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Original poster

Is it appropriate to let our buyer know how much we need the money

81 replies

InaBitofaHurry · 22/11/2023 12:23

I've NC'd for this as it could be a bit outing.

We're currently in the process of selling a second home to a cash buyer. Her solicitor was emailed all the contract papers last Tuesday and will apparently be coming back with any enquiries by the end of the week, so it's all ticking along ok it seems.

However, our tenant is subsequently moving out very soon which will give us a third of the rent for his final month. We rely on this rent to pay all the bills and the mortgage on our main home. In addition we have some very large and necessary outgoings coming up which we've put off for months (nothing to do with Christmas).

I've been in email contact with the buyer since she viewed as she's had a lot of questions, and she's also viewed three times, latterly with her builder, so we're quite familiar with each other.

She seems very keen and enthusiastic, and my DH thinks we should just be upfront about our financial situation so she also does her best at her end to close the sale as quickly as possible.

I'm concerned it would be inappropriate to do this and might backfire and make her start bargaining with us, or at least take the lustre off her current excitement (we were one of three properties she was considering).

So looking for opinions - is this perfectly acceptable considering our situation, or just inappropriate?

OP posts:
sweetpickle23 · 22/11/2023 12:26

I don't think it hurts to say you want to complete asap, but honestly I don't know what else you expect her to do. If she's keen and motivated etc then presumably she's already doing everything she can from her end.

Your financial situation isn't really her concern.

Rollercoaster1920 · 22/11/2023 12:27

Don't come across a desperate for a sale - they might lower the offer at the last minute knowing you have more to lose.

Octavia64 · 22/11/2023 12:28

You can say that you are keen to get it through etc etc.

I wouldn't share your financial situation.

She isn't your friend.

NoSquirrels · 22/11/2023 12:30

I agree with you and not your DH. I’d certainly say that as the tenant was moving out (the tenant is currently in the property that she’s buying, is that right?) you’re keen to exchange and complete as soon as it’s vacant possession, but I categorically would not disclose anything more than that. Why voluntarily put yourself into a weaker bargaining position, should anything come up?

Speak to your current main home mortgage lender about a payment holiday if need be.

Hollyhead · 22/11/2023 12:31

No don’t, just press the importance of completing quickly.

AgnesX · 22/11/2023 12:33

Your financial issues aren't her concern and it's not on her to help sort you out. Personally, I wouldn't be at all happy and would feel that it's a form of emotional blackmail.

KievLoverTwo · 22/11/2023 12:35

Please don't weaken your financial position by giving any hint of financial difficulties.

As a pp said, your finances are not her problem.

I saw the results of a survey yesterday (albeit a small one, 1,000 people) that said 1/5th of people are currently gazundering. Don't open yourself up to this possibility, keep it zipped :)

YireosDodeAver · 22/11/2023 12:38

It's really not appropriate.
Your financial situation is not your buyers problem and if I was your buyer I would be very unimpressed if you tried to put pressure on me for this reason.

Buying a house is a serious business and there are lots of things that need checking and those checks take time. If any of the checks come back with a warning that something isn't all perfect, then that information combined with vendors trying to hassle me into moving quicker would make me more likely to walk away as I would suspect that there would be more expensive pitfalls not yet uncovered that the vendors were trying to railroad me into not noticing.

It's a shame you will have a dip in income for the interim gap between the tenant leaving and the sale going through, but you will have to swallow that and pay off any debt incurred once the sale funds are received. You could ask the bank if you can take a temporary repayment holiday?

VWT5 · 22/11/2023 12:38

I think the time to have said it would have been to the EA at the outset:
”If there are multiple offers, we want to go with a buyer who is free to complete quickly”
I don’t think it would help at this stage.
I would be looking for a bank loan for a limited time.

strawberry2017 · 22/11/2023 12:38

No! Once they know your desperation they will use it to their advantage. You give them the power to negotiate coz they know how much you want it.
Don't tell them. Accept your going to have a bit of a shit time for the next month or so finance wise and say nothing.

Original poster
InaBitofaHurry · 22/11/2023 12:45

Thank for the helpful replies so far!

The way things are going we could be in a position to complete before everything shuts for Christmas, but as her building work can't start until mid-January I'm wondering if she'd want to delay until then.

For context, it's an apartment underneath ours so we're going to be neighbours, so I don't anticipate her gazundering.

A PP suggested we mention the loss of rent being a factor in us wanting a quick sale, but not the other outgoings. Would that be appropriate?

OP posts:
PinkRoses1245 · 22/11/2023 12:47

your financial position (privileged, as you own a second home and don't seem to have jobs, if you need the rent income to pay your own bills) is nothing to do with your buyer.

Keepingittogetherstepbystep · 22/11/2023 12:49

How can you be sure she's not a smiley assassin?

My mum was selling her house to someone I went to school with, everything was going well until she decided to ask for a 20% discount. She'd been asking us to have loads of jobs done which we did and then pulled that. It was devastating as my mum lost her onward property and caused no end of issues. We ended up taking it off the market for a bit, revalued price had gone up 7.5% due to the improvements. Now under offer again at a higher price than original sale, but it has been far too stressful.

Original poster
InaBitofaHurry · 22/11/2023 12:50

@PinkRoses1245 my DH runs his own business and I'm a SAHM.

OP posts:
BombaySamphire · 22/11/2023 12:55

For context, it's an apartment underneath ours so we're going to be neighbours, so I don't anticipate her gazundering
I’m not sure why you think that’s relevant? Buying property is a business transaction, she’ll want the best deal for herself, she won’t be looking to appease future neighbours.

BombaySamphire · 22/11/2023 12:56

InaBitofaHurry · 22/11/2023 12:50

@PinkRoses1245 my DH runs his own business and I'm a SAHM.

Isn’t it making any profit?

C152 · 22/11/2023 12:56

I agree with your DH. Keep your financial position to yourselves (no, don't even mention to loss of rent), though there is no harm in going via your solicitor to say you're in a position to complete by x date.

Realistically, there's nothing your buyer can do to speed the process up. If you're in a financially precarious position, I'd look into other options, like a bridging loan (just as an example; not saying that's right for your situation).

PeppermintMandy · 22/11/2023 12:58

BombaySamphire · 22/11/2023 12:55

For context, it's an apartment underneath ours so we're going to be neighbours, so I don't anticipate her gazundering
I’m not sure why you think that’s relevant? Buying property is a business transaction, she’ll want the best deal for herself, she won’t be looking to appease future neighbours.

Absolutely this! Our last home we bought off a couple who moved immediately next door and they royally screwed us. They didn’t give a f**k that we were going to be their neighbours once we moved in (& we didn’t know we were going to be!)

If I knew my seller was desperate to push the sale through it would not make one tiny jot of difference to me in any way that would be positive for them. Do you have another buyer making an offer who could move faster? If not, what is the incentive for her to move any faster than she’s currently moving? Just to be nice to strangers at a disadvantage to herself over the biggest and most important purchase she’s likely ever made in her life? Not gonna happen.

AdultLounge · 22/11/2023 13:03

Rollercoaster1920 · 22/11/2023 12:27

Don't come across a desperate for a sale - they might lower the offer at the last minute knowing you have more to lose.

This is exactly what I was about to say!

WonderingAboutBabies · 22/11/2023 13:03

No, don't mention finances!!! But I would mention a date you'd like to be completed by. Our buyers did this and we were happy to oblige!

AtomicPumpkin · 22/11/2023 13:06

Definitely not. It would be like revealing your weak hand at a poker game.

penjil · 22/11/2023 13:09

Why mention anything!?

You'll gain you no favours or advantages.

Just sit tight and be patient! Say nothing!!

foremostwilly · 22/11/2023 13:12

Rollercoaster1920 · 22/11/2023 12:27

Don't come across a desperate for a sale - they might lower the offer at the last minute knowing you have more to lose.

Or they will think you have something to hide and might go off the idea altogether.

sweetpickle23 · 22/11/2023 13:18

This may not apply to your buyer but honestly if it were me I'd be very unsympathetic to an attempted sob story about a landlord having to sell a second home. Wouldn't motivate me at all.

BananaSpanner · 22/11/2023 13:20

A PP suggested we mention the loss of rent being a factor in us wanting a quick sale, but not the other outgoings. Would that be appropriate?

I actually think this reasonable and quite human and normal but it’s a conversation that should be conducted by your agents/ her solicitor ie my clients tenant is vacating so they would like to complete asap so they are not paying the mortgage on an empty property (for example).

We sold our last house to a retiring vicar and he had to time the purchase in line with his retirement (due to him moving out of the vicarage I think). It was reasonably easy to accommodate and communication helped the chain. It’s not indicating your desperation, just explaining your position. I wouldn’t talk about your other outgoings tho. Ultimately she can hear you out and then explain that it would still suit her to wait until Jan but at least you’ve asked.

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