Verbal acceptance of offer on my house

Dan-Dan

NAN63 wrote: »

Hi
Still scratching my head about this. My concern is that the buyer requested that I take the house off the market once the offer is accepted. I have said i would accept the offer and would take the house off the market for two weeks which would allow them time for a survey to be carried out which seems a compromise . I don't see why I should allow them exclusivity on my house unless I know they are committed. A survey shows some committment admittedly. This is the only offer I have had in two and a half weeks and the holidays will slow things down so I am keen not to lose these buyers.
Thanks all for your comments..all quite diverse which shows how contraversial this subject is. I don't consided myself underhand or sly but this process is making me feel that I am

So , have we moved on from if the price was acceptable or not , to how best to help your buyers get gazumped ?

p00hsticks

makeyourdaddyproud wrote: »

I would pull out: three offers suggest there is demand from someone. If house prices are not booming like an earlier poster suggested, you wouldn't have got anywhere near that close.

<snip>

Buyer can take a hike IMO.

Are you reading the same first post that I am ?

The three offers all came from the same party - the same ones that you are now suggesting the OP tells to 'take a hike'.

Another 15 people have recently viewed the property at the existing price and apparently shown no interest whatsoever.

lessonlearned

p00hsticks wrote: »

Are you reading the same first post that I am ?

The three offers all came from the same party - the same ones that you are now suggesting the OP tells to 'take a hike'.

Another 15 people have recently viewed the property at the existing price and apparently shown no interest whatsoever.

Yes that was my understanding when I read the first post.

2% less than asking price sounds pretty good. I doubt that you could push for more.

At any rate you have given your verbal acceptance and it would be unethical to backtrack on this.

I realise that a lot of people think I'm mad and that current thinking is often to "grab what you can".

However I believe that if you have entered into a "gentleman's agreement" then you should do the "gentlemanly" thing and honour your word.

Being honest, decent and ethical is the way forward. Stick to your agreement.

You have a good deal on the table. Take it.

lessonlearned

makeyourdaddyproud wrote: »

Hypocrisy is rife in this house forum - ive just read the glib house purchase / sale diary from lessonlearned so I've been briefed. Dealing for the best advantage is in everyones game isn't it??

"Glib"???

I think you are confusing me with some other animal.

Professional, knowledgeable - maybe "slick" if you must, but after a career spanning 30 plus years I would certainly expect someone to be "streamlined and efficient".

I have no intention of hijacking this thread. However, after reading your posts advising the OP to tell their purchaser to "go take a hike" I think it's fair to say that you have been wasting your time reading the house forums. You have learned nothing.

You have missed a great opportunity. The house forums contain a great deal of very useful information and loads of very helpful tips.

There are some nuggets of gold on these threads - not just on mine. :rotfl:

DRP

NAN63 wrote: »

Hi
Still scratching my head about this. My concern is that the buyer requested that I take the house off the market once the offer is accepted. I have said i would accept the offer and would take the house off the market for two weeks which would allow them time for a survey to be carried out which seems a compromise . I don't see why I should allow them exclusivity on my house unless I know they are committed. A survey shows some committment admittedly. This is the only offer I have had in two and a half weeks and the holidays will slow things down so I am keen not to lose these buyers.
Thanks all for your comments..all quite diverse which shows how contraversial this subject is. I don't consided myself underhand or sly but this process is making me feel that I am

I think that is fair. It is standard practice with our EAs - house comes off market SSTC immediately with the understanding that some time is given to see how things progress.

googler wrote: »

So, they've offered you £X for the house, you've said "Yes, I will accept £X", but you still want to make it available to others because you think they're not 'committed' ... ? What 'commitment' are you showing to them?

Only after giving them a chance to show commitment to the deal. If they haven't sorted out a survey after a couple of weeks then questions should probably be raised anyway

arbrighton wrote: »

What if there is a back log of surveys and despite attempting to book, they can't get a surveyor out for a month.
As for twelve weeks between exchange and completion, the norm is one to two. Once exchange takes place, you are legally committed to move whether or not you find somewhere and I as your buyer wouldn't be that prepared yo wait that long having committed the deposit and to insure the property. You need to find somewhere before exchange and get that ball rolling

A sensible approach is that the 2 weeks is a period for the buyers to organise a survey, rather than a deadline for it to actually be carried out.

hazyjo

I could understand you gazumping someone for a higher offer (even though I don't agree with that), but to gazump to Mr Nobody With No Offer? Bit of a risk that might end up biting you on the proverbial!

Also, the EA found you a buyer, you agreed a price, so be prepared to pay their fee if you decide to pull out if the buyer won't up their offer.

I do think the market will slow down a bit again now... it's getting late in the day for people to want to move for kids starting new schools, etc, and before you know it, they'll all be planning for Christmas, the weather will be rubbish and they'll put off looking until after Xmas/New Year, or maybe even until Easter if we have a horrendous winter.

In what way did the EA rush you?

Why have you said you'll take it off the market now but are putting it back on after they've spent money on surveys?! Or do you mean it's still on the market now and you'll take it off in two weeks after surveys?!

If you search these boards re properties with asking prices saying OIEO, nearly everyone on here will advise to offer under the lowest price quoted and to ignore the 'over'. Some won't even view OIEO houses as most of us hate it (unless you're talking about Scotland).

Most people will tell you to take a running jump if you're looking for three months between exchange and completion! And most solicitors would surely advise against it...

Jx

NAN63_2

Hi,

Yes, the offers were from the same buyer ..sorry for the confusion. Having 'slept on it' I would like to make the process as simple as possible on the basis that I think the offer is good, the buyers are FTB and its now the holidays and interest will slow down the next few weeks so I would like to retain them as buyers and yes, I would have liked more money like anyone else so hence the email to you all.

The way I view it now is that if they are not committed, it goes back on the market and I should know this within a few weeks i.e., during the slow period.
I have stipulated to the EA that I will not go below the price regardless of the findings of the survey and have made sure that they have passed this condition on to the buyers. Whether this happens is another matter.

I am only starting to look very seriously at houses this weekend and my worry is that I will not find anything soon hence the delay between exchange and completion which I think is not unusual. It's a pain for the buyers but there are no laws about when I should move out post exchange are there? As long as there are aware of the situation they will have to hold out.

Thanks again for everyone's feedback. Very helpful.

hazyjo

PS most buyers won't spend a penny until the chain is complete and you have found somewhere to move to.

Unless of course you're prepared to move out into rented accommodation or similar...

Jx

laidbackgjr

One thing regarding your earlier post about appointing a solicitor, do it now, most buyers will not start searches or arranging a survey until you have a solictior just in case any legal issues crop up during these activities.

laidbackgjr

NAN63 wrote: »

I am only starting to look very seriously at houses this weekend and my worry is that I will not find anything soon hence the delay between exchange and completion which I think is not unusual.

I would say anything more than a week between exchange and completion is unusual. Again why should your buyers start to spend money when you have no where to move?