Offer letter - if you were a vendor would this put you off?

suisidevw

I'm sure your landlord would let you carrying on on a rolling basis, we are on that now with no problems whatsoever and ours is a 'big-time' landlord. Good luck

Kylie

Example letter trying to "sell the idea":

We are pleased to submit our best and final offer of £x,000 (x hundred and x thousand pounds) for the freehold being offered.

Taking into consideration both parties’ positions, we feel this is a strong offer.

As we are first-time buyers with no chain, we would be in a position to exchange contracts within ten working days from receipt of full papers and complete as soon as possible after that.

Our mortgage has been arranged through xyz and we are in a position to instruct our solicitor at One & Two immediately upon the offer being accepted.

This offer is subject to the property being offered to us on an exclusive basis, no further viewings to be carried out, all marketing to cease and the sold board being put up within 48 hours. This offer is to include all fixtures and fittings, carpets throughout the property, the oven and gas fire.

We understand that your vendor has yet to find a suitable property. We are willing to be flexible with your vendor’s timings; however we would like to proceed to exchange quickly, i.e. with approximately 3 weeks with a delayed completion thereafter.

I trust this arrangement will suit both parties; both will have the piece of mind that the transaction is secure and, importantly for your client, if he has exchanged on his sale he will be in a stronger purchasing position.

We are fully committed and serious purchasers. We feel we have reacted quickly and decisively, which is how we would intend to conduct the transaction.

I look forward to receiving a positive response from your vendor

Kylie

Hippychick wrote: »

I don't think it is unreasonable to wait for the chain to be completed until we pay for a survey. I don't want to pay £500 then find the vendor has changed their minds about selling because they haven't found anywhere they like! Failing that we may be fortunate and find a vendor with no chain which is ideal.

Our solicitors offer a no move no fee deal and I know them very well so I doubt they will mind if I chase a little, also we won't get charged if it all falls through so no concerns on that point. In fact instructing the solicitors to commence work will certainly show good faith on our part even if it won't cost us anything until we exchange.

Lucky fish. Our vendor went all weird after we had the surveys etc (£££) done. We ended up pulling out...

In the end - it was a blessing - we were going to purchase at the peak. Now we are happy little renters, with patience in finding our next home.

Hippychick

Thanks Kylie, the letter is better worded than mine, however I have reservations about exchanging with completion on notice so would probably leave that out. Ideally it would be superb to exchange within 10 days and I know it has been done but as we have to buy with a mortgage even 10 days may be pushing it. I can amend it to exchange asap with a fixed completion date.

TBH I don't mind if we even had a couple of months between exchange and completion as at least then we could sort out our living arrangements.

Kylie

It was just an example to play around with. The exchange within 10 days is what the buyer could achieve - the requested exchange is mentioned afterwards - within 3 weeks.

BritRael

Although as a vendor I would welcome such a serious ftb, the fact is you are asking the vendor to agree to conditions that are totally beyond his control. The only situation where it could work is if you (as a ftb) want to buy from a vendor who is not buying another property (for example, selling up to emigrate). However, if you offer on a property in a chain, it doesn't matter what he agrees to with you, if somebody pulls out of the chain, it collapses. I know its not a nice possibility for you, but nevertheless, every 'chain' purchase is at the same risk (er..unless you are in Scotland?). Good luck.

Running_Horse

If you sent me a letter I'd tell you in no uncertain terms to go via the estate agent; it's what I'm paying them for. The last thing I want is someone like you who thinks they can push me around every time a solicitor or surveyor or council delays things. There has to be give and take to get through the long buying and selling process, not a list of demands with veiled threats. Get over yourself, you're a buyer, not god.

westv

If I were a vendor all that would matter to me was

a. Is the offer acceptable to me?
b. Is there a chain?

Anything else would be irrelevant to me. I would also expect to deal by phone except when any offer was accepted and the EA wrote to me to confirm that fact.

slipp_digby

mix of reasonable, and unreasonable. there is a danger of asking them to sign uyp to things they cant possibly guarantee, then you will get the hump because you need to rent for 6 montsh again.

Hippychick wrote: »

We are looking to buy at the moment and are in a very good position. When we place an offer on a property we thought it would be best to set it in writing and provide supporting evidence rather than making an offer over the phone.

If you were a vendor would the below letter and demands put you off?


We would like to place an offer to purchase the above mentioned property for £ subject to the following:

-That any current or future arranged viewings are cancelled.ok, reasonable
-That the property is immediately withdrawn from the market and placed under offer. ok, bit demanding but dont expect it to vanish from rightmove these things take time
-That a sold sign is placed at the property within the next 48 hours. daft, agent will do this. might happen
-Our tenancy expires on 6th August 2009, we require completion to take place by the end of July 2009, we cannot extend our tenancy agreement for a further 6 months, if this date is unachievable then we will have no other options but to withdraw from the transaction. sound arsey. you can extend your tenancy you dont WANT to for financial reasons. gives them some strength to negotiate. letter also means diddly until the contracts are drawn up and completion date agreed
-We will only pay for and commence searches and a survey/valuation until we have received confirmation details that the chain is complete and that the above target completion date can be met by all parties in the chain. daft, unreasonable. you want them to progress things fast but wont pay for measly searches. they arent in control of the whole chain only their sale. you will end up holding up things.

Our personal circumstances are as follows:

-We are first time buyers in rented accommodation with no chain. great
-We have a mortgage agreed in principle (evidence attached) great
-We have a substantial deposit immediately available (evidence attached) dont give em evidence (what were you proposing stick a few 10's in the envelope):rotfl:i would again assume you have a deposit.
-We already have solicitors in place who are ready to commence work upon receipt of our instructions. great
-Our solicitors are the former employers of xxxxxxx who worked as a conveyancer, we are therefore in the very fortunate position of knowing our solicitors extremely well and can chase and progress the transaction extremely quickly. irrelevant really. most conveyancing solicitors are crap anyway. i would take it for granted you wont employ an idiot to do it, especially as you are so demanding on timescales
-We have read the HIP and have no major concerns, we will not be instructing our solicitors to raise many lengthy enquiries. dont presume on behalf of the solicitor what enquiries they will want to make and how long they will be, thats not in your control.




Obviously we can tailor it to include certain fixtures and fittings etc once we are fully decided on what house to buy.


Any opinions or should we just offer over the phone? Thanks

sw_jay

I've just bought my parent's house and even though that was a very straight forward transaction with no chain to consider it has still taken 3 months to complete.

I think completing by the end of July is a little optimistic to say the least.

Good luck though.