I'm not sure if i need advice or just need to vent! I have a 2 year old and a baby on the way (due late October) and i'm in the process of selling my house so i can buy something closer to my family (i need babysitters close by). Anyway, i accepted an offer on our house, but it's subject to finance. That was almost four weeks ago now, as the purchasers have asked for extensions. So i can't buy or rent a new house and the settlement time is becoming smaller and smaller. It was a 60 day settlement, which means if the sale goes through maybe this week, i'll only have a few weeks to look for somewhere to live! I'm so stressed i'm almost hoping the sale won't be approved and then i can go back to looking forward to my new baby coming. From what i hear it's the banks fault because they have so much back log at the moment, so i'm sure purchasers are just as stressed. Has this happened to anyone else recently, and did everything work out in the end? Probably if i didn't have a bub on way i wouldn't be that worried, i mean we all know that buying and selling a house is one of the most stressful things in life! Thanks.
You're right, this is a horribly stressful time - so make sure you get plenty of rest and take care of yourself.
I'm in a similar boat to you (kind of). I'm 15wks pg and we're in the process of settling our house(s). We sold our house, and bought another virtually on the same day. Fortunately for us, the settlements for both are going smoothly so far and we went unconditional on both last week. The big move is just under 4 weeks away.
As for your situation - that sucks. Can you get your solicitor to talk to your buyer's solicitor to find out for sure what all the extensions are about. Yes, the banks might be busy but imagine if every bank delayed every buyer's finance approval - the housing industry would be in a a right old mess. Usually the nominated time to have finance approved (generally two-three weeks) is sufficient. Maybe your buyers have had issues getting their loan approved?
Can you talk to your solictor about getting an extension on the settling period? Surely that's only fair given the delays in finance approval - and your buyers would have to be pretty ignorant if they refused your request to extend settlement due to your circumstances.
As for finding a rental property etc, can only suggest you talk to the agent who sold your house. His agency should have a list of rentals available (AND move you to the top of their list given you put your property in their hands to sell).
Thanks for replying guys. It's now ticked over four weeks and i still haven't heard anything. The purchasers have an extension til this Friday, so we'll wait and see. I've heard from other people who have had delays on getting their finance approved lately, but i don't think it's ever been longer than three weeks. I'll be able to ask the purchasers for an extension on the settlement when the sale goes through, if the sale goes through, but there's no real point before then. I'll keep you posted on the result.
hope things sort Jess but I have heard recently of some awaiting finance resolution for upward of 2 months - i know theres was dependent on the sale of their previous house going through though and the people buying that one were also getting finance so there were a lot of parties involved which I'm sure makes the timelines longer.
Well the sale finally went through! So it can take this long to get finance approved after all. Feel a bit silly now that i got so stressed out, but i hope i've been able to help anyone who's in a similar situation. Thanks again everyone for replying, now i'm off to look for a new place to live.
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Baby on the way and moving house
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You're right, this is a horribly stressful time - so make sure you get plenty of rest and take care of yourself.
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