How long to get buyer to sign contracts?

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Redzer

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Realistically how long could we allow a buyer to sign contracts on our house?
Our house went up for sale last Fri and we've had 8 couples in already to view it so we're hopeful for a quick sale but no offers just yet.

We've put a bid in ourselves for another house and its been accepted subject to us signing contracts by the end of Sept. Obviously we can't do that until we have contracts signed on our current house. This was always clear with both parties but we are confident of a quick sale.

If we get an acceptable offer for our current home is it reasonable to demand that contracts be signed within 3 weeks? Obviously the buyers of our home could be in a similar situation as part of a chain!
 
Redzer said:
Realistically how long could we allow a buyer to sign contracts on our house?
Our house went up for sale last Fri and we've had 8 couples in already to view it so we're hopeful for a quick sale but no offers just yet.

We've put a bid in ourselves for another house and its been accepted subject to us signing contracts by the end of Sept. Obviously we can't do that until we have contracts signed on our current house. This was always clear with both parties but we are confident of a quick sale.

If we get an acceptable offer for our current home is it reasonable to demand that contracts be signed within 3 weeks? Obviously the buyers of our home could be in a similar situation as part of a chain!
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i'd be suprised if all the legal work , mortgage stuff and surying was done in 3 weeks... I'd leave at least a month to be sure...
 
we went sale agreed on a house 3 weeks ago and not a sign of any contract or anything from their solicitor. we are FTBs so not in a chain so not in much hurry, although the vendors haven't even found a house yet so presumably they'll put us off for as long as possible.

If your buyers are not in a chain you probably could get it done in 3 weeks. Ask your solicitor to make sure deeds are in his office ready to draft contracts when you accept an offer.
 
Thanks for the feedback to date.

Last week we issued our solicitor with a letter of instruction to our current mortgage provider to release our deeds so as to allow him to prepare a contract for sale of our house. The deeds should be with him by the end of this week so now we just have to get a buyer to send the contract to! I know they'll have to get a valuer and surveyor in before they sign and I'm presuming they'll already have mortgage approval in principle so if they were 'cash' buyers then 3-4 weeks is a possibility! But if they're in a chain then they mightn't want to sell until they have contracts signed on their current home. Do people go sale agreed with signed contracts on their own home before they have a place to buy? Should I be restricting offers on my home to 'cash' buyers if such a thing exists?
 
Redzer said:
Do people go sale agreed with signed contracts on their own home before they have a place to buy?
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this is our case - we have gone sale agreed (are waiting on contracts) but our seller hasn't found a house yet. I rang estate agent y'day to suss out situation and she said they are still bidding on houses.......so i could be in for a long wait!

you may get lucky though, all situations are different
 
Just gone through all this. If you are in a chain, no one will sign until their own buyer has signed. So the end of the chain is in for a long wait, and a lot of trust is involved because the deposit with the auctioneer is not legally binding. my purchase was not signed until two weeks before moving in, very stressfull as it only takes one to upset the whole thing.
 
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