Trying to avoid a chain or renting?

peterhjohnson

I am looking to sell a house in a medium-sized town with an active market. I want to move to a smaller town with a somewhat stagnant market. Suitable houses at the right price do come on the market from time to time but often there’s nothing - and I'm fussy about what I want!

Ideally, I would like to get a buyer for my current house committed on price but very flexible on my move out date.

I’ve seen a suggestion that what I should do is find a buyer, have a contract that says that completion is in six month time – but I have the right to demand completion earlier by giving 4 weeks notice.

However, I can’t see many buyers going for such an arrangement!

Comments? Thanks!

Tiglet2

What suggestion is this? The solicitor acting for you and the other parties will never agree a contract with set completion dates or "demands" to complete earlier to suit your notice period. Lots of unknowns and therefore no promises whatsoever can be given.

Slinky

Bloke in a pub suggestion? Vanishingly small chance of getting this to work in reality.

getmore4less

peterhjohnson wrote: »

I am looking to sell a house in a medium-sized town with an active market. I want to move to a smaller town with a somewhat stagnant market. Suitable houses at the right price do come on the market from time to time but often there’s nothing - and I'm fussy about what I want!

Ideally, I would like to get a buyer for my current house committed on price but very flexible on my move out date.

I’ve seen a suggestion that what I should do is find a buyer, have a contract that says that completion is in six month time – but I have the right to demand completion earlier by giving 4 weeks notice.

However, I can’t see many buyers going for such an arrangement!

Comments? Thanks!

Get yours ready to market then price to sell quickly once you have found somewhere you want to buy.

ethank

I would not buy from you if you proposed this to me as a buyer. You want to have your cake and eat it.
That's fine, but why should a buyer put themselves out for you?

pinkteapot

I would just market normally and be completely honest with viewers when they come round. The right person can then offer. We did similar a couple of moves ago - we were selling an easily sale-able house and wanted to buy in an area where very little came on the market. We explained this to viewers and some FTB who were happy to wait offered. We told them not to apply for their mortgage or start their conveyancing till we'd found somewhere, but they did anyway. We found somewhere to buy three months after accepting their offer.

Of course your buyer may pull out while they wait, but then you just re-market. Of course if someone makes a really good (high) offer and wants you to rent then you might want to consider it...

It's people who do this without telling buyers that annoy me!

The problem with not marketing till you've found something is having your offer taken seriously by vendors. If it's an area where things sell fast you'll really need a buyer lined up already.

AdrianC

peterhjohnson wrote: »

Ideally, I would like to get a buyer for my current house committed on price but very flexible on my move out date.

I’ve seen a suggestion that what I should do is find a buyer, have a contract that says that completion is in six month time – but I have the right to demand completion earlier by giving 4 weeks notice.

However, I can’t see many buyers going for such an arrangement!

Let's say you found a house you liked. The vendor proposed such a situation to you.

What would your reaction be?

You don't want a chain... but you ARE part of a chain, because your purchase is chained to your sale - and maybe to other sales downwards, depending on your buyer. Depending on the house you buy, there may or may not be links above your vendor.

You're in denial, and trying to pretend your situation is something other than what it is.

MEM62

peterhjohnson wrote: »

I’ve seen a suggestion that what I should do is find a buyer, have a contract that says that completion is in six month time – but I have the right to demand completion earlier by giving 4 weeks notice.

Good luck with that. No harm in trying I guess but you would be lucky to find a buyer that would agree to such a one-sided arrangement.

peterhjohnson

ethank wrote: »

I would not buy from you if you proposed this to me as a buyer. You want to have your cake and eat it.
That's fine, but why should a buyer put themselves out for you?

Well, the price might be low

peterhjohnson

MEM62 wrote: »

Good luck with that. No harm in trying I guess but you would be lucky to find a buyer that would agree to such a one-sided arrangement.

It might look less one sided if the price was right

Comms69

peterhjohnson wrote: »

I am looking to sell a house in a medium-sized town with an active market. I want to move to a smaller town with a somewhat stagnant market. Suitable houses at the right price do come on the market from time to time but often there’s nothing - and I'm fussy about what I want!

Ideally, I would like to get a buyer for my current house committed on price but very flexible on my move out date.

I’ve seen a suggestion that what I should do is find a buyer, have a contract that says that completion is in six month time – but I have the right to demand completion earlier by giving 4 weeks notice.

However, I can’t see many buyers going for such an arrangement!

Comments? Thanks!

Comments, plenty. Stop taking advice from drunks!


You're asset rich, but cash poor. No buyer is going to commit to that and you're pretty much stuck there unless you get lucky.


My suggestion is sell, rent and buy when the house comes up.