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

jason.parker.86

BigG10 wrote: »

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.

BigG I take your view on board but I have also been gazumped. That is the way the world goes. I have also been messed about by people pulling out of the sale for various reasons, so as the seller my prime interest is to get as much for the house as it is for the buyer to get as cheaply as he can.!

BigG10

jason.parker.86 wrote: »

BigG I take your view on board but I have also been gazumped. That is the way the world goes. I have also been messed about by people pulling out of the sale for various reasons, so as the seller my prime interest is to get as much for the house as it is for the buyer to get as cheaply as he can.!

I agree - but it would APPEAR that the first time buyer has been making offers for 4 months so clearly wants the house and isn't messing around. It would play on my mind but I can see why you would want the most for your property. End of the day though - your decision and your opinion. :j

jason.parker.86

BigG10 wrote: »

I agree - but it would APPEAR that the first time buyer has been making offers for 4 months so clearly wants the house and isn't messing around. It would play on my mind but I can see why you would want the most for your property. End of the day though - your decision and your opinion. :j

He might well be serious but you just dont know. Nothing to say that another property might come on the market cheaper than mine and he wouldnt think twice about pulling out. This is the reason I have left it to be advertised as available. To grab every possible lead.
I will just have to see what these people say when they come on Saturday.
Fingers crossed it will all pan out fine.
J

BigG10

jason.parker.86 wrote: »

He might well be serious but you just dont know. Nothing to say that another property might come on the market cheaper than mine and he wouldnt think twice about pulling out. This is the reason I have left it to be advertised as available. To grab every possible lead.
I will just have to see what these people say when they come on Saturday.
Fingers crossed it will all pan out fine.
J

Good luck. I am in state of limbo at the minute. Having a survey done tomorrow on a house we really like. It was on with three estate agents. I asked it to be taken off the market. We don't have a chain as letting our other property. We had a mortgage ready to go. Solicitor inhand and mortgage broker who confirmed our A+ credit rating. It seemed to help. Yet, only today I found out the house was still showing on rightmove for another estate agent. I went bananas and phoned and said I was pulling out as I wasn't prepared to have a negotiating battle. 30 mins later - it was removed from the website. Maybe the first buyer could have played hard ball. But now I am just being devils advocate.

hcb42

Personally I would see this buyer who has been putting offers in for four months to be a potential risk anyway, what on earth was the hold up?

BigG10

hcb42 wrote: »

Personally I would see this buyer who has been putting offers in for four months to be a potential risk anyway, what on earth was the hold up?

Surely the hold up is the vendor rejecting the offers? Being a first time buyer he may not have known when to take a hint!

neas

The house i bought in 2010 (now sold on and relocated) had a similar thing happen to it.

Buyer 1 - Offered X amount - Offer accepted by seller
Buyer 2 - Offered X+ more amount - Offer accepted by seller and rejects Buyer 1.

2 weeks later it turns out Buyer 2 ( a Dr who wanted to relocate near hospital) had put in multiple offers on multiple properties as it is so easy to pull out and 'pulled out'. Seller went back to Buyer 1 but they gave seller the middle finger for screwing them over.

Now seller had lost the original offer for a little bit extra (5k i think). If its too good to be true it usually is :P.

We were Buyer 3, new of the above situation and so offered low... Seller was distraught and we got a bargain.

We found all this out from a lovely estate agent (newbie) who unfortunately had left estate agency (presumably for giving away critical info like this) 2 years later when we sold it again.

Just remember people put offers in on properties early on just to 'reserve' properties. We've seen this madness happen were they put offer on after 1 viewing without checking anything about property (multiple issues like poor insulation, back boiler knackered, poort neighbours etc). I'm pretty sure its a game of 'get secured' then double check everything.

hcb42

BigG10 wrote: »

Surely the hold up is the vendor rejecting the offers? Being a first time buyer he may not have known when to take a hint!

So after four months, arguing over a few £k, it is likely the buyer hasn't even had a survey yet ( if in England, as that's how we roll) - I don't see anything like a done deal here yet.

jason.parker.86

This guy basically offered x then come back 2 months later with 3k more. In between these two offers my house was under offer.
Then another 2 months later he offered an extra 2k and I managed to get an extra £500 out of him before I accepted.
Now I asked the question how quick can he complete and he said as quickly as I want. So I checked and his solicitor is the same as mine (apparently) although they don't know him so he either hasn't appointed them yet or the solicitor isn't aware he's on the books.
Difficult one but will just have to see.

jonahinoz

Hi,

If the buyer has instructed a surveyor, that is evidence of his good intentions .... but doesn't stop him pulling out.

It is not unknown for buyers to say they have cash when they haven't, and by the time you find out, time has passed, so its easier to stay with them, rather than start again. Nowadays, EAs check this out before advising you to accept an offer.

EAs are legally required to keep marketing the property, and must convey all offers to the vendor, until instructed to stop.

There is a system where the buyer makes a non-refundable deposit, and the seller agrees not to sell to anybody else for a stated period. I forget the technical term for this.

You cannot sell a house without going through the legal process, but there are penalties (10%?) for withdrawing after contracts have been exchanged. Morality doen't come into it ... tough, but thats the way it is.

I believe that GAZUMPING (and GAZUNDERING) actually apply to changing the offer/acceptance AFTER contracts have been signed, but not exchanged. But thats "pedantics", and the effect is almost the same.

Personally, in your position, I would feel morally obliged to re-imurse the first buyer for his wasted expenses (survey fee, disbursements, etc) if I accepted a higher offer .... and it would have to be a much higher offer ("My word is as good as my overdraft" ;-) ).... all else being equal. SWMBO is a lot tougher than I am.

John Williams
South Wales