Am I right to refuse sale to investors?

GDB2222

Friends were so pleased to sell their home cheaply to the charming young couple who were all set to move in. True to form, the buyers turned it into bedsits.

Davesnave

In an ideal world you sell to a lovely young couple who cherish your home as you did, but who is to say if they are more deserving than the young couple who rent from the investor because they're too poor to contemplate buying?

eddddy

I guess the risk is that you accept an offer from a buyer, because you think they are deserving, nice, etc, - and then during the conveyancing process, or after the sale, you find out that they aren't as deserving, nice, etc, as you thought.  Perhaps you even find out it was an 'act' to mislead you.

Even worse, if you decided to accept a lower offer from them because they seemed so nice etc.

Perhaps it's better to just treat the process as an arms-length business transaction, and if the buyers do turn out to be deserving, nice, etc, - treat it as a bonus.

Martin_the_Unjust

Well you have the right, but you would be daft to exercise that right IMHO

Mr_P_

I have a pair of really good neighbours, there's a newborn opposite and I'm worried they will turn it into student housing. Yes I would accept slightly less for FTB, I know of people who have been offered 10-20k less from investors after survey/exchange and knowing they have the money to walk away scares me. 

GDB2222

I very much doubt that investors offer less after exchanging. Anybody can offer less before exchanging, and FTBs are just as likely to do so. 

oldbikebloke

Mr_P_ said:

 I know of people who have been offered 10-20k less from investors after survey/exchange and knowing they have the money to walk away scares me. 

I take it this is the first time have sold. Be more realistic... 

FTB gets a survey that contains "remarks", after all you state: "(needs a little bit of work)"
- ,an "investor" will have enough experience to know those are going to cost £x. The investor may or may not revise their offer. It would seem you have no idea what is a realistic cost for the "work", so are unprepared for any negotiation over a reduction

- The FTB see remarks they do not understand and goes into panic mode. They wonder should they walk away from entire deal. Their lender, who obviously does understand the wording, may, or may, not reduce their mortgage offer. The FTB goes into panic mode because they don't have the money to make up the shortfall. They have to walk away from entire deal as they don't have the money to proceed.

- The FTB's parents, who are acting as bank of mum and dad for the deposit, decide to advise FTB to gazunder.  How will you react?

You sell to the person who can complete on the deal, to timescale and price you are happy with.

Mr_P_

Many thanks all, you've changed my mind, I'll try to be more open minded about these guys and see if they offer anything this weekend. 

oldbikebloke

Mr_P_ said:

Many thanks all, you've changed my mind, I'll try to be more open minded about these guys and see if they offer anything this weekend. 

fair enough.
You might want to learn what it means to exchange contracts... the contract contains the agreed price. You don't exchange if the price is not agreed, and once agreed, it does not change or that would be a breach of contract leading to penalties.

oystercatcher

My son and his wife bought when there was very high demand in their city so offers were well over the asking price. The seller interviewed all those who offered and chose my son and his wife over investors so it can be done !