House selling advise please

AliKate

Hi I have had my house on the market since October last year and only a few viewings this year. I had an offer last week and said no as it was too low the same person upped their offer we are happy with the amount but they have said they will not complete till June as they need time to raise the extra cash. I am confused how this would work i have never sold before. What if the they just decide to pull out in a few months and would we need to wait ages before looking for a place ourselves. Whats amount of time is normal to expect to complete in? Sorry so many questions but i would hate to turn down an offer if i didnt have to.

G_M

Until you Exchange Contracts either side can pull out. If you are happy to wait till June, insist on exchanging contracts (within, say 3 or 4 weeks) but with a June date for Completion.

That way they have time to raise their money and you have the certainty of selling so can plan your own lives accordingly.

The alternative is to not Exchange till they have the money (ie in June) but at any time before then you could receive a call saying 'sorry we have some trouble with the money, either reduce the price again or we will have to pull out'. Very likely to happen!

Oh - the other option is to say 'OK, we''l sell it to you in June unless we find another buyer before then' and keep marketing the property.

dander

I agree with the above, I would either agree to a fast exchange with a delayed complettion - but the buyer may not want to be tied to that if they aren't 100% sure they can raise the money, or I would agree to the offer in principle but keep marketing it.

PottyHouse_2

I would keep your property on the market and still take viewings. You can't hold out for one possible Buyer that may not even go through.

When you get nearer to June you can go back to them if you have had no offers, as per advice from G_M.

We have been SSTC 3 times in the last year and everytime falling through due to the person at the bottom of the chain time wasting our Buyer's time, so I would advise until you have definite advice of a mortgage offer, valuation and survey all going through with your Buyer happy not to take your home off the market (possible viewings missed) - a lesson learnt for me!!!!

This year is a brand new market of Buyers and Sellers so good luck !