On Wed, 13 Oct 2004 21:03:59 +0100, "Al Reynolds"
wrote:

"chris French" wrote:
R Taylor writes

what someone said previously about conditionally accepting the offer
subject
to completion within a given timeframe seems like a really good idea.

Seeing as acceptance of an offer isn't binding on either party anyway, I'm
not sure what this would achieve. Assuming you did ask for such a
condition, and then the buyers didn't achieve this for some reason then
what - are you going o tell them where to go if you don't have another
buyer?

Once people get into the process of buying a house, they start to commit
to it both emotionally (e.g. planning where furniture will go etc.) and
financially (e.g. paying for surveys, searches etc.). Once they get eight
weeks in they are more likely to hurry their estate agent/solicitor up and
get it all sorted rather than throw the towel in. This is even more likely
if they have a buyer for their own property who also wants to get to
exchange ASAP.

It won't work as well (a) if prices are stable or falling (b) if there are
lots
of similar properties available or (c) if the surveys/searches etc. are
throwing up unexpected nasties. i.e. if it is a buyer's market or if the
house isn't all it seems or exactly what the buyer wants.

There's nothing to stop you agreeing to let them have it at the original
offer price even after the eight weeks. Let's just hope they don't have
usenet - they'll be reading MM's mind otherwise! There's a thought -
you could vet potential buyers or sellers by their usenet postings!

By the way, I forgot to mention that earlier today I used a mortgage
ready reckoner on the net (it just happened to be Britannia Bldg Soc)
to see what effect another five or ten grand would have on repayments.
Well, over 25 years it's hardly worth bothering about. Just a few more
tins of Smartprice baked beans a month instead of caviare, sorted!

These were the figures:

Standard repayment mortgage over 25 years at 6.75% interest:
Borrow £110,000 = £760/month

Borrow £100,000 = £690/month

Borrow £90,000 - £621/month

Obviously these are very much ballpark figures and take no account of
changing market conditions. (Goodness! I'm beginning to sound like an
Indipendant Fynahnschual Adwiser!)

MM