A new offer from nowhere... URGENT HELP

mikee_j

here is my situation. I put an offer in for £820k (asking price £875k) on a house 3 weeks ago which was subsequently accepted at £825k. The sellers wanted a quick exchange but with a long completion so that they can get sorted to find rented accommodation in between finding somewhere else to live, especially as they have a big family to organise moving. I agreed this and was one of the main reasons i got a good price for it. Apparantly is was under offer a few months back for £850k but that fell through.

Now with excahnge date agreed for this Friday and new offer from nowhere has come in for £850k!! the EA clims it to be someone who viewed the house 6 weeks ago. The vendor has been contacted and been informed of the offer and have chosen to sleep on it until tomorrow!! Personally, i would have thought they would quickly say no to the new offer and get on with things. Why is this allowed to happen!??!

What is going on here?? Something doesn't feel right and its put me off the whole deal alltogether.

Please, i'd be graetful for any advice on what is going on here. I'm very tempted to pull out of the whole deal tomorrow. Is this practice normal?!

argghhh... this bloody system the country has is apauling and it doesn't help when i don't believe a word the EA is saying.

Spicey

I would threaten to pull out if they going to mess you around, maybe also threaten to sue them for your costs if they gazump you. I agree the system is rubbish.

david29dpo

The vendors can do what they like (and you) until exchange. Why wasn't the house taken of the market when your offer was accepted?

socrates

Spicey wrote: »

I would threaten to pull out if they going to mess you around, maybe also threaten to sue them for your costs if they gazump you. I agree the system is rubbish.

Sue them for costs? Unless there is an exchange of contracts there is nothing either side can do about wasted costs.

silvercar

Do you believe they are looking for rented accommodation. I would be suspicious that they actually NEED to sell.

Hold firm.

mikee_j

david29dpo wrote: »

The vendors can do what they like (and you) until exchange. Why wasn't the house taken of the market when your offer was accepted?

It was!

The EA claims this offer has come out of nowhere, and that it is someone who viewed the house 6-8 weeks ago (3 viewings apparantly) but have only now decided to make an offer due to them being busy?

no chance of suing for costs. Only thing which i can do is offer to sell the building survey to any future purchaser at a reduced price. At least that would recover some cost.

mikee_j

silvercar wrote: »

Do you believe they are looking for rented accommodation. I would be suspicious that they actually NEED to sell.

Hold firm.

Well... again the EA has now told me that they are trying to get an offer accepted on a house elsewhere and not move into rented. Personally, i don't even think that they were thinking of going into rented, just another lie from the EA, and that they would use the long completion to get another place secured.

Spicey

mikee_j wrote: »

It was!

The EA claims this offer has come out of nowhere, and that it is someone who viewed the house 6-8 weeks ago (3 viewings apparantly) but have only now decided to make an offer due to them being busy?

no chance of suing for costs. Only thing which i can do is offer to sell the building survey to any future purchaser at a reduced price. At least that would recover some cost.

Good idea. Though if theyre in such a hurry why would they want to start all over again with a new purchaser? Good luck.

bryanb

mikee_j wrote: »

It was!

The EA claims this offer has come out of nowhere, and that it is someone who viewed the house 6-8 weeks ago (3 viewings apparantly) but have only now decided to make an offer due to them being busy?

no chance of suing for costs. Only thing which i can do is offer to sell the building survey to any future purchaser at a reduced price. At least that would recover some cost.[/QUOTE



Check the surveyor's T & Cs before you do that.

david29dpo

As they where after a delayed completion, accepting the new offer may help them but thats up to them. They hav'nt accepted the new offer yet so hold on!

twokcc

I would respond to estate agent with confirmation that you will agree to original terme agreed and you wish this confirmed to seller and a response within 24 hrs that the seller will proceed with the original agreement. If yo have not heard anything within this period you will instruct your solicitor not to proceed.
The new buyer could be a phantom with the EA/buyer trying to obtain a better selling price, would appear that you are in a good position to complete on purchase. If the new buyer exists that may have a house to sell, may have to get a mortgage agrred(not always easy in the currnet market) so the odds could be stacked in your favour. May be worth asking these things when you speak to EA so he knows you have thought about the situation. EA response may help you to decide if offer is genuine or not.
Nothing to stop you increasing your offer to £850K after you have tested the sellers resolve if it is really the house that you want, but in the current market other houses will become available that could meet your requirement. Up to you to decide how badly you want the house but that doesn't mean that you can't play hardball in the negotiation- if you are in a chain this could influence your decision.
Good luck which ever way it goes.