Buying Advice

theyorkiebar · 17 August 2007 at 10:45PM

Hi I wonder if you can help me...

The situation is this... We have currently placed our home on the market and have already generated some interest. We have seen a really nice property which we negoiated a price on... (not much lower than the asking price)

However....

The estate agent said "I can confirm that the vendor has accepted your offer, however will keep his property on the market untill your home is sold..."

Is this normal? Should I call back in the morning and revoke the offer unless the EA or vendor remove the property from sale?

I would even consider offering he asking price if it secures the property.

Any advise is greatlt appreciated....

Thanks

x_Wilco_x · 17 August 2007 at 11:08PM

If you are relying on the sale of your property to purchase the property you have offered on then this is normal as you are not actually in a position to buy until you actually sell (or at least accept an offer) on your property...

Would you accept an offer on your property, and take off market, from somebody who was not in a position to buy???

I would leave my accepted offer on the table and concentrate on selling my house...

theyorkiebar · 17 August 2007 at 11:25PM

Sorry if i ask silly questions - But I assumed that this was what being in a 'Chain' was all about....?

Someone could come in and offer the asking price and my offer is out the window (even if they are in the same position as I)

All seems very strange!

x_Wilco_x · 17 August 2007 at 11:35PM

But you are not in a chain until you have an offer accepted on yours or you are in a position to buy...

Of course, you can ask the vendor to withdraw their property on the basis of your offer but I would fully expect their estate agent to advise against this as, as i said, you are not yet in a position to actually make good your offer...

theyorkiebar · 17 August 2007 at 11:44PM

Thanks x Wilco x

Makes sense really - whats to stop me telling the EA I have an offer and stalling? Not in a spiteful way, but to ensure I secure the property?

I appreciate that someone could do this to me, but I was off the opinion that if someone offered me an amount and I accepted it, I removed my property as I've agreed to sell to them? and not hang on to see if something better comes along..

I do see what your saying around being in a position to actually make good my offer..

x_Wilco_x · 17 August 2007 at 11:55PM

theyorkiebar wrote: »

whats to stop me telling the EA I have an offer and stalling? Not in a spiteful way, but to ensure I secure the property?

The vendors agent will check with yours to see if you have sold (you have to share details) and will also ask for mortgage details, solicitors etc... so not much chance of getting away with this!!!

Whenever I have moved I have accepted an offer on mine before even viewing prospective properties - saves the possible disapointment of losing the perfect property through not selling quick enough...

Good luck with the sale, hopefully you will get an offer soon and be able to secure your purchase...

theyorkiebar · 17 August 2007 at 11:59PM

Cheers - And thanks again!

Yorkie

Running_Horse · 18 August 2007 at 2:09AM

I refer you to a recent discussion:

http://forums.moneysavingexpert.com/showthread.html?t=496935

Where I referred someone to a recent discussion.

theyorkiebar · 20 August 2007 at 12:53PM

Cheers for your help - Guess I shouldn't have gone looking!

Sod's Law - I find the right one straight away!

Buying Advice

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