URGENT HELP WITH MY SO SELLING- advice from the brains of property please!!!

lynzpower

OK

my SO place is on the market. So far weve had 3 viewers with another scheduled so far for the rest of the week.

We had one guy ( viewer 1 ) round sunday who was keen asked laods of questions but needed his AIP and was saying he was going too go off and get one. I told him wed continue to market until we find a buyer with an AIP, he accepted this, we shall see what goes on.

We had a chap come round to view last night. he didnt seem to really ask that many questions about SO or the property really, saw the place and said he was really interested. Ive had a call, hes made me an offer, its OK really and we may accept it.

however, hes a cash buyer and wants to exchange in 2 weeks. I guess we COULD manage this, but surely he would need to get the searches done etc? my feeling is he is an investor- theres just something feeling a bit risky about it. BUT we need the money and have to get out.

What do you reckon?

pawpurrs

Sounds good to me, his money is as good as the next persons, searches can be done quickly, if he wants to exchange within two weeks then thats not long to wait untill you will know. You can still have say 28 days between exchange and completion to sort yourself out.

Sounds very promising to me, sounds like housenetwork have done you proud. You are not obliged to have searches done if you dont want to, I have know someone buy a house in just under a week!

courtjester

What's an SO place ?

Nothing is set in stone until the contracts are signed and exchanged so I would continue to market the property and see who can reach that point first in your own interests.

At very least, you need to see AIP and surveys arranged before you can consider any offer to be viable - it also depends on the lenders offer after survey and valuation. 'Cash buyers' can often turn out to require a mortgage - many people like to refer to themselves as 'cash buyers' if the purchase is not dependent on the sale of another property, but it doesn't necessarily follow that they have the ready cash and don't require other finance...

If the 'cash buyer' really has the funds and the ability to exchange that quickly, he will still need to be checked out by solicitors for money laundering checks - that kind of speed depends very much on the solicitors working for both sides, as you say if searches are required by the buyer, it is unlikely.

lynzpower

SO= Shared ownership

He seemed really keen to talk about buying the extra shares too.

So how do I play it??/

lynzpower

just tried to call my housing officer for some guidance & shes not at her desk

How long is it usual to wait before accepting/ rejecting an offer?

pawpurrs

You can normally wait a couple of days, but most people tend to come back with a yes or no within 24 hrs, depends sometimes people are hard to get hold of etc.

lynzpower

cheers pawpurrs

I am a sixes & sevens, I thought with the amount of planning thats gone into selling,I should know the process backwards by now :rolleyes:

Poppycat

Hey good luck lynzpower. Cant give you advise as I am on a steep learning curve but I hope you sell okay and find some where else

BTW what is AIP? I am a newbie with buying and selling.

My house is on market latre today AE is going to take a floor plan, particularies, virtual tour and we have a viewer later today, so busy keeping house clean, you can eat you meal on floor now, lol.

lynzpower

poppy cat - AIP - agreement in principle ie mortgage offer

You should come over & join us in the flylady challenge- if it wasnt for that Id be exhausted by the cleaning & tidying by now LOL

dougk_2

Sound like you are havingbetter luck selling a SO property than my brother!
He has been told that he can only sell it to someone the HA agrees too and they have to meet their critera. He can advertise it through an approved list of EA's but he has to pay a fixed rate to them and he can't sell it at any price other than the price it is valued at by the "independant valuer". They valued his house at £10k less than what his two neighbours sold for 6 months ago and he has a corner plot. Apparently after a further 6 months he can sell to anybody he likes but again not for more than its valued at! Dumb or what you would think the HA would want as much cash as possible.

lynzpower

but the HA dont seem to get any cash out of it AFAIK, Im seling my share, but the rent I was told will remain the same as Im paying now.

Im pretty confused the more I think of it doug.