Offer from non proceedable buyer

Kittenonthekeys · 13 February 2018 at 2:39PM

We've just had a full asking price offer from a buyer who has had their London property on the market for a very short time (and only needs a small mortgage) but it has already had interest, although no offers as yet.
In the meantime, the sensible option seems to be to keep our own property open to other viewings.
However, would it be irregular (or foolhardy) to not allow further viewings on our property, for say 2 weeks, just to allow this buyer a little exclusivity and get their own property sold? The main reason is that I feel this buyer is genuine, seems easy going and they have after all offered full asking with no negotiation at all.
Any thoughts please? What would you do?

Surrey_EA · 13 February 2018 at 2:53PM

I'm not a fan of making offers before having a buyer for an existing property that needs to be sold.

What happens when the price expectations for the existing property being sold turn out to be overly optimistic.

I would be tempted to almost ignore the offer you have been made, continue with other viewings on your own and see what happens. If their house in London gets an offer that's the time to talk in greater detail.

lincroft1710 · 13 February 2018 at 2:54PM

Keep house on market, allow viewings. Old saying "many a slip twixt cup and lip", their house may not sell as quickly as expected.

Cakeguts · 13 February 2018 at 2:58PM

Keep the house on the market they might not get a buyer.

Fed · 13 February 2018 at 3:27PM

What do you have to lose by keeping it on the market? If you like the buyer and are happy with the offer then you can get the EA to relay that but as they aren't proceedable you aren't willing to take it off the market at that price. They've no real reason to walk away and it puts more pressure on them to get things moving.

Kittenonthekeys · 13 February 2018 at 4:09PM

Thank you all, I had a feeling that one might be a resounding "keep it on the market!" Makes sense anyway!

ReadingTim · 13 February 2018 at 4:13PM

My property isn't even on the market yet, but I'll offer you over the asking price. I'm totally genuine and super easy too, so reckon about a month's exclusivity is all I need....

Entertain this bloke and you've got to give me a look in too...

Suggest whatever your reaction is to my offer should be the same response as you give him. Keep it on the market until someone comes forward who's in a position to proceed. Neither of us are.

Kittenonthekeys · 13 February 2018 at 6:06PM

ReadingTim - the person didn't ask for any concessions or exclusivity; it was just something that occurred to me afterwards, so I was interested to hear people's opinions and/or if anyone had actually done something like this. I wont be doing it.

Thrugelmir · 13 February 2018 at 6:17PM

Kittenonthekeys wrote: »

The main reason is that I feel this buyer is genuine, seems easy going and they have after all offered full asking with no negotiation at all.

Appearances can be deceptive. Unwise to drop your guard. Until the i's are dotted and t's crossed.

eddddy · 13 February 2018 at 6:27PM

You can ask your EA to reply to the buyer in a very positive way - if you want. (Although, TBH, most good EAs would do this anyway), something like...

You're happy with the offer amount, but as the buyer isn't proceedable yet, you'll have to leave your own property on the market. If you get another offer, you'll check back to see if this buyer has become proceedable before accepting it.

(And bear in mind that your description of the buyer makes them sound a little impulsive. They may still be looking at other properties, and impulsively decide that they like another one more than they like yours!)

Kittenonthekeys · 13 February 2018 at 6:51PM

Thanks eddddy. The agent has already done that.
History is repeating itself, as we also offered on this house impulsively in exactly the same way they did, and ended up buying it.
In fact while we were buying this house, the first sale of our property fell through and the then-vendor gave us 4 weeks grace to find another buyer - which we did. We hadn't asked them to do that, and were very grateful.

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Offer from non proceedable buyer

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