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.
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.
Also, if the vendor is taking too long, you it is wise to keep looking for other suitable homes to buy. You never know, you may find an even better home, and the vendors may not have a onward chain.
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Vendor Taking Too Long To Find A House: How Long To Wait
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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!
