Have two offers but which one is best?

wilhelmina1010

My agent emailed her at the close of business yesterday to ask if she is still interested I won't find out until tomorrow.

harrup

wilhelmina1010 wrote: »

My agent emailed her at the close of business yesterday to ask if she is still interested I won't find out until tomorrow.

Just prepare yourself that IF she is still interested...chances are that she will make a revised offer. Offering less. I know I would.

wilhelmina1010

The lady said her offer is still available and was "delighted" that it had been accepted. The gentleman rang the agent a bit later today, said he couldn't make his appointment on Thursday with his lender and would rearrange for this week. He was politely told where to stick his offer as he hadn't returned her calls in three days. I'm so glad he rang, maybe he'll now think twice about wasting peoples time.

nollag2006

wilhelmina1010 wrote: »

The lady said her offer is still available and was "delighted" that it had been accepted. The gentleman rang the agent a bit later today, said he couldn't make his appointment on Thursday with his lender and would rearrange for this week. He was politely told where to stick his offer as he hadn't returned her calls in three days. I'm so glad he rang, maybe he'll now think twice about wasting peoples time.

Great news! Good for you

devotee

Great news, so happy for you!

GDB2222

wilhelmina1010 wrote: »

The lady said her offer is still available and was "delighted" that it had been accepted. The gentleman rang the agent a bit later today, said he couldn't make his appointment on Thursday with his lender and would rearrange for this week. He was politely told where to stick his offer as he hadn't returned her calls in three days. I'm so glad he rang, maybe he'll now think twice about wasting peoples time.

So, you're still not going to run with both offers?

daisiegg

shar46y wrote: »

Having an agreement in principle doesn't really mean anything and probably won't make the process any quicker. The buyer still has to apply for the mortgage, and there is no guarantee they will actually get it.

I agree. We had agreements in principle with a couple of lenders before we put an offer on our house, but when it came to the actual applications, all the ones who'd given us agreements in principle rejected us, and it took us 6 weeks and the help of a mortgage broker to get us a mortgage. We had no bad debt and nothing particularly wrong with our application, except that we wanted to borrow £500,000 and my partner works in the financial industry, which makes them antsy because they see it as an unstable profession.

We got the mortgage in the end, but not from either of the lenders that had given us agreements in principle. Just giving an example of why an agreement in principle doesn't really mean anything!

daisiegg

Sorry, bit of an irrelevant reply above - hadn't read the rest of the thread before I posted that! Sorry!

wilhelmina1010

Thanks for all the replies. I don't think it would be fair to the buyer who's offer I have accepted to run with both offers GDP2222, apart from the emotional distress it would cause, they may have mortgage arrangement fees to outlay. I've experienced two time wasters giving me the run around and I wouldn't wish it on anyone, although I don't know if my buyer will be able to see the sale through to completion, at least I will be able to sleep at night knowing I haven't disregarded their feelings and hopes over my selfishness. Besides, wouldn't it have the opposite response. They would both probably withdraw their offers thinking I was playing them just as I've told the guy who's been giving me the run around to take a hike.

GDB2222

wilhelmina1010 wrote: »

Thanks for all the replies. I don't think it would be fair to the buyer who's offer I have accepted to run with both offers GDP2222, apart from the emotional distress it would cause, they may have mortgage arrangement fees to outlay. I've experienced two time wasters giving me the run around and I wouldn't wish it on anyone, although I don't know if my buyer will be able to see the sale through to completion, at least I will be able to sleep at night knowing I haven't disregarded their feelings and hopes over my selfishness. Besides, wouldn't it have the opposite response. They would both probably withdraw their offers thinking I was playing them just as I've told the guy who's been giving me the run around to take a hike.

I take all those points on board, but I would be perfectly clear to both buyers, so nothing underhand. In the past, I have done this and agreed to pay a substantial contribution towards the losing buyer's fees. That seems fair to me and gives both of them a fair chance at buying the property. I don't think it's selfish or unfair, because of the fees contribution, and it protects you as seller and all the other people in the chain above you. Otherwise, as you have seen, you are all totally at the mercy of a time-waster.