Making an offer conditional on exchange/completion dates - Can I do it? Does it work?

Ivana_Tinkle

You can't really control the completion date, but there's no reason why you can't put in an offer and say it's conditional on completing by a certain date. It's a fairly meaningless condition, for all the reasons others have outlined, but at least it will concentrate the vendor's mind.

florence4

Thanks money and Ivana

Further thoughts... Originally I asked about stipulating a completion date. I can see that's unrealistic, for the reasons you have all given. But what about an exchange date? As Ivana says, that might focus the vendor's mind, and since she has sais she will move into rented property or with friends/relatives, in practice there shouldn't be much delay at her end between exchange and completion... Or am I being naive? (Again?!)

Ivana_Tinkle

Doesn't make much difference whether you specify exchange or completion. The point is that neither of you can really control it as you don't know what's going to come up. What you're really trying to do is make it clear that you're not willing to wait around while they find somewhere to buy, and that if they delay things there's a real chance they'll lose the sale (whether or not that's actually true!). Have to say, though, there's many, many threads on here where a vendor says they're going to rent then changes their mind.

florence4

Thanks Ivana. I'm trying to control a process I can't control, aren't I?!

If I can't speed things up, and since she hasn't found anywhere to live, and there are no other offers on the table, I can't see that I have any reason at all to increase my offer...

G_M

florence4 wrote: »

Thanks Ivana. I'm trying to control a process I can't control, aren't I?!

...

The housing market is not a pleasant place for control freaks.....

moneyistooshorttomention

G_M wrote: »

The housing market is not a pleasant place for control freaks.....

:rotfl::rotfl::rotfl:....................it's okay I'm laughing ruefully at someone like me (who likes to plan things to the n'th degree many years in advance) having to operate in a housing market like this....:(

duchy

moneyistooshorttomention wrote: »

:rotfl::rotfl::rotfl:....................it's okay I'm laughing ruefully at someone like me (who likes to plan things to the n'th degree many years in advance) having to operate in a housing market like this....:(

It's far better to laugh than try and control a process you can't-and drive yourself completely nuts.

I loathe the house buying process quite simply because you are so subject to things you have no control over by people you often don't even have any contact with ....but their actions can delay or even foul up sales completely.

Definitely change your mindset and save your sanity !!

moneyistooshorttomention

"Things I have no control over" is too true. I am currently tossing the idea round in my head as to whether to amend the price of my house down by £2,000 and put "Fixed price" on it as a way to make my asking price that bit lower still, but in the process tell people "Don't even try and make an offer - that IS the price - take it or leave it".

Wondering whether people (in England) would respect a price that says "Fixed price £x" or whether they would still try and play the offer game and would then be offering me even less than that.

I suspect the answer is they would totally ignore the word "fixed" and still make an offer - so it would be best for me to forget that idea ...as they would try and use it against me. They would just come onto MSE and ask "Shall I try an offer anyway?" and other FTB'ers would pile in and tell them to do so...:cool:

I'm not a happy bunny as it is that I had to take the appropriate Price Premium off my house price. My house is in the 2nd best area that terrace houses come in in my area and is due a bit extra on the price for that fact. Also it's particularly big in comparison to many 2 bed terraces and is due a bit extra for that as well. So I put a - very reasonable - price premium of £5,000 onto the standard price for a similar house to allow for the fact that my house is better in those two ways...and am more than a little annoyed that I've had to take that off as it is. I grin ruefully at my viewers' universal comment of "good location" when they come around a-viewing (though I myself am moving partly because the location isn't right for me personally) - but then, in the next breath, they expect to get that location for nothing:mad:

People here seem to expect to pay the same price for my bigger/better area/totally safe from flooding house as they would for a similar house in an area that is worse/less convenient/at HUGE risk of flooding/is just having their insurance premiums skyrocket this year because of said huge risk of flooding. My house is obviously worth a fair bit more than theirs - but I cant get it and I presume its because the houses in that area are still charging as much as they used to for theirs and probably not letting on about those huge insurance premiums (we are talking more than £1,000 pa extra insurance premium if my house were transplanted into that location...).

DaftyDuck

Money - please don't go the route of "fixed price" or "offers in excess of", particularly if your house is slightly better than the comparatives. (Agents that use these terms are commonly amongst the "less good" in the area... I note "Wards " have been mentioned on a few threads; Hmmm. Quality agent; quality housing stock :rotfl:) Your house has only been on the market a very short time, and I reckon you'd be better spending a couple of hundred on yourself on a spa pamper weekend and chillaxing (:eek:) rather than worry about the price - yet. That time may come, but patience and calm is required.

You are partially right. "People" want your house priced the same as the trash down the worst road, the one in poor condition. Those people don't value your house the same way as you do... and they are quite right not to... for them, that is. Some may just need a house with three bedrooms, or one that's in walking distance of a pub... You value your property differently, and that valuation is quite right too.

The "buyer" of your house, and one will probably turn up, will be the person who wants your house, not just "a" terrace. It's possible, that with time, you'll grow more in need of moving, and cutting the price will be a way of appealing to a wider and wider market.

You can think of price and time as interchangeable in house selling; cutting a price will widen the audience able and willing to buy, so speeds it up. Sticking to a high price (in a stable or rising market) may slow it down, but won't prevent it selling - so long as that price is withinn sensible bounds!

florence; your problem is that the owner isn't in a hurry to move, but would for the "right price". I'm sure if you offered a real premium price, you'd be able to dictate the likely exchange and completion dates, but you'd effectively be paying her to move out in a hurry. So, asking price plus £2000, to be reduced to asking price if exchange not made by XX of Y might work. It's still open to one party getting cold feet, though. You'd be better off not trying to force the issue. It's rather different if you find a seller who's enthusiastic to move.

moneyistooshorttomention

Dafty

I'll take your advice then - to keep the price put in a standard sorta way.

We all have our particular quirks as to what we personally want in a house I know. I don't really follow this thing about "bathrooms mustn't be downstairs" that most people go by. !!!!!!? As long as there is a bathroom - then so what in my view personally. But I have carefully made it plain that my bathroom is upstairs and the EA has been told exactly how I put walls up/took them down and it would be easy/cheap work for anyone wanting to reverse what I did. Definitely taking the view "Once you've paid for it - then knock it to smithereens if you want....".:rotfl:

The convenience of my house is THE big selling point of my house - even over and above the amount of space. You simply don't have the slightest need to have a car here - everything is somewhere between very easy walking distance and walking distance and that does appeal to a lot of people. I know the houses are likely to go first that have a similar location but fashionable kitchens and bathrooms and no woodchip to take off some of the walls and do understand the logic behind this - but those factors can always be changed (unlike the location - which is what it is and a wantable one in this case).

I shall bear in mind too your comments re a pamper weekend - I've certainly got something similar lined-up already:D