What would you do?

Okrib

Given the interest there is no way I would suggest accepting their offer, unless they were cash buyers and at the guide price (at a minimum).


I would place an offer on the house you want in the meantime, safe in the knowledge that you have an offer at the level you do, and then reassess after the viewings on Saturday.


Make your agent get all interested parties to provide all relevant information with their offers by close of business Monday (thus allowing second viewings if required), decision to be made on Tuesday morning and exclusivity given to the buyer you run with.


My guess is that you will end up with bids over the guide price, and then you need to select the buyer who offers the most money but who can proceed the quickest.

mlz1413

brodawel wrote: »

We are house hunting at the moment. As a potential buyer this is how I would see it

a) If I'd made the offer of £545. If you have the open day and no more offers come forward, I'd be thinking I have offered too much and perhaps have second thoughts.

b) If I was booked for the open day and it gets cancelled because you have already accepted an offer. If it then falls through, I'd be thinking something is wrong with the property and would offer much less.

You may find you are house hunting a long time if you think everything that happens means a house is worth less.

A) has some credit to - as in if 12 people look round and no one offers the asking price or within £5k of it then I'd agree the house is overpriced or something else is wrong.

An open day is cancelled and then it falls through - this could be for any number of reasons but short of it being a survey issue it wouldn't mean the house is worth less.

Grenage

I would absolutely have the open day; worst case scenario, you get no proceed-able higher offers.

More likely, you'll get asking or above.

marsman802

Hi all

Well I made a decision - we cancelled the open day after pushing the offer to £550k.

It turns out to be the right move I think because the place we want to buy accepted our offer and then said they would move into rented accommodation as they haven't figured out exactly where they want to go.

They also had some viewings queued up this weekend which they've now cancelled.

Next stage....lots of mortgaging...!!!

fingers crossed

Hoploz

Congratulations, hope all goes smoothly

Innys1

They were always going to bite - no chance they would let your place go given how keen they were on it.

Goes to show that having a bit of cojones usually pays off.

marsman802

Yes it was quite a game!

I waited until the afternoon and spoke to my agent who said we had 14 appointments but also the guy who had offered on mine had asked if £547,500 would do it so I just said "£550k and it's his!"

Who knows - we may have got more on an open day but at least we get everything we want from this.

Many thanks for the advice - sleeping on it last night really helped digest everything.

nubbins

marsman802 wrote: »

Hi all

and then said they would move into rented accommodation as they haven't figured out exactly where they want to go.

This.... very rarely happens, beware you could be waiting for months whilst they find the house of their dreams.

brodawel

I think that's a good decision. This buyer sounds committed. I wonder how serious the others are if they wait for the open day, are they just on a day out.

marsman802

nubbins wrote: »

This.... very rarely happens, beware you could be waiting for months whilst they find the house of their dreams.

Yes I did question at first but they have asked us if we're good to complete mid-late April if that works in the chain and everyone is happy with that approach.
I think we have a good set of people involved here but time will tell.

nubbins wrote: »

I think that's a good decision. This buyer sounds committed. I wonder how serious the others are if they wait for the open day, are they just on a day out.

You do wonder...

I've managed to get my DIPs approved this morning and solicitors instructed so hopefully I'll get to pause for a week or two whilst searches commence.