Previous owner wants to buy back

Hi PC,

The previous owner of a property I purchased in 2016 has been in contact, asking whether I'd consider selling.

They first contacted me through their selling agent around the start of this year, I considered it, but ultimately decided to pass.

They've now contacted me directly, obtaining my email address from my conveyancer (which seems mildly unprofessional on the conveyancer's part)

It's clear that they are a motivated buyer with a strong sentimental value attached to the property. I, on the other hand, am completely unmotivated, yet somewhat interested to see what they might offer.

My question: if you were interested in making the sale, how would you handle the situation?

 

Simple.

Ask them to forward their best offer and final by way of signed purchase contract accompanied by deposit cheque made out to your solicitor’s trust account. (So long as that is how things are done in your state.)
Marg

 

Maybe they discovered an old relative has hidden a chest full of treasure in one of the walls.

It's like an Adventure of Tin Tin story.

I'd start tapping walls and stomping on floor boards if I were you.

 

Once said treasure is found, sell the property well above market value.

 

This happened to a related entity of mine once. Purchased the property and before settlement the wife had sellers remorse and offered $20k to not complete - but the property had gone up in value so the offer was rejected.

 

If the property is in Sydney, you better get their offer quick smart!!!

By all accounts, it will be worth 40% less before you know it .

 

I knew a wealthy person. Everything was for sale for a "price" .
Let them make one serious offer then consider it.

When you consider your buy sell costs etc. They probably won't like your "price"

 

Brisbane

 

Yes this is the issue. After costs, market price probably won't cut it.

 

Thanks @Marg4000 - simple, but effective.

 

I don't know why you would need or want to be so aggressive about it - why not just ask them in a 'normal' way how much they are willing to offer and what terms they propose?

 

Exactly why would someone pay to have a contract drawn up when they could simply have a polite conversation.

 

Marg is from Queensland, it is pretty standard to make an offer with a signed contract (standard forms available from REIQ). Agree that the formality may not be required for early discussions.

 

Easier to keep emotions out of it too.
I wouldn't want a conversation with the person, because my nice side would likely take over and I'd be the one losing out.

 

Yep, basically it is “Put it on paper” OR “Put your money where your mouth is”.

Doesn’t cost anything to fill in a contract and it very quickly sorts out the tyre-kickers .

Then the serious negotiations can begin .

 

Not being aggressive at all.

That’s how it’s done in Queensland.

BTW, I did qualify my answer by saying it depended on how things were done in the relevant state, which was not mentioned when I replied.
Marg

 

A simple phone call would sort this out ,as they know the location -land content ,all you need is a starting offer ..
Or plan b--it's easy not to make mistakes-simply do nothing ..

 

Hi Wylie, they have approached me asking whether I would consider selling back to them.