Once offer has been accepted,can the sellers pull out to go with another offer?

katew87

:mad: Im really annoyed!!!!

I put an offer down on a house for 5k less than it was advertised and it was accepted, I was ready to instruct the solicitor for a quick move in when a cash buyer appeared from know where and matched my offer with cash and now mine has been refused. Surely this isnt fair once an offer has been accepted and we were in the process of doing the paper work?!

Im sooo angry grrrrr:mad:

gemmalouanna

No not fair but it's what happens - as a seller you would jump at the chance of this cash buyer.

Just ask to be kept informed incase the sale falls through if not I hope you find something else

jenny74

It is not a nice thing to do, but the vendor can change his mind/accept another offer any time prior to exchange of contracts. The same as some buyers lower their offer at the very last minute. Not nice, but perfectly legal. (Hence the 'Sold Subject to Contract'.

Sorry it's not what you want hear.

Jenny.

katew87

Thanks Gemma. Just to make matters worse, we went round to have our second viewing an hour before they knew they had another couple coming to see the house. Does this happen all the time?

_Andy_

It's annoying but fair - if you were the seller which would you go for?

katew87

Is there really a difference between the 2 of us? when I had a leter to prove I could get the mortgage and there was no chain my end.

gemmalouanna

Seller will just be thinking about speedy sale with vash buyer....you could ring estate agent and explain nothing to lose??? Are you ready to move straight away - did they know this?

gemmalouanna

Seller will just be thinking about speedy sale with cash buyer....you could ring estate agent and explain - nothing to lose??? Are you ready to move straight away - did they know this?

katew87

Yes we have the funds in my account ready to move asap and they knew this. I understand its not illegal but for someone else to not even offer more and theres gets accepted as there a cash buyer I find that so annoying.

pawpurrs

Lucky vendor :rolleyes: Two procedable buyers.
A cash sale is easier normally anything could go wrong with a mortgage especially at the moment, it could be downvalued or you could be refused a mortgage, or some mortgage funds retained.
An AIP isnt worth too much at the moment, you dont really know if you have the mortgage untill its been underwritten.
At least you hadnt started to spend money out, and these buyers could well still pull out.

Welshwoofs

I'm afraid that sellers can pull out at any time prior to exchange of contract and can sell to whomever they wish. The same as buyers can pull out at any point before exchange of contract and can change the amount they're willing to offer.

Thanks Gemma. Just to make matters worse, we went round to have our second viewing an hour before they knew they had another couple coming to see the house. Does this happen all the time?

Most certainly does. As a seller you'd never stop people viewing just because someone had come for a second viewing. If you put in an offer you can ask that the house is taken off the market, but that request will generally be rejected unless you're making an offer the seller doesn't think will be bettered.