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What would be your attitute to a buyer who wanted to complete within a specific timeframe

(22 Posts)
BabaandBump Wed 24-Oct-12 12:29:07

Have a 2nd viewing on a house this afternoon. We are chain free with everything in place. From what I can remember from the first viewing the sellers still need to find somewhere.

We need to complete by early January (so 11 - 12 weeks) but happy to move quicker if they could be out by Christmas. What would be your view on buyers who were pushing the timetable? The house has been on the market for around 4 - 5 months.

TIA

mumblechum1 Wed 24-Oct-12 12:30:50

I'd do whatever it took to make the sale happen, given that it could be another 4 or 5 months before you find someone else.
So I'd be prepared to live in a hotel/stick stuff in storage for a few weeks if necessary.

EdgarAllanPond Wed 24-Oct-12 12:37:01

if the money is good, i'd be more worried about later completion than early.

I'd be loading our crap onto a truck tomorrow for the right money.

aftereight Wed 24-Oct-12 12:39:30

Last time we moved we had 5 weeks from offer to completion in order to keep our good mortgage deal, which we had ported from our previous house and was due to expire. We gave the cutoff date when we made the offer and the vendors were surprised but accepted the tight timescale as a condition of sale.
Having said that, a week earlier we ran into a brick wall with a vendor who wouldn't couldn't work to a 6 week timescale.

MissPerception Wed 24-Oct-12 12:49:51

Bite their hand off. The only way 'property' aka 'our homes' can go, is down.

MrsJohnDeere Wed 24-Oct-12 12:51:56

Fantastic!

Pootles2010 Wed 24-Oct-12 13:00:32

I'd be pleased, but probably consider using it as bargaining tool if i could. Can you maybe offer them rent for a month or two if you're really desperate to move quickly?

tedglenn Wed 24-Oct-12 13:09:30

I think in this market, any seller needs to be prepared to move into rented to get a sale from a chain free buyer.

We did that for our buyer (who wasn't in fact chain free), and we are insisting our sellers do that for the house we are buying (we have a slightly more generous deadline of mid-Feb though). We're doing this to enable us to port our mortgage over before we have to pay redemption fees. We made it clear from our first offer that the level was subject to completing by that date, if we miss the deadline (due to the vendors) then our offer will be reduced by whatever fees we incur (about 4K redemption fee, new mortgage arrangement fees, survey costs etc etc).

Estate agent said that was standard practice these days.

BabaandBump Wed 24-Oct-12 13:17:15

Thanks all - we actually moved into rent to keep our buyer when we sold 6 monhts ago so I know some people are willing but wasn't sure how common it was!

If we go ahead with an offer we can go with £3k of the asking price which % wise is bloody good in this area. It's not our dream house or anything so I want to be clear with the sellers that the offer is subject to that date, if they can't/won't meet it then we are willing to walk away now and not mess anyone about. This is pretty much the last house before we give up a rent for 6 months so am surprisingly laid back for me!

I think my slight concern is they string us along figuring we won't back out at the last minute if they don't make the date - the problem being we might not have a choice but to pull out at the last minute if we haven't completed by mid January for reasons out of our control.

maebyfunke Wed 24-Oct-12 13:25:40

Depends on the sellers situation.

Last December we asked a couple of eastate agents to give us a valuation on our house. The same evening one of them sent a propective buyer over to our house. They were interested but wanted to be in before the begining of March. Our next house move will be final and I really only want to move for the perfect house. For that reason I turned the buyers down, I didn't want to be under pressure to find somewhere just so I didn't lose them and I also don't like messing people around.

tedglenn Wed 24-Oct-12 13:30:29

Nothing is legally binding, but we figured if you set it out from the off (before you make the offer ask 'will the vendors be prepared to move into rented/in with relatives if they are happy with our offer level') and get the estate agent to write it into the 'heads of terms' they issue when your offer is accepted, make sure your solicitor uses 'subject to contract, survey and completion by xxx' in all correspondence and if you keep ramming it home to the estate agent and the vendors at every opportunity, then you've done everything you can. If you are making a good offer (which it sounds like you are - we are the same, 2% off asking) then hopefully they will accept those terms.

BackforGood Wed 24-Oct-12 13:33:05

I'd be delighted with buyers who wanted to move quickly - less time for other elements to go wrong - however the last 2 times I've moved house, I've wanted to move quickly, but it's the solicitors that faff about, never taking a day to do something they could possibly stretch out over 3 weeks, so, to some extenet, although the will would be there from me, it's sometimes out of your control.

FunnysInLaJardin Wed 24-Oct-12 13:33:22

I would expect the buyer to have a timeframe tbh. 11/12 weeks is loads of time to sort things out. If the seller wants to sell that is.

Rhubarbgarden Wed 24-Oct-12 21:22:58

Careful. Some vendors will agree to anything to secure a sale. Then when it gets to exchange they say "Ooh no can't possibly make that date dh is working away for three months and I can't possibly move till he gets back"

angry

BabaandBump Wed 24-Oct-12 22:17:49

Thanks all

2nd viewing went well, so fingers crossed we can come up with an offer that suits everyone!

Rhubarb - ouch, sounds like you have had your fingers burnt! Think that is what is stressing me about it. The fact of the matter is we might have to pull out, however late in the day it is, if they do start playing silly buggers.

Sleepthief Thu 25-Oct-12 08:12:43

When we sold our house this time last year we chose not to go with the cash buyers who were insisting on a Christmas completion. As much as we wanted the sale to go through quickly, there was no way we could guarantee the whole chain would be complete within a couple of months and with three small children we were not prepared to put ourselves into temporary accommodation and our belongings into storage.

However, it very much depends on the position of your vendors - we were lucky we had three matching offers on the table at the time smile

All you can do is ask...

CuddyMum Thu 25-Oct-12 08:35:41

For an offer like that I'd be jumping through hoops. I have moved into rented before in a short timescale to secure the sale.

CanIHaveAPetGiraffePlease Thu 25-Oct-12 08:42:51

We're wondering about this. We're about to put our house on the market as I'd like a school place near a family member. If we sold quickly we could either move in with family member or to a new house if sale was very quick.

School applications are mid January so I was hoping both to move and that our house (outstanding primary ) would sell. I thought most houses came onto the market in spring though so don't want to try selling if it will stay on market ages and look undesirable.

Hard one.

CanIHaveAPetGiraffePlease Thu 25-Oct-12 08:44:05

I'm not sure its realistic in our case as mid Jan is so soon but if I'm giving option of quick sale it might work!

Sleepthief Thu 25-Oct-12 08:53:10

I really think it depends on where you are as well. In our part of London it's still a seller's market. House prices haven't risen quite as dramatically as they were doing, but they're still on the up and houses aren't sitting on the market for long at all... unless ridiculously overpriced of course, mentioning no neighbours hmm

addictedisback Thu 25-Oct-12 08:53:14

We've just accepted an offer on our house from first time buyers and we both want to be moved by christmas! So were looking at no chain houses to ensure that happens.

wannaBe Thu 25-Oct-12 09:00:53

I think it depends on the seller tbh. No way would I be prepared to move into rented because that essentially puts a seller in a position where they will lose the property they want to buy as it's rare to be able to get a short term rental.

Also in legal terms I think that you need to be prepared for the fact that these things are rarely within your control.

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