under offer but cant find anything to buy - what happens now

[uhfiuyr98]

Our house is under offer and our buyer is now doing all the paperwork etc. Unfortunately, we just cant find anything to buy. There were a few properties but we go outbid by FTB. Unless something comes on and we manage to get it, what happens then. We're porting our mortgage so cant go into rentals - we basically cant really afford our onward purchase with the current rates. I would love to move but if we cant find anything - what costs are we liable for now? Will we have to pay the estate agents' fee if we dont end up proceeding? Really quite concerned now as it's been three weeks and we cant find anything

I feel for you and was in exactly the same position a few months ago! Three weeks really isn't that long to have spent looking for your onward purchase. Don't give up hope. As long as you keep the buyer updated and are proactive in your onward search they really can't expect anything more.

Thank you and I appreciate that it's not long. It's just upsetting because whenever we bid, vendors go with the other buyers who are chain free. But we genuinely cant go into rentals. Just hoping something comes on soon enough.

I had exactly pretty much the same situation. Everywhere we turned, FTB's with too much money and no clue gazumping us. We also had an offer accepted only to have a buy to let investor offer less but the vendor went with them as they felt they were more proceedable (three months later we got an email from the estate agent saying the deal had fallen through and were we still interested to which I took great pleasure in saying no!) They are hinting at another stamp duty holiday or some sort of reforms to be announced tomorrow in which case I expect there will be a surge of new properties coming on to the market. You will find somewhere!

If you want to move you sit tight op and keep trying. Be honest and up front with your buyers. Tell them you won't move out until you have an onward purchase but tell them your progress then just keep trying. It took us in the middle of all the mayhem in the last stamp duty break a total of 8 months to get an offer accepted. A joke but we kept getting outbid or thins weren't suitable etc. but our buyers were understanding and we would provide regular updates and they wanted for us. We then moved in June. We didn't want to rent as we had small children in tow and we said that from the get go food luck xx

Just keep your EA updated about the offers you're putting in so they can see you're trying. I had similar, eventually I found somewhere where they were doing a weekend open day but I was away, persuaded the EA to let me see it a couple of days before and then secured it with an asking price offer so they cancelled the open day. That time I probably had everyone booked in for the open day cursing me, so fingers crossed something will work in your favour soon.

I also was contacted about a couple of houses I'd offered on where the offer had fallen through after I found the one I'm buying, so you never know that might happen with one of the ones you've been interested in too.

Hang in there. Keep communicating with your buyers. We were in the same situation and our buyers were happy to wait (went on for about 6 months in the end!) That said, we probably did make the wrong decision on the house we eventually bought as we were feeling under pressure so think carefully about what's best for you.

Thank you everyone. Being in a chain just seems to be such a disadvantage at the moment. Our buyers hope to move in by Dec which just doesn't seem realistic at this point.

One thing is for sure, that EA won't take tyou on again and any EA worth its salt would know your property had been on the market before and would want to know why you did not go ahead.

I despise EA's and blame the EA for doing this to you and the buyer.

We were in the same position and it took us 10 weeks to find something after accepting an offer. Fortunately our buyers were patient. Sit tight it will happen! If the buyers pull out then you won’t be liable for any fees

What? How’s it the agents fault?

Local agents around here just dont seem to want a buyer in a chain. People say the market has slowed but there still seems to be more buyers than vendors in this part of London.

We're in SE London zone 4/5 and have been on the market since late spring, had 1 buyer for ages, we couldn't find a suitable property and they pulled out in the end as they doing something else they preferred

We are now under offer again but same problem with finding somewhere else

Plus the interest rate rise today has just darkened my mood & optimism further

DH now wants to just pull out & give up for the moment, he's convinced house prices will fall next year etc

But we need to move, have 2 primary aged children & live in a 2 bed split level maisonette...in desperate need of a 3 bed semi

I feel your pain!

Your DH is right that prices will fall.

Mu current feae is rhat people will just stop moving and there won't be anything on the market.