Giving an expiration time/date for an offer

cheesechives

We have found a house we are interested in, and going to put an offer in. As a FTB, I was just wondering how long people allow/expect/ask for an offer to be open for - e.g. Offer with conditions in with Agent at 10am Monday, reply to offer by midday Tuesday/Wednesday/Thursday, and if accepted take off the market, stop advertising it and taking viewings, remove from any online sources - does any/all of this sound (un)reasonable? Might be of note (or make a difference) that offer is likely to be 10% under asking price, although it is a cash purchase with flexibility to move whenever.

What typical/useful terms/conditions do people add to their offer - I'm thinking subject to satisfactory structural survey, allowing electrician & gas to check electric/gas/boiler, and allowing us to measure up in the next few weeks. What are unreasonable terms others have come across (including the above if you think so)?

Beckyy

I think the easiest and most common would be

'A cash offer of £X with a completion date of sellers choice(?), subject to a satisfactory survey.'

You could also state that you would like the house to be taken off the market if the offer is accepted. Depending on many factors, you might struggle to get the property taken off the market straight away (assuming you're not in Scotland?), but as a cash buyer you are very appealing to sellers anyway and means that everything will go through much quicker.

I've never put a time frame on an offer, as there is usually a fairly rapid reply unless there are other offers on the table. However, if they haven't replied within a reasonable time scale you can easily chase it up. I wouldn't add a whole list of conditions to an offer though, as it's likely to make a sellers head spin a little.

Best of luck, and what a lovely situation for you to be in

DVardysShadow

Similar to Beckyy

"£x, to include <stuff>, subject to survey and contract". Deal with taking off the market once a price is agreed. Don't deadline the offer with no good reason. If it is taking too long to get a response, enquire as to why and deadline accordingly.

cheesechives

Thanks for that Becky & DVardysShadow - will give an offer on Monday and leave it a couple of days before contacting EA again and seeing if they've had a response yet. Will just ask for the fitted kitchen bits at this point, and leave off other conditions & mentioning completion date in the letter (EA already aware we're flexible and will mention it again in person when I drop the letter off),

And thanks Beckyy - am very aware we are in a lucky position

pinkshoes

I accepted a lower offer from a cash buyer due to avoiding the hassle of mortgage valuations, which seem to delay most sales. I even gave my cash buyer the 5 weeks he wanted between exchange and completion.

If they have any sense, they'll do as request, within reason...