Motivated Vendor seeks early settlement!!

[WebBoard]

From: Anonymous


Can anyone please offer some advice?

I'm purchasing an IP in Qld. (No, before anyone jumps to any conclusions - I've done my homework, the deal is solid)

Anyway contracts took forever to arrange and now I am awaiting the vendor to sign. Vendor is keen to settle quickly - yet the current contract is 42+ plus days before settlement will occur.
The vendor (a builder) would prefer to settle quicker to get on to other things...

The questions I pose are:
1)What sort of negotiation leverage do I have if I agree to a earlier settlement?

2) Can I ask for a rebate for earlier settlement or something similar? (i know this is a contentious issue at the moment!)

or is there anything else I may be overlooking???

Thanks!!

 

[WebBoard]

Reply: 1
From: Anonymous


From further reading in the forum I've decided to take on the new name of "Artichoke".

Perhaps I didn't introduce myself before.
"Hi, I'm Artichoke - pleased to meet you. Does anyone have any ideas for me??"

Regards,

Artichoke (aka 'anon')

 

[Lissy]

Reply: 1.1
From: Felicity W.


Lightly steamed?
Keep smiling
Felicity

 

[Mr. Fabulous]

Reply: 1.1.1
From: Mark Laszczuk


Maybe char-grilled and marinated in olive oil with chopped chillies, garlic and continental parsley?
Artichoke, please keep in mind I have not been in this situation, but having spoken to people who have, think of some clauses of your own if vendor wants early settlement. Things like: 10% off the original asking price, or maybe he pays for landscaping, are there some things you'd like done to/added to the place? Maybe you could ask for these to be done for nothing or at a discount? There's just some ideas, I'm sure those with experience in these matters could do better than me.

Mark
'no hat, some cattle'

 

[Joe D]

Reply: 1.1.1.1
From: Joe D


Arti

I would be surprised if you can claw back much on the dollar side, however, providing it fits in with you settlement timeframe you could reduce this settlement period to, say, 21 days with an additional proviso the vendor grants you "access to property a minimum of 14 days prior to settlement."

This should then give you sufficient time to prepare property, advertise and sign up tenants immediately upon settlement.

Just a thought .....

Please post details of how you get on.

Joe D

 

[Les]

Reply: 1.1.1.1.1
From: Les .



G'day Arti,

I don't know what happened to my earlier reply - I wish this one more luck ....

If the vendor has accepted your terms, then it's all over, red rover.

But, if the vendor is wanting an earlier settlement, and has signed the contract to that effect, then the ball is now in your court. i.e. what do YOU want.

A few thoughts:-

1. He's a builder, so how about a carport/pergola/picket fence or whatever in return for you running around madly to make the earlier settlement happen for him?

2. Will he offer vendor finance for the deposit? Saves your money, and you swap this for the earlier settlement.

3. Will you be prepared to "walk away" from this deal if he doesn't come to the party?


It all comes down to negotiation, and what one will accept to "do the deal". If he is pushing for an early settlement, what is HE prepared to do to compensate you for your extra hassle?

Good luck - and do let us know what happens, won't you,


Les


- "Eschew Obfuscation" - ;^)