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    • whatabouts
    • By whatabouts 10th Oct 16, 2:01 PM
    • 2Posts
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    whatabouts
    Notifying Seller if I accept a different buyer's offer
    • #1
    • 10th Oct 16, 2:01 PM
    Notifying Seller if I accept a different buyer's offer 10th Oct 16 at 2:01 PM
    Hi all. We are in a bit of a dilemma. We are buying a house that we had lost before (due to our buyer dropping out and our seller being very worried about timelines). A few days ago we accepted a cash offer on our house (should speed things up), increased our offer on the house we wanted and managed to get our seller back on board - yay. However, over the weekend we received a MUCH stronger offer on our house. But it "only" comes with a cash deposit of 70% which means the buyer still needs a mortgage for the remainder. We are worried that we will lose our (new) house if we accept the offer, as our seller is in a bit of a hurry. What is our legal position. Do we need to inform our seller's estate agent? Or even the seller directly? Will our estate agent have to inform the other estate agent? We do not want to decline this offer but don't want to lose our new house either. BTW it has not been part of the sale that we had to accept the cash offer but we know that it was in our favour. Thank you all!
Page 1
    • tykesi
    • By tykesi 10th Oct 16, 2:23 PM
    • 1,398 Posts
    • 1,762 Thanks
    tykesi
    • #2
    • 10th Oct 16, 2:23 PM
    • #2
    • 10th Oct 16, 2:23 PM
    What makes you think it's a stronger offer? Or are you just using that word instead of higher?
    • eddddy
    • By eddddy 10th Oct 16, 2:47 PM
    • 3,828 Posts
    • 3,471 Thanks
    eddddy
    • #3
    • 10th Oct 16, 2:47 PM
    • #3
    • 10th Oct 16, 2:47 PM
    What is our legal position. Do we need to inform our seller's estate agent? Or even the seller directly? Will our estate agent have to inform the other estate agent?
    Originally posted by whatabouts
    Your legal position is that you don't have to say anything to your seller or their EA.

    Similarly, your EA doesn't have to say anything to your seller's EA - but they might choose to.

    So it's more of a moral question than a legal one.

    But if you put both your buyers into a 'contract race', your solicitor will have to tell both their solicitors.


    Depending on which way you go, if you like playing hard-ball, you can also say to the cash buyer that you've had a higher offer and invite them to match it.
    • glasgowdan
    • By glasgowdan 10th Oct 16, 4:00 PM
    • 1,439 Posts
    • 1,534 Thanks
    glasgowdan
    • #4
    • 10th Oct 16, 4:00 PM
    • #4
    • 10th Oct 16, 4:00 PM
    No need to tell your seller anything, just get their funds to them at a date you can all coordinatr
    • Hoploz
    • By Hoploz 10th Oct 16, 4:52 PM
    • 3,030 Posts
    • 2,683 Thanks
    Hoploz
    • #5
    • 10th Oct 16, 4:52 PM
    • #5
    • 10th Oct 16, 4:52 PM
    It's only a few days since the original offer so not much of an issue if you decide to decline it and take the other offer. It'll be disappointing but they won't have lost a lot of money etc.

    The second offer sounds almost as good if it is a 70% deposit. However is this still dependent on a sale to come to fruition or is it readies under the mattress?

    It's worth asking the first buyer if they can increase ... But you don't want to put yourself in the position of them saying they will therefore need a mortgage also!

    Is it really a lot of difference? If just a few k it might be best to stick with buyer 1 with hopefully a slight increase.

    Suggest a contract race and you'll probably send both buyers running off screaming into the ether!
    • whatabouts
    • By whatabouts 11th Oct 16, 7:18 AM
    • 2 Posts
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    whatabouts
    • #6
    • 11th Oct 16, 7:18 AM
    • #6
    • 11th Oct 16, 7:18 AM
    Hi, the other offer was a staggering 15k above the other offer and 20k over the asking price, including a 12k deposit. But sadly we had to turn it down as our seller would have pulled out if we had gone with anything but the cash offer. All fun and games (not), thanks guys for your input!
    • glasgowdan
    • By glasgowdan 11th Oct 16, 8:02 AM
    • 1,439 Posts
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    glasgowdan
    • #7
    • 11th Oct 16, 8:02 AM
    • #7
    • 11th Oct 16, 8:02 AM
    Is that what the seller's EA said? Smells like digested food from a male cow to me. You need to show some gumshin and play your hand, £15 k is a heap of money that you've worked hard for over the years. A seller can't dictate where your money comes from.

    Though the other issue is that the high offer you've received may not come through if they get heavy buyer's remorse.
    • getmore4less
    • By getmore4less 11th Oct 16, 8:37 AM
    • 26,235 Posts
    • 15,783 Thanks
    getmore4less
    • #8
    • 11th Oct 16, 8:37 AM
    • #8
    • 11th Oct 16, 8:37 AM
    £15k more what sort of %

    if they dropped you and tried to get another offer did they get anywhere as they took you back as soon as you found another buyer.

    even with a new buyer they can try and sell to someone else but you could still get your cash before they get anyone.


    cash buyer, every buys with cash, you have no idea where the cash is could be ties up somewhere or they could suddenly decide they don't want to use all there cash and get borrowing(they don't have to tell you).


    Why do you think this new buyer things your place is worth that much more?
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