Purchasing from a Corporate Vendor - Have you??

linclass

Morning All,
I'm interested in purchasing a property in GREAT need of TLC from *a corporate vendor* - as stated by the Estate Agent.

She has clearly pointed out that if:

A) You have a mortgage to purchase, the vendors allow the buyer 4 weeks to complete. or

If a cash purchase the buyer is allowed 3 weeks to complete.

Has anyone purchased in this way, and if you have, could you tell me how smoothly (or not!!) the procedure was?

Thanks,

jjlandlord

The fact that this vendor is a company is not relevant apart from the fact that they are probably more clued up than your average individual.
This is illustrated by the fact that they know that they can propose to stipulate any timeframe to completion they want in the contract as the estate agent already pointed out.

IMHO, it shows they intend to get on with it and not let the sale drags on.

Mardle

From what I understand from talking to an EA about a similar property they have to continue to market it hence the rightmove/zoopla ads that say "an offer of £x has been received ......" If someone comes along and offers more than you then you will either have to increase your offer or lose the house.

linclass

Thank you both for this valuable input. I have made an offer (stupidly low) and am waiting to see what the vendors think - they HAD received an offer, and accepted it, but the buyer had not appreciated the timeframe of 4 weeks - in fact hadn't even contacted a Solicitor apparently!

Anyway! I hadn't heard of corporate sales before, and wondered whether others had experienced it. It *might* have been a housing association, but I'm only guessing..

LL

Talc1234

Mardle wrote: »

From what I understand from talking to an EA about a similar property they have to continue to market it hence the rightmove/zoopla ads that say "an offer of £x has been received ......" If someone comes along and offers more than you then you will either have to increase your offer or lose the house.

Above only applies to a repossession. I bought a house that had been taken in as a part exchange and proceeded normally.

I think the difference was that the house (unlike a repossession) was legally owned by the corporation who could sell it how they wanted. The house was taken off the market once my offer was accepted and I completed within 10 weeks.

My accepted offer was below asking price and below sale prices of neighbouring properties but I think that offering at Christmas, completing before April (end of tax year) and that the market was weaker then than today played a part.