

Wow, that’s really nasty and uncalled for.

We sold last summer when the market was mental where we are and we were up front and said we won't move until we find somewhere. They understood as it had taken them 6 months to get an offer accepted by us and it turned out it took us 6 months to get an offer accepted too. They didn't have to stick it out we were always honest and up front about our progress or lack of it and they decided to wait for us. I wouldn't rush into a wrong decision op, just be up front with your buyers from now so they're not expecting to be in in a certain time frame xx

Be honest with them and don't string them along - if you're prepared to move into rented after a certain number of months then say so (and mean it - far too many say it without realising the implications).

It's fine to keep looking for as long as it takes but keep them informed. How unusual is the type of house you're looking for? Is it realistic? If you're prepared for it to take 6 or 12 months etc then let them know - maybe you'll find something quicker, but they need to know you're prepared for longer.

We sold ours and moved into rented. Every time we offered, there was somebody with no chain who got the house instead of us.

It does, of course, depend on what the rental market is like round you too.

If your house was my dream house, I would wait 6 weeks. Any longer and that might push the completion into next year. My 5 month purchase felt like forever so I wouldn't get drawn into a long process again.

That said, a keen FTB might be more patient.

I would want reassurance through the EA that you are actively looking and viewing houses.

@somewhereovertherain

Not sure how I am being a selfish cock. My buyer made their offer a week ago, and hasn’t even verified funds yet.

I made it clear before they made the offer that I needed to buy and would definitely not be going into rental. They were fully aware of that situation and the EA confirmed it with them at offer.

I would have preferred to have bought before selling but the current market doesn’t allow for that. Many of the local agents are selling off market and will only allow viewings if you are under offer.

I was simply asking how long it is reasonable to ask someone to wait.

I could do the alternative, reject their offer and simply take mine back off the market, but suspect that the reason there is so little supply a.t.m is because people don't actually know how to navigate this situation.

I wouldn’t dream of mucking anyone about, will keep my prospective buyers (who are in rental) fully informed, am racing around looking at anything available in my price band. Not sure what else to do !!

Have you tried renting recently? There is a severe shortage of rentals at the moment and regardless of that, it's not easy for everybody to rent.

OP is doing nothing wrong. Most vendors won't consider you unless you're SSTC, so what on earth is she supposed to do? Your comment is just as bizarre as it is rude.

How unspeakably rude

I love this whole oh I’d bugger off if you haven’t found anywhere after a week brigade…! Ultimately assuming you have a desirable house in a desirable area (such as for school catchment) they are rare as hen’s teeth and so this idea that you can go and find something else is laughable and clearly not reflective of particular special areas or houses. Ultimately as it’s a Seller’s market you can to a certain extent, take as long as you need at the moment. Always best to avoid chains though as it is so tricky right now.

You are right on the ‘rare as hens teeth’ score @SafelySoftly

My house is in a highly sought after village and I had more than one offer on it in the first week of listing. I deliberately chose the Cash buyer already in rental as a way of minimising any potential chain.

Am pretty gutted that I lost out on the house I really wanted, but keeping my fingers crossed that something suitable will appear very shortly.

Property chains are a nightmare we gave our seller an ultimatum in the end she moved out and bought the house she had offered before the searches came back or we would move on. She went.

Don't think just because it's desirable they will wait forever, we bought well under our maximum budget (it's a renovation) if she hadnt gone we would have spent more pushing us into a price bracket where buyers are rare and people do move in with family or rented to keep sales moving.

After five weeks, the estate agent told the vendor of my ongoing purchase that she needed to either find somewhere to buy, find rented or pull out. She pulled out.

In the current market, don't move into rented or buy a house you don't want just to appease your buyer. Be honest with them about your situation, but if they get fed up of waiting and pull out, remarket and get another buyer (you might even get a higher offer). If you sold your house within a week the first time, you can do it again.