Shared Ownership Properties

crow22

Several weeks back we had a second viewing on our hose sale. The buyer then offered  slightly low which we rejected. Then they came back for a second viewing and then increased their offer to the full asking price. We provisionally accepted the offer but have kept our property open to viewings as they have not yet sold their house and cant proceed. Since then several other viewings which have expressed strong interest but again have yet to sell their houses.

Its obvious from their offer and other information we have that the potential buyers really want the house. The problem is that their own property is a shared ownership and they have yet to find a buyer. Our EA says that these properties usually sell quite easily.  But while we know the street they are on we can not find their property on any of the sites like Rightmove, Zoopla etc. This concerns us a bit and makes us a bit suspicious.

Any thoughts on the above about why we cant find the property and how long these shared ownerships usually take to sell?

GavCB

from experience, most 'shared ownership' houses have to be offered to other applicants registered with the said shared ownership company for a period of time before being allowed to be offered on the open market. Your potential buyer should be able to advise your Agents of this.

itsthelittlethings

This is true, they have to be in sale through the shared ownership company for a while before they can be put on the open market.

crow22

itsthelittlethings said:

This is true, they have to be in sale through the shared ownership company for a while before they can be put on the open market.

OK thanks. Do you have any general idea of how long that typically is?

itsthelittlethings

crow22 said:

itsthelittlethings said:

This is true, they have to be in sale through the shared ownership company for a while before they can be put on the open market.

OK thanks. Do you have any general idea of how long that typically is?

I’m afraid I can’t remember, I’m in shared ownership myself.

eddddy

crow22 said:

Any thoughts on the above about why we cant find the property and how long these shared ownerships usually take to sell?

The Housing Association often has 4, 8 or 12 weeks to find a buyer. (The owner should check their lease to find out the timescale in their specific case.) After that, the owner can sell on the open market.

But if you have a good estate agent, they should have found out all these specific details when the buyer made their offer - and passed the info onto you. And a good estate agent would be calling the buyer periodically, to see how things are progressing.

So maybe call the estate agent to find out how much they know about the buyer's situation. And if they don't know much, you can suggest that they give the buyer a call to find out more.