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andytaylor98

Vendors Wont Move Out

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Hi all,

Let me start by saying we love this house and it has taken us ages to find one we both like and feel homely in.

We put an offer in for the full asking price in March (It's now December) and as such had a survey done on the property to support the mortgage application.

However the vendors are refusing to move out as they have not yet found somewhere themselves and do not wish to move into rented accomodation.

We have tried everything including threatening to pull out but all they have said is that they'll understand if we do. We've almost reached a point of completing on another property but it doesn't compare to the original house.

We even offered to move into rented our accomodation ourselves if they'd agree to a definite completion date by next June!! but they even refused that saying they may not have found anything by then!

Any advice is greatly appreciated

Andy

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If it was me, I'd walk away. Houses are much like anything else in my view. You think you've found the one and then just as you complete and get the keys the 'perfect' home comes on the Market just around the corner.

At this moment in time this house clearly 'is the one' for you . If you really want it then it sounds like you'll have to be a bit more patient, but for how long are you prepared to be patient, 6 weeks, 6 months, longer.

Don't forget the price if property has dropped over the last few months as Nationwide and other surveys show. Why not indicate that as the Market has changed significantly since you've made the offer that you feel you have to drop it by 10%?

They are in the same game as you and yet they appear to be waiting until they can get their ideal property for a significant percentage less. Whilst happily sitting back knowing they have you in place with a full asking price offer on their place.

It's your dream home, it's your money and it's you futures that's important. You have to decide what's right and bear in mind the views and opinions of people here by all means.However; unless they are going to pay your mortgage and bills then there's only so much their opinions should count for, mine included.

Best of luck.

Edited by Bockaaarck

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Any advice is greatly appreciated

Andy

Yeah. A house that is for sale dependent upon the vendors finding somthing that they "like", isn't really for sale IMHO.

Sorry but your only options are "wait" or move on.

tim

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Unfortunately there is nothing you can do in this situation. As the others have said your only choices are to wait or move on.

On a practical note, I would have expected your mortgage offer to have expired by now. You may be keeping it alive by paying the lender a fee, but for how long do you want to keep doing this?

IMHO you should start shopping around, both for another house and a better mortgage rate as there are some good deals out there at the moment. These vendors will never find and you need to cut your losses.

Yeah. A house that is for sale dependent upon the vendors finding somthing that they "like", isn't really for sale IMHO.

What's the point in that? How can anybody in a falling market really know what they can afford to buy until they know what they have sold theirs for? Vendors just need to be honest with their buyers.

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Unfortunately there is nothing you can do in this situation. As the others have said your only choices are to wait or move on.

On a practical note, I would have expected your mortgage offer to have expired by now. You may be keeping it alive by paying the lender a fee, but for how long do you want to keep doing this?

IMHO you should start shopping around, both for another house and a better mortgage rate as there are some good deals out there at the moment. These vendors will never find and you need to cut your losses.

What's the point in that? How can anybody in a falling market really know what they can afford to buy until they know what they have sold theirs for?

In a flat market with sales difficult to come by, having achieved a sale they should be prepared to move into rented. Simples

tim

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My suspicion : there are 2 vendors, one of which wants to sell, and the other doesn't. So one is stringing the other along, by never agreeing to buy anywhere else.

Count your lucky stars and do nothing. In about 6 months, they'll suddenly decide they do want to sell; (probably about the point it dawns on everyone that prices are going to keep falling.) At that point, you can tell them the market has fallen by x%, so you will only offer a reduced amount.

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Hi all,

Let me start by saying we love this house and it has taken us ages to find one we both like and feel homely in.

We put an offer in for the full asking price in March (It's now December) and as such had a survey done on the property to support the mortgage application.

However the vendors are refusing to move out as they have not yet found somewhere themselves and do not wish to move into rented accomodation.

We have tried everything including threatening to pull out but all they have said is that they'll understand if we do. We've almost reached a point of completing on another property but it doesn't compare to the original house.

We even offered to move into rented our accomodation ourselves if they'd agree to a definite completion date by next June!! but they even refused that saying they may not have found anything by then!

Any advice is greatly appreciated

Andy

That's a wretched situation - my sympathies. In addition to the good advice already given, I might be inclined to add that some things often just aren't meant to be. I know that sounds fatalistic and possibly trite but my bet is that if you walk away you will feel a lot of relief and you'll find another, maybe even better place. Flogging dead horses is just a waste of your time :)

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If someone has a full asking price on the table and they don't want to move out, then I'm sorry but they don't really want to sell - they are wasting your time.

Just withdraw your offer and move on.

+1

Timewasters. Find somewhere else.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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