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Author Topic: Selling my shop woes.  (Read 17114 times)

Orca

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Selling my shop woes.
« on: October 23, 2013, 05:24:05 pm »
Turns out that the guys that made the offer don't have all the cash. Offered me 50% upfront and the rest over 6 months. Quite tempted but need to think what can go wrong.
I've had it on the market for 6 months and this is the first offer and I discounted it by 20%.
If I do sell it to them, I will get a contract drawn up by a lawyer that states that if it has not been fully paid in 6 months it will revert back to me.
Any ideas on what can go wrong or what else should I do?
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gcr

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Re: Selling my shop woes.
« Reply #1 on: October 23, 2013, 06:02:20 pm »
Quote from: Orca on October 23, 2013, 05:24:05 pm
Turns out that the guys that made the offer don't have all the cash. Offered me 50% upfront and the rest over 6 months. Quite tempted but need to think what can go wrong.
I've had it on the market for 6 months and this is the first offer and I discounted it by 20%.
If I do sell it to them, I will get a contract drawn up by a lawyer that states that if it has not been fully paid in 6 months it will revert back to me.
Any ideas on what can go wrong or what else should I do?
Ensure that there are strict conditions and penalties around payments, any breach and if court action is the result then all legal fees yours and theirs are for their account. Also suggest you put in a clause that any improvements made are foregone if the financial arrangements are not met timeously. May also want to consider thing like electricity bills and water need to be met monthly and that any outstandings are for the purchasers account, - I presume the property is not to be registered in their names until all financial conditions are met. If you know someone in the commercial property business who buys and sells buildings/shops it may be worthwhile going through one of their sales contracts, take this information to your lawyer - after all he/she will only follow your instructions and will very seldom venture information - good luck
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Moneypenny

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Re: Selling my shop woes.
« Reply #2 on: October 23, 2013, 07:47:04 pm »
Oh no, if potential buyer doesn't have funds available now, why would they have it over the next 6 months?  I say run and don't look back, too much potential hassle.
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Orca

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Re: Selling my shop woes.
« Reply #3 on: October 24, 2013, 09:19:57 am »
Thanks for the prompt replies. They should be here in 30 minutes.

Thanks for the pointers gcr. Taken note but MP's post is what my wife told me as well. Women's intuition prevails as always. So I'll go with that.
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Moneypenny

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Re: Selling my shop woes.
« Reply #4 on: October 24, 2013, 09:26:17 am »
Your wife is a wise woman. :)
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yossarian

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Re: Selling my shop woes.
« Reply #5 on: November 06, 2013, 09:17:42 am »
Quote from: Moneypenny on October 23, 2013, 07:47:04 pm
Oh no, if potential buyer doesn't have funds available now, why would they have it over the next 6 months?  I say run and don't look back, too much potential hassle.

 :TU:
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Orca

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Re: Selling my shop woes.
« Reply #6 on: November 06, 2013, 10:07:23 am »
This Monday 2 guys pitched up with a suitcase full of money. They wanted the business asap.
I sent them to the landlord for his approval and he phoned me yesterday saying that he cannot give them the lease as they have no accounts and no credit history.  :wall:
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gcr

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Re: Selling my shop woes.
« Reply #7 on: November 06, 2013, 10:20:11 am »
Quote from: Orca on November 06, 2013, 10:07:23 am
This Monday 2 guys pitched up with a suitcase full of money. They wanted the business asap.
I sent them to the landlord for his approval and he phoned me yesterday saying that he cannot give them the lease as they have no accounts and no credit history.  :wall:
Orca - were they Nigerians
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Orca

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Re: Selling my shop woes.
« Reply #8 on: November 06, 2013, 12:56:01 pm »
Actually, they were oriental. Looked like Chinese mafia. They came back here a few minutes ago with a well dressed guy that has "a good reputation and accounts". Left now to see the landlord.
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