our next door neighbour is selling their house.
their real estate agent just knocked on my door and tells me that next door have just had a really strong offer on their house. the couple is from melbourne and they have a mother in law that lives in a different suburb in Adelaide.
this couple from melbourne want to buy next door's house, but they/mother in law also want to buy my house so they can get their relative to move in.
he asked me what i thought of the idea.
i said: "I'm not actively looking to sell, but I'm not against the idea, but of course the number has to be right. if they came in with a strong offer, id consider it"
as it turns out we are looking at selling in the next 6-12 months.
he then tells me that even if wasn't to sell now, they'd be very very interested in getting some legal documents signed where they had "first option" on the house. i asked him what this meant, he said that it meant that if/when i decided to sell the house before it even went on the market, this 3rd party would be given the option to buy my house. i could stipulate what the price was etc but they'd be given the first option to buy. i dont think the price is pre-determined etc.
anyway, quite coincidental as we are looking at buying a new house to move in to.
anyone got any thoughts or advice on this?
what is the advantage I have in signing this "first option" contract with another potential buyer? I presume the main advantage is potentially getting a good offer on your house without having to go through the normal selling process and wait times that can come along with that?
What questions should I be asking or what stipulations should in such a contract?
their real estate agent just knocked on my door and tells me that next door have just had a really strong offer on their house. the couple is from melbourne and they have a mother in law that lives in a different suburb in Adelaide.
this couple from melbourne want to buy next door's house, but they/mother in law also want to buy my house so they can get their relative to move in.
he asked me what i thought of the idea.
i said: "I'm not actively looking to sell, but I'm not against the idea, but of course the number has to be right. if they came in with a strong offer, id consider it"
as it turns out we are looking at selling in the next 6-12 months.
he then tells me that even if wasn't to sell now, they'd be very very interested in getting some legal documents signed where they had "first option" on the house. i asked him what this meant, he said that it meant that if/when i decided to sell the house before it even went on the market, this 3rd party would be given the option to buy my house. i could stipulate what the price was etc but they'd be given the first option to buy. i dont think the price is pre-determined etc.
anyway, quite coincidental as we are looking at buying a new house to move in to.
anyone got any thoughts or advice on this?
what is the advantage I have in signing this "first option" contract with another potential buyer? I presume the main advantage is potentially getting a good offer on your house without having to go through the normal selling process and wait times that can come along with that?
What questions should I be asking or what stipulations should in such a contract?