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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:
whynotwhatknot · 22/11/2023 13:21

you dont discuss your personal finances with a buyer

AliceOlive · 22/11/2023 13:24

No, I really wouldn’t. The last house we bought (for rental property) the seller did this. She ended up having all kinds of other boundary issues.

Tell them you need a quick sale; not the reason.

Eigen · 22/11/2023 13:29

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?

I came across sellers like this when buying. You not being able to service your outgoings is very much a you problem, and your buyer is not a charity.

ScaredSceptic · 22/11/2023 13:32

It would be incredibly naive and ill advised to do this, especially in the current climate. You would be handing the buyer an irresistible bargaining chip.

PartTimePartyPooper · 22/11/2023 13:34

Definitely not! I would emphasise how keen you are to complete promptly and enquire via agent/solicitor if she has in mind a target completion date and from your side that could be as early as (mention a date in December) if she is willing and able to push things forward.

I would also mention to your solicitor that you are anxious for an early completion and send a nice bottle of wine or a hamper to say thanks if they rush it through!

SM4713 · 22/11/2023 13:39

Surely you have known about this sale for a few months at the very least, and would have saved and planned for a period of time with no tenant??? What if the sale takes longer? What if they pull out after the tenant has gone? Could you do AirBNB for the shortfall?
Your financial issues or lack of planning is nothing to do with her. By all means, ask for a quick turn around, but do not open yourself up because it could backfire badly.

outdooryone · 22/11/2023 13:42

Your personal finances are an irrelevance to the sale and the buyer.
Your disclosing them opens up the buyer to haggle or make benefit from the situation.
Just keep pressing them and the solicitors to keep to agreed dates. I find the legal folk are more of a problem than the buyers...

Original poster
InaBitofaHurry · 22/11/2023 13:46

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!

We accepted an offer from the buyer on 13th October, the contract papers were emailed to her solicitors last Tuesday and enquiries are expected back by end of the week. There are also about four 'searches' that need to be done, but we've been told the turnaround is a couple of days.

In view of this and if the enquires aren't serious, is it realistic to ask for completion by 22nd December, which is just over four weeks away? Nothing to do with Christmas, I'm just aware solicitors close for about two weeks over the period.

OP posts:
Viviennemary · 22/11/2023 13:46

Your financial situation is not a concern of your buyer. I would be wary of somebody trying this tactic. Fair enough to say you don't want a dragged out sale. But don't go on about your financial commitments. They are your business to deal with. It's a second home so I wouldn't have much sympathy for a financial sob story.

Original poster
InaBitofaHurry · 22/11/2023 13:48

PartTimePartyPooper · 22/11/2023 13:34

Definitely not! I would emphasise how keen you are to complete promptly and enquire via agent/solicitor if she has in mind a target completion date and from your side that could be as early as (mention a date in December) if she is willing and able to push things forward.

I would also mention to your solicitor that you are anxious for an early completion and send a nice bottle of wine or a hamper to say thanks if they rush it through!

Good tips!

Do you mean send the hamper to the buyer or solicitor (sorry - I haven't sold anything for decades)??

OP posts:
curaçao · 22/11/2023 13:50

NO! If they think you are desoerate, they will reduce their offer!

Gillypie23 · 22/11/2023 13:53

Don't tell her your skint sounds desperate. Tell her you need to complete ASAP

SkaneTos · 22/11/2023 13:53

SM4713 · 22/11/2023 13:39

Surely you have known about this sale for a few months at the very least, and would have saved and planned for a period of time with no tenant??? What if the sale takes longer? What if they pull out after the tenant has gone? Could you do AirBNB for the shortfall?
Your financial issues or lack of planning is nothing to do with her. By all means, ask for a quick turn around, but do not open yourself up because it could backfire badly.

I agree with this.

ClematisBlue49 · 22/11/2023 13:56

I wouldn't say anything, not even that you want a quick completion, as the buyer may well put two and two together and assume you need the money quickly. Let your EA do the chasing in the normal way, and chase your solicitor if you need to, so that there are no delays at your end.

ScoobyDoesnt · 22/11/2023 13:57

On a separate note, I hope your tenant is actually moving out and that the appropriate legal notice has been given.

I’m an executor on an estate where there’s a house sale, probate granted etc. But despite the tenant being given the correct notice, they refused to move out on the due date and are holding out to be housed by the council. Finally now got an eviction date, 3.5 months after notice ended - but have lost the original sale as quite understandably buyer didn’t hang around. Have had to accept another offer £20k lower as market has changed!

TedMullins · 22/11/2023 13:58

Good grief, do NOT do this. If I was the buyer it would actually put me off buying from you because it is as a PP said a kind of emotional blackmail. Your finance issues aren't her problem, and boo-hooing about not being able to afford your second home in a cost of living crisis is more than a bit crass. Ask for a quick completion by all means but don't bring your personal lives into it.

KitchenSinkLlama · 22/11/2023 14:01

OP. This is a business transaction. You don't discuss your situation with them it is not appropriate. You can propose a date for completion and urge your solicitor to negotiate strongly to get it, but that is all.
Bringing emotive language into your sale is not going to achieve anything positive for you.

friendlycat · 22/11/2023 14:07

This is a pure business transaction. Your financial circumstances in terms of lost rent are absolutely nothing to do with your buyer. Do not mention anything to do with your financial situation and loss of rent.

Just keep pressing the solicitor on moving forward. You may be lucky in completing before Christmas if things go smoothly, but it depends on how efficient both sets of solicitors are.

I would have contingency in place for if it happens post Christmas as well.

Ginmonkeyagain · 22/11/2023 14:09

I am not sure why you think your poor financial situation is any of your buyers concern.

If you wanted a quick sale there is sch as thing as "priced for a quick sale" eg big reduction. You appear to want your cake and eat it.

tattygrl · 22/11/2023 14:09

You losing rental income is not her problem at all. She will be completing her end of the deal at a pace suitable for her. She shouldn't be made to "hurry up" a purchase of a property because you are losing rental income. That's an occupational hazard of owning a property to rent. Not a consideration for a buyer of said property.

olderbutwiser · 22/11/2023 14:09

Respectfully, why would she care? She needs to do what makes financial and management sense for her, not for you. I’d only tell her if you had a second buyer up your sleeve.

scoobydoo1971 · 22/11/2023 14:10

I am a property developer. I buy houses for cash (flippers). Please don't tell the buyer about your money situation. A less ethical one shall try to knock down the price last minute in the hope you cave in. A vigilant one may think there is a terrible situation afoot at the address that seller is trying to evade quickly. If buyer drags heels, ring the estate agent to push it through (they are motivated by commission). Frame it as seller has had another offer better than yours so get a move on...

LondonSE2023 · 22/11/2023 14:13

I'm a buyer and really the hold up is not often the buyer but the whole cconveyance process. My pain point is proof of funding and banks only can go back last 6 or 7 years. Some even disappeared so I can't provide the full trail.

I don't think you should make your situation transparent to the buyer unless offering a discount would make her keener on yours than the other two she is considering.

Lonecatwithkitten · 22/11/2023 14:13

II'm

notquitesoyoung · 22/11/2023 14:25

Is it a leasehold flat? If it is there's a whole layer of complication involved but even without it under 10 weeks from offer to completion is extremely rare. All parties including both solicitors need to be very motivated to get things moving quickly.