Selling a house "off plan"
Discussion
Whilst viewing a property this afternoon to add to our property development portfolio we got talking to a nice couple who were viewing at the same time. We mentioned we had a property close by that would be coming to market shortly and they came over to view and fell in love with it. Just put the phone down to them falling them offering the asking price with us not to market it 
The house is currently unfinished. The kitchen is in, heating semi completed as are the bathrooms but it's still to decorate, fit wood burner, fire, downstairs cloakroom and the big one is the garden.
Our responsibility will be to complete on time however they have expressed wishes to pick out paint and carpets and the garden design which from our brief chat I'm completely fine with. I did however, say I would be looking at a deposit for this which again they were fine with.
Does anyone have any experience of doing this, is it as simple as it sounds?
The house is currently unfinished. The kitchen is in, heating semi completed as are the bathrooms but it's still to decorate, fit wood burner, fire, downstairs cloakroom and the big one is the garden.
Our responsibility will be to complete on time however they have expressed wishes to pick out paint and carpets and the garden design which from our brief chat I'm completely fine with. I did however, say I would be looking at a deposit for this which again they were fine with.
Does anyone have any experience of doing this, is it as simple as it sounds?
I would ensure you have a data sheet for everything (including skirting, door handles, paint, tiles, anything and everything really) and have it agreed as part of your negotiation.
Start the negotiations with what you had scoped as part of the refurb and any changes to that could/should be reflected in prices changes.
Start the negotiations with what you had scoped as part of the refurb and any changes to that could/should be reflected in prices changes.
Yep, busy writing up all that is left to complete to assure them of our responsibilities however I'm more thinking of the position should their chain fall through.
The only biggie would be the garden and outhouse which would be completed to their spec, nothing special but perhaps not exactly what we would have done either.
I'm thinking of a couple of grand deposit but if they back out, what recourse would we have on the deposit?
The only biggie would be the garden and outhouse which would be completed to their spec, nothing special but perhaps not exactly what we would have done either.
I'm thinking of a couple of grand deposit but if they back out, what recourse would we have on the deposit?
A view from the other side so to speak. We are in a similar position in that we have put a non-refundable deposit on a new build house in our village.
Deposit was made as part of a signed contract with the to be completed spec provided by the developer.
Contract has got a completion date but our house needs to sell before we can move in so this has been extended twice. It is in place more to make the solicitors start the work rather than sit waiting for everything to be watertight before they lift a pen.
We have made some adjustments to the house as it has progressed but again have had to pay for these (understandably) in advance and as non refundable.
If our house doesn't sell then we are aware that the developer needs to get his money and may eventually put it on the open market butt we haven't had this conversation yet.
Deposit was made as part of a signed contract with the to be completed spec provided by the developer.
Contract has got a completion date but our house needs to sell before we can move in so this has been extended twice. It is in place more to make the solicitors start the work rather than sit waiting for everything to be watertight before they lift a pen.
We have made some adjustments to the house as it has progressed but again have had to pay for these (understandably) in advance and as non refundable.
If our house doesn't sell then we are aware that the developer needs to get his money and may eventually put it on the open market butt we haven't had this conversation yet.
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