Advice around making an offer
| # | Post |
|---|---|
| 1 | I have found a house that I absolutely love, it's "offers over ...." basis, and the seller apparently is just going to go for the highest offer if they are all on an equal footing. I happen to know that at this (late) stage there are three other parties interested, all intending to offer conditional upon selling their existing property. I was going to do likewise, putting in my best offer which will be more than realistic, I believe, BUT am aware that I am still in danger around the "cashout" clause even if my offer is the highest. There is no deadline as such, just when all offers are in from the parties who have indicated an interest. At this stage the estimate is Thursday of this week so I guess I'd have to be pretty unlucky to have someone come in and cash me out in that short time. I know there is an option for me to offer on an "Unconditional Cash" basis with an extended settlement date to give me time to sell my place (say, 6-8 weeks, although I have been told by two agents it should sell easily within half that time), with the logic that the seller may prefer that certainty of the deal being done on the agreed date. However this comes with a huge risk, of course, because I would then be 100% committed to the purchase. Pretty sure my house will sell quickly, BUT all I've got to have happen is for life to intervene with me getting sick or something, or Covid blowing up and throwing everyone out, or any number of scenarios. Would any of you consider making an offer on that basis or am I being silly even giving it thought? Edited by kitty179 at 11:41 am, Mon 18 Oct kitty179 - 2021-10-18 11:38:00 |
| 2 | kitty179 wrote:
Talk to your solicitor. johnston - 2021-10-18 11:44:00 |
| 3 | johnston wrote:
I am waiting on a response from her. Just wondered if anyone here had done something like that or would consider it. kitty179 - 2021-10-18 11:46:00 |
| 4 | kitty179 wrote:
Lots have but the only responsible advice must be tailored for you, your circumstances and your tolerance for risk. johnston - 2021-10-18 14:09:00 |
| 5 | Your house will sell quickly if you lower the price. As johnston said, 'your tolerance for risk' and consider what you can afford if there is a deficit. amasser - 2021-10-19 09:08:00 |
| 6 | As Johnston says seek legal opinion, I know that the opinion will be don't do it as you cannot go cash unconditional so the only alternative would be to bridge. this a hellishly expensive however a lot of people do it. Expect 7.5% in interest rate and around 2% of the borrowing in fees as this would be a non bank lender as banks do not do open ended bridges. Hope this helps! jeffqv - 2021-10-19 14:23:00 |
| 7 | Another bus will be along shortly. ash4561 - 2021-10-19 15:04:00 |
| 8 | I've talked to my lawyer and am not going to do it! Too risky, even though my house is expected to sell quickly. So I've put in a conditional offer. What will be will be! kitty179 - 2021-10-19 15:30:00 |
| 9 | kitty179 wrote:
I think that is the sensible approach. johnston - 2021-10-19 15:41:00 |
| 10 | talk to a lawyer....not us on this thread spead - 2021-10-19 16:47:00 |
| 11 | spead wrote:
Read this thread. johnston - 2021-10-19 20:05:00 |
| 12 | NEWSFLASH! My offer was accepted, and my own house hits the market tomorrow with a LOT of interest. So happy! kitty179 - 2021-10-19 20:48:00 |
| 13 | kitty179 wrote:
Cool. Keep us posted. johnston - 2021-10-19 21:19:00 |
| 14 | kitty179 wrote: Congratulations, that's awesome. Hope your house sells quickly! And before Nov 15th...! Edited by sparkychap at 9:30 pm, Tue 19 Oct sparkychap - 2021-10-19 21:30:00 |
| 15 | sparkychap wrote:
Why before Nov 15th? kitty179 - 2021-10-20 08:31:00 |
| 16 | I was told that with COvid we should add a clause relating to delays in settlement because of Covid, so that both parties know what will happen if lockdown occurs at same time as settlement and possession dates. voyager4 - 2021-10-21 16:28:00 |
| 17 | kitty179 wrote: This board closes then so we may never know * *Unless you post on one of the other boards of course! sparkychap - 2021-10-21 16:41:00 |
| 18 | sparkychap wrote:
Haha no I won't be - not on this subject, anyway! kitty179 - 2021-10-21 16:57:00 |
| 19 | voyager4 wrote:
Yes, both of my buyer and seller contracts had that clause. Makes sense. kitty179 - 2021-10-21 16:57:00 |
| 20 | voyager4 wrote:
Standard nowadays. johnston - 2021-10-21 18:29:00 |
| 21 | johnston wrote: You must be one! tegretol - 2021-10-24 10:26:00 |
