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  • FIRST POST
    • tiny_tim
    • By tiny_tim 7th Mar 17, 3:00 PM
    • 7Posts
    • 12Thanks
    tiny_tim
    Gezumped on charity property
    • #1
    • 7th Mar 17, 3:00 PM
    Gezumped on charity property 7th Mar 17 at 3:00 PM
    Recently put in an offer for 305k on a house that was accepted! Status was changed to 'SOLD' and everything was ready to start moving, but got a call from the estate agent saying some had put in a higher offer even though our offer had been accepted.

    So this property has been empty for three years and is being sold on behalf of charitie(s). We are first time buyers, and have over 25% and can move in straight away, but worried what would happen next. Do people think the charities will go back on their offer or are likely to change?
Page 2
    • G_M
    • By G_M 7th Mar 17, 7:34 PM
    • 39,201 Posts
    • 44,541 Thanks
    G_M
    The other sell bid for 309k, mine was 305k. Estate agent tells me the other bidder has a smaller deposit and is pulling out of another sale for this one so may not be reliable. I am not sure if this counts in my favour or not.
    Originally posted by tiny_tim
    It may make a difference, especially if you are closer to Exchange - how far have you got?

    4K is enough to make the charity consider the new bid, but a bird in the hand is worth more that 2 in the bush - they will weigh up the pros and cons.

    Only the charity can decide what they will do.
    • tiny_tim
    • By tiny_tim 19th May 17, 5:45 PM
    • 7 Posts
    • 12 Thanks
    tiny_tim
    Just thought I would post a reply and say in the end the original seller still went with our offer. We have now completed the purchase of the house and exchanged contracts, so its possible after all...!
    • BLOW FLY
    • By BLOW FLY 19th May 17, 8:27 PM
    • 76 Posts
    • 64 Thanks
    BLOW FLY
    Just thought I would post a reply and say in the end the original seller still went with our offer. We have now completed the purchase of the house and exchanged contracts, so its possible after all...!
    Originally posted by tiny_tim
    So it was the EA then basically trying to push you for more money, well done for sticking to your guns and holding out.

    EA's love their phantom buyers.....

    BF
    • tiny_tim
    • By tiny_tim 21st May 17, 8:21 AM
    • 7 Posts
    • 12 Thanks
    tiny_tim
    I think it was the EA in the end, it took them a week to reply but as we refused to change our offer it was accepted by the seller.
    • eddddy
    • By eddddy 21st May 17, 9:03 AM
    • 4,467 Posts
    • 4,140 Thanks
    eddddy
    I think it was the EA in the end, it took them a week to reply but as we refused to change our offer it was accepted by the seller.
    Originally posted by tiny_tim
    I very much doubt it was the EA.

    Assuming the EA is on 1% commission (as the seller is a charity),

    - a 305k sale would earn them 3,050.
    - a 309k sale would earn them 3,090 (i.e. 40 more)

    But... that extra 40 would:
    - cause them extra work (the extra phone calls to you etc)
    - delay them getting their fee (because of the extra week of negotiations)
    - risk annoying you and causing you to walk away

    For these reasons, I strongly suspect that the EA was urging the charity to stick with your offer, and get things moving.

    (But the charity was probably prevaricating because of their legal duty to get the best price reasonably possible.)
    Last edited by eddddy; 21-05-2017 at 9:11 AM.
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