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Two offers from same person!
hillwalker2004
Posts: 51 Forumite
Hi all, My gran passed away and her house was put on the market a couple of weeks ago for £130k.
One person put an offer in pretty much straight away for £118k which was immediately rejected. They have come back at £122,250 in cash for immediate completion, or £125k if we want to complete in mid August. In the meantime there has been 15 or so viewings although I appreciate viewings dont always lead to offers! Apparantly the £125k is because they are on their limit and dont have the extra cash although I dont really buy the reason they have given.
The lure of a quick sale is tempting, especially since there is no chain, however my mum who is executor asked for my opinion.
I'm concerned that we could accept the lower offer and it ending up taking until August anyway if they delay (I was a first time buyer and it took three months to complete direct from the developer!) thereby missing out on the better price. I've therefore said that she should accept as long as the other party agrees completion is made before 26th June (when my mum goes on holiday), otherwise the price immediately reverts to £125k. Also because of the interest from others and the fact they are a cash buyer they should stump up a few £k deposit to take the property off market as there are daily viewings at the moment.
I know the terms might be slightly unusual but what do you think?
One person put an offer in pretty much straight away for £118k which was immediately rejected. They have come back at £122,250 in cash for immediate completion, or £125k if we want to complete in mid August. In the meantime there has been 15 or so viewings although I appreciate viewings dont always lead to offers! Apparantly the £125k is because they are on their limit and dont have the extra cash although I dont really buy the reason they have given.
The lure of a quick sale is tempting, especially since there is no chain, however my mum who is executor asked for my opinion.
I'm concerned that we could accept the lower offer and it ending up taking until August anyway if they delay (I was a first time buyer and it took three months to complete direct from the developer!) thereby missing out on the better price. I've therefore said that she should accept as long as the other party agrees completion is made before 26th June (when my mum goes on holiday), otherwise the price immediately reverts to £125k. Also because of the interest from others and the fact they are a cash buyer they should stump up a few £k deposit to take the property off market as there are daily viewings at the moment.
I know the terms might be slightly unusual but what do you think?
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Comments
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'immediate completion' - what does that mean? Normally you would allow 10-12 weeks from acceptance of offer to completion (or maybe only exchange), which takes you up to mid-August."You were only supposed to blow the bl**dy doors off!!"0
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This is a buyers market and if you have someone who wants to complete quickly I would bite their hand off. There is no way I would put down a deposit before a survey/ valuation had been carried out; what if the place is a death-trap under the surface? It seems you are trying to hedge your bets, but the entire property market is a gamble - you might let this fish go and get a better price next week or you might end up with the place on the market for a year and have to drop the price by £20k.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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To be honest we are not that bothered about selling, if it stays on the market for 2 years then its no skin off our nose - the place just stays empty! If its going for a song then my mother just intends to buy it herself (i.e. just buy out half from her brother) and rent it.0
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Does you mum think that it is going for a song at the current price? If so, don't sell, if not, do.
I think with the best will in the world it would be impossible to complete before the 26th June... August seems a much more realistic timescale. After all, how long will it take for your solicitor to get the title deeds and issue a contract?0 -
Well seeing as exchange can happen in 28 days and completion can happen on the same day then I can't see any reason in theory why it can't all be done by 26th June.0
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A £7,500 difference against the asking price should not mean it's going for a song unless the property is realistically worth more than the £130k it's advertised at.
If say sell it while you can, you can always buy something smiliar next year for less0 -
hillwalker2004 wrote: »To be honest we are not that bothered about selling, if it stays on the market for 2 years then its no skin off our nose - the place just stays empty! If its going for a song then my mother just intends to buy it herself (i.e. just buy out half from her brother) and rent it.
It's not the best idea to keep a property empty for long periods - firstly you can only claim council tax exemption if the place is empty (no furniture) and then only for six months. Also you will need to put the heating on low in the winter, to prevent the pipes freezing and bursting, which means you will also need to pay water rates/ meter and energy bills. You are also risking vandalism and squatting - it's becoming more common to strip the place of things like copper pipe. And if there is no functioning sink in the kitchen a house is not considered mortgageable. Have you thought about letting the place out for six months?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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