On hold for the last 3 months

[Newjediorder]

Hi everyone,
I’ve been meaning to share this and ask for advice — maybe some of you have had a similar experience?

We’ve been looking for a house to buy for the last two years. We had our heart set on one particular area, but after lots of searching and budgeting, we had to accept that it was out of reach financially.

During that time, we actually had an offer accepted… only for the sale to fall through. (Long story short: it was a divorced couple and the ex-husband, who was a co-owner, decided not to go through with the sale.)

So we widened our search and started looking along bus routes to our child’s school.

A couple of months ago, I spotted a house on Rightmove the day it came on the market (a Tuesday), and I immediately called the agency to book a viewing. We agreed on Friday morning, but later in the week they asked if I could do Thursday instead — which I couldn’t. Then they cancelled entirely because they’d sold the house before Friday! That had never happened to us in two years of searching. The agency told me I’d had the chance to see it earlier. Hmm, okay…

Anyway, a few weeks later the same agency called and said a new property had just come up, and I could be one of the first to view it. This time, everything went smoothly. The house was great — slightly above our budget, but we loved it. The sellers are looking to move closer to family but hadn’t yet found their next home.

The agency called me just 20 minutes after the viewing asking for an offer. I called my husband, we ran the numbers, and although we were a bit short, we made the best offer we could. The sellers came back with a counteroffer to cover their moving costs, and we agreed. (Nobody’s covering our moving costs, but hey…)

I told the agency we’d ideally like to move by August because our rental has a break clause then. They assured me it wouldn’t be a problem — that was back in March!

Since then it’s been frustrating:

• The sellers delayed the bank’s valuation visit.
• The agent told us not to bother instructing a solicitor or broker yet.
• I check in once a month to avoid seeming pushy — but we’re just waiting with no progress.

Meanwhile, other homes are coming onto the market in the same area… and we’re missing them. All because we liked this house so much. But I honestly don’t know if this will even go through. What if they pull out? Or ask for more money later? I also know it is hard to find a place, hello 2 years…

I recently heard from another agency that there’s now a kind of agreement that protects both sides after an offer is accepted — something that can fine either party up to £10k if they back out. Does anyone here know about that? I mentioned it to our agent, and they’d never heard of it, but said they could come up with something similar.

I’m thinking about offering this agreement to the sellers — if they’re serious, they shouldn’t have a problem signing it. But also… I’m torn.

If you were in my position, would you wait it out or move on?

Any thoughts or advice would really be appreciated. It’s been a long journey, and I’m starting to feel stuck.

I'd keep looking. Slow sellers will always be slow sellers, and you might well find something just as suitable and a lot less hassle.
And if you don't, at the moment you still have this one on the table.

Tell the sellers you're moving on as there is no evidence of them meaning to sell to you. If they react then decide. But for me, I'd move on and look elsewhere.

In England you cannot 'fine' someone until after exchange, until exchange theres no legal contract (you can't just make up your own contract it wouldn't be valid). You haven't done any of the work to get to exchange yet by the sound of it so a completely hollow threat.

Scotland is different laws and you are locked in from the offer acceptance but it sounds like your not in Scotland.

Sounds like you just need to pull out, why wouldn't you if you have spent zero money on this house?

You can also look at other houses and even make offers in England without pulling out of this one until you find somewhere new. Obviously if its the same EA they might tell the seller but you are not locked into or owing them anything just as they can do as they like too.

If pull out. Have you had a survey or anything done yet on the property you are buying? Have the searches etc been started?

If you and they are keen to move, I’d have been contacting the agent and solicitor more regularly than once a month to find out what stage the sale is at.

You don’t have a contract, you’re a first time buyer, so you’ll be attractive to sellers. Look at other properties on the market and see if they match up. If they do, you can offer. It sounds as though, after all this time, the searches, survey and paperwork hasn’t happened. Do you have a memorandum of sale? Do you have a mortgage in place? Remember, the agent works for the seller, but if no one is pushing the sale through, you’re stuck.

Just pull out now. It sounds as if they aren't keen to sell or are totally unmotivated for other reasons. Look for somewhere else. There are lots of properties on the market at present and more coming on. Prices are also falling in many areas?
Are you FTBs? If so, I would really recommend MovingHomewithCharlie for advice. He's on YouTube and twitter and has lots of advice that many FTBs find useful and even an offer template. The suggestion is not to make an offer on the phone and not to negotiate with an agent for starters.