Offer Dilemma

Carson10

In a bit of a tricky situation.

We put our house on the market 5 wks ago and were offered £10K+ under the asking price in the second week, which was then upped by £4K. We refused as we knew that the buyer had foolishly told us they were looking in a much higher price bracket (£50K+ our property price) and we guessed that they were angling for a bargain, rather than loving the house for itself. They didn't come back to us with another offer.

Over the next fortnight, we continued with viewings and looked at a couple of places - and unfortunately fell in love with somewhere so decided to go back to the original people to see if their final offer still stood (dependent on a quick decision). After a week of chasing they finally came back to us and said yes, providing they could have a second viewing. There was no mention of taking the house off the mkt so the EA advised us to leave it on. In the meantime, unexpectedly, someone else has come back to us and offered more. Plus they really want to move in ASAP without extra viewings etc.

The first buyer is due to make their second viewing in the next few days and we are making them aware of the second offer. However, we don't want to get into a bidding war.

Has anyone been in the same situation? No money has been spent on surveys yet (and we did lose the original property we wanted as the first buyers were too slow in coming back). We don't want to skank anyone unnecessarily.

jamminjamaica

you can take watever offer you want. you are not committed to the people who are having the 2nd viewing. are the other people who offered you more in a chain or are they able to go for completion quickly?

Doozergirl

No one's spent any money or really commited themselves to a purchase, so there's nothing wrong with accepting a better offer at this stage.

You won't be involved in any bidding war - it's up to your potential purchasers if they want to try and outbid each other or your agent to take them to 'best and final' if a bidding war looks likely. I'd leave the estate agent to get the best price from the most proceedable buyer - and to verify that offer with proof of deposit and a mortgage acceptance.

It's a good position to be in; chill!

Carson10

Thanks for your advice. We realise that we are in a good position (both buyers are in rental accom with mortgages agreed etc), but I wasn't sure if we were messing people around or not by considering the second offer.

In addition to this, we do have a letter from the EA saying we have accepted the first offer (and the first buyer will have this too). I think the EA was a bit rash with this as they knew that there were further conditions involved. Do you think this will make a difference or should we just put it all back in the EA's court and leave them to contact both sets of buyers?

We want to make a decision by tomorrow to put everyone out of their misery, but as yet, haven't been able to contact the 1st buyer (they may be on holiday). Fingers crossed all will be solved ASAP.

CB1979_2

personally if the second offer is the better offer to you (taking into account all conditions) then take that.

also you haven't "messed around" the second couple, the first ones may think "well sod it they are trying to get more out of us, we'll continue to look elsewhere for something better"

also I would look at the fact you're having relative issues in communication with the first couple, again not a good thing if you're wanting a speedy completion and sols & EAs can't get in contact with them!

just my very humble opinion

Doozergirl

I'd also be concerned about the communication issues with the 1st couple. House buying is generally something get pretty panicked about; these guys seem to be as cool as cucumber. It would make me question their commitment. This is something you should raise with them before you continue with the sale (if they turn out with a stronger offer).

They may well have valid reasons for being slow, but check first.

mandi

Carson10 wrote:

Thanks for your advice. We realise that we are in a good position (both buyers are in rental accom with mortgages agreed etc), but I wasn't sure if we were messing people around or not by considering the second offer.

In addition to this, we do have a letter from the EA saying we have accepted the first offer (and the first buyer will have this too). I think the EA was a bit rash with this as they knew that there were further conditions involved. Do you think this will make a difference or should we just put it all back in the EA's court and leave them to contact both sets of buyers?

We want to make a decision by tomorrow to put everyone out of their misery, but as yet, haven't been able to contact the 1st buyer (they may be on holiday). Fingers crossed all will be solved ASAP.

Hi Carson,

Just to help you with your dilemma.. Your EA has done nothing wrong, they have confirmed to you and your 1st buyer, that you have accepted their offer.. But thats subject to contract.. they, also they rightly advised you to keep your propery on the market, for further viewings

Someone has come along in the meantime, ..

You may think you are messing people about, but you have, must get the optimum price for your property.. Stop worrying about feelings ( harsh as it sounds) and acheive the best price you can, sounds harsh, but feelings if you put them in the way will mean more monthly payments on your next mortgage


NB all buyers do this..
Mandi