Our buyer

Slinky

moneyistooshorttomention wrote: »

Davenave's idea could be a goer.

In fact I think I might borrow that idea myself if need be. I am visiting Area To Be soon with intention of buying a house whilst there. If my own house hasnt sold by the time I go househunting there - I think I might propose to my vendor that they give me 3 months of having me in place as the agreed buyer whilst I sell my present house and that should be enough for me (as houses of my type in my present area sell in a median time of 2 months - but houses of any type in that area take ages and ages and ages to sell...so a Buyer Agreement for 3 months should cover that).

How long a Buyer Agreement lasts for will depend on how fast, I would say, the median length of selling time is in your area.

Will try and check for the name of that website where I found the up-to-date statistics on that...

EDIT: Found that website - its on www.home.co.uk

If I was selling and you came along wanting to buy but you haven't sold, and you want to tie me in for 3 months while you try to sell, what is my incentive to do so?

I could have somebody else through the door tomorrow with nothing to sell and a mortgage agreed.

I'd have no interest at all in tying myself into your arrangements. My reaction would be come back and let me know what you want to offer when you're in a position to proceed.

Dan-Dan

Davesnave wrote: »

I understood first time around, but I'm a former expert in primary school English! :rotfl:

In the circumstances, I think you need an agreement which gives her a set period to market her house and receive a proceedable offer. If she cannot meet that deadline, you will advertise. It sounds like it needs to be quite a brief period too!

At present she isn't a 'buyer,' just someone who would like to buy. She may not be able to sell at a price which would enable her to make the move.

When we bought our second house from friends, we wanted to be sure that it was the best house available for our purposes. They agreed on a set period for us to view other properties, and at the end of that we gave a firm commitment to buy.

Verbally we agreed on 5 weeks

its been over three

I am worried that not a great deal is going to happen WITHOUT a rethink her end , in the remaining two weeks.


To get it on the market , may take a week or more , which takes us near to 5 , so i need to act quickly

Dan-Dan

Slinky wrote: »

If I was selling and you came along wanting to buy but you haven't sold, and you want to tie me in for 3 months while you try to sell, what is my incentive to do so?

I could have somebody else through the door tomorrow with nothing to sell and a mortgage agreed.

I'd have no interest at all in tying myself into your arrangements. My reaction would be come back and let me know what you want to offer when you're in a position to proceed.

That`s whats bothering me , we think we have found a choice of two (perhaps 3) and we have a MIP , but we may as well have a fistfull of monopoly money as it stands!

DaftyDuck

If I was to accept an offer on a house of mine made by someone unable to proceed, not only would I have a set time limit, but I would have my property priced to them at the higher end of any valuation range. Equally, if someone made a true cash offer, intending to complete in a month, I'd happily take a lower valuation.

In a fairly static housing market, that differential may not be as necessary.

I personally would view such an offer as you have as pretty well worthless, unless the person selling their house to buy mine clearly understood that speed was of the essence, and that selling their property fast was a basic requisite, and had therefore priced to sell (a price I was happy with...). The only reason not to market your property concurrently would be if the price offered was significantly above what you'd expect to get through an open market sale.

It sounds like your supposed-buyer doesn't really understand well enough what they (and you) are hoping to achieve.

moneyistooshorttomention

Slinky wrote: »

If I was selling and you came along wanting to buy but you haven't sold, and you want to tie me in for 3 months while you try to sell, what is my incentive to do so?

I could have somebody else through the door tomorrow with nothing to sell and a mortgage agreed.

I'd have no interest at all in tying myself into your arrangements. My reaction would be come back and let me know what you want to offer when you're in a position to proceed.

But then I expect you are in an area where things dont take that long to sell - I'm talking about an area where things take ages and ages and ages to sell (as in "Whats another 3 months and a certainty at the end of it, when the place has been on the market for 2 years" scenario).

I do have a little incentive up my sleeve to encourage this agreement personally:)

DaftyDuck

Dan-Dan wrote: »

Verbally we agreed on 5 weeks

its been over three

I am worried that not a great deal is going to happen WITHOUT a rethink her end , in the remaining two weeks.


To get it on the market , may take a week or more , which takes us near to 5 , so i need to act quickly

So, you approach estate agents. You get your house valued by several, you talk them through the sale process, and choose your agent. Before you sign, you contact the other party, ask if they are in a position to proceed. If not, you market with the agent - having negotiated a reduced-fee or no-fee if the house is sold to other party. That will take longer than the remaining two weeks to arrange.

Slinky

I would tell her that she has 2 more weeks then your place goes on the open market. You could be stuck for months waiting for her to make arrangements that may never come off if she doesn't price hers to sell. You need to put some pressure on I think. How she raises the money is not your concern.

kingstreet

Will this property be difficult to sell?

If it will, consider staying with this unproceedable buyer, but set a timescale for meaningful progress.

If it won't, get it on the market and tell her if she achieves a proceedable position before someone else makes an acceptable offer it is still hers, but you have to look after your interests and those of the other beneficiaries and achieve the best price you can in the shortest timescale.

moneyistooshorttomention

Dan-Dan wrote: »

To get it on the market , may take a week or more , which takes us near to 5 , so i need to act quickly

Not necessarily.

I had the details of my house all ready - brochure printed up/the lot with my estate agent for some weeks before I said "Today is the day - market it now" to them. It was up and out there/on all the websites/board up outside all good to go 24 hours later.

Slinky

moneyistooshorttomention wrote: »

But then I expect you are in an area where things dont take that long to sell - I'm talking about an area where things take ages and ages and ages to sell (as in "Whats another 3 months and a certainty at the end of it, when the place has been on the market for 2 years" scenario).

I do have a little incentive up my sleeve to encourage this agreement personally:)

Is this the area you haven't ever visited yet?