Offer accepted then rejected

Gipper

This seems to be a bit of a weird situation so any advice or suggestions would be gratefully appreciated.

We found a property that we really liked and put an offer in but this was rejected. We put another offer in but were told that a cash offer had been accepted and the vendor wasn't accepting any more bids.

The same property came back on the market after several weeks due to the initial buyer disappearing so we put an offer in which was accepted. It was all proceeding well until today when the initial buyer resurfaced and the vendor has decided to go back to their offer.

We are first time buyers with a mortgage already in place. They are cash buyers so are in a better position for the vendor than us.

Any advice/thoughts?

~Beanie~

Yes, let this one go and find somewhere else.

I would be too worried that the vendors would accept my offer, let me spend money on searches and surveys and then change their minds later down the line when they got a better offer from someone else.

movilogo

If mortgage offer is already on table, then how can cash buyers be more preferable??

stator

movilogo wrote: »

If mortgage offer is already on table, then how can cash buyers be more preferable??

Banks may refuse to lend if the survey throws up issues which a normal person wouldn't care about.

clark24

I'd run a mile and hope karma made the other buyers change their mind again, which would serve the sellers right.

Better_Days

I agree, I wouldn't trust these vendors either.

It's bad enough knowing that nothing is settled until exchange but if the vendor already has a track record of tiddling around it's too much of a risk.

Gipper

Thanks for all the replies, most appreciated.

Our offer is now unrejected. It exists in some Schrodingers offer type situation being neither rejected nor accepted. We will know more tomorrow as the vendor is considering the positives and negatives of each offer.

MysteryMe

Fingers crossed. If it's a house you are really set on then might be worth hanging in there but if not I'd start looking around as the vendor's don't seem the most reliable.

Thrugelmir

Gipper wrote: »

We are first time buyers with a mortgage already in place.

Until you make a full mortgage application then you won't have a mortgage offer. More likely you have a decision or agreement in principle.

Gipper

We have a full mortgage in place as we made the application on another property that fell through. The application fees have already been paid and the amount has been agreed with the bank.

Lord_Baltimore

As a buyer, you would have no compunction about pulling out of a purchase if say, a survey was less that favourable. The seller has similar options and can pull out pre-exchange for whatever reason and without explanation. It's just the way it is. Sometime in the future the boot may be on the other foot and you may like your selling options to be a bit flexible.

Just remember none of these shenanigans are personal; it's just the way buying and selling is. I hope things work out the way you want