Strange offer received on flat

enthusiasticsaver

We are selling a flat with lovely views in desirable development and it is up for sale for £280k. It has been on the market for a few months but we recently changed agents. It is a family flat in name of myself, brother and sister so used mainly for family visiting us in Cornwall. I am local so dealing with sale.

Last week someone viewed it and is so keen according to agent he has offered us a £10k non refundable deposit plus £280k when he sells his own flat. He only put it up for sale yesterday after viewing ours. Alternatively he has offered £1k per month until he is in a position to complete which could take a while. Condition is we take it off the market and he says he wants to do it above board through a solicitor. Our gut reaction was not to accept it and continue to market either until he is in position to proceed or we get buyer in better position.

Has anyone ever received offer like this before and accepted it? Views on whether you think we were right or wrong to turn it down?

Westminster

You need to collectively decide between you whether you want to entertain this offer.

There are no right or wrong answers.

glasgowdan

Not sure why he's acting so desperate given it's been for sale for a few months. I'd respond with acceptance on usual terms and go through the motions of any normal sale.

Bossypants

In your shoes I would try to ascertain why he's so keen to have this exact flat. Maybe it's right next door to his ailing parent or something, in which case his eagerness to secure it makes sense. If his answer is just that he really, really likes it, then I would find the whole thing weirder, and would make me worry about his ability to make sensible decisions along the line.

Once you've determined what his motives are, you can sit down with your fellow sellers and determine whether it's worth proceeding. It's probably also worth looking at his flat, especially whether it is realistically priced.

Marvel1

Also the question is if you accept how long do you wait?

glentoran99

Id take the grand a month

eddddy

This would be a 'lock out agreement'.

You can google 'lock out agreement' for lots of info. There are lots of pros and cons.

Perhaps the first challenge is that it can take a while to negotiate and agree the terms of the agreement. Do you continue marketing the property until the lock out agreement is signed?

enthusiasticsaver

Bossypants wrote: »

In your shoes I would try to ascertain why he's so keen to have this exact flat. Maybe it's right next door to his ailing parent or something, in which case his eagerness to secure it makes sense. If his answer is just that he really, really likes it, then I would find the whole thing weirder, and would make me worry about his ability to make sensible decisions along the line.

Once you've determined what his motives are, you can sit down with your fellow sellers and determine whether it's worth proceeding. It's probably also worth looking at his flat, especially whether it is realistically priced.

Yes we wondered given that there are three flats in same development up for sale albeit with different views, layouts and price. We have reduced the price by £10k so it is the middle priced one with the lower priced one just £5k under ours. Ours has the best view out of all three and we have a lift, first floor flat and separate utility room with windows in kitchen/utility. The other flats kitchens have no separe utility or windows in kitchen. I think the price is ok given the others prices.

I think it is the area which has sold him and the fact it is a gated exclusive development. His daughter lives in the same town and at the moment he lives about an hour away.

I am waiting to see what his flat is like when it goes on the market next week.

enthusiasticsaver

eddddy wrote: »

This would be a 'lock out agreement'.

You can google 'lock out agreement' for lots of info. There are lots of pros and cons.

Perhaps the first challenge is that it can take a while to negotiate and agree the terms of the agreement. Do you continue marketing the property until the lock out agreement is signed?

Thanks. That is exactly the sort of info I need.

tori.k

Is it in a coastal area ES? If so it will be because we are coming into the summer holidays the market will pick up once again with people looking into purchasing second homes, most likely he hasn't been seriously house shopping just keeping an eye on the area he really wants to live in, and your place ticked all his boxes, hence the rush to get his own place on the market.
What area is he selling from as you will know the market has been pretty stagnant in some areas of pre owned, mostly down to the massive amount of new builds and there help to buy offers. I'd personally have more confidence in the offer if he was selling a freehold property rather than most likely a leasehold flat himself. Your savvy ES go with your gut feeling.

ScorpiondeRooftrouser

A £10K non refundable deposit won't leave you any better off at all unless he pulls out, in which case it wasn't worth it. If you take it, he could take two years to complete and you would end up taking the same amount of money as you would have off anybody else.

Is the £1K a month meant to be deductable from the final purchase price? If so, same thing.

I just can't see that this is at all to your benefit.