Need Immediate Advice! Just had an offer.

icklejulez

Carter wrote:

My posting wasnt directed at you icklejulz, it was to the subsequent poster raising stamp duty as a possible reason for lower offers. I had understood your posting.

So...have you sold then?

Oh no carter, I too wasnt intending my comments at you.

What a week on the home front. I was all excited on Thursday as we were advised to accept the offer of 122k as they had a mortgage arranged through Bridgefords financial advisor( they also said they could easily afford the property). So we accepted.

Friday morning the woman's uncle who offered 120k rang estate agents in an abusive manner and apparently made her cry threatning to come to our house and the EA as we should of bitten his hand off as he was a cash buyer and we had left them waiting! Oh my god I thought! Next thing, gets to 4pm and I get a phone call from EA saying that buyer at 122k has failed mortgage application on a credit check!

so... Using my quick thinking I ask the EA to phone back buyer no1(the woman not the uncle) and say as they are my preferred buyer I would of liked to of accepted their offer but 2k is a lot of money to us and if she was willing to match the offer we would accept her offer over the others. She says she will phone back her uncle and get in touch on saturday.

Saturday comes... no news and no-one can get in touch but just before the EA closes buyer no2(122k) phones and says they have seen a financial advisor and have been assured they can get a mortgage and the application is in process.

So.... (i) I dont know if our house is or isn't under offer (ii) what to do if buyer no1(120k) gets back in touch, they are cash buyers but the abusivenes??? and Id have to gazump buyer no2 who may have to pay fee's for FA (iii) whether to continue with viewings as it causes so much stress for our family as we have so little time.

LOL and I laughed at ppl who said selling your house is stressfull. Its an emotional rollercoaster.

Doozergirl

Our chain has been a nightmare due to mortgage problems at the bottom. Even after having the verbal mortgage offer after survey, the couple at the bottom of the chain were declined and it took THREE seperate applications to different companies to get them approved. (Should they be buying at all?)

I'd ask your agent to get best and final offers from both parties and then go with the cash buyer.

The mortgage couple will not have any fees to pay at all; at worst any money they may have spent will go towards their eventual purchase. Plus, it's not really gazumping at this stage, especially when these people have stumbled already, it gives you cause for concern. I hate to say, but it usually starts the way it finishes.

icklejulez

Best and Final offers really is a good idea, I should of thought of this! Cannot wait to phone my EA tommorow. I suppose I was happy with 120k originally but when your tempted with an extra 2k its hard to resist. Im one of the stupid ones that agreed to Bridgefords horrendous fees as I had trouble selling last year. They have come up trumps and have actually got viewings and offers so I cant complain although after VAT I think the fee's will be 2.5k. So this is why the 2k seems so interesting. i suppose it aint too bad, I just wanted things to start moving. The sooner we are out of there the sooner our lives will be easier!

Carter_2

Hi Julz

Your situation sounds very similar to what I went through recently with Bridgfords - I was in such a panic at one stage thinking I had lost my sale!

I had two viewings very close together - the first couple booked a second viewing meanwhile the second couple to view put in an offer before first buyers had chance to return! Of course I was ecstatic as it was full asking price. However the estate agent couldnt get them to prove affordability (and failed to tell me until a week later) meanwhile first couple had offered more but I didnt accept it as I was waiting for the second buyers to bring in proof of funds.

Once I was aware of the situation I thought I had lost the sale from both viewers but luckily the first buyers were still interested. Fingers crossed but it is going through smoothly now....

My previous house sale to this one nearly was nearly six years ago and we had a cash buyer. She dillydallied that much and faffed around with viewings from the outset we ended up not selling to her. We went with a first time buyer for £1,000 less as he wanted to complete in about 6 - 8weeks. That suited us at the time as we needed to sell sharpish.

It will depend on your priorities - do you want a quick sale or best price? Sometimes you cannot get both.

icklejulez

Thanks Carter, think there now after a quick moov allthough thought Id of heard something first thing this morning, If I was in a rush Id of been on phone to EA. 1st buyer(120k cash) turned up at my door yesterday. He lives 40 miles away just so he can give me his phone number. What he was trying to make out was uncertain so it'd be unfair to speculate. He also said he would still be there if the other buyers fell through or were taking too long. I was just a little frightened as my house on a sunday gets turned upside down with Ironing etc!

I just keep waiting for that phone to ring...