I'm serious!
ALL this angst and pain- and WHY?
MY proposal is based on the Queensland Australia model (the one I know!).
Basically:
House advertised.
You like, you put in a WRITTEN offer complete with your terms and conditions (higher offer, more onerous terms; lower offer, easy terms etc!). PLUS a 'completion' date when all is done and dusted!! (30-60 days usually)
Owner comes back with HIS written counter 'offer' and and amendments to your terms if necessary. During this time the seller can entertain other offers.
Once agreement has been reached, the contract is signed, you pay a small deposit (£500?) and you have usually 10 days to a) cool off and b) get the searches and inspection done. The owner usually can't entertain any other offers at this stage.
If you either cool off or find an unexpected problem you either walk away with the return of your deposit OR renegotiate the price (and ditto walk away if a new price isn't mutually acceptable.)
At this point a substantial deposit is paid, perhaps 10% of the agreed price.
30-60 days (according to agreement) later you own the house. Full stop.
No chains, no either party walking away on 'completion day' (or if you do, you lose that huge deposit!- it's independently held), no gazumping or gazundering.
What's not to like?
People have said 'But what if the property I'm buying falls through?' Well, under THIS system it's very unlikely to because everyone is singing from the same hymn sheet! There ARE no chains to collapse, no gazumping offers made! And believe me, having 'x' days to get it all done (finding a new house for instance, searches etc) focuses everyone's mind!
What do you think?
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Property/DIY
Shall we campaign for a different system of house buying/selling in England?
11 replies
faraday · 26/06/2009 13:51
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