how to protect myself and not lose out

Catbells

As mentioned in previous post I have been made a good offer by a viewer who came through a previous agent. My new agent knows about the previous offer through the old agent.

I want to accept the offer but am not sure how to phrase an acceptance letter which explains why I want to keep the house on the market in case their offer falls through.

I guess what I am really asking is - at what point in the process can you be sure that the sale will go through so you can take your house of the market.

SmlSave

I think that the agents can put something on the Particulars of Sale that say the property is to be left on the market - I can't think how it's worded though.

Perhaps you could accept the offer provided that exchange happens in 28 days?

sonastin

As a compromise perhaps keep it on the market tagged "under offer". It would keep it out there for new potential buyers to notice, but reassures this buyer that you are taking their offer seriously enough to justify them shelling out for surveys, etc.

Not an ideal solution but might keep all sides happy?

Gwhiz

Catbells wrote: »

at what point in the process can you be sure that the sale will go through.

Once exchange has happened.

Catbells

sonastin wrote: »

As a compromise perhaps keep it on the market tagged "under offer". It would keep it out there for new potential buyers to notice, but reassures this buyer that you are taking their offer seriously enough to justify them shelling out for surveys, etc.

Not an ideal solution but might keep all sides happy?

Thanks. Could I do this even though I have it up for sale with a new agent do you think.

I am contractually staying with the new agent for one month, need to give 21 days notice, and am hoping of course they can get more for me.

Anyone out there know or think they know what the housing markets going to be like in 6 months time? AND I'm not really joking:rotfl:

Catbells

bouche wrote: »

Been there, done it, lost out.

You tell them you want to continue marketing it and accepting veiwings up until exchange of contract. You or they could pull out up til then so keep your options open.

Buyer should understand. They'll have spent money on mortgage application and survey so wont want that money lost. If they get the mortgage approved, not just in principle, and survey carried out without hickups, you'll take their offer in principle, done deal but will need to keep it on til exchanging contracts.

This makes sense to me. Buyers don't need a mortgage - they have cash buyer on their house. So only need to do a survey. But can I keep my house on the market whil ethey are having their survey done! Doesn't sound quite right.

pawpurrs

You can keep your house fully on the market untill exchange of contracts, but if your buyer doesnt like it, they could take their offer back.
You say you are hoping the new agent will get a better offer, so does that mean that if you get a higher offer you will dump these buyers? That is what they wil be afraid of.
To be honest most buyers would insist on ceasing marketing, you could just ask the agent to take names and numbers in case it falls through, which is what they should be doing, some agents pretty much cease marketing once an offer has been accepted, but in your favour your with a new agent, who wont be getting the commision, so they would be more than happy to find you an alternative buyer.

Gwhiz

bouche wrote: »

HI Gwhiz! How are you??

You stalking me now Good thanks!

JimmyTheWig

I wouldn't proceed with a survey, etc, as a buyer if I thought the house was still being marketted.

By keeping the house on the market you are risking losing your buyer.

Catbells

pawpurrs wrote: »

You can keep your house fully on the market untill exchange of contracts, but if your buyer doesnt like it, they could take their offer back.
You say you are hoping the new agent will get a better offer, so does that mean that if you get a higher offer you will dump these buyers? That is what they wil be afraid of.
To be honest most buyers would insist on ceasing marketing, you could just ask the agent to take names and numbers in case it falls through, which is what they should be doing, some agents pretty much cease marketing once an offer has been accepted, but in your favour your with a new agent, who wont be getting the commision, so they would be more than happy to find you an alternative buyer.

Yes naturally I want the most I can get but after 4 months on market this is the best offer so I'm realising it could be another 4 months although market has definitely picked up.
The new agent has all the names and offers from the old agent but if new agent gets a higher offer I'm obviously going to take that.
I realise I've got to either take a chance or go for the existing offer.
The new agent has recently - since Xmas - sold 3 houses on my row so I have faith in him.
The other side of the coin which I fear is taking my house off the market and then this sale falling through. At least if I see this buyer going through the right motions of survey etc it will give me more confidence to take the house off the market.

pawpurrs

You cant have it allways, you need to decide whether to accept this offer or whether to hold out for another better offer. Its not fair on your buyer to accept their offer, and then dump them after they have started incurring costs, if a better offer comes along, keeping it on the market as back up and just taking names and numbers should the buyer mess about is different, but if you accept you have to give said buyer fair crack of the whip.
If this offer is too low, decline and see if they either increase or someone else comes along that is prepared to offer more, if so many houses in your row have recently sold, how does your offer compare to theirs?