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sportbeth
Posts: 621 Forumite
Hello,
The other half and I went to see a place last night and absolutely fell in love with it, the deposit is no problem we have it now pretty much, the chap who has it on the market is in no desperate hurry to move urgently he just wants it shifted in the next 6 months.
The property we are selling has just recently been reduced by £8,000 and we're hoping to get some bites in September when the market picks up again. There's nothing wrong with the property, just the area hence the reduction, and lets face it its only been on the market a couple of months.
The vendor said last night we could come up with some sort of holding arrangement. Has anyone done this before? I.e we draw up documents to say that if we deposit him with £2k now he will wait 6 months max whilst we sell.
The only other option we thought of was to offer the estate agent a £1k bonus to sell within 6 weeks but don't know what kind of response we will get from that.
Anyone been here before? Any creative advice would be most appreciated. The property we are selling is on the East Sussex coast and we're moving to Kent.
The other half and I went to see a place last night and absolutely fell in love with it, the deposit is no problem we have it now pretty much, the chap who has it on the market is in no desperate hurry to move urgently he just wants it shifted in the next 6 months.
The property we are selling has just recently been reduced by £8,000 and we're hoping to get some bites in September when the market picks up again. There's nothing wrong with the property, just the area hence the reduction, and lets face it its only been on the market a couple of months.
The vendor said last night we could come up with some sort of holding arrangement. Has anyone done this before? I.e we draw up documents to say that if we deposit him with £2k now he will wait 6 months max whilst we sell.
The only other option we thought of was to offer the estate agent a £1k bonus to sell within 6 weeks but don't know what kind of response we will get from that.
Anyone been here before? Any creative advice would be most appreciated. The property we are selling is on the East Sussex coast and we're moving to Kent.
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Comments
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I presume by paying him a holding figure you mean depositing it with his solicitor, not him directly. Any arrangement other this would be foolhardy.
What will happen to your deposit if within six months your property does not sell? You can't really expect him to hold your money and take his property off the market with no come back against you if you cannot proceed. If you enviasge simply getting your money back after that time then you need a legally binding contract drawn up.
It seems to me that you could be throwing money away in pursuit of this one property.
It galls me to think of you offering an estate agent extra money for a job they should be doing in any event.0 -
If you are having difficulty shifting your house, consider offering to pay the buyer's stamp duty. We did this after 18 months on the market with few viewers and no offers - despite reducing the price twice. In less than a week after advertising it as 'stamp duty paid' we had three viewers and three offers!!!I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0
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I think that might be the way forward. We're in a very fortunate position in that the other half and I earn reasonably good money, and as we've recently met, I still have my rented flat and he has his house to sell.
If we have to pay the stamp duty for someone else it's only a case of staying in my rented flat for a couple of months longer to save it back up on his mortgage payments but having the peace of mind having the house sold. Or alternatively if we can go ahead with this house we will just tighten our belts for a few months to get it back. (at the moment with two sets of bills etc and two rents/mortgages we're win-win once we move in!
I might suggest that to him. It's just so frustrating. We worked for 6 weekends solid to doctor the house before putting it on the market and although we've had some viewings, there's been no bites. We dropped it by £8k at the beginning of July but the Estate agents are telling us it's now the summer hols and the market is stagnant for the next month or so.
Might try Martin's tip of getting two agents at 1% as well. Might help.0
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