When buyers with dependent sales make offers for your house, should those advances be entertained, or should you, so to speak, ‘swipe left’?
Most aspects of the current market are highly encouraging. Mortgage approvals are well above average and interest rates continue to nudge downwards. The economy remains stable, if dull. Better still, more country house owner-occupiers than for several years are keen to move, resulting in big increases in both the number of houses and the number of buyers, coming to market.
The sticking point is that, whereas the extremes of the 2022 market saw an abundance of buyers able to move fast, today, most would-be country house buyers also have a house to sell. Some have agreed their own sale, some haven’t and, with others, it’s hard to tell. A surprising number expect exclusivity with zero ability to commit, while a few are far more attractive than they realise. For owners weighing a mix of hard facts and personal judgement, it can all feel a little like the dating game. So, when faced with an offer, how do you identify whether your would-be buyer is a dreamer, dilettante, or the real deal?
THE DREAMER Having fallen in love with your property, the dreamer enthusiastically offers the asking price, agrees to any special terms suggested (“Yes, of course we’ll employ your gardener and allow the Scouts to use the paddock”) and wants to move, whenever you want to. Unfortunately, the dreamer also needs to sell a property at a wholly unrealistic price, so it’s never going to happen. Action: Have your agent break this news, gently, and await the reaction. Sometimes, they wake up and decide to do what it takes, to follow their heart.
THE DILETTANTE The dilettante is that rare thing in the current market – a footloose, cash buyer. Unfortunately though, he (and it tends to be a ‘he’), comes with a classic red flag: the commitment problem. He wants a low price but, even when he gets it, worries about missing out on an even better deal, somewhere else – so he keeps looking. Having engaged solicitors with you, there is a fair risk he’ll later be seduced by another, and leave you in the lurch. Action: Tell your agent to investigate thoroughly, bargain intelligently (don’t look too keen) and, IF a price can be agreed, make it conditional on steady progress to a specified exchange date. Watch closely.
THE REAL DEAL These buyers have a buyer for their current house who is keen and ready to proceed (mortgage offer in place, survey and searches done). They know what they can afford, so their offer is credible AND they have a buyer pushing them. Such buyers often complete faster than cash buyers under no such pressure. Action: Tell your agent to verify their position and then, all being well, to make a deal at the best price and get the paperwork started. This courtship should go all the way.
These are of course, stereotypes within a varied field but, regardless of your buyer’s position, common themes are the need for plentiful, verified information and for transparency on any pre-contract arrangement. Plus, of course, to be ready yourself for when a good match arises. That way, whatever you agree, everyone should feel ok, whatever the outcome. This can matter because, in house sales as well as dating, it’s not unusual for parties who flirted and split, to get back together again.
