Vendor will only sell if he can buy house back - is that legally enforceable?

[Deleted User]

PasturesNew wrote: »

This is quite reasonable as a request. Just make sure it's written correctly.

Many years ago I read of a story where a seller's contract said that the buyer had to sell them the house back at the price they paid - and the new owners didn't spot it until it was time for them to sell. That sort of thing is less likely to occur these days, but you never know

So, as long as you can market the house in the future at what price you choose would it really matter if the current owner bought it back? If they didn't want to pay the price you want, you could market it elsewhere anyway.

[Deleted User]

Maybe he could House-Sit for you when you go on holiday?

Mobeer

Sleazy wrote: »

So, as long as you can market the house in the future at what price you choose would it really matter if the current owner bought it back? If they didn't want to pay the price you want, you could market it elsewhere anyway.

Imagine for example:
- New potential buyer comes along and offers x pounds.
- Previous owner invokes their priviledge and offers x pounds.
- 4 months later previous owner backs out
- New potential buyer is no longer interested

That's just one case. What happens if you want to:
- sell to family, but he matches you relation's offer?
- sell above all else quickly (even if at a discount), but he matches the offer, but not the timescales you need?
- use equity release?

HappyMJ

Mobeer wrote: »

Imagine for example:
- New potential buyer comes along and offers x pounds.
- Previous owner invokes their priviledge and offers x pounds.
- 4 months later previous owner backs out
- New potential buyer is no longer interested

That's just one case. What happens if you want to:
- sell to family, but he matches you relation's offer?
- sell above all else quickly (even if at a discount), but he matches the offer, but not the timescales you need?
- use equity release?

If he only matches the offer then you would sell to the person who put the bid in first...the relation. It's more likely he would offer an extra £1,000 then you go back to your relation and say he's offered more who would then counter offer with an extra £1,000 and you continue like this until one person gives up.

kinger101

HappyMJ wrote: »

If he only matches the offer then you would sell to the person who put the bid in first...the relation. It's more likely he would offer an extra £1,000 then you go back to your relation and say he's offered more who would then counter offer with an extra £1,000 and you continue like this until one person gives up.

If they did go ahead with this, really they'd have to have the clause so they have an option to buy (based on say average of three valuations) before the property hits the open market. And then a finite amount of time to exercise this option. And a deposit on exercise to stop them being playing silly boggers.

iolanthe07

I've come across this sort of thing before - absolute time wasters who pull out at the last minute just before exchange of contracts because of their emotional attachment to the property, thus leaving you with a large bill.

googler

Walk away. Quickly.

If he has this much trouble 'letting go', then, if you do buy it, you're likely to find him calling round on a Sunday morning to tend to the garden, the guttering, or somesuch - uninvited, of course, because he still thinks of it as 'his' house.

He'll probably keep a set of keys, and if you don't change the locks, you're likely to find him standing at the foot of your bed at 2am, and when you wake up, he finds nothing untoward about this fact.....

etc

etc

stator

Mobeer wrote: »

Imagine for example:
- New potential buyer comes along and offers x pounds.
- Previous owner invokes their priviledge and offers x pounds.
- 4 months later previous owner backs out
- New potential buyer is no longer interested

That's just one case. What happens if you want to:
- sell to family, but he matches you relation's offer?
- sell above all else quickly (even if at a discount), but he matches the offer, but not the timescales you need?
- use equity release?

It would only be worth considering if there were clauses that required the current owner to pay 10% deposit immediately if they wished to exercise the buy-back option and a time limit to completion or they lose the deposit.
Any potential problems are surmountable, you obviously need a good solicitor.

BobQ

GeorgeDawes wrote: »

The vendor was acting really weird off the bat. Has owned the property for 30 years, wouldn't do viewings without being there, wouldn't give the estate agent a set of keys. But we really liked the house so offered the asking price, which was accepted. He is lucky to get the offer he did from cash buyers like us.

Now the vendor says he will only sell if a clause is written into the sale, stipulating that he will have right of first refusal if we wish to sell the place in future. This was not written on the property description. The agent says the guy has trouble "letting go". The guy is sounding like a time waster who needs a psychiatrist.

Is this actually enforceable? It seems like a ridiculous impractical demand. What would happen if we sold it and didn't let him know?

You would need legal advice on the implications. Suppose you agreed and then died and left it to your son? Or say you agreed and someone offered you above market price for it?

Personally I would walk away, or at least say no.

My worry with this individual is that he might get to the point of exchanging contracts and then change his mind.

Socksey

We had an informal version of this. It made little difference when we sold.
We told her we planned to sell and the estate agent estimates. Gave her w week to think about it and she came in with an offer which was more than she paid but less than we thought we'd get. It went on th open market, we had a good offer within days and went back to her asking if she could match it. She didn't and we all moved on...... in Scotland. ..