My buyers came in with a lower offer at the last minute - I told them to take a hike (that's the polite version). It's a seller's market! The agent suggested I put it back up for sale at a higher price. Within a couple of hours we've a couple of viewings booked.
Any suggestions as to how to deter time wasters? I'm thinking a deposit of a few thousand pounds, subject to completion within an agreed timescale.
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>> Any suggestions as to how to deter time wasters? I'm thinking a deposit of a
>> few thousand pounds, subject to completion within an agreed timescale.
>>
I made it very clear to the estate agent that if the buyers tried to knock down the price at the last minute, I'd walk and sell to the next highest offer, even if that cost me more money than just accepting the price cut. At the very least they'd be out legal and surveyor fees, and they don't get the house they want.
I did say that this worked both ways and once the sale was agreed I'd reject higher offers to stick with them, and I did keep my word on this.
You could also agree to match their deposit and give it to them if they get gazumped. I assume the estate agent or solicitor could help with this.
Most people aren't as petty as me though.
Last edited by: Fursty Ferret on Sat 9 Apr 22 at 09:12
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FF. You are bang on That's not petty. That's business.
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Not sure of the exact difference between Scotland and England but have always been told the above scenario can’t happen up here. Maybe legal contracts are exchanged earlier in the process? Not sure but I guess no amount of legal contract is going to help if a buyer just pulls out or ultimately refuses to pay when it comes to the time?
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Recently selling mum's house, and the buyer was so keen they offered to put down a 5k deposit in advance.
The agent said that was a waste of time, because the solicitors at both sides would have had to draw up a special agreement outside the normal process (costing the buyers more money of course), but more importantly, by the time the legal bods and agent would have finished arguing amongst themselves about exactly how to frame that and make it legally watertight, it would be impacting on the time taken to just sell the darn thing in the usual way.
So we just said "that's nice" and ignored it, but sold it to them anyway.
It was on Rightmove for less than two hours before pulling it as the agent was swamped.
Even so, we did have 32 viewings in a few days, and 20 odd of them made offers, of which six were straight cash (estate agent saw their bank balances). We picked the second highest offer because we preferred the buyers, and asked them to match the top offer, which they did in a heartbeat.
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Scotland used to be a handshake and a contract was made. Then it was signed paperwork of acceptance of the offer and it was binding on both sides. Now it is spun out on a "subject to contract" which kicks the can 1 or 2 months down the road.
That said there are no chains in Scotland where, if 1 backs out all the rest of the sales are likely to crash.
Bigger £££ sales in Scotland now seem to have say a 10% deposit with the selling solicitor on signing and this is forfeited if the buyer backs out.
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That happened to us w-a-y back in 1987 when we sold our first property.
I swallowed it, being new to 'the game', but I made 'em pay in other ways!
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A kipper or two, perhaps?
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It's an ill wind....................................
Two viewings today, with five more booked for Monday. One offered the full price, but if nothing else we can now tell others where they stand.
That's ten grand more than the gazunderers first offered to pay. The agent said they must be kicking themselves.
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Property sales - Fursty Ferret
