Offer received but prospective buyer yet to market her property - what to do

davilown

Up until 12 months ago this was normal practice - it changed when there was such a demand that vendors could be picky.
Is it still the case? Do you have lots of offers coming in? 

Drawingaline

We out an offer in last July without ours being on the market. We had the EA out to value just as the market went crazy, and they saw the opportunity to get two lots of fees I think! We had the valuation at 3pm, the house we viewed went online at 5pm, we viewed at 6pm, said we would happily offer full asking price the next morning, sellers gave us two weeks to get an offer. Our house was marketed and offer received in 10 days.

But I am not sure we would be able to pull this off with the way the market is now!!! 

So how much interest have you had? If they are serious they should already have an EA lined up and be able to get it marketed asap. If you have had a lot of viewings then say come back once they have an offer.

Nova1307

Drawingaline said:

We out an offer in last July without ours being on the market. We had the EA out to value just as the market went crazy, and they saw the opportunity to get two lots of fees I think! We had the valuation at 3pm, the house we viewed went online at 5pm, we viewed at 6pm, said we would happily offer full asking price the next morning, sellers gave us two weeks to get an offer. Our house was marketed and offer received in 10 days.

But I am not sure we would be able to pull this off with the way the market is now!!! 

So how much interest have you had? If they are serious they should already have an EA lined up and be able to get it marketed asap. If you have had a lot of viewings then say come back once they have an offer.

davilown said:

Up until 12 months ago this was normal practice - it changed when there was such a demand that vendors could be picky.
Is it still the case? Do you have lots of offers coming in? 

Only one other offer (lower) and the EA said the person is very unresponsive to emails etc. and so appears to be a bit of a unreliable. 

I'll maybe just ask the other party to come back with a firm offer once they are ready to proceed and until then viewings will continue. 

Thanks for your input

peterhjohnson

Scotbot said:

the current market a fairly priced house is selling in days. A viewer could easily be proceedable within a week. I wouldn't take the house off the market until the  buyer was prodeedable but I would allow viewings

Very good point! "Normal" rules don't apply in the current market. Instead of a seller worrying about how procedable a buyer is, buyers should worry about how procedable their seller is.