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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:
Twiglets1 · 23/11/2023 08:45

ScoobyDoesnt · 23/11/2023 08:12

@Twiglets1 totally agree. Told our tenants earlier this year that relative had died and the house would be sold but we’d give formal notice once probate was nearer being granted (which we knew would take 6 months or so, although house was pretty much only asset, and no IHT liability). At the time of giving notice, they’d already known over 4 months it was being sold, and had accommodated viewings.

Notice was given, they kept telling the agent who managed the property they were looking, but then said in the last week of notice period they had no intention of private renting and were expecting the council to house them. Now 3.5 months on from end of notice we finally have an eviction date.

With solicitor fees and loss of the original sale, we’re down about £25k on if they’d vacated.

So I’d be nervous about the OP assuming the tenant will play ball!

It’s a minefield.

Luckily for my daughter and the man she was buying her flat from, his tenant did move out on the agreed date. She viewed it a couple of days later - remember you may need to clean the property after the tenant has left @InaBitofaHurry - and Exchange could go ahead as planned.

But there’s no guarantee in these situations, especially with the shortage of decent /affordable rental options.

HerMammy · 23/11/2023 08:54

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.
Agree with this, in hindsight a second property wasn't for you if your finances are this tight.

Prettypaisleyslippers · 23/11/2023 09:18

Ask your mortgage company for a payment holiday?

ForeverWinter · 23/11/2023 09:19

InaBitofaHurry · 22/11/2023 19:00

@ibelieveinmirrorballs if you Google timeframes for cash buyers/no chain it's 8 to 12 weeks.

It depends entirely on the solicitors and how fast they want to work. We were first time buyers with a 30% deposit, borrowing about 80% of our max affordability, our sellers going into rented. What should've been a fairly straightforward process ended up taking almost 7 months..

AdoraBell · 23/11/2023 09:21

I wouldn’t tell them about your finances, just say that you wish to complete ASAP.

Original poster
InaBitofaHurry · 23/11/2023 09:54

HappySammy · 23/11/2023 07:02

I wouldn't tell her your financial position but I would suggest a date for exchange and completion.

If I were buying the flat, I would view it after the tenant has left before confirming my solicitor could exchange contracts. I'd need to be sure the tenant was gone and they didn't destroy the place before leaving.

Tell the buyer when your tenant is leaving and suggest a date for exchange and completion. If you suggest 12th December for exchange you could offer a viewing on 11th. The more notice the better so her solicitor can start chasing up anything else that is still outstanding in the meantime.

That's encouraging advice, thanks.

The plan has always been to give the apartment an extra clean after our tenant has left on the 10th and our buyer would then view after that, prior to exchange.

Although the apartment is leasehold it's with a share of the freehold, which we all set up. My DH is one of three directors of the building, knows it better than anyone and oversees most of its maintenance.

He had a couple of long calls with our buyer at the start to discuss a number of queries, so I'm hopeful the enquiries won't throw up anything that hasn't been covered already.

Her solicitor is due to respond with enquiries today or tomorrow, so if things are looking ok, I'll discuss setting a before Christmas completion date with my solicitor.

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