Offer accepted and then declined

Contessa

paye wrote: »

Thanks I've taken that into account and I am prepared to take the gamble.

But are you prepared to take the gamble of upsetting your wife?!

spender717

Our original buyer couldn't secure a mortgage and we were going to loose out on the house we wanted to purchase, so needed to move quickly.

We accepted an offer just under asking price a week later.

In the 11th hour a cash buyer offered us the full asking price, 2 hours after we'd accepted the earlier offer. We accepted the cash buyers offer.

It was never about the money for us, as the difference in value between the two offers was £500! It was the fact we'd already been burnt once and needed a very quick sale to stop our vendor from remarketing their house.

I felt really bad, but we couldn't pass up such a proceedable buyer. :think:

AdrianC

ValHaller wrote: »

I can't see that at all. Plainly the vendor thinks it is OK to gazump, so if it is not wrong in the vendor's book to gazump, it should not be wrong to gazunder. This will be a case of 2 rights making a right. OP is obviously happy to risk fees along the way ....

As ever, there's really only one commandment that applies.

"Do unto others as you would have them do to you".

The vendor has clearly forgotten this.
But that doesn't mean the OP should. OP - when you come to sell, would you be happy for somebody to reduce their offer at the last minute? No, of course not.

If you're going to increase your offer, have the basic decency to mean it and to stand by it.
If you're not happy to pay that increased offer to this vendor for this house, then walk away now, with your self-respect intact.

ValHaller

AdrianC wrote: »

As ever, there's really only one commandment that applies.

"Do unto others as you would have them do to you".

The vendor has clearly forgotten this.
But that doesn't mean the OP should. OP - when you come to sell, would you be happy for somebody to reduce their offer at the last minute? No, of course not.

If you're going to increase your offer, have the basic decency to mean it and to stand by it.
If you're not happy to pay that increased offer to this vendor for this house, then walk away now, with your self-respect intact.

Interesting. Let me throw this one to you:

"When in Rome do as the Romans do"

OP is game for the adverse possible consequences.

TheMetalMan0

Subbed. Interested to see how this one turns out. Good luck OP.

stylus360

Old_Git wrote: »

you should have insisted the house was taken off the market and there would be no further viewings.at least thats what Kirsty and Phil tell us to do.

Is it mandatory that the EA take it off the market after offer has been accepted ?

Surely it is to their discretion ?

ValHaller

stylus360 wrote: »

Is it mandatory that the EA take it off the market after offer has been accepted ?

Surely it is to their discretion ?

It is actually the seller's discretion. But the risk for them is that the buyer will not commit to survey etc unless the vendor commits.

jules888

The whole buying and selling process is so horrible i never want to go through it again.Wish we would go the way of Scotland and stop this sort of thing once and for all!

mjdh1957

It's a while since I bought and sold in Scotland but the system there has its own problems.

Offers can be made 'subject to survey' so if things don't work out then the offer can be withdrawn.

And the pricing of property with 'offers over' can make it a nightmare for buyers who end up paying wildly over the odds sometimes.

Not to mention the cosy cartel operated by Scottish solicitors...

No system of property purchase can be perfect.

christopher1977

paye wrote: »

Thank you for your replies much appreciated :beer:. I believe in karma as well so I've out bidded the higher offer today and when it comes to exchange a couple days before I will lower my offer to my original offer.

this is exactly what i did - don't feel bad about it and gl mate:beer: