Hi i have put in an offer on a house which was accepted but the owners of the house have a family friend who is trying to buy the property they have until tomorrow to get there things together otherwise we can get it.
My only concern is that after we start paying out for checks and solicitors etc that that family friend might turn around and say actually i can do it and the seller pull out with us.
Is there anything i can do to help keep them with us if this does happen, i was thinking of offering a cheque of £1000 and letting them know now that i would it give over on completion as an incentive to stick with us, is this allowed and is it the right thing to do? any help would be great :)
2007-01-11 01:18:32 · 13 answers · asked by Babything 1 in Business & Finance ➔ Renting & Real Estate
No contracts have been signed yet, just offer accepted, oh and we really want the house!
2007-01-11 01:36:27 · update #1
Leave well alone. It will end up costing you money
2007-01-11 04:25:41 · answer #1 · answered by ROBSTER 4 · 0⤊ 0⤋
Unfortunately there isn't any way to completely prevent this. A £1000 incentive would be a good idea but if it's family that the seller is dealing with then he's probably not going to be influenced by this that much.
Explain to the seller and the estate agent that you are not really willing to start the proceedings of buying the house unless you both sign a 'lockout agreement'. This means they will not sell to anyone else as long as the contracts are exchanged within a set time
2007-01-11 01:27:08 · answer #2 · answered by Robin the Electrocuted 5 · 0⤊ 0⤋
it is better you go this through a property agent. Get your cheque ready and ask for an Option to Purchase (OTP) from the Seller. Once the seller sign and give you the OTP, you will be able to start working with your lawyer and banker on the said property, before exercising the Option.
2007-01-11 01:34:19 · answer #3 · answered by Winston D 1 · 0⤊ 0⤋
at the end of the day
with any amount of money or incentive u offer wont be worth it
because by LAW the vendors have a right to pull out even one minute before exchange
therefore u are wasting your time with this property
2007-01-11 01:25:23 · answer #4 · answered by me 5 · 0⤊ 0⤋
I don't see why it shouldn't be allowed because all your really doing is increasing your offer price on the house by £1000. If your searches come to less than £1000 i'm not sure it's worth doing though?
2007-01-11 01:33:51 · answer #5 · answered by tigershark 1 · 0⤊ 0⤋
once you have the signature from the seller it is yours..that they , the seller, have signed your contract... ..
the are having a "presentation of offers".. you can phone your realtor that you will increase your deposit..and make some of the deposit..as unconditionally the sellers...let your realtor decide..
they could and may still take a lesser offer...for whatever reason..
You may ask your realtor when he returns if the other offer is signed why they didn't go with your offer.
but it is the seller's choice..
you may talk to your realtor..while they are accepting offers..
and let them know you will go that much higher...
or..whatever it takes..to secure the sellers signature on your offer..
2007-01-11 01:32:04 · answer #6 · answered by m2 5 · 0⤊ 1⤋
You could try offering them money, but if they decide not to sell to you, they can do that, at any time until you have exchanged contracts, and you will lose all the money you have paid for searches etc
2007-01-11 01:26:56 · answer #7 · answered by OriginalBubble 6 · 0⤊ 0⤋
Until you go to exchange of contracts there's little that you can do to prevent being "gazumped" and knocked off the ladder. No doubt that English law needs to be changed in this respect -- things like that don't happen in the US.
2007-01-11 01:29:37 · answer #8 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You might just have to take the risk, Until you've exchanged contracts there isn't anything you can do if they change their mind and sell to someone else.
I do hope it works out for you - but with today's news on interest rates (up 0.25%) then you may want to change your mind.
2007-01-11 01:27:04 · answer #9 · answered by mark 7 · 0⤊ 0⤋
ones you have a sign contract where you and the seller have agree to the terms, is nothing the this friend can do because by law the seller will be obligated to sell the house to you. you can sue him in the court if he accept you contract and then decide to sell to somebody else.
2007-01-11 01:29:29 · answer #10 · answered by Anonymous · 0⤊ 2⤋
Don't make things any more difficult for yourself, do not hand any money over, you may not get it back, just wait, stay calm, and play the game, if it is to be, it will be,good luck.
2007-01-11 01:43:25 · answer #11 · answered by Anonymous · 0⤊ 0⤋