A selling conundrum

Davesnave · 13 January 2018 at 12:36PM

CommitedToChange wrote: »

Davesnave - I think it's a bit different if the offer has just been accepted. This buyer had had their mortgage valuation and started legals - they will lose money now if GrumpyDil ditches them.

This is why I said the length of time on the market is a factor to weigh.

I suppose something like 2 weeks is the sort of figure I'd call fair exposure. My first house, long pre-internet, was on for a week. Then, due to the interest, it went to sealed bids. All done and dusted in a fortnight.

Nothing's stopping Dil from offering an amount for genuine expenses.

And yes, our property suits us very well now, but it was £100k cheaper than the other one, so we've had to graft very hard and spend that to make it comparable.

GrumpyDil · 13 January 2018 at 12:37PM

CommitedToChange wrote: »

Davesnave - I think it's a bit different if the offer has just been accepted. This buyer had had their mortgage valuation and started legals - they will lose money now if GrumpyDil ditches them.

99% will go with conscience and stick with them but even if we didn't would most likely reimburse them their valuation fee and any legal costs related to their current purchase.

Really only asked as was quite surprised that 100% response in my office yesterday was to go with higher offer!

KTD10 · 13 January 2018 at 12:46PM

Could you go back to your current buyers and explain what's happened? A bit of honestly wouldn't hurt and they may up their offer if they think they might lose it. We are in the process of buying our first house as a couple and would be absolutely devastated if this happened to us as we waited ages to find this house and have spent over £1k in surveys so far. Whilst I appreciate £10K is a lot of money and would be hard to turn down, maybe being straight with your current buyer might lead to more money without any guilt?

GrumpyDil · 13 January 2018 at 2:07PM

To be honest they have already upped their offer quite a bit already and think that they have probably reached close to their limit.

Anyway we've decided that we will 99% stick with them at the agreed price as although it's a fair bit of extra cash they have progressed things from their side very quickly so are obviously keen. They did tell me that it would be their forever home which is kind of nice as we're selling because of circumstances and both really liked the house.

katebl · 13 January 2018 at 2:15PM

How long ago did the new offerers view the property? What has made them suddenly think your property is worth more than they were willing to pay x weeks/months ago? Were they holding out for better that never materialised, and are they not likely to have their heads turned if that does come on the market? I don't think I'd trust their loyalty

GrumpyDil · 13 January 2018 at 2:28PM

katebl wrote: »

How long ago did the new offerers view the property? What has made them suddenly think your property is worth more than they were willing to pay x weeks/months ago? Were they holding out for better that never materialised, and are they not likely to have their heads turned if that does come on the market? I don't think I'd trust their loyalty

I think the reason for the increased offer is because they want to live in the area and there are very few houses for sale there (four last time I checked) so I'd guess that they haven't been able to find anything else suitable.

Yes worry would be that they might try and reduce offer later down the process.

Although that's irrelevant musing really as very very unlikely we'll accept. Just would have been nice to have some extra money.

katebl · 13 January 2018 at 2:45PM

So although committed to the area they're not necessarily committed to your house... I think you're doing the right thing sticking with the first buyer, as the new one may have their head turned easily and use that to change/withdraw their offer down the line. Wishing you luck and a smooth sale from hereon

parkrunner · 13 January 2018 at 5:24PM

Personally I'd take the extra £10,000 but would offer to pay the other buyers reasonable expenses they have already incurred. I'd also give them the opportunity to increase their offer if they preferred that way.

Aspiration · 13 January 2018 at 7:30PM

Always an argument for both sides, however I think your conscience is the one thing to always be guided by. Great idea taking the weekend to think about it and make the right decision though

[Deleted User] · 13 January 2018 at 8:28PM

You could take the higher offer but offer to pay the other party's legal costs.

Bit risky if sale falls through but it is an option.

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A selling conundrum

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