Waiting for a buyer... Anyone want to join me?

Frodobaggins

Hi everyone, I am so pleased I found this thread, I have read through all posts from the beginning and it has taken me days!

I would love to join you all as we have had our house up for sale since the beginning of May and have only had 4 viewings.

One viewer has been back about 2 weeks ago for a second viewing though, she is a BTL and told us she is very interested but it will be a few days until she gets back to us. I dont know how long she means by this as it was 3 weeks after her 1st viewing until she contacted us to come back for the second time. To date she has not contacted EA or given feedback.

One of the other viewers has offered us a proposal whereby they will pay us full asking price and pay solicitors fees, but want us to lend them 25% back and pay us it back over 3 years. So we would receive 75% now and rest over 3 years. We dont really know what to think of this to be honest. The other issue is we have a house we would love to buy but if we accept this proposal we would only have a 5% deposit to put down and not sure we could proceed with that.

We do not live in a very nice area so we anticipated a lot of difficulty selling our house so we are tempted by the proposal.

Any ideas or feedback very much appreciated.

Cheery_Daff

Gosh FrodoBaggins, that's quite an offer! :eek: Crikey. I've never heard of anything like that before (doesn't mean that it doesn't happen though as my experience in such matters is pretty limited...)

I think I'd be wondering why they needed YOU to take the risk of lending them money - presumably the bank thinks they're too much of a risk?? Could you afford NOT to get your money back? Might be worth asking the solicitor whether this ever happens, and whether you could draw up an agreement - what position would you be in if they just refused to pay once they moved into your house? At least the bank could regain the house from them but I suspect you couldn't.

Goodness, what a difficult situation!

Fingers crossed for you x

Frodobaggins

I know it all seems a bit strange. I discussed it with EA and he said he had never come across anything like it and was quite skeptical, but after reading the proposal he said it might be worth looking into.

They are investors so they are buying several properties and I think thats why they only want to pay 75% up front. They have stated they would pay solicitors fees and it would have to be all above board which they have assured us it is.

We were going to leave it this week to see if the lady who has viewed twice gets in touch, then consult our financial adviser to get his thoughts on the proposal and if the figures work! :eek:

Tiners

Frodobaggins - I wouldn't even consider that 75% suggestion, there are so many issues/potential issues with it I can't even begin to assemble them in some kind of cohesive order to list them all here!

It just screams over leveraged chancers who fancy themselves as property entrepreneurs.

Cheery_Daff

Hmm - if they can afford to buy several properties, they should be able to pay for them all. Sounds more and more like they want you to take on some of the risk of their 'investments'. Cheeky so-and-sos! :eek:

Definitely a good idea to speak to financial adviser. Hope the more straightforward buyer comes back with a decent offer!

Going to ring this morning and see if our potential buyer has agreed - she offered well over asking price if we'd take it off the market and wait for her to sell hers. Said no at first - but now we're wavering about the house we want to buy so thought we'd give her a chance as it'd give us a bit of breathing room (and a hefty chunk more than the others offered).

However, she dropped her offer substantially after we waited a week to accept it, and now is barely offering more than our two sets of first time buyers. Made a counter offer Saturday so if she doesn't go with that we'll go with one of the others.

I realise it may all go wrong- but the whole thing may go wrong anyway and we've had several others so I hope would be able to sell if we had to market again...

Hate all these games with everyone second guessing each other

Pumpkim

I hate the games and second guessing too Cheery. In all honesty though, I'd go with one of the FTBs x

Slinky

Ditto, there seems little to be gained waiting for her to sell her house.

chrissie83

Hi everyone, I haven't been in here for a while. We have been so busy we have pretty much forgotten about selling. We have had 3 viewers over the past few weeks ( 1 a 2nd viewing) & another tonight which I'm not looking forward to as I will have 3 little ones around.
It's so frustrating, the 2nd viewing was a BTL who came to see it with in a few days of going on the market. He didn't give much away he asked lots of questions but I didn't get the feeling he loved it or anything. Then 4 months later came for another look after he 'kept coming back to it' & 'couldn't get it out of his head' but we've heard nothing of it so who knows.
I'm pleased to see some of you in here are getting lots of viewers & offers, hope it continues

Cheery_Daff

Good luck with your viewing Chrissie, I was so stressed by ours that I can't imagine trying to do one with three small children around! :eek:

I must confess that we have ignored your helpful suggestions amd accepted the offer from the people who need to sell their house They've offered substantially over our asking price, and we've given a deadline of 2.5 weeks.

I know probably not the "best" decision but best for our circumstances right now as it gives us a little wiggle room to be temporarily indecisive without stressing that someone's waiting for us to find somewhere to buy.

Of course, if it all goes wrong I'll be back here in 3 weeks trying to find a buyer again with my tail between my legs but fingers crossed it won't come to that!

chrissie83

Well that was stressful! My eldest is very possessive of her room & found it really intrusive to have strangers in there ( she's 12) she played out on the park while there were here with her sisters so at least there were out of the way but I could see them.
The EA came down before her & said she loves it, think we might have an offer here but we will see, I don't want to get my hopes up.

How do people do viewings with kids about? I really don't know what to do, I want to say no viewers during school hols as it's a nightmare but think that is a silly idea as it's 7 weeks & that takes us to September