Three Buyers Are After My House !

Jorgan_2

Get as much info as you can about your buyers, position, finance etc. Don't just accept the highest bid. You want the best buyer, in the best situation.

Debt Free has a very valid point with regards to the mortgage valuation.

Remember the EA has duty to inform you if he is providing any other services, to a buyer, that he is receiving payment for i.e. arranging their mortgage, selling their property or being paid a referral fee by a solicitor. If the EA is pushing one party more than an another and their is no obvious difference, don't be afraid to ask why.

nickinoo

I was in a simlar situation to this recently but this was down to the fact that I am buying a new property & part of the conditions of getting the incentive package were that our home was sold at a quick sale price.

Anyway this meant that the house was on the market for 5k less than other comparable properties in the area (don't worry I demanded a discount off the new house & with the incentives we are quids in). We had 5 viewings on the 1st day & 3 offers (well a 4th if you count the people who wanted us out within 2 weeks!).

We had 1st time buyers offer the asking price with a 5% deposit, a developer offer the asking price with 15% deposit or a couple who were going to be cash buyers 2/3 weeks later when their own home was sold with a 10% deposit who offered 2.5k over the asking price. We went with the cash buyers in the end as our timescale & the interest in our property made us think that it was worth risking it falling through.

Also the developer was a pain in the bum asking questions about every single fixture & fitting in the house, he wanted all the white goods, curtains etc thrown in, the boiler serviced etc & my gut instinct told me he would have been a nightmare after survey. He even asked if we would have the hedges trimmed for him!

Our buyers have been lovely to deal with & I have had the boiler serviced as a courtesy to them (also we are going to be here for another 6 weeks) & I am leaving them most of the curtains etc. Even better that they didn't have a survey done so no problems with them offering less etc if anything showed up (we think they are mad personally!).

We also had to consider the fact that our buyers 10% deposit for our current home was only a 5% deposit on our new property, whereas if we'd gone for the people with a 5% deposit then we would only have had a 2.5% deposit to put down which may have proved awkward & we only had about 3k in savings.

Our adviser at the builders & both estate agents advised against getting into a bidding war as they said what often happens is friends & family of the buyers start to question why they paid over the asking price for a property & this causes a lot of buyers to get cold feet & pull out.

It all depends on your personal circumstance such as where you are moving to & when it will be ready etc (we were looking at about 4 months due to our property not being built yet).

littlereddevil

I know in Scotland it is different but last week my friends daughter put in a sealed bid on a house as it went to closing date and there was 6 other interested parties. On the day of the sealed bids everyone pulled out except her!! As is law in Scotland you get your bid back.

Woby_Tide

yes people offer more than they can afford. We've just been stiffed by someone who claimed they had approvals and it sorted, but in fact had arranged an appointment, which has subsequently left them looking at properties for about £50k less than they were, and us without a buyer