In England, is it okay to put offers on more than 1 house at a time?

ognum

cte1111 wrote: »

I genuinely am struggling with the stance that this is immoral.

Cuilean - how on earth is it this potential buyer's fault that you were unable to buy the house you wanted? You chose to turn down her offer, that's your prerogative absolutely but maybe if you hadn't then she would have bought it, you would have bought your dream home and everyone would have been happy?

We are specifically talking about viewing several properties, alongside other people, and putting in offers on more than one, in the expectation that most if not all will be turned down. If more than one offer is accepted, then it's time to make the choice which is the best for you, much like when sellers receive multiple offers, they take a judgement call as to which is the best for them.

When I bought my first house, the sellers had 2 full asking price offers already on the table. I also offered the full asking price and was eventually accepted, owing to my first time buyer status. Are you saying that was immoral of them? Had I done the previous potential buyers the chance of their dream home? Possibly so, but that's how our long drawn out property selling process works, it takes ages, nothing is certain until the last minute. Not ideal but we all have to accept it or make the choice to lobby our politicians for changes to the system.

I agree sellers can hang about waiting for several offers and accepting the one they like best, I offered on a flat as a buy to let as a cash buyer the seller also had an offer from someone who was young and going to live there. I don't object to that its their choice but equally as a buyer I can offer on two properties and choose if both offers are accepted and go for one if not.

What is the difference.

2nd_mortgage

I think some people on this forum don't live in the real world.

OP - you can do whatever you want as long as you are open & honest about it. I have heard of sellers agreeing a sale with 2 buyers & telling them that whoever gets to completion stage 1st will get it. Nothing wrong in my opinion as long as both buyers in the race are are aware of that. Similarly nothing wrong in making offers on 2 properties & saying that you genuinely like both & if both offers are accepted, you will consider which one to go ahead with & get surveys done for.

jaylee3

2nd_mortgage wrote: »

I think some people on this forum don't live in the real world.

OP - you can do whatever you want as long as you are open & honest about it. I have heard of sellers agreeing a sale with 2 buyers & telling them that whoever gets to completion stage 1st will get it. Nothing wrong in my opinion as long as both buyers in the race are are aware of that. Similarly nothing wrong in making offers on 2 properties & saying that you genuinely like both & if both offers are accepted, you will consider which one to go ahead with & get surveys done for.

I think that a seller expecting buyers to go through a complete house buying transaction, from start to finish, right to completion, with all the surveys, and searches, and faffing and packing and stress, and trying to sell their own house, and suchlike, with not knowing if they are going to get the house in the end, (because someone might beat them to it,) is the one not living in the real world! I mean, if they got almost to completion, they would have 'their' buyer waiting to move into their property!

I think (as some have said on here) that it's OK to go and place an offer on several properties, and then pull out before the buying process goes any further and choose which one you want; as long as you don't mind running the risk of being flagged up as a timewaster. But for someone to suggest that a seller should string 2 buyers along all the way through the buying process right up to completion, and the one who pips the other to the post gets the house, is just ludicrous IMO.

Mickygg

Be honest. Otherwise if the property falls through (which of course many do) then you will want the EAs on side, or they will label you as time wasters.

If I accept an offer, I have a list of questions before I accept, one of which is for the EA to find out if the buyer has only eyes for my property. Obviously there is no guarantee of getting the truth but if I found out they later lied and stuffed me I wouldn't want them buying my home anyway.

TrickyDicky101

martin1959 wrote: »

Not illegal but totally immoral.....

.....

What utter codswallop! Do you think the sellers will only take offers from the one buyer? If not, why impose such an asymmetric condition on only the buyer?

kinger101

I think it's immoral (if they're not aware of the other offers), and could be counterproductive. Can't you just make up you mind which you wish to buy?

Scenario. You put in an offer on both. Later let seller 2 down in preference for seller 1. Sale falls through with seller 1. Seller 2 has house on market still. They'll probably reject another offer based on the fact they can no longer trust you. And their EA might mention this to any other sellers on their books too.

ognum

kinger101 wrote: »

I think it's immoral (if they're not aware of the other offers), and could be counterproductive. Can't you just make up you mind which you wish to buy?

Scenario. You put in an offer on both. Later let seller 2 down in preference for seller 1. Sale falls through with seller 1. Seller 2 has house on market still. They'll probably reject another offer based on the fact they can no longer trust you. And their EA might mention this to any other sellers on their books too.

I think you must live in a slow moving market I have had best and finals on three properties at the same time and got none.

Why can't I have several offers in and hedge my bets just like the seller who is asking for bids from 10 people.

Most properties I am interested in have several offers and the seller decides how is that different from me making several offers?

kinger101

ognum wrote: »

I think you must live in a slow moving market I have had best and finals on three properties at the same time and got none.

Why can't I have several offers in and hedge my bets just like the seller who is asking for bids from 10 people.

Most properties I am interested in have several offers and the seller decides how is that different from me making several offers?

That's a good point. OP should consider where they live. It might be a sensible strategy in some parts. If you're somewhere slow though, and risk having multiple offers accepted, it might come back to haunt you if your preferred option falls through.

martin1959

TrickyDicky101 wrote: »

What utter codswallop! Do you think the sellers will only take offers from the one buyer? If not, why impose such an asymmetric condition on only the buyer?

You have missed the point totally.


Of course there is no problem with a buyer making offers on several properties....... my understanding of the OP was that they made offers on two or more properties HAD THEM ACCEPTED and then decided to proceed with one without telling the other vendors that they were withdrawing their offer, just in case the first fell through.


As most vendors will withdraw their property from market (against my advice) once they have agreed an offer, for the buyer NOT to make them aware at the earliest opportunity that they are not proceeding, is, in my opinion, immoral.


There is no problem with a contract race as most parties are aware of the others.....hence the race!

ethank

Personally, I think it is a bit of disgrace. Why put in an offer if you know you will not proceed with the property.

I've been through the pain where a buyer has put an offer in, told me they want a quick deal, and everyone is instructed on the sale, offer accepted on the new house, and then a survey has not materialised.

When you are buying and selling - people are often emotional about the whole sales process - entering into the 'spray and pray' mode of offers in the hope that one will be accepted to me is just wrong. It wastes time.

I would never take my house off the market until such time as a survey takes place now.