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Sale Dilemma!
Options
fozzeh
Posts: 994 Forumite
Ok, it's a good position to be in (rather than stagnant)...but what to do?
- Offeror A - came in at 10% below asking a week ago, rejected
- Had 3 more viewings in the week
- Offeror B - has come in at 4.5% less than asking on Friday, we had 2 viewings over the weekend. One didn't offer, second came in 8.5% below asking, rejected as was below offeror B.
- We told Offeror B on that Friday when the offered that we had viewings and we would let them know our stance on Tuesday (yesterday).
- Stuck to our word, let them know and accepted offer
- Offeror A - once they were aware of the above came in at asking
Interesting position...however...
Offeror B (4.5% below) is a cash buyer, can complete in 2-4 weeks, proof of funds done, buying home for a child, not bothered about survey.
Offeror A (asking) is a FTB, mortgage and will need valuation, survey and (potential) a Help To Buy valuation (or whatever needs doing)
Property - 1915 build, mid terrace, needs a new kitchen (it's old, but not in terrible condition), bits of work doing here and there internally, purchased by us in 2007, moved out in 2010, couldn't sell, tenanted until February this year, lovely little home, poor parking (which has put a few people off), unmanned road (but no through access), quiet location near Leeds, 3 bed, good commuter links, village type setting, bought at peak of market so we're losing (32%) on what we paid but letting has serviced mortgage since and we've spent nothing on updating it.
What do people think? Stick with A or go with B.
We've had loads of viewings at this price (3 or 4 a week) as it's a cheap 1st house. Offers have gradually gone up and up.
NB - I've used percentages to not sway peoples decisions on the money side of thing. We've made 10% on our main property...it's how the market works!
- Offeror A - came in at 10% below asking a week ago, rejected
- Had 3 more viewings in the week
- Offeror B - has come in at 4.5% less than asking on Friday, we had 2 viewings over the weekend. One didn't offer, second came in 8.5% below asking, rejected as was below offeror B.
- We told Offeror B on that Friday when the offered that we had viewings and we would let them know our stance on Tuesday (yesterday).
- Stuck to our word, let them know and accepted offer
- Offeror A - once they were aware of the above came in at asking
Interesting position...however...
Offeror B (4.5% below) is a cash buyer, can complete in 2-4 weeks, proof of funds done, buying home for a child, not bothered about survey.
Offeror A (asking) is a FTB, mortgage and will need valuation, survey and (potential) a Help To Buy valuation (or whatever needs doing)
Property - 1915 build, mid terrace, needs a new kitchen (it's old, but not in terrible condition), bits of work doing here and there internally, purchased by us in 2007, moved out in 2010, couldn't sell, tenanted until February this year, lovely little home, poor parking (which has put a few people off), unmanned road (but no through access), quiet location near Leeds, 3 bed, good commuter links, village type setting, bought at peak of market so we're losing (32%) on what we paid but letting has serviced mortgage since and we've spent nothing on updating it.
What do people think? Stick with A or go with B.
We've had loads of viewings at this price (3 or 4 a week) as it's a cheap 1st house. Offers have gradually gone up and up.
NB - I've used percentages to not sway peoples decisions on the money side of thing. We've made 10% on our main property...it's how the market works!
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Comments
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Set a closing date of friday to get final offers?
How did 'A' know that you had accepted an offer from 'B'?0 -
Why have you accepted an offer if you weren't happy to sell to the people who made it?
Please don't facilitate gazumping, its a horrible thing to do to people who are probably incredibly excited and planning what furniture to buy already.0 -
Person_one wrote: »Why have you accepted an offer if you weren't happy to sell to the people who made it?
Please don't facilitate gazumping, its a horrible thing to do to people who are probably incredibly excited and planning what furniture to buy already.
They were happy to accept the offer, its just that within 24 hrs they have received a better one. I doubt folk will be planning furniture etc when they have only had their offer accepted less than a day ago!0 -
If you're not under time constraints how about leaving it for a week and asking for sealed bids at the end. Otherwise you will keep doubting your decision.0
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Set a closing date of friday to get final offers?
How did 'A' know that you had accepted an offer from 'B'?
A asked to be informed on any updates on the property. They didn't want to ruled out of the running. When offer B came in, they went away, came back a few hours later, offered asking.Person_one wrote: »Why have you accepted an offer if you weren't happy to sell to the people who made it?
Please don't facilitate gazumping, its a horrible thing to do to people who are probably incredibly excited and planning what furniture to buy already.
Above post clarifies. This is all within a 24 hour period...it's not like we're mucking people around with falsities.
Gazumping isn't being facilitated either. We didn't ask A to come in for more. And they're buying for a child...that child isn't getting excited yet as is aware that it's not final until exchange (although, I imagine the parents are as they're buying for their child. They did increase and, where they are, is supposedly their "top" offer).If you're not under time constraints how about leaving it for a week and asking for sealed bids at the end. Otherwise you will keep doubting your decision.
As Ellie said...quite tempted with this too. However, we don't want to lose Offeror B...could they pull out?
We've even got Offeror C (who we rejected as was below
so could throw that into the mix. 0 -
Above post clarifies. This is all within a 24 hour period...it's not like we're mucking people around with falsities.
Gazumping isn't being facilitated either.
Sorry, but I don't see how the timescale matters. You've accepted their offer, you've agreed to sell the house to them at the price they offered.
Its the very definition of gazumping if you then go back on that to accept a newer higher offer.0 -
I'd ask the estate agent to go back to all three bidders and explain the situation, asking for best and final offers by the end of the week. Then you will be able to pick the best offer from these.
I really don't see this as unethical at such an early stage in the process. No-one has incurred any costs, so it's up to the estate agent to earn their fees and negotiate on your behalf. You could add some reassurance by saying that you will ask the estate agents not to pass on any other offers, once you've made your decision. Then take it off the market and hopefully all will proceed.0 -
Person_one wrote: »Sorry, but I don't see how the timescale matters. You've accepted their offer, you've agreed to sell the house to them at the price they offered.
Its the very definition of gazumping if you then go back on that to accept a newer higher offer.
I'm not saying it isn't. We just didn't ask for it so has left us in an interesting position :rotfl: To be honest, I didn't expect this.
I agree...it's not the best thing to have done to you but it happens. Life happens. Things change. Retracting acceptances is still legal in England.
The relevance to us is that if we take offer B, we'll be in NE on the mortgage by 6% (we can make this up...but it would be nice not to).0 -
If offerer A is at asking price and can complete quickly go with it0
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I'm not saying it isn't. We just didn't ask for it so has left us in an interesting position :rotfl: To be honest, I didn't expect this.
I agree...it's not the best thing to have done to you but it happens. Life happens. Things change. Retracting acceptances is still legal in England.
The relevance to us is that if we take offer B, we'll be in NE on the mortgage by 6% (we can make this up...but it would be nice not to).
You clearly want to take the higher offer, so not sure why you've asked!0
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