Offer accepted but the property won’t be taken off the market – is this fair?!

cattie

The housing market is moving very fast at the moment in some areas. I suppose that you can't blame a vendor for wanting to ensure that they get the best price, but I fear that they don't have very high principles as to my mind once you accept an offer, you should stick to your word.

To be honest, I'd walk away as I wouldn't trust these vendors to really commit to a sale & they could do the dirty on you at any time up to exchange of contracts.

donfanatico

LookingforHouse wrote: »

ConfusedofYorkshire, lincroft1710, Mojisola, bigadaj, ognum - thank you all very much for your feedback and opinions!

Interestingly most of your suggestions reflect our own thoughts, but I guess we need to sleep on them a bit more to make the final decision.

BTW, do you know if performing a "hidden auction" is legal?

Is this in London?

getmore4less

I would just keep looking, and don't call back, you made your best offer so make that the one.


If you really might want to pay a bit more why do it now, wait and see if there really are others first.

spingirl

Hi there, that does sound a bit suspicious! Who really knows for sure what's going on. Totally see why you are concerned. I wouldn't be bullied into paying more than you are comfortable with, decide now what your max offer is & stick to it.

On the other hand, I have been on the opposite side of this & it was equally frustrating.
We had an offer on our property & accepted as it was the asking price we wanted, we were about to cancel a lot of other viewings which were booked but then our EA told us that the couple were putting in offers on other properties, we felt this unfair so decided to continue with viewings as had a feeling that the couple were not committed & we wanted to sell end of day. So then the couple complained that we are still on the market & they do not want us to continue viewings even though they were ideally after another property & we were only second on the list!!
Lo & behold we receive a letter that the couple are retracting their offer. No surprise there. Had some more viewings & received another offer which we accepted as was again the asking price, the family were very keen & came to view again, spent ages looking round & talking to us - all positive, even said they had spoken to their solicitor.

Meanwhile the original couple that offered changed their mind again & put their original offer in again & wanted to view again which we declined as we had by now accepted the other offer & had agreed to take the property of the market as the buyers told us they had instructed their solicitor!

Surprise surprise the second couple pull out a week later (after we cancelled 10 viewings!) no reason given! So we lost one offer & potential offers from other buyers.

Enough was enough, we are keeping our property to rent out & are now in the process of buying another property for ourselves, there is no chain either side so I'm hoping this will be much quicker!

I'm no expert but do go on my instincts, if something doesn't feel right then I wouldn't pursue it or be pressured by anyone.

Good luck lookingforhouse

giddypenguin

bigadaj wrote: »

Though logically the house is actually worth what the runner up is prepared to pay in many cases.

Or whatever the surveyor recommends to the mortgage company... You may be able to afford more, but if the surveyor doesn't agree with the price you bid they won't lend.

LookingforHouse

cattie, getmore4less, spingirl - thanks for sharing your thoughts, I appreciate it.

Thrugelmir

lincroft1710 wrote: »

But this could just mean a £500K house is worth £495K.

I know of a property that had a guide of £2.25 million. Received 63 bids and finally sold for £3.75 million.

Price is what someone is prepared to pay.

pinkshoes

Their tactics suck and I wouldn't trust them.

I'd play them at their own game, put in a really high offer on the table for 48 hours, and if accepted property removed from sale and no further viewings. Wait a week then drop offer or pull out.

vikingaero

pinkshoes wrote: »

Their tactics suck and I wouldn't trust them.

I'd play them at their own game, put in a really high offer on the table for 48 hours, and if accepted property removed from sale and no further viewings. Wait a week then drop offer or pull out.

:T:rotfl:

Let's not forget that it's not just the buyer that wins; the smarmbag of an EA wins when the market is like this so pinkshoes tactics are quite fair IMHO. Karma innit.

LookingforHouse

pinkshoes wrote: »

Their tactics suck and I wouldn't trust them.

I'd play them at their own game, put in a really high offer on the table for 48 hours, and if accepted property removed from sale and no further viewings. Wait a week then drop offer or pull out.

Thanks for a cheerful start of Sunday , pinkshoes