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  • FIRST POST
    • Kittenonthekeys
    • By Kittenonthekeys 13th Feb 18, 1:39 PM
    • 306Posts
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    Kittenonthekeys
    Offer from non proceedable buyer
    • #1
    • 13th Feb 18, 1:39 PM
    Offer from non proceedable buyer 13th Feb 18 at 1:39 PM
    We've just had a full asking price offer from a buyer who has had their London property on the market for a very short time (and only needs a small mortgage) but it has already had interest, although no offers as yet.
    In the meantime, the sensible option seems to be to keep our own property open to other viewings.
    However, would it be irregular (or foolhardy) to not allow further viewings on our property, for say 2 weeks, just to allow this buyer a little exclusivity and get their own property sold? The main reason is that I feel this buyer is genuine, seems easy going and they have after all offered full asking with no negotiation at all.
    Any thoughts please? What would you do?
    Last edited by Kittenonthekeys; 13-02-2018 at 1:41 PM.
Page 1
    • Surrey_EA
    • By Surrey_EA 13th Feb 18, 1:53 PM
    • 1,412 Posts
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    Surrey_EA
    • #2
    • 13th Feb 18, 1:53 PM
    • #2
    • 13th Feb 18, 1:53 PM
    I'm not a fan of making offers before having a buyer for an existing property that needs to be sold.

    What happens when the price expectations for the existing property being sold turn out to be overly optimistic.

    I would be tempted to almost ignore the offer you have been made, continue with other viewings on your own and see what happens. If their house in London gets an offer that's the time to talk in greater detail.
    • lincroft1710
    • By lincroft1710 13th Feb 18, 1:54 PM
    • 10,365 Posts
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    lincroft1710
    • #3
    • 13th Feb 18, 1:54 PM
    • #3
    • 13th Feb 18, 1:54 PM
    Keep house on market, allow viewings. Old saying "many a slip twixt cup and lip", their house may not sell as quickly as expected.
    • Cakeguts
    • By Cakeguts 13th Feb 18, 1:58 PM
    • 3,757 Posts
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    Cakeguts
    • #4
    • 13th Feb 18, 1:58 PM
    • #4
    • 13th Feb 18, 1:58 PM
    Keep the house on the market they might not get a buyer.
    • Fed
    • By Fed 13th Feb 18, 2:27 PM
    • 71 Posts
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    Fed
    • #5
    • 13th Feb 18, 2:27 PM
    • #5
    • 13th Feb 18, 2:27 PM
    What do you have to lose by keeping it on the market? If you like the buyer and are happy with the offer then you can get the EA to relay that but as they aren't proceedable you aren't willing to take it off the market at that price. They've no real reason to walk away and it puts more pressure on them to get things moving.
    • Kittenonthekeys
    • By Kittenonthekeys 13th Feb 18, 3:09 PM
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    Kittenonthekeys
    • #6
    • 13th Feb 18, 3:09 PM
    • #6
    • 13th Feb 18, 3:09 PM
    Thank you all, I had a feeling that one might be a resounding "keep it on the market!" Makes sense anyway!
    • ReadingTim
    • By ReadingTim 13th Feb 18, 3:13 PM
    • 2,377 Posts
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    ReadingTim
    • #7
    • 13th Feb 18, 3:13 PM
    • #7
    • 13th Feb 18, 3:13 PM
    My property isn't even on the market yet, but I'll offer you over the asking price. I'm totally genuine and super easy too, so reckon about a month's exclusivity is all I need....

    Entertain this bloke and you've got to give me a look in too...

    Suggest whatever your reaction is to my offer should be the same response as you give him. Keep it on the market until someone comes forward who's in a position to proceed. Neither of us are.
    • Kittenonthekeys
    • By Kittenonthekeys 13th Feb 18, 5:06 PM
    • 306 Posts
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    Kittenonthekeys
    • #8
    • 13th Feb 18, 5:06 PM
    • #8
    • 13th Feb 18, 5:06 PM
    ReadingTim - the person didn't ask for any concessions or exclusivity; it was just something that occurred to me afterwards, so I was interested to hear people's opinions and/or if anyone had actually done something like this. I wont be doing it.
    • Thrugelmir
    • By Thrugelmir 13th Feb 18, 5:17 PM
    • 57,400 Posts
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    Thrugelmir
    • #9
    • 13th Feb 18, 5:17 PM
    • #9
    • 13th Feb 18, 5:17 PM
    The main reason is that I feel this buyer is genuine, seems easy going and they have after all offered full asking with no negotiation at all.
    Originally posted by Kittenonthekeys
    Appearances can be deceptive. Unwise to drop your guard. Until the i's are dotted and t's crossed.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • eddddy
    • By eddddy 13th Feb 18, 5:27 PM
    • 5,817 Posts
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    eddddy
    You can ask your EA to reply to the buyer in a very positive way - if you want. (Although, TBH, most good EAs would do this anyway), something like...

    You're happy with the offer amount, but as the buyer isn't proceedable yet, you'll have to leave your own property on the market. If you get another offer, you'll check back to see if this buyer has become proceedable before accepting it.


    (And bear in mind that your description of the buyer makes them sound a little impulsive. They may still be looking at other properties, and impulsively decide that they like another one more than they like yours!)
    • Kittenonthekeys
    • By Kittenonthekeys 13th Feb 18, 5:51 PM
    • 306 Posts
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    Kittenonthekeys
    Thanks eddddy. The agent has already done that.
    History is repeating itself, as we also offered on this house impulsively in exactly the same way they did, and ended up buying it.
    In fact while we were buying this house, the first sale of our property fell through and the then-vendor gave us 4 weeks grace to find another buyer - which we did. We hadn't asked them to do that, and were very grateful.
    Last edited by Kittenonthekeys; 13-02-2018 at 5:57 PM.
    • Mutton Geoff
    • By Mutton Geoff 13th Feb 18, 6:05 PM
    • 1,106 Posts
    • 1,178 Thanks
    Mutton Geoff
    Don't worry about being firm with your potential buyer like this, they will fully understand.


    I won't even start looking at my next next property until the current one is already under way with a sale. I browse Rightmove most days in my next target area, but there is no way I would even view until I was under offer. This also puts me in a very strong buying position.
    Compensations/Refunds from Banks & Institutions - £4,165 | Stooz Profits - £7,636 | Quidco - £4,014

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • Kittenonthekeys
    • By Kittenonthekeys 13th Feb 18, 6:36 PM
    • 306 Posts
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    Kittenonthekeys
    Yes, we're the same, Mutton Geoff. We haven't viewed anything yet and I've even stopped looking on RM now because I only got upset when all the houses I had my eye on went under offer!
    • Penitent
    • By Penitent 13th Feb 18, 8:22 PM
    • 1,984 Posts
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    Penitent
    I've nothing useful to add, I just wanted to say congrats on getting an offer so quickly. That'll hopefully save you some money on daffodils and pastel paints for the front.
    • Kittenonthekeys
    • By Kittenonthekeys 13th Feb 18, 8:33 PM
    • 306 Posts
    • 203 Thanks
    Kittenonthekeys
    Thanks Penitent It's encouraging to have an offer so quickly, even if it is from someone unproceedable at the moment.
    Too late re. saving on plants and pots - I'd already done them!
    • The Palmist
    • By The Palmist 13th Feb 18, 8:45 PM
    • 696 Posts
    • 287 Thanks
    The Palmist
    That should help generate more interest and a great selling point which I am sure your EA will love.
    Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp
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