How much is 'proceedable' worth?

lookstraightahead

3 parties interested in buying a property with no onward chain.

Person 1 offers the asking price but has a property to sell, but does have AIP.

Person 2 offers 5-10% below as final, but nothing to sell. AIP in place with 60 LTV.

Person 3 is FTB with AIP offers 2% below asking price.

Who would you go with if you were the seller?

Crashy_Time

Depends how much you like faffing about "on the market", but only getting 5-10% shaved off will probably become a thing of the past after Brexit goes into full on stand off mode.

OldMusicGuy

It would depend entirely on how quickly I needed to sell and how sensitive I was to dropping price. Context is everything.
Also, bear in mind the FTB will probably come back and demand more off once the survey results come back and scare the pants off them.  Just read some of the "help with survey" threads on here......

hazyjo

Would ignore Person 1.

Would sell to Person 3.

steampowered

Depends entirely on the position of the seller.

If the seller had found their dream property and needed to move ASAP, they might take option 2.

If the seller is in no rush, they might take option 1 or 3.

NinjaTune

I went with Person 1 (offer accepted on their property, AIP 85% LTV); we had a number of other offers at 2-3% below asking who were better 'on paper' but their timescales didn't work for us.

We exchanged this week and complete next Tuesday.  Less than 3 months from offer to completion.  Not bad considering we had a chain of 5 involved   They did appear (and proved to be) very committed buyers which influenced our decision.

Crashy_Time

OldMusicGuy said:

It would depend entirely on how quickly I needed to sell and how sensitive I was to dropping price. Context is everything.
Also, bear in mind the FTB will probably come back and demand more off once the survey results come back and scare the pants off them.  Just read some of the "help with survey" threads on here......

Exactly, the banks are definitely applying the brakes to silly lending now, and overall that is GREAT for society.

AskAsk

i would go with option 2 but won't go more than 5% off, otherwise i would go with option 3 if option 2 is asking for too much off.

no one sells to someone with a property to sell, i wouldn't anyway, unless they already have a proceedable offer on their property and they have accepted, or will do as soon as i agree to sell to them.

Doozergirl

I'd be trying to get Option 2 to increase their offer! 

Thrugelmir

Option 3. If they mess you around then there's option 2 to fall back on. 

blue_max_3

Crashy_Time said:

OldMusicGuy said:

It would depend entirely on how quickly I needed to sell and how sensitive I was to dropping price. Context is everything.
Also, bear in mind the FTB will probably come back and demand more off once the survey results come back and scare the pants off them.  Just read some of the "help with survey" threads on here......

Exactly, the banks are definitely applying the brakes to silly lending now, and overall that is GREAT for society.

I rather think it will be GREAT for investors, speculators and property investors. This is just a buying opportunity for profiteering without 'ordinary' people, who need a mortgage to be able to buy, competing.
I don't agree with it, but that's the reality.