Innovative ideas to secure dream home

eddddy

If you really wanted to, you could negotiate a lock-out agreement.

Google lock out agreement for more info.

It could be structured like this:

You pay them £10k for a 4 month lock-out - so they can't sell to anyone else during that period, they can only sell to you.

If you're not ready to buy within 4 months, they keep the £10k and can sell to somebody else.

If you are ready to buy within 4 months, you get the £10k knocked off the price.

But there are many complexities. For example,

• what if a survey or searches show up problems?
• What if the bank down-values the property?
• What if you find out that the neighbours are axe murderers?

And so you decide not to buy it. What happens to the £10k?

It can get very messy.

smokeybubbles

Yes - they have bought a second property and completely renovated it (at great cost). My understanding is they heavily re-mortgaged to finance this and are now somewhat in the “you know what”!

I am only asking as they valued the property we are interested in extremely high. At one point we had our house on the market last year, and had a buyer, so I floated a very low offer past them which I was sure would be turned down; however they considered it (a good £100k below asking)!

Mine and theirs are both now off the market since Nov as we both plan to re-list and try to get some new interest, however I fear theirs will be at a much more realistic price and someone else will beat me to it.

Fair play to however gets it but I just feel like we have the inside track on this at the moment and wondered if there were options.