moral dilema

wlfc1

We have had an offer of 180k for our house, 10k under the asking price (but nothing to sell), having lost a buyer just before xmas we decided to continue marketing the property until we felt secure that the buyer would proceed, i.e arranged the survey and finances arranged. the offer was made on the 17th and they were due to see the financial advisor at the estate agents last Friday 25th but they missed the appointment and have rebooked for tomorrow.

Now the dilema is that following a viewing last night we have had an offer for 6k more and the buyer has nothing to sell......what should we do ?????

Dunkyboy_2

I would be honest, and let the first people know whats going on, but give them a tight but realistic completion date, this should pressure them to get on with it and push there side of things a long, if they show any complacency then ditch them asap. Make it crystal clear to the agents that you will not be messed about.
all the best.

Jumanji_2

To be honest people have been able to get appointments with the financial adviser the same day they make the offer. They've had long enough to start the ball rolling. Also, they might go to the financial adviser and not even be able to get a mortgage.

To be honest I would accept the second offer. I know that it is harsh, but unfortunately that is the way of the world as I have recently been proven.

NAR

You are under no obligation to the first party. It is their fault that they have delayed getting their finances sorted. Let the estate agent inform them of the increased offer and you will soon see if they want your property or not.

Have your second viewers got their finances sorted? If not then their offer is worthless and do not take my earlier suggested action.

Bottom line is offers are only of any use when financial arrangements have been approved. Realistically people should not be allowed to make offers until they have done their homework with a financial adviser or bank, who can advise them their upper limit for offers.

Aletank

When i went to view my house I was told a offer had been accepted but i could still view it and be second in line if they dropped out.
When i viewed it I found out the first offer wasn't the full asking price and they had a house to sell still. I offered the full asking price still expecting to be second in line etc. The next day the estate agent phoned and said my offer had been accepted!! The seller told the estate agent that they would prefer the full asking price, the estate agent phoned the first buyer asking them if they would match the asking price etc, they must of refused, probably not very happy.
The second offer sounds better, tell the estate agent that you would prefer the greater price and to see if the first will match it - They probably won't out of principle etc but you get a better price with no chain. Just let the estate agent do the explaining, thats what your paying them for.
The estate agent will probably prefer this as they get more commission

Woby_Tide

Aletank wrote:

The estate agent will probably prefer this as they get more commission

that line alone I reckon explains why the estate agent won't mind sorting out so the second offer goes through over the original offer, plus teh fact they have no chain

wlfc1

Thanks for all the opinions

I should add that the two offers are with different agents !

bridiej

Take the second offer, I would.

loanranger_4

We've just been in a very similar situation.

Other buyer put an offer in 5k below the asking price, and the vendors shook on it. We then put an offer in for the full asking price.

The vendors did a few days of umming and aahing before staying put with the first offer!

As the other readers have suggested qualify your buyers and go with the one most likely to succeed.

You could on the other hand suggest a contracts race i.e. whoever exchanges first gets the house. Then if only one agrees they get to proceed !

frugal_dougal_3

It would seem that your potential purchasers may not even know whether they can get a mortgage or how much they can borrow. This happens an awful lot more than it should.
In an ideal world people would do their homework before making offers on properties.


If I were in this position I would get a message to them that you are on the verge of accepting another offer and see how they react. I suspect that you will never hear from them again !

dougk_2

Having "sold" the property we live in twice and having it fall through, I would say that you have to think of yourself first. Go with the person who is most likely to complete.

If the second buyer (the one that viewed yesterday) has all the mortgage details in place (your estate agents should be able to tell you as they try and do some financial checking) then this is certainly the way to go!

You are not doing it to guzzump, you are doing it to sell.

The first buyers have had two weeks nearly to sort a mortgage out and get a survey arranged... if they haven't seen the IFA yet , there is still work to be done and does not indicate that they are committed to completeion ASAP.

Personally I would accept the second offer and advise the first "buyer" what you have done. Say that in principle you are still willing to sell to them , but becuase of the lack of progress so far you are concerned. If they want to contnue they need to a) increase the offer and b) have a survey completed in the next 7-14 days , but they are competing with another buyer so you can't be responsible if they can't get their act together quickly enough..... you will probably get an answer straight back or not ever hear anything again!