Lockdown agreement for house sale

millymilly

Hello, thank you for your advice so far, it has been really invaluable to me.

I am back again with a silly question. We have now received 2 offers.

Offer 1, lady selling her house to a cash buyer, and offering £492k for mine. She is delaying on coming back with a best and final provide and so EA thinks she is looking at other properties and hedging her bets.

Offer 2, lockout man offered £492k on Friday, and upped this to £495k today, which is great.

However he has stated that the offer is on the condition that we commit to him and take the property off the market immediately.

However, if we accepted his offer, isn't that what we would be doing anyway? I don't understand what he is asking/what I am missing in this house buying process?

Is he being an awkward buyer, or am I being overcautious (I haven't sold a house before, and and keen to get this one sold and gone).

hazyjo

People still usually make an offer based on that property being removed from the market. Some people continue marketing (even up to exchange). More likely though - he's been told there's someone else bidding and he does not want to get into a bidding war. Fair enough really. He wants his offer agreed and doesn't want the other party to get a chance to bid over.

millymilly

ok, thank you, that makes sense.

I can tell him that I will take the house off the market as soon as the survey is complete, and we have confirmation of his funds/that is is able to proceed?

Lokolo

millymilly wrote: »

ok, thank you, that makes sense.

I can tell him that I will take the house off the market as soon as the survey is complete, and we have confirmation of his funds/that is is able to proceed?

A survey can take 2-3 weeks to organise. If I were the buyer I wouldn't accept this.

millymilly

*A survey can take 2-3 weeks to organise. If I were the buyer I wouldn't accept this.*

Fair enough - perhaps I can say I will take it off the market once the survey is booked instead.

hazyjo

Survey will quite often be booked through lender. It can take a couple of weeks to get an appointment sometimes.


If someone has instructed solicitors, that's enough for me to take it off the market.


Is he the bottom link of the chain? If he has somewhere to sell, forget it.

millymilly

He has just sold his house to a first time buyer - offer accepted, and his buyer as mortgage in place etc.

My buyer has mortgage in principle agreed, and has shown evidence of funds so I think I will proceed with this now.