First to exchange

ohdarn

HampshireH said:

ohdarn said:

Pepod said:

How many viewings you have and how quickly properties become sale agreed is almost irrelevant to your situation. The only thing that really matters to you is that someone can exchange within 4 weeks. Whether a buyer is BTL or resi doesn't really matter either, as neither person will want to just throw money away to solicitors knowing that the house could go somewhere else on the last day. I think the best think you can do is to declare your deadline to buyers and if one is happy to take the risk and proceed then take it off the market for them. It still leaves them open to risk as if (from what you say) exchange is missed by one day due to an anomaly or hiccup then they will be out all their fees.

Thanks, I would agree with that but in order for that to work, we'd have to cancel our current buyer and we're not prepared to do that.
We'll declare the situation to anyone viewing, if they choose not to go ahead then that's fine.
Anyone could say they'll complete in four weeks no problem, especially if they think they'll get a last minute bargain before the stamp duty deadline but there's no guarantee they'll honour it and then we'll be stuffed.

So all those with viewings booked have had this declared to them or are you potentially just wasting their time and planning on telling them during the viewing.

This should really be in your advert.

You also say BTL but you are doing viewings with FTB - are they cash buyers to be BTL?

I'd be fuming if I had taken an afternoon off work to view a property I thought I could be my first house to be told you already have a buyer and to gee them along you are conducting further viewings and its first to exchange wins.

Just wasting people's time by not being upfront about it at the time of booking or in the advert.

We have asked our estate agent to point out to potential buyers that we are after a very quick sale, have previously found a buyer who's progress has been erratic and that we'll be leaving the house on three market until exchange when they ring to book a viewing.
Then we are telling them when we're showing them around as well.

So far everyone has been quite understanding and pleasant about it and we have five more viewings on Tuesday.

[Deleted User]

Have you considered putting it in auction?
Or renting it out yourself to facilitate the move and then sell it afterwards? 

AnotherJoe

Would a bridging loan work for you? You could perhaps get higher price then.

LAD917

Unlike others, I'd do this -- depending on how much of a deal I could get on it.  There was one property I picked up for 50k under fair market value.  The vendor was desperate for an offer, and I was the only one.  He initially rejected my offer, but after a week, on the last business day before Christmas, he called back and said he'd accept my offer, but was leaving the flat on the market.  I thought it was worth spending 2k to potentially gain 50k.  I had lined up a solicitor, who started the work between Christmas and New Year's.  By the time the real estate market reopened in January, I had my searches back, my mortgage approved, and was so far along that the vendor stopped looking for another buyer. 

If you are really willing to sacrifice price for speed, you may find someone willing to do this.  Four weeks is likely going to limit you to cash buyers, though.