Accepting bid when bidder has house to sell!!

Doozergirl

@nickynoo
That's exactly right, yes. A FTB, cash buyer or someone with an agreement for a second mortgage has an offer accepted and verified. Their vendor is then free to go and get an offer accepted on another property and so on, until you reach the house at the top of the chain where the vendor is not relying on the sale to fund another purchase.

I'm sure virtually all EAs would advise vendors not to stop marketing their house after an offer from someone that hadn't the funds or sale in place to buy the house.

@ Woby_Tide
I thought about it when I wrote but I thought that people would get the general idea that if you don't have any money then you can't buy something! Maybe I should have said it was like going shopping without cash/credit/debit/store card/gift voucher. Did I miss anything?

bylromarha

Doozergirl wrote:

@ Woby_Tide
I thought about it when I wrote but I thought that people would get the general idea that if you don't have any money then you can't buy something! Maybe I should have said it was like going shopping without cash/credit/debit/store card/gift voucher. Did I miss anything?

Coupons/milk tokens/cheque book/stamps;)

Woby_Tide

Doozergirl wrote:

@ Woby_Tide
I thought about it when I wrote but I thought that people would get the general idea that if you don't have any money then you can't buy something!

I still think you are missing the point though. Making an offer when you haven't sold is just a useful part of the chain process. If you find that the house you want will accept a lower asking price this gives you the flexibility in what you may accept on your property and this then ripples through the chain potentially. Then suddenly everyone has a seller and an offer that is in place.

I don't think anyone has advocated accepting an offer from a non-seller and then completely withdrawing the property from sale to the rest of the market(that would be daft and I don't think anyone suggested that), accepting an offer conditionally(i..e that the person making the offer sells their property, otherwise their offer may be 'beaten' by someone else who has sold). I just see it as offering an incentive for someone to sell their property knowing they have a place they want to buy at the price they want. Makes perfect sense to me.

Next you'll be telling me you've never asked a shop to put something behind the counter for a few hours whilst you go and get the cash/cheque book/credit card.....!!! Exactly the same principle, if you don't come back with the cash, your offer is worthless, if you meet the sellers conditional offer(i..e holding the product for you) you both make the deal (if someone comes in with the right money and sees what the shop is holding for you and likes it, the shop may sell it anyway).

I stand by the process of offering without a sale(and have used it in practice on my last purchase, in fact the place we bought had 2 conditional offers on it, both from non-sellers, we sold our place first)

Doozergirl

Well that's where you and me differ Woby, because I won't blink at an offer if they're not in a position to proceed. There's no negotiation because I give my best price away to the estate agent and that's all they need to look for from someone in a better position.

Even if a vendor were prepared to negotiate, they're in the strongest position and aren't going to compromise on the magic price. If they think you've got buying power and that you might walk away, they will probably be a little more accommodating.

Unfortunately for the people that are buying a house from me at the moment, they made an asking price offer on the condition that I took it off the market until they'd sold. The agent rejected it outright for me and when they came back after they'd sold (a week later) with an offer £5k under, can you guess what I said? Full asking price later...