Vendor-suited means the seller is in the process of buying another home. So, they are already suited to another property – it’s that simple. A classic example of this is a couple purchasing an off-plan newly built home.
Knowing whether a property is vendor-suited can be useful for everyone involved. The property chain could be affected if one of the properties in the chain becomes vendor-suited.
In some cases, it can speed up the process, but it could also cause delays for some people in the chain. In this article, we look at what it means to you, and how it can be both beneficial and detrimental to a house sale or purchase.
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Why are some properties vendor-suited?
When a property is vendor-suited, it means that the owners have begun the process of purchasing a different property.
This can be a great benefit to potential buyers, as they know that the sellers are eager to move and settle into a new home. However, it can also be rather complicated at times.
What are the advantages of buying a vendor-suited property?
Being listed as vendor-suited offers more opportunities for a speedy house sale, which can be especially attractive to cash buyers or those who need to move quickly.
The seller, in this instance, would have a set timeline for the sale as they would know when their new property is ready to move into.
This gives the potential buyer the necessary information to make an informed decision about whether the property is suitable and available when they need it.
A vendor-suited seller may be more open to negotiation to ensure the house is sold in time, such as making an offer under the asking price or including furnishings or appliances.
What are the disadvantages of buying a vendor-suited property?
When it comes to buying a vendor-suited property, there can be some complications. Whilst a speedy sale is possible, there is always the risk of the sale collapsing. If the seller’s purchase falls through, they may take their property off the market entirely.
Another issue with vendor-suited properties is that the completion date might be fixed, leaving little room for flexibility. Depending on the property, the completion date could be longer than usual, making it hard for the seller to move out quickly.
If there is minimal interest in your property, it can make selling a vendor-suited property more difficult. In this case, it may be best to contact cash house buyers, as this way, you can sell your house fast.
Should I buy a vendor-suited property?
It all boils down to you in the end.
If you’ve found your forever home, feel free to contact us. We can speed up the process by offering a quick house sale, wherein your property can be sold quickly and the cash in your account in as little as 10 days.
Get your free cash offer today and witness how easy it is to sell your house fast with Property Saviour.
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