How to stop buyer dropping offer on day or close to exchange ?

[ELBBUBKUNPS]

Is there anyway of stopping someone who offers on my place dropping there offer the day before exchange ?

The type of buyers in my area are renound for doing it, my estate agents says he can spot them a mile a way and would inform me but to be honest I think ANY buyer of my gaff is going to be of the type who try it on, is there anything I can do up front once I get an offer that would stop them trying doing this ?

I would be reasonable for example in that if they offered less because the mortgage valuations came in less and they show me the evidence I would think about it, but reality is who offers on mine will most likely drop the offer before exchange regardless so I want to try and protect myself.

[TykeMerc]

Well you could learn to write in English as a starting position.

In the UK outside of Scotland there is no contract that can be enforced until the point of exchange so in reality there's feck all you can do to avoid being messed about as vendor or buyer.

[SantaClaus]

Is there anyway of stopping someone who offers on my place dropping there offer the day before exchange ?

The type of buyers in my area are renound for doing it, my estate agents says he can spot them a mile a way and would inform me but to be honest I think ANY buyer of my gaff is going to be of the type who try it on, is there anything I can do up front once I get an offer that would stop them trying doing this ?

I would be reasonable for example in that if they offered less because the mortgage valuations came in less and they show me the evidence I would think about it, but reality is who offers on mine will most likely drop the offer before exchange regardless so I want to try and protect myself.

I've witnessed this happen to me (and neighbours) so many times. A lot depends on how desperate you are to sell the property, how desperate they are to buy your property, whether there are other buyers waiting in the wings, if you fancy a game of bluff.

I know of a previous neighbour who's property went to sealed bids. One of the buyers outbid everyone else to destroy the competition. When completion day approached, the buyer drastically cut their offer price. My neighbour told them to get lost and sold to another buyer who was waiting in the wings for the asking price.

[centurian]

Sell at auction - when the hammer falls - that's both the price agreed and exchange of contracts.

[Mark McBurney@CMME]

Sell at auction - when the hammer falls - that's both the price agreed and exchange of contracts.

This is an option, however you'll likely reduce the sale price as your field of potential buyers will be drastically reduced, since auctions don't work well with mortgages, generally.

[d000hg]

Well you could learn to write in English as a starting position.

If you couldn't understand his post the problem might be with your English skills

[TheFaQQer]

This is an option, however you'll likely reduce the sale price as your field of potential buyers will be drastically reduced, since auctions don't work well with mortgages, generally.

When we sold at auction, it worked pretty well for us You set a reserve price that you'll accept and go from there. It was pretty stressful overall, but if I knew I could make that kind of profit for that little work in the same timeframe, I wouldn't be pissing about with IT any more.

[MarillionFan]

Is there anyway of stopping someone who offers on my place dropping there offer the day before exchange ?

The type of buyers in my area are renound for doing it, my estate agents says he can spot them a mile a way and would inform me but to be honest I think ANY buyer of my gaff is going to be of the type who try it on, is there anything I can do up front once I get an offer that would stop them trying doing this ?

I would be reasonable for example in that if they offered less because the mortgage valuations came in less and they show me the evidence I would think about it, but reality is who offers on mine will most likely drop the offer before exchange regardless so I want to try and protect myself.

I'll give you fifty quid. If you agree, I promise I won't drop it at the last minute.

[CoolCat]

Its just as bad for buyers.

I put in an offer not much less than asking, was accepted, was a cash buyer no chain holding me back. Seller delayed and delayed and delayed and delayed, supposedly looking for a new house to move into, refused to answer any of the obvious questions about the house. In the end I just pulled out. Estate agent seemed surprised.

[BolshieBastard]

There's absolutely nothing you can do to stop a potential buyer dropping their price at the last minute. All you can do is hold your nerve and stand firm. It surprises me how easily some sellers fold when presented with this.

Auction is an option but you've still got costs with auction fees and although not a hard and fast rule, things sell for below market at auction. And dont confuse reserve price with market value.