offer on house accepted, more viewers going to see it tomorrow! should i be concerned

Nenen

We were in a smilar position when buying our first house (many years ago now). We decided we would not risk getting into a contract race (which yours sounds like) and instead, stepped down and let the other party go ahead, telling EA and vendor, 'If the sale falls through and we're still looking then we might be interested so please let us know if this happens". Fast forward 3 months and EA rings... lo and behold the sale fell through at the last minute, vendor is now desperate and accepted our offer which was lower than the previous one!

Btw... when the market was bouyant at the beginning of 2008 it was not at all unusual for EA to ring us the day (or sometimes even the hour) before we were due to view a property and cancel the viewing as it had now been sold! The EA you were dealing with could have cancelled the viewing subsequent to your offer if they had wanted to... the fact that they chose not to (as did the vendor) would be even more reason why I wouldn't get into a contract race if I was you!
Good luck!

stolt

Nenen wrote: »

We were in a smilar position when buying our first house (many years ago now). We decided we would not risk getting into a contract race (which yours sounds like) and instead, stepped down and let the other party go ahead, telling EA and vendor, 'If the sale falls through and we're still looking then we might be interested so please let us know if this happens". Fast forward 3 months and EA rings... lo and behold the sale fell through at the last minute, vendor is now desperate and accepted our offer which was lower than the previous one!

Btw... when the market was bouyant at the beginning of 2008 it was not at all unusual for EA to ring us the day (or sometimes even the hour) before we were due to view a property and cancel the viewing as it had now been sold! The EA you were dealing with could have cancelled the viewing subsequent to your offer if they had wanted to... the fact that they chose not to (as did the vendor) would be even more reason why I wouldn't get into a contract race if I was you!
Good luck!

thanks, yeah when we were looking late 2007 w had the same problems. I know everyone keeps going on about these credit crunch times and looking via property bee on rightmove there are lots of properties dropping large amounts, but these were vastly overpriced and now they are just dropping to acceptable level. I'm annoyed wih the EA for allowing it, but the vendor said he never told them to take it off the market which they told me it had been. I got the feeling he is a straight guy and wants this other house that he likes and basically just wants whoever can complete soonest (which i fully understand)
frustrating and even though things may have moved on a bit since 2007 and after reading some of the replies to this thread (thinking the way i was thinking) was confident last night we would still be in a strong position today!:rolleyes:

I wont get into a silly tit for tat race no matter how much i like the house, ive based all my figures on the offer i had acceped and well i could go higher but I wont, the other couple had a great big new audi and could probably keep going, although i was tempted to put another offer in just so they end up paying more but then they might accept my higher offer and i wont be happy because i have payed more!

oldMcDonald

stolt wrote: »

I wont get into a silly tit for tat race no matter how much i like the house, ive based all my figures on the offer i had acceped

Very sensible.

stolt wrote: »

and well i could go higher but I wont,

Again, very sensible.

stolt wrote: »

the other couple had a great big new audi

And quite possibly a great big debt already to match - you can always see what someone owns, but not what they owe!

stolt wrote: »

and could probably keep going, although i was tempted to put another offer in just so they end up paying more but then they might accept my higher offer and i wont be happy because i have payed more!

You may even be in a position where you may be tempted to put in a lower offer in a months time, if the other buyers are unable to get a mortgage and houses have fallen by another 2% MOM

Good luck, OP. I am not looking forward to this part when we start looking to buy a house:)

stolt

tanks oldmcdonald, yeah i know its the sensiable thing to do, why do we feel so crap though. I now know why we stayed in the rental for near on two years.

Thrugelmir

stolt wrote: »

just spoke to the EA today on this house that we have made and vendor accepted our offer on. And i said can we have another viewing tomorrow just to refresh our memories of the place.
The vendor has said that offer is accepted (this was thursday) and will be taken off the market as long as we can move within 6 weeks, which i agreed to no problem.

Talking to the EA today about another viewing tomorrow I asked her to confirm it had been taken off the market and she said it has but there was another couple viewing tomorrow and it had been booked before i had made my offer. I'm slightly put out because the vendor said it would be taken off the market, i dont want to play silly games but it will just be my luck that they put a higher offer in and well i wont get into a auction with someone else.

Do you think that I'm out of order if i make more of a fuss of this tomorrow morning and ask that these people dont view it?

I havent got the mortgage sorted (see a broker this evening and he said mortagage + valuation will take about a wee max) so perhaps i'm being unfair in stating that but I have got a large deposit and we are in rental so whoever offers on it might not be in a good situation as us anyway and for a few grand more it might be better to have us as buyers.

perhaps i'm jumping the gun but i have had the bad times of late 2007 in my head and losing houses time after time, because people were cash buyers, or sold or offered above asking price etc.

I am slightly surprised that your offer was accepted even though you have "no mortgage in principle" in place. The sooner you get a mortgage approved the better. The question of property valuation is a different matter.

In the current falling market the vendors will be keen to realise their selling price. So may well wish to see buyers who can move quicker.

stolt

Thrugelmir wrote: »

I am slightly surprised that your offer was accepted even though you have "no mortgage in principle" in place. The sooner you get a mortgage approved the better. The question of property valuation is a different matter.

In the current falling market the vendors will be keen to realise their selling price. So may well wish to see buyers who can move quicker.

i had enough cash if the house was 350k but that offer was rejected so decided to eep some of the cash in investments in dubai and thought i might as well take a 90k mortgage and do it that way, obviously thats backfired on me now that hes not so keen on us now we are not 100% cash buyers.

Premier_2

Do you really want the property or are you prepared to lose it?

If you really want it, negotiate a price that will see the property (a) removed from the market for an agreed time (e.g. 4 weeks to allow exchange) and (b) that no further viewings will take place until such time has expired.

If not, be prepared to lose the property to someone else until you exchange.