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  • FIRST POST
    • dannyjebb
    • By dannyjebb 18th Apr 17, 2:59 PM
    • 379Posts
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    dannyjebb
    Offer accepted then changed their mind a week later
    • #1
    • 18th Apr 17, 2:59 PM
    Offer accepted then changed their mind a week later 18th Apr 17 at 2:59 PM
    Hi all

    Last week we had an offer accepted on a house, I made sure it was taken off the market and the estate agent told us it was ours and not to worry no one else would come in for it....Today we had a call saying the sellers had changed their mind and sold it to someone who had a higher offer....I know until you exchange contracts the seller (or buyer) can change their mind which seems crazy. But I am not sure how someone has come in with a higher offer when we were told the house was ours and had been taken off the market? Is this a regular thing that happens? Luckily it had been bank hol weekend so we haven't been able to get our mortgage application done, otherwise we would of paid the MA a fee to do the application as well as left a footprint on our credit file for a search that is no longer relevant. This is our first purchase so all new to us but I was under the impression that as the house had been taken off the market no one else could put in a higher offer?

    Thanks

    Danny
Page 1
    • FIRSTTIMER
    • By FIRSTTIMER 18th Apr 17, 3:03 PM
    • 249 Posts
    • 50 Thanks
    FIRSTTIMER
    • #2
    • 18th Apr 17, 3:03 PM
    • #2
    • 18th Apr 17, 3:03 PM
    Yes but it happens - the right move will just say sold stc and buyers will just ring and say they want it and tell vendors I will pay asking price. #gazumped.


    Estate Agents are looking after vendor - if its more money its better for both parties - albeit the estate agent will only get a few hundred quid extra if that.
    Savings £10000
    • deannatrois
    • By deannatrois 18th Apr 17, 3:05 PM
    • 4,747 Posts
    • 6,677 Thanks
    deannatrois
    • #3
    • 18th Apr 17, 3:05 PM
    • #3
    • 18th Apr 17, 3:05 PM
    Either someone who had already viewed it put in a late offer, or increased a previous offer.., or someone has indeed viewed it since your offer was accepted. The agreement wasn't written in stone, it is not illegal to do what they've done and fortunately you've not lost any money.

    I'd just put it behind you. Its not pleasant but I'm afraid there is nothing you can do as you've said. So no point in wondering. One way or another they've done what they said they wouldn't. Just be thankful it came at the beginning of the process rather than the end.
    • HouseBuyer77
    • By HouseBuyer77 18th Apr 17, 3:13 PM
    • 873 Posts
    • 836 Thanks
    HouseBuyer77
    • #4
    • 18th Apr 17, 3:13 PM
    • #4
    • 18th Apr 17, 3:13 PM
    but I was under the impression that as the house had been taken off the market no one else could put in a higher offer?
    Anyone can place an offer at any point until exchange of contracts (well someone could even attempt to gazump after exchange, though the vendor will suffer heavy penalties for breaching contract if they did so basically not going to happen).

    However generally once an offer has been accepted EA will stop advertising, tell anyone ringing about it that it's sold and not perform any more viewings etc (EAs would rather get on with selling another property than spend more time on a done deal). But if someone makes an offer EA will have to pass it on. Or someone could make an offer in person/via a letter direct to vendor.

    On another note remember not to spend anything until the chain is complete! Was this property chain free? By all means instruct a solicitor but tell them not to do anything until you say. It's pretty common to have an offer accepted on a house then find it takes ages for the vendor to find another house to buy and things fall through. So minimise expenditure to avoid losing much when this happens.
    • KateySW
    • By KateySW 18th Apr 17, 3:15 PM
    • 99 Posts
    • 148 Thanks
    KateySW
    • #5
    • 18th Apr 17, 3:15 PM
    • #5
    • 18th Apr 17, 3:15 PM
    Unfortunately, gazumping is always a possibility until exchange of contracts. It's a shame but not really a lot you can do at this stage and it isn't an uncommon experience even with an exclusivity agreement in place, there is still a risk. As you say, at least this happened within a week of the offer being accepted!

    Keep house hunting, it feels a bit gutting when this happens but keep at it. The right house will come along eventually, cliched as that sounds! And if gazumping is something that really concerns you in the future (or is quite common in the area you want to buy), perhaps you can look into your solicitor writing some terms into your contract, stipulating compensation if either buyer or seller pulls out etc. I'm not sure how easy/hard that is to do but I've heard of people doing that to minimise the risk.
    Last edited by KateySW; 18-04-2017 at 3:24 PM.
    • sheff6107
    • By sheff6107 18th Apr 17, 3:21 PM
    • 439 Posts
    • 293 Thanks
    sheff6107
    • #6
    • 18th Apr 17, 3:21 PM
    • #6
    • 18th Apr 17, 3:21 PM
    Better that you're the buyer and not the seller. A seller changing their mind is a real kick in the teeth
    • dannyjebb
    • By dannyjebb 18th Apr 17, 3:34 PM
    • 379 Posts
    • 82 Thanks
    dannyjebb
    • #7
    • 18th Apr 17, 3:34 PM
    • #7
    • 18th Apr 17, 3:34 PM
    Thanks for the quick replies,

    It was chain free hence why we had begun looking at getting the ball rolling. Luckily we hadn't paid for anything yet. I do find it strange that there is no initial agreement in place, i.e the buyer paying a few 1000 initial deposit once the offer accepted that stops them changing their mind and a penalty for the seller if they decide to change their mind and accept a higher offer.

    One interesting thing is I had a call off the EA this morning saying that the seller had asked them to find out if we were a couple or if we were brother and sister..... which seemed very strange
    • eddddy
    • By eddddy 18th Apr 17, 3:41 PM
    • 5,133 Posts
    • 4,787 Thanks
    eddddy
    • #8
    • 18th Apr 17, 3:41 PM
    • #8
    • 18th Apr 17, 3:41 PM
    Last week we had an offer accepted on a house, I made sure it was taken off the market and the estate agent told us it was ours and not to worry no one else would come in for it....Today we had a call saying the sellers had changed their mind and sold it to someone who had a higher offer....
    Originally posted by dannyjebb
    If you want, you can tell the EA that your offer is still on the table, and to give you a call if the higher offer falls through.

    You can also call the EA in 4 or 6 weeks time, if you haven't found anything else, to ask if the sale is proceeding satisfactorily.

    (That worked for me on one occasion. The seller had lost confidence in the person who made a higher offer - they were 'messing about'. So my call prompted the seller to dump them, and accept my lower offer instead.)
    • agrinnall
    • By agrinnall 18th Apr 17, 3:50 PM
    • 18,437 Posts
    • 14,148 Thanks
    agrinnall
    • #9
    • 18th Apr 17, 3:50 PM
    • #9
    • 18th Apr 17, 3:50 PM
    Better that you're the buyer and not the seller. A seller changing their mind is a real kick in the teeth
    Originally posted by sheff6107
    Perhaps you should read the OP again, it was the seller changing their mind.
    • dannyjebb
    • By dannyjebb 18th Apr 17, 3:50 PM
    • 379 Posts
    • 82 Thanks
    dannyjebb
    I think we are both too stubborn to do that. We have sold our house which has completed so in a strong position, we have our mortgage ready to go.

    The strange thing is the estate agent didn't even ask if we want to increase our offer.... seems like the sellers took a dislike to us cause we are a couple and not brother and sister?? LOL
    • eddddy
    • By eddddy 18th Apr 17, 4:03 PM
    • 5,133 Posts
    • 4,787 Thanks
    eddddy
    I do find it strange that there is no initial agreement in place, i.e the buyer paying a few 1000 initial deposit once the offer accepted that stops them changing their mind and a penalty for the seller if they decide to change their mind and accept a higher offer.
    Originally posted by dannyjebb
    You can arrange that if you want - it's often called a 'pre-contract deposit agreement'.

    The reason they are not popular is because it's so difficult to determine which party is 'at fault' if a sale falls through - and therefore who keeps the deposits.

    As an example,

    - Seller changes mind about selling - but doesn't want to lose deposit.

    - So instead of withdrawing, the seller delays answering solicitor's questions, gives vague answers, refuses further viewings, and is generally unhelpful

    - Buyers get fed-up and withdraw. So the buyers lose their deposit.

    (Or vice versa.)
    • dannyjebb
    • By dannyjebb 18th Apr 17, 4:13 PM
    • 379 Posts
    • 82 Thanks
    dannyjebb
    That's true, ah well I suppose you also leave yourself vulnerable if a survey brings up problems further down the line. Will definitely be looking at the house buying insurance to cover us if this happens once we have paid out for solicitor fees and surveys etc

    Thanks
    • csgohan4
    • By csgohan4 18th Apr 17, 4:57 PM
    • 3,775 Posts
    • 2,356 Thanks
    csgohan4
    better now than before exchange when you have sunk money in it,


    at least you know the vendor is unreliable.


    Wouldn't be surprised if their buyer falls through and they come begging you to come back
    Last edited by csgohan4; 18-04-2017 at 4:59 PM.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • skywalker007
    • By skywalker007 18th Apr 17, 5:12 PM
    • 13 Posts
    • 5 Thanks
    skywalker007
    This is my biggest fear. Seller changing their minds to go for another higher offer. i am recently in the same shoes. I have noticed the EA still showing some people the house after my offer has been accepted 3 weeks ago. It's worrying and i feel the EA are the ones pulling this string. I dont understand why they still show people houses that have been taking off the market. I am just worried the EA might call me and tell me someone's else offer has been accepted.
    • moneyistooshorttomention
    • By moneyistooshorttomention 18th Apr 17, 6:18 PM
    • 13,454 Posts
    • 36,651 Thanks
    moneyistooshorttomention
    This is my biggest fear. Seller changing their minds to go for another higher offer. i am recently in the same shoes. I have noticed the EA still showing some people the house after my offer has been accepted 3 weeks ago. It's worrying and i feel the EA are the ones pulling this string. I dont understand why they still show people houses that have been taking off the market. I am just worried the EA might call me and tell me someone's else offer has been accepted.
    Originally posted by skywalker007
    Why on earth are you not ringing the EA and "reading the Riot Act"?

    This happened to me - ie I found that the vendor had still got things in place that other people could be shown by my house AFTER they had accepted my firm offer.

    I threw one huge tantrum about it and made it very plain indeed that I had noticed the vendor was trying to pull that one on me and it was going to stop RIGHT NOW or else.

    The message was heard and it did stop.

    It was just as well I had been suspicious about the seller in the event - as other people were interested in my house and trying to view it in the event but it didnt happen - because I had made it VERY plain indeed that the vendor had to stick to the agreement or I'd throw them and their house overboard as fast as you please and buy another one instead (and I would have indeed.....).

    I was livid the vendor was trying that lark on me - but I dealt with it quick sharp and I suggest you do the same. Some people have the morals of an alleycat (apologies to cats) and do need dealing with firmly.
    Last edited by moneyistooshorttomention; 18-04-2017 at 6:20 PM.
    If there's "4 tendencies" type of people (Gretchen Rubin) = yep....Questioner type here
    - Meets an expectation only if they believe it's justified and resists anything arbitrary or ineffective
    • cjdavies
    • By cjdavies 18th Apr 17, 6:26 PM
    • 2,592 Posts
    • 2,536 Thanks
    cjdavies
    If you want, you can tell the EA that your offer is still on the table, and to give you a call if the higher offer falls through.

    You can also call the EA in 4 or 6 weeks time, if you haven't found anything else, to ask if the sale is proceeding satisfactorily.

    (That worked for me on one occasion. The seller had lost confidence in the person who made a higher offer - they were 'messing about'. So my call prompted the seller to dump them, and accept my lower offer instead.)
    Originally posted by eddddy
    On the other hand would you want too, they did it once so will do it again.
    • loveka
    • By loveka 18th Apr 17, 7:26 PM
    • 350 Posts
    • 337 Thanks
    loveka
    We did this, on the face of it.

    What actually happened was that one of the negotiators tried to Nick her colleagues commission by telling us that the first offer we had accepted was no longer interested in our house. So we accepted a lower offer. The first person was in fact still interested, so we accepted that higher offer, which was the first we had had.
    • Davesnave
    • By Davesnave 18th Apr 17, 7:57 PM
    • 23,147 Posts
    • 88,509 Thanks
    Davesnave
    If you want, you can tell the EA that your offer is still on the table, and to give you a call if the higher offer falls through.

    You can also call the EA in 4 or 6 weeks time, if you haven't found anything else, to ask if the sale is proceeding satisfactorily.
    Originally posted by eddddy
    I think we are both too stubborn to do that. We have sold our house which has completed so in a strong position, we have our mortgage ready to go. The strange thing is the estate agent didn't even ask if we want to increase our offer.... seems like the sellers took a dislike to us ....
    Originally posted by dannyjebb
    So is it the case that this house isn't that special? Being stubborn seems a bad reason to give up completely on a property if it's really wanted.

    However, I can understand you not wishing to enter a bidding war..

    Emotions should play a minor role, because as you've found out, no one cares that much about how you feel. It's business. Many transactions fall through, especially those where someone has overreached themselves

    On the other hand would you want too, they did it once so will do it again.
    Originally posted by cjdavies
    May do it again. After all, if Theresa can change her mind.....

    What we don't know here is how long the house had been on the market. Sometimes, if there's a flurry of interest early on, the sellers may think, rightly or wrongly, they've set the price too low. There's an argument that the market should be the final determinant. After all, why should anyone sell cheaply if several solid bidders come forward?
    'A society grows great when old men plant trees whose shade they'll never sit in.'
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