Finding “serious” buyers and adding conditions to accepted offers

1122abc

Would appreciate any advice as I haven’t been in this situation before. 

After 6 months, I am at the point of exchange on a property that I am purchasing (no onward chain, ex rental). My buyers withdrew from purchasing my property two days before exchange. They have refused to provide a reason and will not negotiate on price. Three days before they pulled out, they sent emails where they appeared ready to proceed, asking for a specific completion date for 1 week’s time which I agreed to.

My property went back on the market the day after the buyers pulled out and there are  several viewings booked this week by FTBs. 

My seller has agreed to wait for me to find a new buyer, but I doubt they will wait for long. I really need to find a buyer who is committed to the purchase. 

Would it be unreasonable/confrontational to:

1. State that any offer will be accepted with a condition that the buyers instruct solicitors, send searches and book a survey (eta: e.g homebuyers survey) in the first 2 weeks - if this doesn’t happen, we will go back on the market.
2. Ask if the EA has seen proof of funds or AIP - can they even do this?
3. Ask for proof that solicitors have been instructed - could the EA email the solicitor and they reply to confirm instruction? Not sure if there would be GDPR/privacy issues with this.  

Is there anything else I can do to ensure that I have the best chance of a successful purchase (I know that nothing is guaranteed until exchange)?

Hoenir

Buyers don't book surveys. This is a matter for the mortgage lender and the surveyor to schedule between them. 

ChirpyChicken

Hoenir said:

Buyers don't book surveys. This is a matter for the mortgage lender and the surveyor to schedule between them. 

That isn't true. I've instructed a fair few!

user1977

1122abc said:

Ask for proof that solicitors have been instructed - could the EA email the solicitor and they reply to confirm instruction?

The solicitors are in contact with each other. So you ask your solicitor to get confirmation that their solicitor is instructed.

Brie

I'd be concerned you might frighten off a skittish buyer.  I mean if you start off by making demands where is that going to lead.  

ReadySteadyPop

1122abc said:

Would appreciate any advice as I haven’t been in this situation before. 

After 6 months, I am at the point of exchange on a property that I am purchasing (no onward chain, ex rental). My buyers withdrew from purchasing my property two days before exchange. They have refused to provide a reason and will not negotiate on price. Three days before they pulled out, they sent emails where they appeared ready to proceed, asking for a specific completion date for 1 week’s time which I agreed to.

My property went back on the market the day after the buyers pulled out and there are  several viewings booked this week by FTBs. 

My seller has agreed to wait for me to find a new buyer, but I doubt they will wait for long. I really need to find a buyer who is committed to the purchase. 

Would it be unreasonable/confrontational to:

1. State that any offer will be accepted with a condition that the buyers instruct solicitors, send searches and book a survey in the first 2 weeks - if this doesn’t happen, we will go back on the market.
2. Ask if the EA has seen proof of funds or AIP - can they even do this?
3. Ask for proof that solicitors have been instructed - could the EA email the solicitor and they reply to confirm instruction? Not sure if there would be GDPR/privacy issues with this.  

Is there anything else I can do to ensure that I have the best chance of a successful purchase (I know that nothing is guaranteed until exchange)?

You need to get as many viewers through the door as possible and hope that one "sticks", setting your asking price correctly will be important but setting "conditions" could mark you out as "difficult" in some potential buyer`s minds and be counter-productive. Also as another poster said anyone can offer anything they like but it is the buyer`s lender (if they have one) who decides on the valuation.

Hoenir

ChirpyChicken said:

Hoenir said:

Buyers don't book surveys. This is a matter for the mortgage lender and the surveyor to schedule between them. 

That isn't true. I've instructed a fair few!

You are taking my comment out of context. 

El_Torro

1122abc said:

Would it be unreasonable/confrontational to:

1. State that any offer will be accepted with a condition that the buyers instruct solicitors, send searches and book a survey in the first 2 weeks - if this doesn’t happen, we will go back on the market.
2. Ask if the EA has seen proof of funds or AIP - can they even do this?
3. Ask for proof that solicitors have been instructed - could the EA email the solicitor and they reply to confirm instruction? Not sure if there would be GDPR/privacy issues with this.  

Is there anything else I can do to ensure that I have the best chance of a successful purchase (I know that nothing is guaranteed until exchange)?

None of this seems overly unreasonable or confrontational I would say. I'm not sure any of it will increase the chances of securing a successful sale though. As mentioned it may even put potentially serious buyers off. 

As you know (and have experienced) it's relatively painless for a buyer to pull out before contracts are exchanged. You can make demands / requests to try to reduce the likelihood of this happening but unfortunately none of it is legally binding, at least in England.

Best of luck on your sale / purchase. Hopefully you don't lose the property you're trying to buy. 

Flugelhorn

most recent cash purchases I have done required me to show the EA proof of funds before they would issue the memo of sale

AskAsk

i think you would frighten off too many buyers so unless you are practically giving it away, not adviseable.

1.  they can instruct solicitors straightaway but that can take time to do as they need to get a quote for the work, unless they already have a solicitor.  FTB probably won't have one in readiness.

They can't instruct the surveyor as the bank needs to do that.  They can instruct a private surveyor, but two weeks is very tight and the bank would still need to do their own valuation and send a surveyor round.

2.  EA won't be able to ask for ID or proof of funds until the offer has been accepted

3.  The EA won't be able to ask the solicitor to confirm that they have received instructions from the client as solicitors can't act until an offer has been made and the sales memorandum has been sent out, which again can take 1.5 weeks.

The buyers can ask their solicitor to inform the EA that they are acting for them, but again, this can't happen until the offer has been accepted and the sales memorandum has been issued.

We find from experience, that the buyers hold all the cards and as a seller, you have to do their bidding and not the other way round.  It is very difficult to sell a property for a good price, even in a good market and the property is a good property.

TBG01

Your missing a key condition. You need the buyer to complete with you and your sellers self imposed time frame.