Should we proceed with house sale?

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Hi we sold our house within 48 hours of it being listed..sold for asking price to a first time buyer. However, we are weeks away from the final stages of the sale and we haven't found anywhere to buy. I'm in panic mode...we are in our 50s and were mortgage free but decided to move as our street is becoming really run down and tatty. We have a mortgage in principle but honestly don't know what to do...I really don't like living where we are anymore but don't want to be homeless...any thoughts?

Rent somewhere until you buy?

Hi thanks we did think about renting. Think I'm generally having a wobble about selling and getting a mortgage at our age. Just thought buying would be a lot easier than it's proved so far x

When did your buyer put in the offer. With interest rates having gone up it might be more difficult to sell it so quickly if you try again soon.
Could you rent? Youll be chain free, have cash in the bank and the mortgage offer to hopefully allow you to snap up the property you want when it comes along.

Hi thanks, we sold a few weeks ago and probably have roughly 10 weeks until everything completes. I think you're right about being in a better position if we rent for a while...just wobbly at the moment x

Do you have any family/friends you can stay in the meantime?
You wouldn't want to loose a sale will be a shame x

If you’ve sold at a good price and the mortgage isn’t too much, I’d say go for it and good luck. I think prices, or maybe availability will get better now, so find somewhere to rent and see what comes up and rent in the meantime.

Moviebuffer where abouts are you looking and what is your budget?

a wobble would be totally understandable if in 50s and been in your home a while, try and remember all the reasons you wanted to get out in the first place.

brilliant you have a buyer and as others have said it will put you in a great position for next year when more houses will inevitably come up on the market. a short term rental takes the pressure off and you don’t want to rush into buying. It gives you time to find a home you love!

Thank you for your responses. I do think the age thing is a major factor and thinking we must be mad to go from being mortgage free to getting a mortgage but I still think it's the right thing to do. I'll look into rental properties !!

Sell your house, buy more time .Ask your estate agent to help you find a small short term rental (put everything into storage).

Then you're in a powerful buying position, no chain.

Rent. That is what we have done. However if you are wobbly for other reasons and want to stay do let your buyers know ASAP.

Rent for six months.

That's what I am going to do as well. I just sold and waiting to complete. Haven't found somewhere yet and I am a similar age as you.

It will give me time to find the right place and maybe wait for prices to come down a bit.

I would not risk losing your buyer. You got the price you wanted. You might struggle to find new buyers at a later date with the current mortgage market and some might be put off if they realise that your street is taking a turn for the worse.

Thanks, we were pleasantly surprised at what we got for our house and I really don't think we would get this amount again if we took it off the market and tried to sell again at a later date. Our street is still ok but it's definitely getting more run down each year....think renting is the right answer for us x