offer/acceptance - what stage are we committed?

sveedy

Hi folks

could someone confirm at what stage I would be comitted to a house purchase? I believe it is at exchange of contracts.

the reason i ask is because we have put in an offer on a property but the sellers are taking their time in getting back to us.

in the meantime I am still looking at other properties and I am wondering what happens if the seller accepts our offer but we see a property that we prefer and want to bid for that...can i just withdraw my offer on the first property after the seller has accepted it (but before exchange of contracts)?

DannyboyMidlands

Yes, you can do whatever you like up to exchange.

sirmosh

As long as you're not in Scotland you've no commitment to buy the property until exchange of contracts, although you will lose any money on surveys, solicitors and so on that you may have already paid. (So might the seller if you cause their chain to collapse so don't mess people about unless you really do have a massive change of heart).

DVardysShadow

While you can withdraw an offer at any time up to exchange of contract, it would be bad form to do it solely because you carried on looking - it is the same boot on the other foot if a seller carried on with viewings after an offer was accepted. Having said that, if the offer is not accepted, carry on viewing and even if the offer is accepted you could keep your viewing appointments and offer on other properties, provided that you accept that the sller will keep any viewing appointments already made.

sveedy

thanks folks

i've now given a deadline to my offer so that it expires before i see the other properties.

hazyjo

Why? It just looks like you're rushing their decision. You can still look at other properties before they accept your offer. If you find a house you prefer, offer on that and, if it's accepted, phone that minute and cancel the other offer saying you've found somewhere else. If they're not getting back to you with a counteroffer/rejection/acceptance, I don't see why you can't view other properties. Once your offer is accepted on a property, I think it's bad form to continue viewing. By all means check RM or whatever to see what's around in case it falls through, but I wouldn't be actively viewing. Of course, it's a massive financial commitment so don't feel obliged to buy still if something else does come up - but, personally, I wouldn't be buying a house if I didn't think it was right and that something better might come along.

Do you mean you're going to withdraw your offer at the end of the deadline, or that you've said you're going to start viewing other properties but keep the offer on the table?

Jx

sveedy

thanks for all the replies - they have just accepted our offer a few hours before the deadline

I've cancelled one of the viewings we were lined up to do but we will see the other house. this house is a 3 bed version of the one we offered on. it is probably outside of our range but we are going to see it out of interest really, it may be within our range in 5 or 10 years!!