Offer accepted on house but seller not found anything - what would you think of this proposal?

[Alwayswaiting]

So we had an offer accepted on a house in October, short chain, we are cash buyers, the vendor had found something vacant and that was the chain.

The house our vendor was buying was suddenly removed from the market - we’ve been assured that the vendor is actively looking for another property.

We are renting and now on a rolling contract, but it’s expensive and we’re keen to move.
Not much has come on the market since Novemeber and to be honest I don’t know the requirements the vendor is looking for.

But come March - would it be reasonable to offer an incentive? For example we were thinking of offering to pay the vendors legal fees on the sale if that would enable them to move and rent?

Any thoughts? It would give another 6-8 weeks of the vendor looking to buy before we made the above proposal?

Your vendor is being unreasonable. You are far too patient. Start looking for something else and then you’ll see they will move. Unless the location of the house very popular and it will easily sell to someone else for the same.

@sst1234 thanks so much for replying. Things are not selling here and I do think that other vendors would bite our hand off for a sale.
In fact there’s a house that’s come on that meets what we need that’s vacant possession which I’m starting to think we should go and view.
I’m glad you think we’re not being unreasonable

How is the vendor being unreasonable? It's not their fault their vendors pulled out and there isn't anything suitable on the market presently. They're not forcing OP to wait.

You'd need to find out their situation OP. It's not easy for people to rent currently, especially if they have pets etc.

Ultimately how long you wait will be determined by how much you want the property/can afford to. Nothing unreasonable offering an incentive though.

100% you're not being unreasonable viewing other properties either though OP, just to add.

I would ask them to go ahead with the she and rent. They may not be able to afford to do this though.

I would also look at other properties.

They saw you coming.

Our sellers did this but they didn’t even tell us when the chain had changed (ie; pulled out of their purchase and found another one) I don’t think they have to. Felt a bit sneaky and delayed things massively though.

I would be paying nothing. I would be telling them that you exchange in a month and set a completion date for 2 weeks after that or you’re walking away. And then walk away.

If you are in rented, they have nowhere to go and house prices are dropping I would be looking for another house. You will end up overpaying. Other buyers would snap your hand off at the moment. I certainly wouldn’t be paying the seller to move out, they should be incentivising you to keep waiting.

When did the current chain fall through? If November, I'd be asking them to move into rental.
I'd also be looking at other stuff - and if there is something on with the same agents that might do, I'd be making sure that was on my viewing list.

Giving them a month/6 weeks to find an onward purchase is reasonable. If March is way after that time scale, I'd be making noises before March.

Oh, and I wouldn't be paying them to move out. The bonus of them moving into rented is they keep their sale.

Can you swap the house you're currently renting with them?

Can you give a deadline and if they haven’t found something then they will have to move into rented accommodation?

The sellers of my flat were buying a new build and had no set moving date, but my solicitor told them I wanted to complete end of May and if not I would pull out. I think they ended up moving in with family for a few months in the interim. I’m in Scotland though so is possibly slightly different.

@maximist I have considered this as it’s in the location they want to be in.

The chain failed beginning of November - not much came on in December, and now stuff is coming up slowly but there’s not movement, although I contact the agent weekly.

Im glad I posted - so glad to hear other perspectives - I think we need to start looking again

I wouldn't be offering them anything at this stage. They are not in a position to proceed with their sale unless they are willing to vacate the property and rent. If they find a house today, you'll be lucky to complete by May.

It's a tricky situation, it's not their fault the sale has fallen through but asking them to rent might not be an option. If they have pets or a disability it might be a specific property they're looking for ie: bungalow or a bathroom downstairs.

I'd start looking elsewhere for a backup plan if I was you.

Look for another property. There's so much that's not selling and being reduced right now. I'm a cash buyer and looking and chain free homes and am going to go in with really low offers to see if I can get best value for my money.

Dont gove them an extra penny! The incentive should be that you don't pull out.

We had to put pressure on our vendor because our mortgage offer was going to expire, can you use this to encourage them to keep moving forward with things?

Also be aware of who they end up going with in terms of EA and solicitors. Some are notoriously shit and I refuse to get in a chain with them anymore.

Definitely not unreasonable to start looking at other properties but I would be upfront about this. Email the agent and explain your position. If it pushes them to consider rental, so much the better. If, on the other hand you find something better/ cheaper/ easier, go for that. Definitely do not offer them more money; it's a buyer's market in most areas now and they should be doing their best to keep their buyer, not the other way around.