Advice on offers received

ndi149

I received an offer on Saturday for my flat of £154,600 after it being on for a week.


After a few days thinking I accepted this afternoon. I then received an offer from another lady of £156,000. Which I declined. as I'd already accepted the other offer. The lady then came back with £157,000, I still declined that. She has now come back with £158,000.


What do you think I should do? £3,400 over the accepted offer is a little harder to turn down now.


Please be nice, I know gazumping is really bad.

Talc1234

No its not. You were too quick accepting the first offer.

You owe it to yourself to get the best offer for your flat. You don't owe anyone else anything.

Mickygg

It's a few hours, accept the revised offer assuming they are of course proceedable.

ognum

Check out the two buyers, is there one that will actually complete? the extra money is no use if she doesn't complete, there is more to an offer than the cash!

searchlight123

if both are proceedable i would, as a courtesy, inform your first buyer of this increased offer and give them the opportunity to match it. they may of course take umbridge and withdraw from the sale or they may appreciate your honesty and realise their original offer was a little cheeky?
who knows, but you are entitled to get what you can from the sale of your property, especially at this early stage of the sale.

cattie

I personally have quite high principles & especially when in a buying/selling situation, would never do anything that I'd hate to be done to me. Once I've accepted an offer, that's it as far as I'm concerned.

I know everybody is different & was once in a situation where my full asking price offer was accepted by a vendor, then 2 or 3 weeks down the line an earlier viewer who hadn't sold at the time of her viewing, finally got an offer on her place & contacted my vendor direct & offered £10k over asking price. Estate agent was fuming, as he was strongly against gazumping. I had to stump up an extra £8k to get vendor to stick with me.

Accept if you feel you must, but don't ever complain or feel gutted if somebody does something similar to you in the future.

Gwhiz

OP - what is the asking price of your flat?

Guest101

U could accept both offers under a first to exchange situation. May put both off or may prompt them both

Kynthia

No-one likes having their offer declined after it was accepted. However the further into the process the worse it is and the more money the buyer has spent. Therefore if it's enough money to make a difference to you then the quicker you act the better, especially if the buyer hasn't committed funds. Let your buyer know what's happening, find out if both buyers are able to proceed, then see who is able to give you the best price.

I_have_spoken

Yep, need to think on; £154,600 is a peculiar amount in the 'dead zone' between £150,000 and £160,000ish.

Will the 'lady' gazunder you back to the £150,000 stamp duty threshold 24hrs before exchanging?

ndi149

I had the flat on for offers over £147,500, hoping to get £150,000 so was obviously thrilled when the first lady offered £154,600. I did think it was an odd number, but was happy enough.


I can understand the sentiment about not doing to others what you wouldn't want done to yourself, which is why I do feel guilty, but £3,400 isn't anything to be sniffed at no matter how high you principles are.


The estate agent is closed for the holiday but I do want to give the first lady the chance (hoping she did feel her offer was cheeky), yes might very well walk away, but then I'll only have myself to blame.


This is my first time selling so it all a learning experience