As a buyer, can I offer a lock-out contract to my seller?

saajan_12

I'm going to try one more time, but honestly it sounds like you're only willing to listen to what you want to hear, so if you still don't get it, I give up.

Jasper2011 wrote: »

The seller wouldn't be able to market their property -
wha'ts to stop them? They can instruct their agent to place an ad.
if they were accepting some kind of financial incentive to stick with us though, isn't that the whole point? They would take it off the market. And if they dont (or they put it back on) then we take our money back. how do you propose to 'take your money back'? You can't reach into their bank account, you'd have to ask for it or sue them which could take weeks. If they've spent it or refuse to pay, you'll be hard pressed to collect several thousand via bailliffs.

I'm struggling to see the issue here.

If I were a seller (and I am) if a potential buyer showed that level of interest and commitment I would be chuffed to bits. - it's good that you have that self worth, but receiving a keen offer isn't as flattering as you think. An offer of a sizeable financial incentive (call it a deposit or down-payment or whatever you like) just to wait a few months, unless I was absolutely desperate to sell - and I dont believe our sellers are in that position.

It's essentially a cast-iron guarantee that you have a sale- cast iron!?! At best you have a piece of paper that suggests you're keen, knowledge the vendor can use to their advantage. - you know that your buyer is going to do everything they can possibly do to progress and complete the sale, else they lose their money. This forum, and others, are chock full of tales of woe from both buyers and sellers whose chains have collapsed or otherwise lost their dream homes/wasted time/money/etc and yet several people on here are still suggesting that there is no incentive for the seller to agree to this. Sorry, I just dont get it.

If the vendor does remarket, you can't reach and 'take back' any money. You could sue them, but the vendor also knows how keen you are, and if they don't get a better offer / an offer faster than yours, they could always come back to you. Chances are, you wouldn't sue for the money because you still want to buy the house!

Jasper2011

You know what I would do if I was your vendor. As soon as you propose this, I increase the price by 10-15%. You're clearly over eager and desperate to buy the house.

With respect, I think that says more about you than it does about me.

If our sellers are those kind of people, then so be it. I cant change people's greed.

I'm selling my house because I want to move to a new place to try and improve the quality of life for my young family. If my buyer showed a similar level of enthusiasm for the purchase of my home as I am to my seller I would absolutely welcome that, but I certainly wouldn't pounce on it as a sign of desperation and try and screw them over, risk losing the sale in the process.

But to each, their own...

Jasper2011

I'm going to try one more time, but honestly it sounds like you're only willing to listen to what you want to hear, so if you still don't get it, I give up.

Sorry, no. You dont seem to understand what i'm suggesting.

The vendor would have a choice:

1. They put their home back on the market, and wait for another buyer. They might do this anyway. In which case, they might get someone who is willing to match (or better) our existing offer, move really quickly, and that buyer might turn up the day after they re-market their home. Great - good for them. Alternatively, they might wait many many months only to get a buyer that eventually offers considerably under their asking price. (Their house had been on the market for quite some time before we came along). Point is, anything can happen. Its a gamble they would have to take.

2. They agree to us paying a deposit, take their home off the market, and wait a while longer with the peace of mind that they have a buyer who is almost certainly going to do everything they possibly can to complete the purchase. It might take longer for them to sell that way (though equally it might not) but if they're not in a massive hurry where's the problem?

Yes, they could ignore the contract they've signed and put their home back on the market at any time. In this case, they are back to (1) where they have no guarantee of a sale at a good price in the short term. If thats what they prefer to do, then i'm sure they would just do that anyway.

how do you propose to 'take your money back'? You can't reach into their bank account, you'd have to ask for it or sue them which could take weeks. If they've spent it or refuse to pay, you'll be hard pressed to collect several thousand via bailliffs

Somewhat juvenile comment. I'm not a legal expert so I wont pretend to understand the details of how the contract would work and where the funds would be kept, though I presume it wouldn't be directly in the seller's pocket - it would likely be with a solicitor who would arbitrate until the deal was done (or not, either way)