Creating a contract race between EA and private purchasers

pinkshoes

If your house has previously been marketed, how do you prove a buyer is a private one and didn’t establish it was for sale due to seeing it on Rightmove or an EA sign outside?

As for buyers, most buyers would refuse to proceed with your conditions so you are very much limiting your market. 

jimbog

Ok, how about this? Start a contracts race and say to the loser that you will refund all their expenses if they don't get it

kinger101

jimbog said:

Ok, how about this? Start a contracts race and say to the loser that you will refund all their expenses if they don't get it

I don't think many people will find that enticing either.  Having your expenses refunded doesn't mean everything's hunky dory.

(a) There is an additional cost to a failed purchase in a rising market.   Whatever else they have purchase if they lose the race will be more expensive.

(b) If they had a property to sell, they might lose their buyer, and some of the legal fees related to that sale.

(c) Just as importantly, many people have timescales for moving.  New job.  New child.  New school etc.  So knowingly going into a purchase where there's a 50% chance of having to start your search and conveyancing process again won't be remotely appealing.

Dusk1983

Thanks to everyone for the input, plenty of food for thought.

Redwino222

Dusk - does that mean you are still going ahead or you have reconsidered?

would be really interested to hear what you decide - and to hear how it plays out if you decide to pursue this.

even initially what your estate agent thinks.

thanks

HampshireH

Check out this recent thread. Seller was very sure it would be successful however hasn't come back yet to update so unknown if all went to plan.

https://forums.moneysavingexpert.com/discussion/comment/78293059#Comment_78293059

LostIt_ToBostik

Not sure if our experience will be of any help but husband and I offered on a house that had six other asking price offers besides ours.
Vendors agreed to sell to us as we are first time buyers currently renting so only having to give 4 weeks notice to who we rent from. We have a 20% deposit, had an AIP and solicitors ready to act. Basically we could move fast and no chain. We agreed the sale 7 weeks ago and with mortgage approved and most of the conveyancing completed, we are now just waiting to exchange.
Your EA can gather all this info from potential buyers and will be in a good place to advise you who would realistically be able to proceed and complete the quickest.

purplebutterfly

We are FTB, all cash, no chain as renting and we didn't even bother going to view a property because we were told there were already multiple competing bids. 

We're only 3 weeks in to our current purchase and I have already paid out £500 on a survey and £250 to start searches.  There is no chance at all that I would pay out ANY money if I knew there was a chance of losing all my money through no fault of my own in a contract race.

Keswick1uk

You are picking on the wrong person!

This market must be terribly stressful, it's why we aren't selling as I couldn't handle more stress than is normal for house moves, but the advantage you have is you are likely to find a new buyer quickly, but treat them with the respect they deserve and time they need to get their legals in place.

By all means if you get a load of offers ask them for their position so you can try and guess the best from the bunch.

Redwino222

I took a lower bid from a first time buyer rather than a couple who still had to sell their house.  The buyer feels like they got a good deal ( and they did), and six weeks later I am hopefully ready to exchange