Advice Needed-What would you do?

cleared_my_finances

Hello all,

We are currently in the process of buying a house and have had the offer accepted - £20k under asking price. We are chain free and ready to go and the survey is due to be done on Thursday

Sounds all good, however I have found out - from a friend of a friend who works in another estate agents that they have had a second offer for the asking price and have asked the perspective buyer to bring in proof of funding etc so it looks like I am going to be gazumped

I was wondering what you would do? Would you call the estate agents/ cancel the survey etc, seems a bit pointless to pay for a survey - already paid for though to be fair so doubt would get refund- or just go with it and hope that he doesnt get the house instead of us

I am quite annoyed with both the sellers for accepting us in the first place- I know we bid lower but its what we could afford- so why accept? and the estate agents as it seems we are being strung along ( they dont know I know ) until they see whether this new buyer fits

At the moment I am tempted to just pull out as its upset both me and my partner

poppysarah

Wait til you hear it from the official agent.

FireWyrm

Hmm, tough one.

Ok, question 1, can yo go to the asking price? If no, then there's no point getting into a bidding war. Second question, can you 'delay' the survey? If it's a mortgage survey, then then you can probably defer it, this happens all the time in the property Market. You need to speak to your FA immediately and get hard facts on what happens in this situation. For sure, you won't get a refund if it goes ahead and the sale falls through, so a delay is probably your best option right now.

Next, speak to the agent. Ask them what the story is and make sure they understand that you are not interested in a !!!!ing contest. Be straight with them. It could be the other buyer is a complete time waster and it's nothing to worry about, but you are very close to committing lots of money here and you have every right to demand answers as to whether the vendor is serious or not. If they do this now, how about later, 1 week before completion say...when you're out 1000s and not just hundreds. Buying and selling is a trust thing. If you don't trust the vendor, walk, now. It will save you time and effort later. There are plenty more fish, it's a buyers Market and I guarantee youll see another house you fall in love with next week.

Don't let your heart rule your head. You are parting with lots of money, time and effort. It's not something to be taken lightly or on a whim.

cleared_my_finances

thanks for the advice, will call the Estate Agents this morning and see what they say

hazyjo

I would also just ring them and ask if they're still marketing it - then say I'd heard there was another offer in the pipeline.

Good luck. I hope it's just rumours.

Jx

cleared_my_finances

Hello and thanks for the replies/support

I went to the Estate Agents today and they have had an offer from someone else for the original asking price, we cannot match it unfortunately

Suppose its better to know now than further down the line but still gutted this has happened

hazyjo

Oh, what a shame

Nice of them to let you know! How rude!

Were they still marketing it, or was it from someone who'd viewed before your offer had been accepted?

Jx

Sammie_UK1

Bummer!! Still, at least you know now and not a few months down the line when you'd have faced losing a whole lot more dosh!!

Onwards and upwards; here's hoping you find something else you really like.. That or the new guy changes his mind and you're in with a second chance!

Good luck!

hazyjo

Sammie_UK1 wrote: »

That or the new guy changes his mind and you're in with a second chance!

Good luck!

Even if it meant cutting my nose off to spite my face, I would not want to do business with someone who had basically gazumped me.

I like to play fair.

Jx

jlh7

Estate agents really are rogues aren't they!! If you can't stretch to asking price walk away, I would walk away and another house will come along. Be strong

ads2312

I would cancel the survey for now, wait for the higher offer to be excepted, than put in a offer 5k above asking price. Wait for it to be accepted, give it a week or 2 then pull out. That should teach them !!!