What Does
Vendor Suited Mean?

If you’ve been busy browsing property listings to find your dream house, you might have seen the term “vendor suited” mentioned. 

It might sound like confusing legalese (or maybe even something related to clothing!), but the answer is simple enough…

Vendor suited means the property seller is ready to buy another house.

Still have questions? No worries — we’ll break everything down, including the pros and cons of buying a house in this category and what to expect from the process.

Why Understanding the Term “Vendor Suited” is Important…

“Vendor” is a formal legal term for an individual or company selling something.

In this case, a property owner (or entity) who wants to sell their house. Vendors should legally own the house so they have the legal right to sell. It’s their responsibility to ensure they have all the necessary documentation in place (such as the property deeds).

When a property is listed as vendor suited, it means the seller has a house lined up that they want to buy. The word “suited” refers to a sale suiting the seller.

As a result, they want to sell their property as quickly as possible so they can proceed with the purchase of the next place. In contrast, other sellers may prefer a longer sale if it means securing the best price possible.

In summary, vendor suited is just an alternative way of saying that a seller is keen to sell.

Estate agents often use the term in property listings to attract the attention of potential buyers.

What a Vendor Suited Property Means for Buyers

It’s one thing to know what a vendor suited property is. But what many buyers will want to know is how exactly this status affects them.

There are both potential benefits and risks here – we’ll run through both…

Advantages 

As you might expect, if a property owner has found a house they want to buy, they’ll likely want to sell their current home as quickly as possible. Otherwise, they risk losing the house they want to other potential buyers or facing delays and complications.

If you’re really lucky, this eagerness to sell could even mean that you end up getting the house for a value below the asking price.

Pursuing a vendor suited house puts you in a great position for negotiation. Even if you don’t secure a lower price, sellers may be willing to include extras in the sale, such as appliances and furnishings.

Another perk is that you’re likely to know more about the timeline for buying a house. One of the most frustrating and stressful parts of being a buyer is not knowing when the completion date will be or how quickly you’ll be able to move in.

Also, buying a vendor suited property often means you have more information about a property at your disposal, helping to avoid delays.

Disadvantages

However, it’s not all good news…

While a vendor suited property can make things simpler, it can also create confusion.

Due to the possible advantages of vendor suited properties, you might find yourself with competition from other potential buyers.

If the seller is really motivated to make a sale, they might go all-out with trying to attract the right buyer, resulting in more interest – and potentially even a bidding war, sealed bids, or informal tender (less rigid bids).

In this case, trying to negotiate a value significantly below the guide price could backfire.

The house-buying process for a vendor suited property may also be less flexible. If the seller is going through the sales process for another property, it may mean that your own sale will revolve around this.

It also won’t necessarily mean that you can buy the house more quickly. Things could slow down if there are delays or problems with the other sale, as the seller can’t move out and let you move in until the sale goes through.

Plus, there’s always a risk of the seller’s purchase falling through.

How the Sales Process Works for a Vendor Suited Property

Overall, the house sales process for a vendor suited property broadly works the same as buying any other house. The steps involved are:

1. Obtain a mortgage in principle during the viewing process
2. Proof of deposit / cash funds
3. Make an offer on a house through an estate agent 
4. Submit a formal mortgage application
5. Initiate conveyancing process
6. Conveyancing searches
7. Wait for mortgage approval
8. Conveyancing enquiries
9. Signing of contracts
10. Exchange contracts 
11. Complete the sale 

Further Considerations with Vendor Suited Properties

Bear in mind that when the term “vendor suited” is used, it doesn’t give away exactly what point in the process the seller is in. Sometimes, they’re desperate to purchase the property – but other times, they’re fairly indifferent.

In situations like these, try to talk to the estate agents to get some more insight. Even if they don’t tell you explicitly, you may be able to pick up clues.

Also, try to find out where in the property chain the house they want to buy is. Are the other sellers ready to move out straightaway, or do they need to find a house to move into? Unfortunately, there are a lot of parties to consider in any house sale.

You may also want to look out for red flags, such as legal complications or poor property conditions. In some cases, a seller wants a quick sale for all the wrong reasons.

How Long Does it Take to Buy a Vendor Suited Property?

Exactly how long it takes to buy a vendor suited property depends on a few different factors. These include:

• Whether the house is in a property chain
• Other legal or financial complications 
• Whether the seller is buying with cash or a mortgage (the mortgage approval process can add complications)
• Market trends and level of demand

How Property Solvers Can Help…

“Vendor suited” just means that a seller is keen to give the sales process a boost by letting prospective buyers know that they want to sell as soon as possible.

This can help you secure a faster and smoother purchase, but it can also result in complications, especially if you don’t communicate with estate agents to understand where in the process a seller is.

If you want to move house as quickly as possible, working with experienced professionals helps to ease the process. A sell my house fast company like Property Solvers can help you dispose in as little as 7 days with no estate agency or legal fees. We also have 28 and 56-day auction options available.

Contact us 24/7 to find out more!