How much can it slow a house purchase if the vendor hasn’t found a property yet?
I want to put an offer in on a flat in London but the vendor hasn’t found a property yet. I can find plenty of information on the length of time a sale takes when a chain is complete, due to legal and financial work, but what if you have an offer accepted but the vendor is still looking? I presume the sale won’t proceed until the chain is complete. Does anyone have experience of waiting a long time for people higher up in a chain to actually find properties?
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May 7th, 2010 at 12:47 pm
I don’t have any experience like you’re talking about, but here in the U.S., once an offer is accepted, you generally have 30 days to complete the transaction and close on the property. Once the property is closed on, the buyer owns it and can move in.
If the seller has not yet found a new property, they still need to move out. Many times they will put all their belongings in storage and stay with a friend or family member until they find a new home of their own.
Don’t know if that’s any help to you, but I wish you luck.
May 8th, 2010 at 1:32 am
Unless the seller made their getting a new place a pre-condition of the sale then they are out of luck. They must sell you the house as agreed. If you are not in a rush you may then extend the time they have to close but you are not required to.