Putting down non-refundable offer on a house
Discussion
I know this has been answered in the past but the housing market is a bit different now, the property I am interested in has been on the market since the spring / summer 2024 and reduced in September suggesting the market in that area is slow or the house isn't desirable.
following the reduction it isn't a terrible price and in a really decent condition / location I know very well, however it has a massive heath-robinson garage / workshop in the back garden. I personally really like the workshop because it is quirky and would give me space to tinker with my cars and motorbikes however to the average joe it is bit of a monster and might be the main reason for the property not selling?
We will hopefully be on the market by the end of the week and I am tempted to offer them a non-refundable deposit and a period of exclusivity because there is nothing that offers the sort of tinkering space I need.
I think our house will sell quickly based on a few recent quick sales in the same street and our one having an extra large garden and tucked away at the end of a small cul-de-sac.
any thoughts?
following the reduction it isn't a terrible price and in a really decent condition / location I know very well, however it has a massive heath-robinson garage / workshop in the back garden. I personally really like the workshop because it is quirky and would give me space to tinker with my cars and motorbikes however to the average joe it is bit of a monster and might be the main reason for the property not selling?
We will hopefully be on the market by the end of the week and I am tempted to offer them a non-refundable deposit and a period of exclusivity because there is nothing that offers the sort of tinkering space I need.
I think our house will sell quickly based on a few recent quick sales in the same street and our one having an extra large garden and tucked away at the end of a small cul-de-sac.
any thoughts?
By making a non-refundable deposit offer, you are saying that you REALLY want it. Wanting a property is cool, REALLY wanting one puts the vendor in a strong position to negotiate.
But if that's OK with you think about:
1) What will happen if the surveys throw up stuff you don't like;
2) Yours doesn't sell; or
3) The vendor drags the chain.
Personally I'd be trying to get to a proceedable position and then start with a fairly rude offer. They may be desperate enough to take it.
But if that's OK with you think about:
1) What will happen if the surveys throw up stuff you don't like;
2) Yours doesn't sell; or
3) The vendor drags the chain.
Personally I'd be trying to get to a proceedable position and then start with a fairly rude offer. They may be desperate enough to take it.
LooneyTunes said:
By making a non-refundable deposit offer, you are saying that you REALLY want it. Wanting a property is cool, REALLY wanting one puts the vendor in a strong position to negotiate.
But if that's OK with you think about:
1) What will happen if the surveys throw up stuff you don't like;
2) Yours doesn't sell; or
3) The vendor drags the chain.
Personally I'd be trying to get to a proceedable position and then start with a fairly rude offer. They may be desperate enough to take it.
Thanks that definitely sounds sensible, i just checked Rightmove STC property and 2 like ours listed in October are already 'sold' however the only one similar to the one I am looking at was 50k cheaper and had a loft conversion suggesting that I should be in a strong position to hustle a deal if I don't show my cards yet...But if that's OK with you think about:
1) What will happen if the surveys throw up stuff you don't like;
2) Yours doesn't sell; or
3) The vendor drags the chain.
Personally I'd be trying to get to a proceedable position and then start with a fairly rude offer. They may be desperate enough to take it.
I would:
1) Make an offer, given that you still have to sell your house, it doesn't really mean much to you or the buyers but it would show intent and show whether the seller is proceedable.
2) Put your house on the market and hopefully you will quickly have a suitable offer.
3) Once you have accepted your offer, formalise your offer to the new house and properly start the process of buying that property whilst you sell your own.
Any other route is not really consistent with how the English property market works.
1) Make an offer, given that you still have to sell your house, it doesn't really mean much to you or the buyers but it would show intent and show whether the seller is proceedable.
2) Put your house on the market and hopefully you will quickly have a suitable offer.
3) Once you have accepted your offer, formalise your offer to the new house and properly start the process of buying that property whilst you sell your own.
Any other route is not really consistent with how the English property market works.
As you are not in a position to move, I don't see any point in making an offer on any other property. To what end?
It sounds like the property was priced wrong in the first place. I'd suggest you wait til you have a buyer then go in at a price you think is fair value. It's either accepted or not; if not, it's up to you where you go with it.
If I was keen, I'd arrange a viewing as soon as possible, if it's everything you hope then make an offer. You can do that whilst your car is being put up on the market.
We found a house early last year, we'd had our eye on it for a while. To us it was a dream home that needed a bit of a freshen up inside but nothing major. It sat on the market for 10+ months with price multiple price reductions but was overpriced for a while. It came down to a price we couldn't resist so I had a viewing, then dragged my Mrs along (120 miles away), both loved it so made an offer which was accepted.
We then put our place on the market and waited for a buyer.
It all worked out well and we've been living here just over a year. But it still gives me a slight nervous feeling as the day our house sold, was the day someone else came to view and wanted to make an offer so we literally sold just in time.
In short, I'd go through the standard process OP as there's many variables as to why the sale may not go through but I understand your keenness as I was similar about our house.
We found a house early last year, we'd had our eye on it for a while. To us it was a dream home that needed a bit of a freshen up inside but nothing major. It sat on the market for 10+ months with price multiple price reductions but was overpriced for a while. It came down to a price we couldn't resist so I had a viewing, then dragged my Mrs along (120 miles away), both loved it so made an offer which was accepted.
We then put our place on the market and waited for a buyer.
It all worked out well and we've been living here just over a year. But it still gives me a slight nervous feeling as the day our house sold, was the day someone else came to view and wanted to make an offer so we literally sold just in time.
In short, I'd go through the standard process OP as there's many variables as to why the sale may not go through but I understand your keenness as I was similar about our house.
The agent allowed us a viewing at the weekend and we both really liked it and couldn't see any reason not to go for it. Unfortunately I always like a deal so would be reluctant to offer full asking even though it makes little odds to the finances! Even at full asking it is only £50k more than the one we are selling and we currently owe less than 10% to the mortgage company
roca1976 said:
The agent allowed us a viewing at the weekend and we both really liked it and couldn't see any reason not to go for it. Unfortunately I always like a deal so would be reluctant to offer full asking even though it makes little odds to the finances! Even at full asking it is only £50k more than the one we are selling and we currently owe less than 10% to the mortgage company
While it may not impact the overall bottom line, offering 90% of asking means you can move money inside the mental spreadsheet, and get that lift youve been hankering after for the sheds.How much 'deposit' do people think it would take to secure a house in this way?
The buyer risks the deposit.
The seller risks wasting a chunk of his life waiting for the deal to happen.
The buyer takes a risk of the market falling..
The seller takes ar isk of the market rising,
Both take a risk of a big legal argument if the deal is frustrated by others.
The buyer risks the deposit.
The seller risks wasting a chunk of his life waiting for the deal to happen.
The buyer takes a risk of the market falling..
The seller takes ar isk of the market rising,
Both take a risk of a big legal argument if the deal is frustrated by others.
roca1976 said:
The agent allowed us a viewing at the weekend and we both really liked it and couldn't see any reason not to go for it. Unfortunately I always like a deal so would be reluctant to offer full asking even though it makes little odds to the finances! Even at full asking it is only £50k more than the one we are selling and we currently owe less than 10% to the mortgage company
Can't you see how it comes across? You haven't taken the first steps to sell your place but you want a reduction & a guarantee they won't sell to anyone else.Stop trying to be The Man & get the process started, if you really want it. I'd suggest using the same agent as the seller is using for a start.
roca1976 said:
The agent allowed us a viewing at the weekend and we both really liked it and couldn't see any reason not to go for it. Unfortunately I always like a deal so would be reluctant to offer full asking even though it makes little odds to the finances! Even at full asking it is only £50k more than the one we are selling and we currently owe less than 10% to the mortgage company
Can't hurt to make an offer and see what's accepted. If it's been up a while then they may jump at the chance. We made an offer that was under the asking price and in the end sold our old place for more than we bought for. Alex_225 said:
roca1976 said:
The agent allowed us a viewing at the weekend and we both really liked it and couldn't see any reason not to go for it. Unfortunately I always like a deal so would be reluctant to offer full asking even though it makes little odds to the finances! Even at full asking it is only £50k more than the one we are selling and we currently owe less than 10% to the mortgage company
Can't hurt to make an offer and see what's accepted. If it's been up a while then they may jump at the chance. We made an offer that was under the asking price and in the end sold our old place for more than we bought for. I don't really see why any seller would contemplate that. After all, if the buyer wanted the house, they'd presumably be offering once under offer?
ukwill said:
If you were selling your property, would you accept an offer (and presumably, that offer isn't the FAP) from someone who had not even put their property up for sale - stipulating you had to take your property off the market?
I don't really see why any seller would contemplate that. After all, if the buyer wanted the house, they'd presumably be offering once under offer?
I wouldn't be 'accepting the offer', I'd be telling them whether the offer was hypothetically acceptable if they become able to proceed.I don't really see why any seller would contemplate that. After all, if the buyer wanted the house, they'd presumably be offering once under offer?
Even if I 'accepted' such and offer, it would be 'subject to contract' so wouldn't be very significant while the 'buyer' wasn't in a position to sign and exchange contracts.
..
Personally, I think OP may be over-confident about the speed at which his own place can be sold.
I don't see any way a non-refundable deposit is appropriate between two homeowers.
Between builders and BTL speculators, maybe!
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