Accepted offer on my house... but now I've got another viewing?

jason.parker.86

Hello,
After 8 months of having my house for sale, I have accepted an offer from a First Time Buyer who has been putting in offers for the past 4 months.
It is £4,500 less than the asking price but I have agreed with the estate agent to leave the house on the market until exchange of contracts.
The day I accepted the offer (Monday 31.12.12), I had a call from the EA saying they had another first time buyer who wanted a viewing. They explained their was an offer on the property but they still insisted that they come and had a look around.
This morning the EA called and said they have phoned them and requested a 2nd viewing on Saturday/Sunday and are very keen.
My dilemma is what do I do if they come in with a higher offer? I don't want to risk loosing a sale but at the same time I want as much as I can get for the house.
I was thinking if they come in with a higher offer, asking them to submit their deposit into my solicitors bank account. Would that be unreasonable? I think this would be a firm way of seeing how serious they are.
Any advice would be welcome.

Blackpool_Saver

years ago I would have said stay with the lower, nowadays I would say there is no sentiment in business

julieb1987

The deposit wouldn't go to your solicitor until exchange, and exchange can't happen until all searches, valuations etc have been done, so that won't happen.

See how much more they offer you. If they only offer £1000 more, is it worth going through the hassle? If they offer you full asking price, might be worth it.

jason.parker.86

julieb1987 wrote: »

The deposit wouldn't go to your solicitor until exchange, and exchange can't happen until all searches, valuations etc have been done, so that won't happen.

See how much more they offer you. If they only offer £1000 more, is it worth going through the hassle? If they offer you full asking price, might be worth it.

The dilemma I am in is how would I go about it? I dont want to risk loosing the first buyer. Could I say something along the lines of "if you complete before he does its yours"?

julieb1987

Probably not as you don't know what position each of them are in, unless you really grill them. You can ask your EA to see proof of mortgage offer in principle before accepting a new offer. Your current buyers may already have a solicitor instructed and searches being carried out. I'd speak to the EA, ask them to speak to the current buyers and see where they're up to, as that may put them in a very strong position. Then you'll know which transaction would be more worth your while.

I understand you want more money, but for the sake of a couple of grand is it worth it? I know I'd be upset as the buyer if I was gazumped...especially if I'd already spent money on valuation survey, solicitors etc. And if the current buyers you have are in a good position and looks very likely the sale will go through, would it be worth accepting a new, slightly higher offer and running the risk of it falling through? There's a few things to think about but I think you need to get onto the EA tomorrow and get him to chase the 1st couple and see where they're up to, and to contact the 2nd couple and see if they actually have an AIP and a deposit.

StevenMarks

No, you would need to reject first offer if you accept offer from second buyer. If nothing else, your solicitor will not proceed with both offers.

getmore4less

StevenMarks wrote: »

No, you would need to reject first offer if you accept offer from second buyer. If nothing else, your solicitor will not proceed with both offers.

why not, if you instuct them to do a contracts race they should do it.

HappyMJ

Take the higher offer. Get as much as you can. Before accepting though I'd get proof they earn what they say they do (payslips), have the deposit they say they do(bank statement) and I'd even ask for a credit report as well to see if it looks like a mortgage provider would lend them the money based on their income and previous credit history.

Bazshawkins

I don't see why you would decide to leave the property on the market if you didn't intend to accept a higher/better offer?

BigG10

Being gazumped is AWFUL. Especially if you are a first time buyer. had it happen to me first time. The say that the first buyer who put in the offer has been putting in the offer for 4 months. Surely they have proved they want the house. I think its unreasonable that you haven't taken it off the market. The first time buyer is clearly serious. You should have shown some courtesy and taken it off the market. I also think the EA is in the wrong. Awful. Sorry but awful.

BigG10

StevenMarks wrote: »

No, you would need to reject first offer if you accept offer from second buyer. If nothing else, your solicitor will not proceed with both offers.

What he said!!!!