Is the vendor taking too long to find another property? If they are, what are your options and how long do you wait for them to find somewhere.
If the vendor is taking too long to find another property you have a tough decision between continuing your wait or to begin looking for another property. Your decision is made worse if you love the property, but if you’re in a chain you may risk losing your sale if you are held up for too long.
If you want to read more about how long you wait, please take a read of this article: How Long To Wait For Vendor To Find Property.
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 again. Even 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.
Why is the seller taking so long?
There are many reasons why the seller is taking so long to find another property, which includes them not being able to find a suitable home. If properties are selling quickly it can be difficult to find a property, which in a sellers market are often sold on the same day the property comes on the market.
It maybe that the sellers cannot afford the type of property they are looking for, and they may be losing out because they are not able to offer full asking price.
Communication is key, which is why you should speak with the estate agent to ask them to chase the sellers for you. If the vendors fail to communicate properly, and if you feel you are being messed around, you are probably better to find another home.
Vendor taking too long ask them to get a rental property
If the vendor is taking too long ask them to move into rented accommodation instead. If your sellers move into a rented property will benefit them in the long run in any event, as they will be in a stronger buying position.
Starting the legal process before vendors have found somewhere to buy
You should be careful about starting the conveyancing process on a property if the vendors have yet to find a property to buy. You should also not spend money on survey fees or a valuation until the sellers have found a property.
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 again. As 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 vendor taking too long
f you’ve enjoyed this article about “vendor taking too long” please share it on your favourite social media site.
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.