How to secure a sale

[vh2000]

Hi all,

I have multiple offers for my property. My solicitor told me to choose one so he will send a Contract for Sale to that buyer. If I choose one and the deal falls through I would lose the sale. I worry that the other buyers won't wait. What should I do ?

Your advice will be most appreciated.

Regards

Huey

 

[Gill Bates]

I would find out what conditions they want, some may be experienced enough to be able to offer unconditional contracts
They would have their finance pre approved or have a large LOC

Your aim is to get a unconditional contract - so u want a contract with as few outs as possible - the longest one is normally for finance approval at 14 days

 

[brains]

Take the highest offer but get the contact details of the other offers in case the highest offer falls over. Its a simple process.

 

[abcdiamond]

If you live in QLD get contracts from all of them !!

When I ask local agents about sub-250k advertised properties here, I normally get told that they already have 3 to 6 contracts placed already.

Not certain how that works, but I think its that if the first one falls through, the next in line gets the chance.

OR:

Get all the buyers details and have a private auction !! ")

 

[vh2000]

Many thanks for your advices, I will try to get the least conditional contract. One buyer has his finance approved pending valuation. How long does it take to have this done? I assume the bank will send someone over to have a look at the property.

Regards.

Huey

 

[vh2000]

It has turned out messier than I ever dream of! It's a long story so I cut it short :

I had multiple offers but accepted 1 at a time with $1000 deposit and ask the others to wait. When one couldn't proceed I contacted the others & accepted the next.

2 days after I accepted the 3rd offer the buyer told me his loan was rejected & he had to find another broker. I didn't hear from him for few days. I fell ill so when an RE agent contacted me I signed him up as a sole agent. The next day 2 of the buyers who went to see the property before rang & wanted to buy. I rang the agent. He was nice & considerate enough to allow me to go ahead with 1 of those people without charging commision. I accepted another offer. He has his finance ready.

The 3nd buyer rang back 2 days after to let me know that his broker said his loan was ok and wanted me to advertise for rent ... I told him this was a bad month if we wanted to get someone we had to ask for a lower rent ... but he insisted he couldn't afford that ... . I didn't know what to do & was so tired so I decided to go ahead with the last one and allow him 3 days to sort things out. When I rang to explain & apologise to the 3rd buyer he was very angry & yelled at me with bad names. He said he will sue me for a large sum of money!!

I know that I upset people because I didn't handle it well. I know it costs them money & they are entitle to get upset but I don't know what else I should do to minimise these. I feel horible.


By law, am I guilty?


A lesson : Ask a RE agent to sell for me next time.

Regards

Huey