Finding “serious” buyers and adding conditions to accepted offers

ReadySteadyPop

AskAsk said:

Albermarle 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 (eta: e.g homebuyers survey) in the first 2 weeks - if this doesn’t happen, we will go back on the market.

It can also be the other way around.
The seller accepts an offer but leaves the property on the market, until they ( or their EA) see a full approved mortgage offer ( the lender will have seen deposit proof of funds before making the firm offer) and that solicitors have been appointed and got in touch.
Maybe even wait for a survey as well, although that might be pushing it.

problem with this is that the EA aren't interested in marketing the property any more once they think they have found a prospective buyer, so although they may agree to leave your property on the market, they may not actually take any viewings.

only way for this to work is to advertise with more than one agent.

buyers may also not be interested in proceeding if the property is still on the market as they may waste money and someone else come along and make a better offer.  i wouldn't entertain spending any money if the property is not taken off the market.

In this case the buyers were offered a price reduction and they still seem to have found a better/different deal.

AskAsk

ReadySteadyPop said:

AskAsk said:

Albermarle 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 (eta: e.g homebuyers survey) in the first 2 weeks - if this doesn’t happen, we will go back on the market.

It can also be the other way around.
The seller accepts an offer but leaves the property on the market, until they ( or their EA) see a full approved mortgage offer ( the lender will have seen deposit proof of funds before making the firm offer) and that solicitors have been appointed and got in touch.
Maybe even wait for a survey as well, although that might be pushing it.

problem with this is that the EA aren't interested in marketing the property any more once they think they have found a prospective buyer, so although they may agree to leave your property on the market, they may not actually take any viewings.

only way for this to work is to advertise with more than one agent.

buyers may also not be interested in proceeding if the property is still on the market as they may waste money and someone else come along and make a better offer.  i wouldn't entertain spending any money if the property is not taken off the market.

In this case the buyers were offered a price reduction and they still seem to have found a better/different deal.

my response was to a comment of instead of advertising the property with conditions, to accept offers but not to take the property off the market until all the points have been achieved, like the solicitors having been instructed and searches paid for, and survey carried out.

it is very unlikely someone would spend all this money when the property is still being advertised.

1122abc

ReadySteadyPop said:

1122abc said:

ReadySteadyPop said:

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 (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)?

Did you offer them a price reduction?

Yes, buyers responded saying they had another property ready and were no longer interested. 

I thought you said they had not provided a reason?

You’re right. It wasn’t given as “the reason” but after attempts to contact them and after some back and forth, it transpires that they had another property on the go. Either way they’ve pulled out and I need to find a new buyer. 

1122abc

AskAsk said:

Albermarle 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 (eta: e.g homebuyers survey) in the first 2 weeks - if this doesn’t happen, we will go back on the market.

It can also be the other way around.
The seller accepts an offer but leaves the property on the market, until they ( or their EA) see a full approved mortgage offer ( the lender will have seen deposit proof of funds before making the firm offer) and that solicitors have been appointed and got in touch.
Maybe even wait for a survey as well, although that might be pushing it.

problem with this is that the EA aren't interested in marketing the property any more once they think they have found a prospective buyer, so although they may agree to leave your property on the market, they may not actually take any viewings.

only way for this to work is to advertise with more than one agent.

buyers may also not be interested in proceeding if the property is still on the market as they may waste money and someone else come along and make a better offer.  i wouldn't entertain spending any money if the property is not taken off the market.

I would definitely take it off the market 

1122abc

k12479 said:

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 (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.  

Screams desperate seller, may risk a big reduction in the offer after the survey or at the last minute.

I know but it’s already obvious that we’re very desperate given our position

1122abc

AskAsk said:

ReadySteadyPop said:

AskAsk said:

Albermarle 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 (eta: e.g homebuyers survey) in the first 2 weeks - if this doesn’t happen, we will go back on the market.

It can also be the other way around.
The seller accepts an offer but leaves the property on the market, until they ( or their EA) see a full approved mortgage offer ( the lender will have seen deposit proof of funds before making the firm offer) and that solicitors have been appointed and got in touch.
Maybe even wait for a survey as well, although that might be pushing it.

problem with this is that the EA aren't interested in marketing the property any more once they think they have found a prospective buyer, so although they may agree to leave your property on the market, they may not actually take any viewings.

only way for this to work is to advertise with more than one agent.

buyers may also not be interested in proceeding if the property is still on the market as they may waste money and someone else come along and make a better offer.  i wouldn't entertain spending any money if the property is not taken off the market.

In this case the buyers were offered a price reduction and they still seem to have found a better/different deal.

my response was to a comment of instead of advertising the property with conditions, to accept offers but not to take the property off the market until all the points have been achieved, like the solicitors having been instructed and searches paid for, and survey carried out.

it is very unlikely someone would spend all this money when the property is still being advertised.

This sounds like a better option, but wouldn’t want to upset the buyers by not coming off the market, perhaps I can assure them that I wouldn’t accept any further viewings 

theartfullodger

I'm sure you've already been being polite, friendly, helpful, flexible..

Best wishes to all

Bigphil1474

OP, the house we bought had had 2 sales fall through. The first buyer just pulled out without giving a reason, the second one died a week before exchange. Obviously, the vendors got a new buyer (us), we had a FT buyer on our house and we went as quick as we could, but it still took around 4 months. I think your optimistic if you want to set conditions like that. 

Personally, I'd tell the EA to restrict viewings to people ready to go and see what happens. If we'd been told we needed to get all that done in the first 2 weeks, we would have walked away.

AskAsk

1122abc said:

AskAsk said:

Albermarle 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 (eta: e.g homebuyers survey) in the first 2 weeks - if this doesn’t happen, we will go back on the market.

It can also be the other way around.
The seller accepts an offer but leaves the property on the market, until they ( or their EA) see a full approved mortgage offer ( the lender will have seen deposit proof of funds before making the firm offer) and that solicitors have been appointed and got in touch.
Maybe even wait for a survey as well, although that might be pushing it.

problem with this is that the EA aren't interested in marketing the property any more once they think they have found a prospective buyer, so although they may agree to leave your property on the market, they may not actually take any viewings.

only way for this to work is to advertise with more than one agent.

buyers may also not be interested in proceeding if the property is still on the market as they may waste money and someone else come along and make a better offer.  i wouldn't entertain spending any money if the property is not taken off the market.

I would definitely take it off the market 

yu are reading my answer out of context.  it was a response to Albermarie suggesting that you continue to advertise while the buyers get the actions done and then to take the property off the market once those actions have been done.

RedFraggle

For my flat it was best and final due to the level of interest. I had to provide DIP, proof of deposit, whether I intended to be owner occupier, named solicitor, position with regard to chain, proof of ID. I didn't have a problem with any of that. 
I knew the seller was serious, they knew I was.