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House sale guarantee. 12hrs to decide. WWYD?!?

7 replies

KatieFishStick · 09/09/2021 16:27

We’ve been trying to buy a house.
Initially we missed that it was for sale and kicked ourselves for not going for it, then it came back on market so we hurriedly offered on it, which was accepted with proviso we sell ours within a month. We sort of know them a bit. The house is a good value price and we offered full asking. If we don’t buy this we won’t otherwise look to move.
Ours hasn’t yet sold and they’ve regrettably had to put back on market. I assumed this was game over.
Today they had an offer from someone else. She called me and said she’d had another offer but she’s hoped we could have had it and did we want to consider putting down 5k with solicitors sort of as a guarantee, so she then waits for us to sell but gets the 5k if we pulled out.
I feel like this is destiny to have a second second chance.
Husband worried what if we don’t sell or if we need to drop our house too much to sell and next purchase becomes unviable.
We have to decide by tomorrow!!
Wwyd?

OP posts:
Saz12 · 09/09/2021 17:07

Completely depends how much you want that particular house. Enough to risk £5k? What have people said about yours? Are you realistically going to be able to sell in reasonable timeframe for the amount you need - if it’s been on the market for a month and still unsold, it does sound like it’s overpriced (going on my local market!).

KatieFishStick · 09/09/2021 17:16

We’ve dropped the price 20k as initially it was high. We’ve had 7 viewings with varying feedback, nothing negative about the house. We’ve done all the house selling things- clean, fresh, decluttered etc.

OP posts:
parietal · 09/09/2021 17:41

can you afford to lose the £5K?

mobear · 09/09/2021 17:47

I don't have a view on the arrangement, but if you agree to it you should be clear that they bear the legal cost of their lawyer drafting something to properly document what has been agreed. Best practice is you also have a lawyer review it before signing. We looked at doing something similar in an entirely different situation and decided against it because of the additional cost involved.

senua · 09/09/2021 17:53

Why did it come back on the market?
Why, after putting it on the market for the third time, are they willing to risk losing the other (presumably willing and able) buyer?
They gave you a one month deadline and now a 24 hour deadline.

Sounds fishy to me. And desperate.

FlorenceWintle · 09/09/2021 18:05

Does the £5K mean she will wait indefinitely or is there still a time limit on you selling?

Eastie77Returns · 09/09/2021 19:45

@FlorenceWintle

Does the £5K mean she will wait indefinitely or is there still a time limit on you selling?
I’d really get clarity around this point.

Agree that it’s odd she’s giving up a ready and willing buyer on the off chance that you’ll sell a property you’re already struggling to sell even after a 20k reduction.

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