Offer 10K below asking but money available immediately

We have our house for sale a few weeks and have viewings going on at the moment. we now have someone who wants the house but wnats it for 10k below asking price, cutting out auctioneer, willing to pay money immediately and let us stay there until new house is built rent free.
Does it make sense or shoudl we hold out?
He wants a decison asap.

What legal protection have you got once the sale goes through? How do you know he will keep his word?

sun_sparks said:

What legal protection have you got once the sale goes through? How do you know he will keep his word?

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You can always put a 'Caretakers Agreement' in as part of the contract which would state exactly for how long you can stay and at what rent (if any).

Is your property on the market long? If it is only a matter of weeks you might be better off waiting, or if it has been a long time I would say take the offer. Have many other houses in your area sold recently, or is there alot of similar houses on the market?

Christy

Hi Bamhan,

If an estate agent introduced this potential buyer to you then you will have to pay the estate agents fees. If you don't you could end up in court. If the house is accurately priced , then I would hold out especially if you are in the Dublin area.

I would say tread carefully.

Even if the estate agent had nothing to do with this potential buyer (who could be a time waster - how are you going to check him or her out?) you might still have to pay the agent a fee. Check your agreement.

It could be that this guy is an opportunist who discovered there were no offers on your house and decided to make a play. Nothing wrong with that, but my own instinct (especially if you are locked into a contract with the agent) would be to tell him to make his offer through your agent - assuming you are happy that you have a good agent. Then let your agent do the work. A good experienced agent (if that's what you have) will sniff him out and soon discover if he's a genuine buyer.

Then again, if you are not locked into paying a commission to the agent, and you're satisfied he's genuine buyer, and you are happy with the price, why not go ahead?

Most agents contracts would state that their fees are for "introducing and/or negotiating a successful sale of your property"
If this person has not been in contact with your estate agent and you are happy to go ahead I would notify your estate agent to take the property off the market. You should not be liable for fees, but you will be liable for marketing costs.
HTH