Our buyer

Davesnave

moneyistooshorttomention wrote: »

Davenave's idea could be a goer
..

Maybe...An important difference in the example I gave was that we were friends and trusted each other. The time we had to look was very short; certainly no longer than three weeks. Such agreements carry no legal weight whatever.

The OP has some prior knowledge of this potential buyer and may not wish to offend her, but it is entirely fair for him to set a realistic deadline.

When I sold my Dad's refurbished bungalow in 2006, I had three or four elderly ladies who were mad keen to buy it, or so they had me believe. However, none of them marketed at a price which achieved a sale, so ten months later it was an 82 year old from out of the area who purchased. Full market price though!

Dan-Dan

Thing is , we have had valuations from 3 EA`s already , which we did as part of probate , so she is offering at the top end of that valaution (assuming two interested partys dont get into a bidding war on ours , which could push it higher)

Bungalows like our Nans dont come up very often so we know there are buyers out there , obviously we cant be sure we will get what is needed but we are hopefull...if i sign with an EA around these parts though , there isnt one living annd breathing thats going to give me a clause to get out before 8/12 weeks....so if she does sell , we could then end up waiting to escape the EA`s contract

Basically , one EA we would favour has offered us 1% 12 weeks , based on sole seller , on RM , Zoopla etc , so the choice between waiting for the `buyer` and getting the house on the market , could cost the estate upwards of £3 grand....

DaftyDuck

The other point I notice is that the potential purchaser is carer to her dad, who lives next door to the OP's property. She's quite likely to be a keen buyer of the house through an agent, and is possibly going to outbid any other interest because of her distinct and unique reason to want the property.

warehouse

Easter is a time when the market usually picks up from it's Winter slumber. Personally I'd wait until mid April until making your move, which would be to get an EA round and the bungalow marketed.

Dan-Dan

DaftyDuck wrote: »

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.

Ironically , she used to be an EA , worrying isnt it

Dan-Dan

DaftyDuck wrote: »

The other point I notice is that the potential purchaser is carer to her dad, who lives next door to the OP's property. She's quite likely to be a keen buyer of the house through an agent, and is possibly going to outbid any other interest because of her distinct and unique reason to want the property.

Which means i might need to choose another lower offer if its coming from someone proceedable...?

rartherinv

They are tyre-kickers, but maybe they were friends of your grandma and so give them the benefit of the doubt. Just write them a polite letter saying if they don't deal very soon you will sell elsewhere.

This is what I would write to them.

RE: Sale of 123 Wherever Street.

Dear Mr and Mrs Whoever,

It has been some time since our agreement regarding the sale of 123 Wherever Street. As part of our agreement you specified that your property would be "priced to sell" at £325,000. However, after some time of waiting for your property to sell and our transaction to complete, it has come to our attention that your property is listed at a market premium of £355,000 and there have been no viewings or offers on it, therefore causing an unnecessary delay to our transaction.

We would be delighted to sell you this property for the agreed price, however as a result of the uncertainty arising from this issue, we feel we must set a time limit for how long our offer will be on the table until we remove our offer to you and put the property on the open market. We will keep our offer of £X00,000 available to you until DD/MM/YYYY.

We look forward to hearing from you as soon as possible.

Yours sincerely,

Dan-Dan & family.

kingstreet

Dan-Dan wrote: »

Thing is , we have had valuations from 3 EA`s already , which we did as part of probate , so she is offering at the top end of that valaution (assuming two interested partys dont get into a bidding war on ours , which could push it higher)

Bungalows like our Nans dont come up very often so we know there are buyers out there , obviously we cant be sure we will get what is needed but we are hopefull...if i sign with an EA around these parts though , there isnt one living annd breathing thats going to give me a clause to get out before 8/12 weeks....so if she does sell , we could then end up waiting to escape the EA`s contract

Basically , one EA we would favour has offered us 1% 12 weeks , based on sole seller , on RM , Zoopla etc , so the choice between waiting for the `buyer` and getting the house on the market , could cost the estate upwards of £3 grand....

If you decide to put it on the market, tell the agent you have a buyer already (give name and address) who is unable to proceed and you want a clause written into the contract that if she does buy the property you will be released from the contract without penalty and their fee will not be payable.

Tell them this before you reach any agreement and let them decide if they want the business on this basis.

Dan-Dan

warehouse wrote: »

Easter is a time when the market usually picks up from it's Winter slumber. Personally I'd wait until mid April until making your move, which would be to get an EA round and the bungalow marketed.

Hmmm , food for thought , thanks

Dan-Dan

Bearing in mind i was promised weekly updates and have heard nothing for over a week , how does this read , also bear in mind , we are `friends`...and did to be fair agree on 5 weeks

RE: Sale of ************

Good Morning *******
It has been about 3 weeks since our agreement regarding the sale of ********. As part of our agreement you specified that your property would be "priced to sell", However, after some time of waiting for your property to sell and our transaction to complete, it has become apparent to *****and I that your property is listed at a market premium of £359,995 and there have been no real interest on it, therefore causing an unnecessary delay to our transaction.

We would be delighted to sell you our property for the agreed price of £320,000, however as a result of the uncertainty arising from the lack of interest in your property, we feel that we need to either sit down and discuss the ongoing plan for the sale of your house and subject to that conversation we feel we may need to instruct an Estate Agent and put the property on the open market.

As you know ,we have been viewing properties and are wishing to proceed to offer stage in the near future , we won’t be taken seriously unless we are proceedable so we need to get this moving ASAP

If you have any news for us regarding your place (viewings etc?) please let us know, we are aware it will take a week or two to get ******* ready to put on the market so feel about now is the right time to be having this discussion....

I hope that’s OK for you, please let me know

Cheers
Dan