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How long would you wait to hear if your offer was accepted?

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  • How long would you wait to hear if your offer was accepted?

    Hi All,

    I'm keen for your input - how long would you wait to hear if your offer had been successful on a section. Yes not a property but a section that you'd be keen to build on. Would you be happy to wait say 4 weeks or even 6 weeks?

    cheers,

    Donna
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  • #2
    no way near... i'd want to know in 48 hours.

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    • #3
      Seriously? What kind of entitled, self-absorbed you-know-what would possibly imagine that it's ok to keep people hanging like that?
      My blog. From personal experience.
      http://statehousinginnz.wordpress.com/

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      • #4
        No way. 48 hours max. I always put time condition in offer

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        • #5
          Depends. If it is a place to build your dream home with perfect views over the ocean and where you want to retire, it's worth nagging them for an answer.
          DFTBA

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          • #6
            48 hrs max, especially in case of land. People seldom buy land, it's not easy to sell so no way I would wait longer.
            I also put sunset clause in all the time.

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            • #7
              Certainly not weeks, or even a week. All that's happening after a couple of days is that your offer is being used to leverage a better offer out of someone else. A few days max.

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              • #8
                Okay I will explain what I have.....

                I have an elevated section in Paihia and as we know it's hard to sell as bare land. So a 'marketer' who is a draftsman has offered me a S&P agreement to buy the section if he can get a sale on a house & land package. So he markets my section with a drawing of a house on it and he wants is a time restraint allowing six weeks for the Purchaser to complete a sale on his House and Land package and conclude the purchase of my section.

                Thoughts?

                While I like the idea of the marketing if another offer is made we can not accept it for 6 weeks so it's a gamble. How else could we get the best of both worlds?

                cheers,

                donna
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                • #9
                  Sounds like a good idea Donna. Just put a 7 day cash out clause in so if you get another offer, the current contract has 7 days to go unconditional or it is cancelled.

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                  • #10
                    Oh right. Well condition satisfaction is another thing entirely, especially up in Northland where sales have been desperately slow for years, but seems to be improving recently. I get what he's trying to do...he doesn't want to spend money on marketing and producing the home and land package without having the section under contract. That makes sense as a rationale - he'd get laughed at by potential purchasers if he didn't even have a contract on the land and rightly so. That doesn't mean you have to agree, just that I understand where he's coming from. It's up to you whether you feel like having the land tied up for six weeks....it will be early winter before it comes free again, although you could always accept a backup offer. It's not really a legal matter, it's about how you feel the market is coming along. You could perhaps have a cashout clause, where if a better offer comes in you can give the marketer a week or so to go unconditional or cancel.

                    Do you mind private messaging your land address btw? I have a client who is actively looking for property in Northland, and Paihia in particular, for high end residential.

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                    • #11
                      It is really a marketing of your land via the designer. Some housing companies operate a variant of this. They get access to land , the prospective purchaser gets a package of known costs and you get free marketing. The downsides are the price is fixed now but the value may change, and the home buyer has no choice of builder. It is really up to you to consider if your prospects of a sale are increased. You might consider a fixed term sufficient to allow him time to cement a sale. That might be quite a while. He would not do it without some tie over the land. Alternatively you could consider builders terms structured so it is cost neutral to you. That is extended terms are considered to have some implicit interest otherwise you would not do it so that part is taxable. Therefore your price should reflect that, time tax delay vs cash. You might also consider giving him a week to settle if you have another buyer. There are various ways a deal can be structured, an agreement to purchase subject to on sale. a license to occupy, or an option to buy. Frankly I suspect fewer people want to buy land and build, most even prefer a completed new house over one under construction let alone just proposed. I guess you have to negotiate something which suits you both.

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