Should I withdraw offer before offering on another house?

milliebear00001

Latest episode in my own personal house-buying saga...

I know this sounds like a really obvious question, but...my vendors are being very intransigent about reducing their selling price, despite their property needing a lot of work doing to it to bring it up to a standard comparable to other similar houses on the market nearby. I am still interested in the house, and am looking at ways to finance the £8000 it will cost to do the work. In the meantime, I have seen another house come onto the market, that I could buy for not much more money than the first house would cost me after paying for the renovation work. The difference is that the new house looks immaculate and has been refurbed. I doubt I'd have to spend anything extra on it at all (give or take survey results of course!) It is also in a much more desirable area of my town.

I am viewing it tomorrow and if it looks as good in real life as it does on Rightmove, then I want to make an offer pretty quickly. So, should I withdraw my offer on the original house formally before offering on the second? Or wait until I know if the vendor of house number 2 will accept my offer and then withdraw from first house? The two houses are actually on the market with the same EA as well!

googler

Will this same EA accept two offers from you on different properties, or will they encourage their first vendor to reject your offer if they receive your second?

Another 'wouldn't happen in Scotland' scenario.....

john_white

Has your offer been accepted?

milliebear00001

googler wrote: »

Will this same EA accept two offers from you on different properties, or will they encourage their first vendor to reject your offer if they receive your second?

Another 'wouldn't happen in Scotland' scenario.....

I don't really know to be honest. EA was absolutely fine about me viewing other properties. I am guessing she won't care as long as I am buying something through them. I don't have a problem withdrawing my first offer, but it seems silly to do that if my other offer is then rejected and I just have to reinstate my offer on the original property.

henpecked1

a refurbed home can still have issues. we are buying a house with everything done except the room and gutters need attn.

i would view the second house and then make it clear via the agent that you will need a yes/no to the 1st house reduced offer as you have something else lined up (dont let on that the second house is via them until you need to)

dont fall into the trap we have done, buy a house because it is the best seen that day/week and then find something else a week later,

Catbells

If you have changed your mind on the first house then tell the EA and put in an offer on the second house.

If you want to hedge your situation then why not speak to the EA selling house number 2 and find out if they would accept your offer. If so you could retract your first offer without any repercussions.

Perhaps more importantly - Go and and see the house before you do anything!

I offered on a house recently and it was accepted. After more careful consideration I decided against it and told the EA I wanted to retract the offer and he was fine about it. It happens I'm afraid. Just be up front and straight is my approach.

milliebear00001

john_white wrote: »

Has your offer been accepted?

Oh yes, was accepted weeks ago. We are pretty far down the line, but the survey has thrown up issues that are going to involve significant extra costs. The vendors have refused to drop the price.

milliebear00001

henpecked1 wrote: »

a refurbed home can still have issues. we are buying a house with everything done except the room and gutters need attn.

i would view the second house and then make it clear via the agent that you will need a yes/no to the 1st house reduced offer as you have something else lined up (dont let on that the second house is via them until you need to)

dont fall into the trap we have done, buy a house because it is the best seen that day/week and then find something else a week later,

I will of course be offering subject to survey (as I did on the first property) but the first house's vendor has already said they won't reduce the price. I am therefore left with two options in theory -

1. buy original, cheaper house and do the work.
2. buy second, more expensive house and do no work.

They will cost me the same amount of money in the end. Hence my reluctance to say to the original vendor that I'm pulling out, only to then turn round and reinstate offer if the second house won't agree my offer price.

milliebear00001

Catbells wrote: »

If you have changed your mind on the first house then tell the EA and put in an offer on the second house.

If you want to hedge your situation then why not speak to the EA selling house number 2 and find out if they would accept your offer. If so you could retract your first offer without any repercussions.

Perhaps more importantly - Go and and see the house before you do anything!

I offered on a house recently and it was accepted. After more careful consideration I decided against it and told the EA I wanted to retract the offer and he was fine about it. It happens I'm afraid. Just be up front and straight is my approach.

I obviously won't do anything before viewing the house tomorrow! I haven't changed my mind necessarily about the first house. If House 2 reject my offer, I will probably still buy House 1.

The market is a nightmare in my town, in my price-range. These two houses are the first to be anywhere near my ideal in over a year!

milliebear00001

Well, decision made for me as the vendors of the first house have decided to start marketing it again! Viewing house number 2 in an hour - fingers crossed it's worth an offer tomorrow!