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Original poster

Buyers asking for grace period - wwyd?

50 replies

WonderingWhatsBest · 03/09/2024 22:49

Hi

My husband and I split up last year and our house has been on the market for around 14 months. We had no offers at all with the initial agents and after around 6 months we switched agents and the price was dropped by £100K.

We dropped the price by a further £25K at the start of summer and had a family come for two viewings, and although they loved it, they were looking at jobs overseas and couldn’t commit.

Recently we’ve dropped it by a further £25K and had a couple more viewings but no offers.

Yesterday the family who were considering moving abroad said they’re staying in the U.K. after all and would like to put in an offer of the current asking price, contingent on us taking it off the market for a ‘grace period’ of 2-4 weeks while they put their own house on the market (ie they’re not currently proceedable).

For info, the context is that I’m currently renting a small flat, which is convenient but extortionate and not a good long term option. The kids have the bedrooms and I’m in the lounge when they’re with me.

I haven’t heard of this grace period situation before. My ex husband is keen to agree to it but I’m not convinced.

What would you do?

OP posts:
LanaParits · 03/09/2024 22:51

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Owmyelbow · 03/09/2024 22:52

I'd agree, not like you have much other interest

yeesh · 03/09/2024 22:53

You’re not getting other offers so what would it matter? I would agree, worth a chance

Original poster
WonderingWhatsBest · 03/09/2024 22:57

Thanks for the replies. My worry is that their house could take as long as ours to sell, and we’d miss the September window which we’ve been told could be the last opportunity before it slows down for winter.

OP posts:
vipersnest1 · 03/09/2024 22:58

Say no - and that you're happy to accept their offer but as they are not proceedable you need to protect your own interests going forward and so you will keep the property on the market. If they are serious, they'll find a buyer and carry on. If not, you won't have prevented any other viewings and offers.

Kosenrufugirl · 03/09/2024 23:00

Interest rates are coming down so the market should start picking up. I wouldn't however I recognise it's a tough call

BESTAUNTB · 03/09/2024 23:00

My initial reaction was to agree because you’ve had no offers …but it’s a risk. What does your agent think?

Nejnej · 03/09/2024 23:08

Our sellers had this - found their dream house and offered before theirs was on the market, and were given a 2 week grace period to get theirs sold.

I think it's more unusual but certainly not unheard of. With all the other factors, I would certainly be on the fence - particularly if you'd lose this offer by not taking your house off the market

Original poster
WonderingWhatsBest · 03/09/2024 23:13

BESTAUNTB · 03/09/2024 23:00

My initial reaction was to agree because you’ve had no offers …but it’s a risk. What does your agent think?

The agent seems to want to do the least amount of work possible so they’re keen for us to accept the proposal.

We don’t have any other viewings lined up currently, although the agent may not be pushing it now. I just can’t see what benefit it is to us to take it off the market tho… are they planning to drop their offer if we leave it on but don’t get any other interest?

OP posts:
Original poster
WonderingWhatsBest · 03/09/2024 23:15

Nejnej · 03/09/2024 23:08

Our sellers had this - found their dream house and offered before theirs was on the market, and were given a 2 week grace period to get theirs sold.

I think it's more unusual but certainly not unheard of. With all the other factors, I would certainly be on the fence - particularly if you'd lose this offer by not taking your house off the market

That’s interesting. Two weeks to get it sold? I mean I’d take that for sure.

OP posts:
MSLRT · 03/09/2024 23:21

It might be worth taking it off anyway and then relisting it if it doesn’t work out. Some people are put off when a house has been on the market for a long time.

Tharshe · 03/09/2024 23:21

We experienced this when our house was up for sale - it's becoming more common. I would agree to it myself.

Bemusedandconfusedagain · 03/09/2024 23:27

What are they selling? A three bed semi in turnkey condition may well sell in a fortnight for example. If houses of their sort are generally selling quickly in your area I'd go for it. Then if it falls through switch agents so it shows as a new Rightmove listing.

Delphiniumandlupins · 03/09/2024 23:28

So in 2 weeks time (or 4 weeks) you would relist your house unless what? If their house isn't under offer do they want to extend the grace period. 2 weeks sounds fine but 4 weeks less so.

Tupster · 03/09/2024 23:31

I absolutely wouldn't do it. There's nothing in it for you. If they like the house and think they can sell in 2-4 weeks, they can put theirs on the market and make an offer once they've sold.

There's no point worrying about losing the offer because it isn't really an offer if they aren't proceedable, it's just a fantasy they have. On what are they basing the affordability of the offer they've made if they haven't even got their house on the market? If you've been on the market for 14 months without an offer, what's so great about their house that they think they can sell it in 2 weeks?

If you want your house sold then you need to be keeping it on the market and getting as many viewers as you can - and September/October are traditionally fairly active times in the market, and interest rates are moving down, so this could be a really critical time for you. If they want the house, it's their job to get themselves into a proper position to make an offer, not your job to cut off your other opportunities.

HateThese4Leggedbeasts · 03/09/2024 23:32

I don't see why you would agree to this. If they like it and can get theirs sold quickly , then they will be the first offer in a proceedable position anyway.

I would say no but say you will give them the courtesy of letting them know if an offer comes in from a buyer able to proceed that matches their offer to see if they are ready to go forward.

However more generally I think you should think about changing agents as it sounds like something isn't working properly.

TerrierOrTerror · 04/09/2024 06:33

We asked for this but was expecting the sellers to decline to take the house off the market, which they did. They did however accept our offer subject to ours being sold, continuing to have (minimal) viewings. We sold a few weeks later and currently writing this from our dream home - so in your shoes I'd accept their offer but say the house remains on the market.

newbeggins · 04/09/2024 06:37

No only accept an offer and take off market if they are proceed-able. They are not giving you any surety you'd have a sale in 4 weeks.

Billybagpuss · 04/09/2024 06:40

WonderingWhatsBest · 03/09/2024 23:13

The agent seems to want to do the least amount of work possible so they’re keen for us to accept the proposal.

We don’t have any other viewings lined up currently, although the agent may not be pushing it now. I just can’t see what benefit it is to us to take it off the market tho… are they planning to drop their offer if we leave it on but don’t get any other interest?

Show quote history

If you take it off for the grace period relist it with another agent. How long is your contract notice period?

Original poster
WonderingWhatsBest · 04/09/2024 06:44

Thank you so much for all the replies, these are really helpful.

OP posts:
Original poster
WonderingWhatsBest · 04/09/2024 06:45

Billybagpuss · 04/09/2024 06:40

If you take it off for the grace period relist it with another agent. How long is your contract notice period?

Show quote history

I think it was 6 months and we’re definitely out of it now.

OP posts:
Shezlong · 04/09/2024 06:46

We did this many years ago but we were the buyers. We made an offer and it was accepted on the condition that ours was sold within a week. If I remember rightly, they didn't fully take it off the market, but they paused marketing it for a week. We went with the same estate agents as the house we were buying, listed within 24 hours and sold after 4 days I think. I've actually never had a house sale/purchase go so smoothly! We moved within 6 weeks.

It seems like you are both in weak positions. Your house has been on a while with little interest and they may end up in the same position. What would you be happy with? Maybe 2 weeks, maybe slowing marketing rather than taking it off completely. Then counter-offer with what you want, you don't have to say just yes or no to their proposal.

Scrunchie33 · 04/09/2024 06:48

We were given a grace period of 6 weeks and we sold it in 4. It's fairly common around here if there are no competing offers. For us, we had two small children and a horrendously cluttered and unsellable house in its current condition. It felt an impossible task to put it on the market unless we had somewhere to go as we also had very strict criteria and we weren't moving unless the new house had all of these. As soon as our offered was accepted we rented a storage unit the next day, moved half the house into it 😅, did a few jobs like fresh paint touch ups and had the house ready in a couple of days. Without having that time restraint we would likely not have managed it nearly as quickly and may have not bothered or found something else in the mean time. The benefit to you is that your buyer will be motivated and have a level of commitment.

I can understand why you wouldn't as it's a risk but then again if you haven't had hardly any interest it's also a risk to say no.

YeahComeOnThen · 04/09/2024 06:52

I'd tell the Agent to tell them to fuck iff & do the same themselves. Cheeky fuckers

then I'd list with another company.

kids are back to school, get better listed now while people are still interested in looking before winter

best of luck!!

Twiglets1 · 04/09/2024 07:34

I wouldn’t take my house off the market for someone non proceedable in this current market. As you sensibly point out, their house could take a long time to sell.

I would tell the EA you might accept the offer if they had sold so they need to sell it asap but in the meantime, your house stays on the market.