Sale falling through- how to accept a new offer honourably?

pinkteapot

When my mum last sold she had a buyer who sounds much like yours, in terms of questions asked and documentation demanded. In the end, she got so fed up that she just told him (via EA) that it was off. The EA had got royally teed off with him too and were more than happy to make that phone call!

She then remarketed.

Not necessarily the approach I'd suggest. I'd say re-market, get an offer, then tell your buyer he's got a week to exchange or the deal is off completely. Be honest with your new buyers. It's only a week for them and they should be happy to wait to find out if it's going ahead.

After the week, formally accept the offer from the new people and proceed with them.

I can see why the EA is suggesting a contract race (less risk of you ending up with no buyer and back on the market) but it wouldn't sit well with me either. The only way I'd do it would be to be completely honest with new buyers when they view, and say that if they offer it'll be a contract race. I couldn't put them in that situation without them knowing. At least then it's up to them whether they offer or not, knowing the risk of not getting the house...

DRP

I wouldn't be happy with a contract race (as either a vendor or buyer) - it just isn't morally right imo.

I would give the old buyer a week's notice. That is fair and also should not be too long to be a problem to the new buyer.

tom9980

pinkteapot wrote: »

When my mum last sold she had a buyer who sounds much like yours, in terms of questions asked and documentation demanded. In the end, she got so fed up that she just told him (via EA) that it was off. The EA had got royally teed off with him too and were more than happy to make that phone call!

She then remarketed.

Not necessarily the approach I'd suggest. I'd say re-market, get an offer, then tell your buyer he's got a week to exchange or the deal is off completely. Be honest with your new buyers. It's only a week for them and they should be happy to wait to find out if it's going ahead.

After the week, formally accept the offer from the new people and proceed with them.

I can see why the EA is suggesting a contract race (less risk of you ending up with no buyer and back on the market) but it wouldn't sit well with me either. The only way I'd do it would be to be completely honest with new buyers when they view, and say that if they offer it'll be a contract race. I couldn't put them in that situation without them knowing. At least then it's up to them whether they offer or not, knowing the risk of not getting the house...

Agree just be honest about the situation. That's what the agent did when i was re-offered a property we lost out on earlier in January. It was basically a building regs issue with the roof. The house was built that way and conformed to regs in the late 1980's but didn't now and the original buyer didn't like it so pulled out. I have no issue with this myself looked at the problem during a viewing and we are pressing ahead with the purchase.

Dan-Dan

Your sols will charge you for 2 x contract packs etc in a contract race ,check how much

anotheruser

bylromarha wrote: »

EA and solicitor say I should accept the new offer and tell old buyer I've accepted new offer, so it's a race to exchange.

Which doesn't sit right with me, stringing 2 people along.

> Say to new buyer that you have an offer of XXX already.

> They will increase theirs (maybe).

> Say to old buyer that you've received a new offer of XXX and unless they can exchange by XXX date (within 5 days or so), the house will go to the other buyer.

Unless you want the new buyers extra money, then just tell the first buyer to go away.

You may not feel right about "stringing people along" but isn't that exactly what the buyer seems to be doing with you?

Dan-Dan

this is all assuming new buyer can exchange in x days (if carrying out a contract race)

bylromarha

3 viewings yesterday, 4 booked in tomorrow. Apparently every other call to the agent is asking about it. All viewers know the situation. So can't see that it'll sit around for long, and would probably get a higher offer than current one.

Buyer still not provided evidence of why we need building regs.

Thanks for all the helpful advice.

da_rule

I would just contact the current 'buyers' solicitor and tell them that you are allowing viewings again and they have until say Friday/Monday to pull their fingers out or you are going to turn down their offer and accept one of the others (when they come in).

DRP

bylromarha wrote: »

3 viewings yesterday, 4 booked in tomorrow. Apparently every other call to the agent is asking about it. All viewers know the situation. So can't see that it'll sit around for long, and would probably get a higher offer than current one.

Buyer still not provided evidence of why we need building regs.

Thanks for all the helpful advice.

what is the situation? A race or you will go with the whoever the new buyer is and take the house off the market?

bylromarha

DRP wrote: »

what is the situation? A race or you will go with the whoever the new buyer is and take the house off the market?

Situation is we exchanged and completed yesterday.

Every viewer was told that the house had a sale progessing, but it had stalled after 19 weeks, so we were inviting new offers.

We had 10 viewings in a week. 2 offers a few £k over the sale which was going through.

We asked those offering if they were happy to wait for a response until today (Thursday), which they were. Meanwhile we'd told the existing buyer he had until yesterday to make up his mind over the building regs and to complete by yesterday, or we'd withdraw our offer to sell to him and go with one of the new buyers offers.

It worked. He stopped being stupid and bought the house.:D

21 weeks from offer to sale for a cash buyer who wanted a quick sale...