Delay incurring any costs?

Dan-Dan

Hi

Went live yesterday on the usual sites, and have (apparently) proceedable viewers due on saturday and one on sunday

In the hope that i do get an offer at some point i want to be prepared ,How do i word it, that i wont incur any costs on any possible purchase of my own until i see financial commitment from a buyer?

I have sold before but am feeling apprehensive and could do with some pointers

thanks

rtho782

Eh if you tried that with me I may well walk.

Otherwise, I might incur costs and then you might decide you don't want to sell, or gazump me.

Dan-Dan

Thanks , no i understand what you say, and agree!

Were relocating 250+ miles away so im warier than possibly might be if i was moving across town

fed_up_and_stressed

Dan-Dan wrote: »

Hi

Went live yesterday on the usual sites, and have (apparently) proceedable viewers due on saturday and one on sunday

In the hope that i do get an offer at some point i want to be prepared ,How do i word it, that i wont incur any costs on any possible purchase of my own until i see financial commitment from a buyer?

I have sold before but am feeling apprehensive and could do with some pointers

thanks

Easy, don't offer on a property yourself until you have seen financial commitment from YOUR buyer.

eddddy

The problem is, this can end in deadlock:

You: " I won't incur any costs until i see financial commitment from my buyer"

Your buyer: " I won't incur any costs until i see financial commitment from my seller (Dan-Dan)"

(And eventually, Your seller: "" I won't incur any costs until i see financial commitment from my buyer (Dan-Dan)")

i.e. nobody will do anything until the other one does something first.


One solution you could try for is that you all informally agree that once the chain is complete, you will all start searches, mortgage applications on the same day.

Obviously, you've no guarantee that everyone will actually "play nicely" and do what they say...

Dan-Dan

fed_up_and_stressed wrote: »

Easy, don't offer on a property yourself until you have seen financial commitment from YOUR buyer.

That equates to the same thing, really

DRP

Dan-Dan wrote: »

That equates to the same thing, really

I don't see much time wasted by telling them if you don't see commitment in a couple of weeks (fee paid for booking survey), then it would be going back on the market. Don;t make any offers until you see the commitment.


That is how we and our agents have always done things.

DaftyDuck

You can find, and appoint, a solicitor local to the property in Wales, with minimum or no costs. State clearly that you wish to open a file, but for them to do no work until they are instructed.

Ditto with a surveyor. Select a surveyor local to your chosen property. I'd suggest not booking a survey at this stage, as they often want cash on booking (understandably).

Then, return to your vendor's estate agent, and clearly state your position. You have a solicitor lined up (which they can easily confirm), and a surveyor on tap. That should demonstrate some enthusiasm, efficiency and a bit of commitment. Then, when you have an offer on your property, you can ask your buyer to commit to survey a.s.a.p. If you are a bit sneaky, and confident your vendor is comfortable, you can delay booking your survey until the one on your current house is is, and preliminary results are in.

Someone has to move first in booking the professionals. It's probably for the best if you take the initiative, and are seen as the driving force.

Dan-Dan

Thats my concern DRP, i dont want to receive an offer, book a weekend away miles away viewing, missus getting excited etc, only for nothing to happen for weeks back home

Dan-Dan

DaftyDuck wrote: »

You can find, and appoint, a solicitor local to the property in Wales, with minimum or no costs. State clearly that you wish to open a file, but for them to do no work until they are instructed.

Ditto with a surveyor. Select a surveyor local to your chosen property. I'd suggest not booking a survey at this stage, as they often want cash on booking (understandably).

Then, return to your vendor's estate agent, and clearly state your position. You have a solicitor lined up (which they can easily confirm), and a surveyor on tap. That should demonstrate some enthusiasm, efficiency and a bit of commitment. Then, when you have an offer on your property, you can ask your buyer to commit to survey a.s.a.p. If you are a bit sneaky, and confident your vendor is comfortable, you can delay booking your survey until the one on your current house is is, and preliminary results are in.

Someone has to move first in booking the professionals. It's probably for the best if you take the initiative, and are seen as the driving force.

Good advice Dafty

I do have a solicitors firm in wales lined up who i feel quite happy with (inc selling mine in england) and have done research on surveyors

Will bear this advice in mind and all others , cheers

rtho782

You could even think things are happening, but the buyers might have gotten some sort of "no complete no fee" deal from the solicitors, and still might pull out.

Hell, me and my partner are contemplating pulling out of a house purchase we're quite far down the line with. We'd lose about £1,500 in total if we did but this is nothing compared to £250,000 on a house.

And it's all mostly due to lack of communication, the vendors (or perhaps their solicitors) are just awful, and the smallest query takes a month to be responded to. We have no idea what is happening "up the chain" (we're FTBers and they are buying a new build, I've tried to enquire as to progression on their newbuild as it was originally supposed to be ready end of April but I get no response).