offer accepted but now outbid

[Deleted User]

Hi all,

New to this game being a FTB and everything, just wanted to see if this is all above board. I suspect it is but would like to see opinions.

When we saw this property for the first time we were told by the EA of a price that was accepted by the vendor but the buyer couldn't proceed due to not having a buyer for his house.

We had an offer accepted last Saturday. It was for £5k less than the vendor wanted but we were at our maximum price and couldn't/can't budge. She agreed to our offer and accepted it.

I got a call today from the EA to say that the previously interested buyer has now outbid us (now has a buyer) and she has now accepted their offer. I guess the vendor can do what she likes but to me it's pretty bad form to accept an offer, take the property off the market, etc, and then turn around nearly a week later and take a higher offer. :mad:

Hooloovoo

You were gazumped.

Assuming you're not in Scotland, unfortunately a seller "accepting" your offer means absolutely nothing until you exchange contracts.

motherofstudents

Yeah, it's not nice at all but that's the way it goes. Never think you have bought a house until you exchange contracts. It's unlikely to go wrong after that (but not unheard of). Good luck with the next one.

[Deleted User]

I'm pretty !!!!ed about it if I'm honest and I had been telling myself that there's lot's that can go wrong. It's more to do with the ethics for me. If I agree to something then I'll stick to that agreement. Anyway, hopefully this will be a blessing. Thanks for the replies.

laptop80

You might yet find that the other 'buyer' withdraws their offer before completion.

When we bought our house the seller had quite a few sales fall through before ours, which put us in a stronger position to get a reduction on the original offer price when the survey found some minor problems, as they were scared of yet another sale falling through.

Carry on looking at other properties, but be aware there is a chance that the agent will be calling you again in a few weeks or months to ask if you're still interested, at which time the answer is 'Maybe, but not at the price we would've paid last time.'

All part of the game I'm afraid.

[Deleted User]

My head says they may drop out so wait for the opportunity but my heart says tell the ea to shove it and that I don't wish to play games!

asharon

I would just move on. Imagine if they do drop out and then you proceed. What happens if you get a survey etc and then someone offers more.

They've played their hand. At the moment you might think it's the ideal house, but it wont be long before you find another you like and then realise you prefer it.

robatwork

Just consider that this house wasn't meant to be for you, and move onwards. You'll find plenty of stories on here of people who found a perfect place....then lost it for whatever reason..... and then found something "much better, don't know what we saw in the first place"...

good luck