Advice needed please - 2 offers received after ours accepted

mrssjs

Hi, I've not posted in this bit before, but I'm after some advice please.

We accepted an offer on our house last week and we found the house we wanted to buy within 48 hours. Really fallen in love with the place.

A landlord is buying ours and the property we want to buy is vacant so in theory we could move very quickly.

So after some bartering with the vendor they accepted our offer and we arranged for the survey and proved our financial situation immediately to prove to them how serious we were about buying (as he had received another offer at this point.)

However, I expected any problems that may arise to arise from our house, but we've just had a call from the estate agents who have said that the vendor has now received 2 "substantial" further offers and although he hasn't accepted, what are we prepared to do.

I called the agents back and said there are certain things we need to address from the survey first before we even think about increasing (as to be honest we are at the very top end of our budget anyway), so I feel like at least we haven't given in to him at the first hurdle.

So we're arranging for a roofing contractor to go round (hopefully for free as a family friend) to assess how much we would need to spend to rectify the problems.

If it comes to the situation that we may need to increase our offer, what would you do? I know you shouldn't bank on getting the house you do love, but it's so hard to walk away from it :mad:

Help!!! Sorry if I've babbled

KateLiana27

Stick to your offer. The vendor hasn't accepted the other offers. There are some people out there who still have morals about things like gazumping and it's possible your vendor is one of them. The EA is jumping the gun a bit by asking what you want to do!

Even if you are told the vendor is planning to, or has, accepted a higher offer, stick to your original offer. That's what you felt was the right price for the house before, and it shouldn't change now.

(and unless it's the most desirable house in the universe, have a strong suspicion that the other two offers may just magically disappear...)

pararct

Standard Estate Agent tactic you are probably being played!! How long has your target property been on the market? Tread very carefully tell the agent you will not be drawn into a bidding war and as such you are considering withdrawing your offer. Don't shell out for a survey until the way ahead is clear.

mrssjs

Thank you, I must say I've got my own suspicions right now about it all, I kind of think we rushed in too quick after viewing it, but sometimes your heart just rules.....

mrssjs

pararct wrote: »

Standard Estate Agent tactic you are probably being played!! How long has your target property been on the market? Tread very carefully tell the agent you will not be drawn into a bidding war and as such you are considering withdrawing your offer. Don't shell out for a survey until the way ahead is clear.

I don't know how long it has been on the market (as I refused to look at any until we had an offer, took 6 months of avoiding Rightmove!), what I do know is it is (was) on with 2 agents and the price had been considerably reduced. Also the property is now vacant so they have had to move on.

We have paid for the survey as part of the mortgage already. But to be honest I'm glad as I have some driving power with the issues it has flagged up.

Thank you for your comments

pararct

mrssjs wrote: »

Thank you, I must say I've got my own suspicions right now about it all, I kind of think we rushed in too quick after viewing it, but sometimes your heart just rules.....

That is something the agent will have picked up on, hence their new tactic!!

shisslemopp

If the other 2 offers are real, it may be that neither of them are in proceed-able positions, yours would still be the best offer, even if it is lower if that's the case.

Good luck with it though

The_Palmist

If your offer was accepted why were the EA even entertaining any other offers ? Did you not asked them to take the property off market or at least declare as SOLD ?

If you sleep on it, you will be a lot less in love tomorrow and hence in a better mood to make decisions.

It being a buyers market and all, I would say you call the agent and say that you think may be you have offered too much in the first place and may be make up a story that you have had a backup house which you really liked also. Ask the vendors to mark it as sold otherwise you will be more interested in this other [imaginary] property you really liked.

mrssjs

The_Palmist wrote: »

If your offer was accepted why were the EA even entertaining any other offers ? Did you not asked them to take the property off market or at least declare as SOLD ?

If you sleep on it, you will be a lot less in love tomorrow and hence in a better mood to make decisions.

It being a buyers market and all, I would say you call the agent and say that you think may be you have offered too much in the first place and may be make up a story that you have had a backup house which you really liked also. Ask the vendors to mark it as sold otherwise you will be more interested in this other [imaginary] property you really liked.

It is marked as sold, has the sold board up and is STC on Rightmove....

The_Palmist

The_Palmist wrote: »

It being a buyers market and all, I would say you call the agent and say that you think may be you have offered too much in the first place and may be make up a story that you have had a backup house which you really liked also. Ask the vendors to mark it as sold otherwise you will be more interested in this other [imaginary] property you really liked.

any thoughts on the above idea

The_Palmist

Normally once its marked as sold, EA stop entertaining any new offers for the duration of the sale. It happened to me a few times when I called up about properties where vendors have accepted an offer. I was just told vendors have accepted an offer, they didn't tried to start a bidding war.