Offer accepted – now got another offer!

phil_51

Offer accepted – now got another offer!

We had an asking price offer on our house of £116,000 on Saturday and accepted on Monday when he showed his details to the EA.
He is buying the house from the sale of his i.e does not need a mortgage / survey but is in a chain 6!

Last night someone who viewed the house 6 weeks ago said they went into the EA on Monday (the same day) but had been told by the EA that day that we had accepted an offer already. The EA has not told us this!

They want to put a higher offer in on our and they have sold there house to a FTB with the survey already been completed and wanting to move ASAP. The original house they wanted before ours they were refused a mortgage on due to it being too expensive.

HELP what do we do!,,,, The 6 house chain is the concern not the higher offer but what if the second person cannot get a mortgage again!

help

kingkano

phil_51 wrote: »

Last night someone who viewed the house 6 weeks said they went into the EA on Monday but had been told by the EA that day that we had accepted an offer. The EA has not told us this!

And rightly so. You accepted an offer! You didnt agree to go with it until a better offer comes along!!!

The chain might be a worry but didnt you have this information when you agreed the offer? You still accepted.... Personally I think you should stick with it.

I think most of us on here are pretty firmly against gazumping :eek:

BaldySmurf

kingkano wrote: »

I think most of us on here are pretty firmly against gazumping :eek:

Absolutely.

We put an asking price offer in on a place last night and would be very angry if six weeks down the line someone gazumped us (particularly as we would have paid survey costs by then).

Be fair and stick to the original offer (IMO of course )

phil_51

Sorry it reads wrong. they went into the EA on the same day...yesterday...They only 'viewed' it 6 weeks ago.

danuk

if you received two offers at the same time, of course its your right to sell to the higher one....... only issue is gazumping is still happening albeit at an early stage. Depends really on your circumstances ......

I had a simlar situation.... accepted an offer of asking price on my place. Same afternoon someone who had not even seen it wanted to offer higher.... i refused the second person a viewing and said its sold.. you should be careful as you may agree the higher offer only to lose the buyer later in the process and then you have no buyers.....

phil_51

danuk wrote: »

you should be careful as you may agree the higher offer only to lose the buyer later in the process and then you have no buyers.....

Just what we are worried about!

The higher offer is totally not an issue we would accept the same price it is the chain 6 which is the issue , which included people splitting up. We have already sold our house before but out original buyers pulled out at the last minute 7 weeks ago but thankfully the house we are buying have waited for us to get another buyer.

We are certainly more in favour of sticking with buyer 1 who we accepted the offer with, if it all collaps you never know thw second buyer might not have found anywhere and we could have a backup.

Just so stressed out with all this!

Claudie

Understand completely the frustration but I am with the no gazumping vote. If you were worried about an offer from someone in a long chain you could have discussed this earlier with your agent.

My other concern is karma...may sound crazy but I truly believe you get what you give and I wouldn't want to see what would happen down the road with the sale if you allow a gazumper to offer:o

lynzpower

how much is the higher offer for?

lerts get real, this is moneysaving expert. what sort of money are we talking about here

jaype

Also - the people behind the second offer have already had a sale fall through as they offered too much and the bank wouldn't lend based on their fantasy figures / lower deposit and income. As they are offering above asking price, clearly this might happen again. They sound a bit mad! Maybe you should slip them the address of MSE???

pinkshoes

well, if the 2nd people put the offer in on the Monday BEFORE you'd accepted the other offer, then the estate agent should have told you about the 2nd offer, so you could have time to consider both.

If the 2nd offer was put in AFTER you'd accepted, then morally you should go with the first offer, as gazumping is cruel!

How long are the people willing to wait for the house you're buying? Can you find out how long this chain is feasibly going to take?

phil_51

pinkshoes wrote: »

well, if the 2nd people put the offer in on the Monday BEFORE you'd accepted the other offer, then the estate agent should have told you about the 2nd offer, so you could have time to consider both.

If the 2nd offer was put in AFTER you'd accepted, then morally you should go with the first offer, as gazumping is cruel!

How long are the people willing to wait for the house you're buying? Can you find out how long this chain is feasibly going to take?

2nd verbal offer to use not to EA was put in AFTER we accepted.

How long are the people willing to wait for the house you're buying?

No Idea. We think she is out of the country a fair bit and out at the moment and hence why she did not put the house back on the market when we lost our first buyer.

Can you find out how long this chain is feasibly going to take?
We are trying our hardest but not get much info at the moment from our EA,

More or less certain we are going to stick with the first offer unless we find out something like the person at the bottom of the chain who is in rented cannot move for 6 months or something like that.