Offer on property

naughtyjo

Hi I have had 2 sales through on my house due to the building society refusing to lend on house. The bs was Kensington which doesnt appear to have a great rep.
Anyway I have now had an offer today from a lovely couple who have a mip with the Halifax and I am happy to sell to them etc
My problem though is they have a house to sell and I don’t know how long it will take for them to sell. I have said Im happy to accept offer but due to circs house will remain on market as theres no guarantee they will sell. Is that reasonable? Not really sure what to do or how long to give them etc
Any advise appreciated
Thanks

eddddy

naughtyjo wrote: »

My problem though is they have a house to sell and I don’t know how long it will take for them to sell. I have said Im happy to accept offer but due to circs house will remain on market as theres no guarantee they will sell. Is that reasonable? Not really sure what to do or how long to give them etc

That's what people usually do - provisionally accept the buyer's offer, but leave your property on the market, until the buyer's property is under offer.

If you get another offer from a different buyer in the meantime - review both offers and decide which to go with. (Obviously, if one is proceedable and the other isn't - you'd probably go with the proceedable one.)

Smodlet

I would want to know why two different buyers had failed to obtain a mortgage on your house. Is it because they just could not borrow enough or because of its construction or condition?

naughtyjo

Smodlet wrote: »

I would want to know why two different buyers had failed to obtain a mortgage on your house. Is it because they just could not borrow enough or because of its construction or condition?

Apparently this building society tend to deal with customers that have had bad credit or self employed all I know is they refused to lend
The house is in excellent condition and just my luck both had the same company!

AnotherJoe

I think you've phrased this awkwardly.
Saying they "refused to lend on the house"implies the house was the problem.
Was it that in fact they refused to loan to these two would be buyers, which is a very different thing?

SmashedAvacado

I would ask the agent to "note their interest" and keep in touch with them but i wouldn't "accept the offer but keep the property on the market". The reason for this is that if it takes a couple of months for your interested person to sell but in the meantime you get no other interest in your property, the buyer might think that they have offered over the odds on your property and seek a discount. Telling the buyer that you are grateful that they have offered but can't consider their offer until they are in a position to move will put more pressure on them to get on with their sale ant put you under no moral dilemma shoudl another buyer come along who can proceed in the meantime.

Think also about the agent here. you want your agent to get you the best price and a sale. You dont want the agent focusing on selling other properties because they are assuming yours will happen to this buyer eventually. I know that seems unlikely but if there are two properties another candidate is interested in, the agent will push them towards the other - and might tell that buyer that you have accepted an offer.

In short, i can't see what you gain by accepting an offer from someone who can't move forward.