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Original poster

How long to wait for onward purchase?

34 replies

TommyJones · 06/06/2022 15:38

Hi,

We had an offer accepted 2 months ago. So far all we get from the vendors that the market is slow with few properties and so they cant find what they want. Given how compettitive it is to even get a property, if you are actually offering, we wonder whether to give up? Is it normal right now to wait this long? Potentially it could be a year if everyone in the chain takes 2 months! We suspect they may want something very specific and have very slim chances to find it, in which case were never really proceedable (originally we were told they needed to move and to wait at most a month!)

OP posts:
mistletoe1 · 06/06/2022 17:59

I’m not sure what the answer is but we’re on the other side.

Do you know if they’ve made any offers? That might help you determine how serious they are. We accepted an offer at the end of April and we’ve yet to successfully find an onward purchase even though we’re desperate to move. We’ve made offers on four properties that have either gone for a lot more, or a chain free buyer.

crazy4cats · 06/06/2022 18:39

We were also on the other side - sold our house quickly but took us two months to find. We did let our EA know whenever we had a viewing or put an offer in so they could update our buyer. As it happens our seller was very specific on what they wanted and I was thinking oh no this will take forever but they found in 2 weeks!

if it seems that your seller is trying to move things along, I would perservere but also be on the look out for something else.

Owlcat42 · 06/06/2022 18:57

I'm in the same position, it's been a couple of months. I know the vendors have been looking and I think they're realistic about it rather than being overly picky, but there's just not much around.

Am resigned to waiting for the time being as it's just what the market is like at the moment. Obviously I do worry a bit that if a couple more months go by and they really can't find anything they might decide to stay put. But there's nothing I can do about that, just have to leave it in the hands of fate. Viewing other properties would just massively confuse me at this point, so definitely not doing that unless it all goes tits-up.

SafelySoftly · 06/06/2022 20:05

What other options do you have? Anywhere else actually on the market??

Katkincake · 06/06/2022 20:09

We’re on the other side too. Sold to our buyers mid-feb. Our logic was to be sold ahead of spring surge in properties coming to market, which hasn’t happened. We are pouncing on anything suitable that comes on and missing out each time for things we do put offers in on, despite going massively above asking each time. We’re committed to selling as need to move location, so have started looking at rental properties, but keep losing out on those too.

It’s the worst market we’ve ever sold and bought in. We have regularly kept our buyers informed and they’re willing to wait. They also know just how tricky the market is now.

I guess all you can do is be patient and checking they’re still committed, but they’re probably just as impatient for their next place too.

Original poster
TommyJones · 06/06/2022 22:23

We don't know if they have made any offers, have asked the estate agent and they didn't seem to know, but said they would check.

I have been monitoring RM and properties of all types have been coming on in the areas they are looking, though not many. So if they are offering and being knocked back, I could hope eventually they will get one. But if they are not even offering should I be skpetical they are serious about moving? With not much coming on if they want to move in my opinion you can't expect to get the perfect house and should compromise.

As for other options, presumably any chain sellers would be in the same situation. There are regularly "chain free" (usally they have tenants, so not certain the tenants would move on easily) sellers in the area, though the houses are never as nice as the one we have the offer on - but we have a baby on the way and need want to get settled before then, so would be prepared to compromise to move in somewhere.

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Original poster
TommyJones · 06/06/2022 22:25

We are also selling, which makes it even trickier because we don't want to lose our buyer. In principal we could just sell to solve that (we already rent somewhre in the location we are moving to) but are terrified prices would keep going up and we might be priced out of the house market entirely and doomed to rent forever.

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TinaYouFatLard · 06/06/2022 22:26

We are in your position. Our offer was accepted before Christmas and the vendor is still looking. It’s so frustrating but there’s little point in pulling out unless another property we like comes up.

TippledPink · 06/06/2022 23:22

Our seller has taken 9 months of looking for somewhere and today they have pulled out to go back on the market to get more money. Utter arsewipes after myself and my first time buyers have waited all this time. I have been looking for elsewhere and made offered during that time but we have not been successful. They now want 85k more so that is us out. They have been making a few offers in that time but very low offers (£200k under asking). They are after a bargain and it is not a bargain market. I absolutely hate them, we are now priced out of finding anything big enough and I hate to let my buyers down. My house is worth around 40k more than when I accepted an offer from them. I know my buyers are also looking but can't find anywhere. The market is dire. If I were you I would keep looking and keep this as your back up.

sugarcoatedsp · 06/06/2022 23:31

Same boat here. We had offer accepted in October, vendor just can't find. I think they are very specific what they want from a very small location and time is just going to price them out. My house is sold to a first time buyer who has been very patient.
I'm really starting to lose hope now though. Sad

Original poster
TommyJones · 07/06/2022 09:00

Another option would be a new build to avoid all this, but I think they are generally overpriced and you have to be very careful about the company you buy from. But if house chains can't get going currently, it might be the only option we have :(

Or rent out the old house, withdraw from the sale and rent where we live now. Then try again in 2-3 years and hope things are better.

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boardey · 07/06/2022 10:39

We are in similar position. We are chain free but worried that who are buying from haven't found anything.

I'm worried about my mortgage offer running out & losing a good rate.

Original poster
TommyJones · 07/06/2022 11:13

Seems lot of people are in the same situation! No idea why the EA insisted we had to be "proceedable" to have an offer accepted, when the vendor is unable to proceed. Would make more sense they first find a house, then sell theirs given decent houses sell in hours currently.

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RidingMyBike · 07/06/2022 16:33

They probably wouldn't be allowed to view unless their house was under offer - we could only get viewings once we were in that situation. It's a pain but it's because the market's in such a state.

Are you in a position to give an ultimatum? We can't (we're currently being shafted by a supposedly chain-free vendor who keeps moving the exchange date) because there is barely anything else on the market so we're just having to stick it out. We're in rented...

boardey · 07/06/2022 16:41

@TippledPink that's shit. i'm really worried about that. I really like the house we are buying but i'm looking at 2 this weekend simply because they are chain free. I just think if my sellers haven't found anywhere now they won't as prices just going up.

Zooforhouse · 08/06/2022 19:41

We are the sellers in this situation. Equally as miserable. Have offered on one (currently rejected) looked at all 4 on the market, desperately want to move, can’t rent as on a fixed term and need to port the mortgage. Wish we could have an honest conversation with our buyers rather than all through the agent as I know they love the house, I really want them to have it, I won’t blame them if they pull out but I’m stuck 😞

FiloPasty · 08/06/2022 19:48

We moved last year and it was horrific, the house we were buying pulled out the night before exchange and that was the 4th house we’d offered on, it took us 6 months in the end. Finally found somewhere with lots of help from the estate agent but it was hell, I’m sure your vendors aren’t doing it on purpose. There’s nothing to rent either.

Original poster
TommyJones · 16/06/2022 16:17

So we finally found out they have not made any offers, but have looked at a lot of houses. Apaprentlly the closest they came was one that almost ticked all their boxes. If so many houses cannot fit what they need, not sure what ever could :( We also found out they have marketed this house several times in the last 5 years.....

We are probably going to have to relucantly look for chain free houses (we have seen a few, but usually they have 3 bedrooms and we really could do with 4 - but its not a forever house so we may just have to compromise to actually move)

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Summertime85 · 16/06/2022 16:52

I would start looking for something else now.

We’ve been shafted by buyer at start of chain at the last minute and now we’ve lost our fixed date deal and going to be paying tens of thousands extra over next 5 years - that’s in the best case that out sellers will wait for chain to be finalised! Wish we’d taken action sooner.

Housebuyingfamily · 16/06/2022 17:24

Start looking now for chain free places.

We were like the poster above, vendor pulled out on us after 8 months. In that time we got priced out of that location. Still hate those vendors!

We then got another place under offer, but after being told “they are desperate to move” the vendors hadn’t placed an offer after 1 month. It was at that point, nearing complete desperation, that we found a vacant property. Not in our exact preferred location, but walking distance, and much larger. Above all though - it was empty. Completed last week!

Overthinker19 · 16/06/2022 20:05

I think you need to be patient. Two months is not very long, as you know there is a shortage of houses.

Original poster
TommyJones · 16/06/2022 20:27

I know there is a shortage, but this just means they are not really proceedable. Its not unreasonable for us to buy something else suitable if it is proceedable - after all they have made zero committment to ever sell to us, and may never do so. If they had set a completion date and were committed to move into rental if they don't find something in time it would be a different story.

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Misty84 · 16/06/2022 20:37

We’re on the other side too; sellers who are desperately trying to find somewhere, there’s shit all out there. Even offering tens of thousands over asking price isn’t good enough to seal the deal because of our chain. It’s exhausting and utterly ridiculous.
Its good that your vendors are looking at lots of places! Means they are trying at least…

@TippledPink That’s so, so awful!!! 😱

Overthinker19 · 16/06/2022 20:43

@TommyJones
no it doesn’t, it just means they haven’t found the right place yet and that can change. I am on the other side so I’m seeing it from that perspective. There are many many house on rightmove that are sstc since last summer. Many chains which are at standstill. These things take time. If you really like the house, perhaps you should be more patient. Nothing stopping you from keeping an eye out for anything else / chain free etc.

Overthinker19 · 16/06/2022 20:46

“Its not unreasonable for us to buy something else suitable if it is proceedable”

of course it’s not unreasonable, that’s your call to make. I just think it’s unrealistic (in the current market) to find something and expect that your seller will also find something within 2 months.