Don’t buyers there have to put a deposit down on any accepted offer? That earnest money is basically the cost of taking it off the market for the 30-90 days it takes to complete the purchase. If anything falls through on their end, and they don’t finalize the sale with a cheque in your hand by a contracted time certain, then the deposit is forfeited, contract cancelled and you look for another buyer.
Also, only allow “documented mortgage approval” (or bank letter to prove sufficient funds for cash purchase) potential buyers to view the property, so you are not pestered by non-serious buyers.
I recently viewed a house because we lived the style of the house, but weren’t in the market for one. At the open house, the Realtor had a “gatekeeper” that required a sign in with email for follow up and a request to see our mortgage or bank letter. Signed in with false last name and email, and said we didn’t have any paperwork, but the cost was not an issue. Thankfully, we were quite well dressed and the Realtor took one look and waved us in. In that case, WE were the pesky non-serious nosey buggers!
We’ll be selling up in a few years and I plan 3 realtors for market analysis, then pick one based on the marketing package they put together. Pre-approved financing required for viewing, 3% non-refundable deposit with sale price contract and a 60-day maximum to closing. House is about £400,000, so realtors get about 6% (£24,000) of that between them (buyer & seller agents). For that kind of money on a house that might sell itself, it’d better be seamless and frictionless!
My neighbor is a real estate attorney, and he says I won’t need a realtor and he will do all the paperwork for under £5,000, so I might even go the FSBO route.
it seems like, as always, things are a bit more complicated in Britain. I don’t really know as I never bought there and have only bought two houses over here.
Best of luck and I hope you get asking price or more early doors!
