House Chain- How long do I give buyers to sell their house?

peterhjohnson

Elimnmum said:

 they’ve put it on for offers over 10,000 under the home report value. 

It's understandable that they did that but it's clearly a mistake or they would have offers by now.

sheramber

Are they selling privately, rather than through an estate agent?

Unless they are selling in one of the high selling aeas such as Edinburgh they are not likely to get more than the Home Report price or less.

I live in an area where sales were very bouyant but house now are not sticking  at the Home Report price.

Two have sold recently at below the Home Report proce.

Elimnmum

sheramber said:

Are they selling privately, rather than through an estate agent?

Unless they are selling in one of the high selling aeas such as Edinburgh they are not likely to get more than the Home Report price or less.

I live in an area where sales were very bouyant but house now are not sticking  at the Home Report price.

Two have sold recently at below the Home Report proce.

No they are marketing with an estate agent and yes it’s Edinburgh 🙂

sheramber

When was it listed as Christmas and New Year  preparations etc would be a dead period for viewing/offering.

I live in a commuting area for Edinburgh where houses were snapped up with offers well over the Home Report price until a few months ago.

Now, they are sitting for a while  listed at offers over the Home Report price. 

Two sold in the last month but were listed at prices below the Home Report  price. 

annetheman

It's a tricky one because you have an onward purchase of a new build sounds less compromising than an onward purchase from an owner occupier or other no-chain seller might be. 

My scenario: I had just put my flat on the 'market*' and put in an offer, but seller wouldn't stop viewings and offers until someone had a mortgage valuation - their house has been on market for >6 months with 4 offers that went nowhere (this is in London zone 2/3 so really unfortunate).

*My flat is Shared Ownership so currently marketed exclusively by the housing association (the other shared owner) for 6 weeks - they are highly unlikely to find a buyer, they never bother trying. I can market it/have viewings but cannot agree a sale with a buyer until after 16th Feb. Share Ownership flats (especially 2-bed resales) fly off the shelf and 2 in my building sold last year within 5 days of market, so I am confident it will sell within a week or two of 19th Feb - but it's still an IF.

Given that everything is out of my hands for 5 more weeks, I did not expect the seller of the house to accept my offer at all. 

To my complete surprise, they have taken the house off the market today because I did have a mortgage valuation, secured a mortgage and instructed a solicitor, who is starting searches this week. 

They know now that I am on a 6 month clock (mortgage expiry); by  moving fast with mortgage and solicitors and putting things in place quickly, I think they felt more reassured that as no chain, ex-tenanted, no-mortgage sellers, everything else would be sorted quickly and they could comfortably wait around at pre-exchange for me to complete on my flat.

I think you aren't in the same cushty position! 

My suggestion is, if they are making the right, reassuring "purchase" moves, ask if they can show you other comparable properties in their area that have sold at their price point recently. It might be helpful to give them a deadline, too - from there is it sheer faith in good will.