How Long To Wait For Vendor To Find Property

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Are you wondering how long you should wait for a vendor to find a property? Also, you may like to consider how long would you’d be prepared to wait as a buyer? Buying and selling a property at the same time is very stressful, and the longer it takes the more the stress builds, which is why it is important to know how long to wait for a vendor to find a property.

The length of time to wait for a vendor to find a property varies from one person to the next and depends on their circumstances, and if their buyers are pushing them for a fast sale. But how long a buyer will wait is also affected by how keen they are to buy the property and if it’s worth the wait.

The longer you wait for the vendor to find a property, the more likely your buyers will pull out from buying your property too. With this in mind, you should read the the following linked-to article, as you will not only reduce the stress of selling your current home, but you can also save huge amounts on your next mortgage too.

Please also read this article to discover how you could save £71,475 on your next mortgage if you sell your house and rent before buying againEven I was amazed when I did the calculations! The strategies you learn in this article will not only save you money, but it will also reduce the stress of buying your next home.

How long will buyers wait?

Buyers will wait patiently for you to find another property, as long as they know you are actively looking for a home to buy. If the buyers are keen on your property they are much more likely to wait longer, but how long buyers can wait is partly governed by how patient their buyers are too.

The key is communication between you and the estate agents, so everyone knows what is going on. The last thing that anyone wants when they are in a sales chain is to be in the dark and not knowing what’s happening.

What is an acceptable time scale to give your vendor a chance to find a property?

An acceptable timescale to give your vendors to find a property is anything up to 6-8 weeks, as the longer you keep your own buyers waiting the greater the risk they may start looking for another property and your sale could fall through.

Each week that goes by that the vendor hasn’t managed to find a property, increases the risk of your own sale going wrong.

Having said that, at a time when properties are selling very quickly as they have been during Covid, you may need to give the vendors a bit more time to find another property to buy. If there’s nothing much to buy, or if properties are selling quickly, buyers will have to be prepared to wait longer.

Buyers will be in a similar position if there are not many properties on the market. Your buyer will struggle to find another property if they withdraw their offer.

But on the other hand, if there are a number of similar properties for sale, buyers may not be willing to wait for too long.

Does it matter what type of buyer you are for how long to wait for vendor to find a property?

It can make a difference to the type of buyer you are with how long you wait for the vendor to find a property to buy, for example if you’re a cash buyer or a first time buyer, you may be prepared to wait for longer as you don’t have a property to sell.

But if you are in a chain and you need to sell your current property in order to buy a new one, you may not be able to wait as long, but this is dependent on how long your buyer is prepared to wait.

Should you accept an offer on your current home before looking for your new one?

You should accept an offer on your current home before looking for a new one, otherwise the vendors of the property you make your offer on won’t take their property off the market until you have a firm offer on yours. Estate agents don’t recommend sellers accept offers from buyers who haven’t yet sold their home.

Should you buy a property you’re not too keen on to keep your buyers happy?

It is important you don’t simply buy any property that comes along simply to keep your buyers happy, otherwise you will end up having second thoughts about buying the house soon after moving in.

What to do if you can’t find a house to buy to avoid keeping buyers waiting too long

The best way to avoid keeping your buyers waiting too long and risk losing your sale is to move into rented accommodation first before buying again. You will also end up in a much stronger buying position when it comes to buying again, as you won’t have a property to sell.

You become a more preferred buyer to most vendors, as you won’t have a property to sell.

It is also far better to move into rented accommodation than it is to buy any house you find simply to keep your buyers happy, as you may regret buying once you’ve moved in. However, this does presuppose there are properties to rent in your area, as you may find there are no rental properties available.

Please don’t forget to read this before you leave…

Please don’t forget to also read this article to discover how you could save £71,475 on your next mortgage if you sell your house and rent before buying againAs I said earlier, even I was amazed when I did the calculations! Learn about how you will reduce the stress of moving house, whilst at the same time potentially save thousands in the process!

I hope you’ve enjoyed this article about how long to wait for vendor to find property

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Also, if you have any questions, please feel free to comment below too. Please also share any of your experiences with properties you’ve bought. Alternatively, if you need more help, please feel free to contact us on our contact us page here. Or join the discussion and ask your question in the property forum.

How Long To Wait For Vendor To Find Property

Article written by Russell Bowyer who has been investing in property since purchasing his first commercial property in the 1990's for his own Chartered Accountancy business. But his first property investment project was to turn an old dilapidated restaurant into a large 5-bed home, which he purchased for £117,500 and sold for £450,000 (to see an "after" photo of the house before it was sold see here: About). Russell owns a number of investment properties, which includes houses, flats and HMO's. More recently he has turned his creative side to investing in property using lease options. His largest lease option deal to date was to acquire 12 properties worth over £2 million for just £12, which means he paid just £1 to acquire each property!

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