What Does Vendor Suited Mean?
Estimated reading time 5 minutes
Continuing our series of explaining industry terms, this month we move on to “vendor suited.” This is another one of those property terms that can often lead to a little confusion when attempting to purchase a property.
Vendor-suited means that the seller of the property is already in the process of purchasing another home. They are basically suited to another property – it’s that simple.
Knowing whether a property is vendor-suited can be beneficial to all parties involved as the property chain can be impacted if one of the properties in the chain becomes vendor-suited.
In some cases it can speed up the process, up but for some people on the chain, it can slow everything down.
In this edition of our blog, we look at what it means to you and how it can be both beneficial and detrimental to a house sale or purchase.
Why are some properties vendor-suited?
When a property becomes vendor-suited, it means that the owners have started the purchase of another property. This can be a huge advantage for those looking to buy as they know the selling party is ready to get out of the door and move to a new home, although it can become complicated at times.
The fast-changing nature of the property market can mean that a house could move from vendor-suited and back to being on the traditional market relatively quickly.
What are the advantages of buying a vendor-suited property?
Property being listed as vendor-suited it means there is more chance of a fast house sale as the buyer is working through finalising the purchase of their next home. This can be appealing to cash house buyers or those who need to move quickly.
In addition, a seller that is vendor-suited will likely have a clear idea of the timeline of the sale as they will know when the property they are buying is ready for them to move into.
This allows them to pass information to the potential buyer who can then make an informed decision as to whether this property is suitable for them, and available when they need it to be.
With a date agreed for the seller to move into their new home, the vendor-suited seller may be more open to negotiation to ensure the house sells in time. This could mean an offer going in under the asking price and being accepted, a request to include furnishings or appliances, or simply a change in moving date that might suit you.
As with anything in property, though, it doesn’t always run smoothly, and this means that a vendor-suited seller can often present you with some complications.
What are the disadvantages of buying a vendor-suited property?
As we mentioned earlier, there can be complications with trying to buy a property that is vendor-suited. Whilst a quick sale is potentially guaranteed, there are the risks of the sale falling through altogether. If the seller has their purchase collapse, it could end up that they remove their property from the market altogether.
Something else that can make buying a vendor-suited property slightly tricky is how the completion date may be fixed without much room for flexibility. Depending on the property a vendor-suited buyer is purchasing, they could have a longer completion date than other properties. They need to wait for their purchase to complete before moving out, which could leave an interested buyer waiting around for a long time and then just pulling out altogether.
You may also find that a lack of interest in your own property makes your purchase of a vendor-suited property much harder. If the market is moving slowly, you may be best reaching out to cash house buyers. This way you can sell your house fast and get an offer into the owner of the vendor-suited property much quicker.
The final disadvantage of trying to buy a vendor-suited property is that if the seller is looking for a fast sale, the competition could be so high that you find yourself priced out of the running.
Should I buy a vendor-suited property?
It all depends on you ultimately. The advantages we mentioned above mean you can secure a new home much quicker than if you go via the traditional methods. However, the disadvantages could mean you lose out on a property you set your sights on, resulting in you having to start the process again and potentially waiting much longer to find a house that matches your needs.
If you have spotted a vendor-suited property that meets your needs, speak to Gaffsy. We can speed up the process by facilitating a quick house sale, where your property can be sold fast and the cash in your account within just seven days. Get your free cash offer today and see how easy it is to sell your house fast with Gaffsy.