offer being made after 24 hrs on the market.

uk_property_expert

Radiantsoul wrote: »

The mortgage company is unlikely to agree in a period where there is a redemption penalty to changing the mortgage to BTL.
The purchasers might find there mortgage offer is removed if they hang around for months.
The purchasers are unlikely to want to rent somewhere when they are looking to buy.

Do you have any qualifications to advise on property?

I was trying to give some out of the box advice,
If there was an exchange of contracts with a long stop completion and an instalment contract in place the solicitor would sort a right to occupy and ensure everything is complient. i apologise for trying to simplyfy by using the word rent.
We have had several mortgage companies agree to consent to let in a fixed period the last one was this week and it was the teachers building society.
They look like they only have a dip as the property was only on market for 24 hours and you are correct this could expire and the solicitors would have to cater for this in the contract.
They would be exchanging contracts with consent to occupy inbetween exchange and completion not actually renting.
My qualifications are that i do around 10 of these types of deals a month.
I was trying to give an outline idea as a out of the box alternative that would need to be dealt with by solicitors thats what i pay them for.

Rick62

Its unnerving to get an offer so quickly, however really serious buyers, who know exactly what they want, where and have their funds in place will very quickly see any new house on the market and make an offer. It sounds like your buyers fall in this category and their offer is higher than the other agents valuation.

In six weeks time your house would be starting to look stale and buyers would be questionning what could be wrong with it, and any really serious buyer will have made an offer or decided the property is not for them. So, imo, the first week is the best time to sell generally.

Concerning your redemption penalty, either you don't sell yet or you accept this. If, as you suggest, your buyers will either delay or pay this then you are fortunate.

Soot2006

We were the first to put offer on our house. It had been on the market 48 hours, had not yet appeared on Rightmove, no For Sale sign put up etc ... We went straight in with an offer - we knew from the moment we saw it that we wanted it. As this was May 2009, the vendors were so happy to get an offer quickly (house down the road had been on market for months - we viewed it but it was overpriced), they accepted and everything moved fast from there - we were moved in 6 weeks later. Painless for everyone and I'm sure for the vendor accepting a slightly lower offer than they'd hoped for but getting a guaranteed sale FAST was more than worth the peace of mind!

simpywimpy

A bird in the hand and all that....

These people really want the property because of a specific reason - you may not find anyone else that interested for over 12 months. How would you feel then?

If there are 3k fees to be found, ask them to meet you half way

Emy1501

Back in 2004 we rejected an offer from the first person to view our offer. It took 6 weeks to get another offer. Just because they are the first viewers doesnt mean there will be lots more wanting to offer more money. The fact that someone else has valued the property at less money seems to mean its a decent offer.

donstermonster

Unless you are totally mortgage free (and you may well be) then it may not be 3K difference you need to consider it will be 3K minus whatever you are paying on interest, insurance, poll tax, electricity , gas etc etc etc

Sell it be very pleased you have got an offer so quickly
Good Luck

Soot2006

donstermonster wrote: »

Unless you are totally mortgage free (and you may well be) then it may not be 3K difference you need to consider it will be 3K minus whatever you are paying on interest, insurance, poll tax, electricity , gas etc etc etc

Sell it be very pleased you have got an offer so quickly
Good Luck

They can hardly be totally mortgage free if there is an early redemption penalty to pay!

So essentially a very good point :T

pie81

Personally I think a buyer that makes a very good offer on the first day either (a) knows that is exactly what they are looking for or (b) isn't sure, but wants to make an offer in order to get the property off the market so they can look at other places and then decide (and possibly pull out of your property) at their leisure.

If it's (a) then they will be willing to wait until you've had some other viewers round. If it's (b) then you don't want to accept anyway - or at least you don't want to take the property off the market - as they are not serious.

So my advice would be, explain to the buyers that you appreciate their offer but it's the very first day so you'd rather have the place on the market a few more days before deciding. Then take a week or so to see what other interest you get. Chances are they will still be waiting for you in a week's time (and if they are not then they probably weren't that committed in the first place). Just don't make them wait more than a few days/a week.

I agree with the above posters who say you generally get your best viewers in the first week (those who are seriously looking and know what they want will move fast).

sandraa_2

Am I missing the point here????

IF YOU PUT YOUR PROPERTY ON THE MARKET IT IS BECAUSE YOU WANT TO SELL IT...

SO SELL IT!!!

How can someone moan because they gets offer too fast??? I mean that does not make any sense!

If they offer you what is a fair price, what you were hoping for, then GO FOR IT.

And about the £3k... I do understand it is a lot of money for you, but probably it is more money for the people that are going to buy your house... WHY THEY SHOULD CARE ABOUT YOUR PERSONNAL CIRCONSTANCES?

To me... it sound like you either don t really want to sell, or you are just simply not ready to let go.

You may not like this comment but at the end of the day... you have ask what we think, I am just honnest.

Anyway, I wish you good luck. I hope it does all go well at the end.

tootsmyboots

agree with many posts on here. We are in rented waiting so buy somewhere. I check rightmove everyday and if something comes up that I like, I will ring for a viewing straightaway. If the property is right I will offer on it. You only need one person to buy your house and in the current market you are unlikely (depending on area of course) to end up with a bidding war. A procedable buyer may have been waiting for a property like yours and why wait if you are happy with the price? You could accept on the basis that you will continue to market it until they have taken the next step (instructed survey) which gives you a little while longer for people to see it on RM.