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

baileysbattlebus

hethmar wrote: »

To be fair, if a buyer can see the value of the property dropping before their eyes - it would make good business sense to renegotiate the price before exchange. Its business, not sentiment - would you really give someone an £5 or £10k over the value of an item because it would be bad form not to do so?

And if a seller gets a better offer surely the same standards apply then.
"It's business not sentiment"

BTW, I dislike both practices.

For the OP, we had a buyer pull out on the morning of exchange - chuffed we were not. But fortunately we sold again quickly.

hethmar

Thats right, its a horrible situation, but you have to make the decision whether to be honourable but out of pocket.

poppysarah

katew87 wrote: »

Well we have found a new build 3 bed detached which is double the size but 60k more..mm im not sure if its safe to touch new builds at the moment

You've got to be confident that you've got a big enough deposit, that your jobs are safe, that your mortgage payments are completely managable and that the area is just perfect and that the house is not going to fall down.
There's a lot of problems with new builds that aren't always apparent because you're blinded by the idea of a brand new house.

Walk round the area at night. Several times. And include a friday night there to see what it's like. Would you feel safe there walking around? Is there adequate play provision for kids or will they all be playing outside your front door?

si-mate

We had this happen twice to us earlier this year. First house 3 days after our offer was accepted by 5k and second after we had commissioned the searches was by 27k.

The first we were offered again at a discount and had moved on by that time. The second property would have lost a lot of value so again we are now glad it happened.

And the icing on the cake is that we are now in a house which trumps both of them several times over.

PropertyPro

hethmar wrote: »

To be fair, if a buyer can see the value of the property dropping before their eyes - it would make good business sense to renegotiate the price before exchange. Its business, not sentiment - would you really give someone an £5 or £10k over the value of an item because it would be bad form not to do so?

Fair enough if the mortgage valuation backs up a reduced offer, but not when the offer is made when exchange is imminent. That's a preconcieved tactic generally made by people who do it on a regular basis.

katew87

poppysarah wrote: »

You've got to be confident that you've got a big enough deposit, that your jobs are safe, that your mortgage payments are completely managable and that the area is just perfect and that the house is not going to fall down.
There's a lot of problems with new builds that aren't always apparent because you're blinded by the idea of a brand new house.

Walk round the area at night. Several times. And include a friday night there to see what it's like. Would you feel safe there walking around? Is there adequate play provision for kids or will they all be playing outside your front door?

I drove up there last night and it was very quiet which was great, the house is a corner plot detached in a very quiet cul de sac location so i wouldnt expect alot of cars or people to be roaming the streets which is a big thumbs up in my book:D
So I put an offer down today 19k below asking price and asked for all carpets throughout the house, clay tiles in kitchen/diner, integrated fridge freezer, washing machine, dishwasher - worth a try hey:p

katew87

Welshwoofs wrote: »

I don't like gazumping or gazundering but the OP seemed to be asking if it can be done and, of course, it can. From what I understood from the original post, this wasn't really a gazump as the cash buyer offered the same amount. It sounds as though the seller is crapping themselves that the OP won't get the mortgage...which seems to be happening a lot recently.

Personally, if I'd been the seller I'd have gone with the OP if I'd already accepted the offer and asked the EA to contact the cash buy if the OP failed to get the mortgage after all was said and done.

I had 32% deposit waiting in my bank account and had my mortgage offer from Hlaifax I dont think I could of proved I had the funds anymore - oh well the house has now sold to Mr fancy rich cash buyer:mad:

hethmar

Let us know how the offer goes

poppysarah

I don't get why the carpets wouldn't come with the house - and the tiles...

If someone wanted extra for them then I'd tell them to take them!

hethmar

I assumed it was a new build?