Sale Dilemma!

Dan-Dan

How strange,why accept an offer from B so quickly at all?

ancientofdays

Last time we bought a house, we made an offer, which was accepted. Estate agent then informed us that a better offer had been made and 'invited' us to increase our offer. We had just had the survey results. We chose to buy a different house.

cjm888

You accepted their offer as far as I'm concerned that's it house is sold stc.
If I was in offerer B position I would walk, I may increase my offer but will now be looking at other houses as you can't be trusted.

ReadingTim

Problem with A is that they don't have anything invested in the place until exchange - don't need a mortgage, don't want a survey. Yes, they can act fast, but they're in a pretty strong position, and call pull out with a moment's notice and not have wasted a penny. Or more likely, they can gazunder you at a moment's notice and revert to their original price.

B on the other had needs various things to happen before they purchase which involves paying people - surveys, solicitors, mortgage advisors etc. Once those wheels have been set in motion, they're harder or slower to stop, hence they're more invested in the deal, and more likely to see it through.

A is higher reward, but higher risk, B is lower reward, but more likely to happen. Your call.

HouseBuyer77

I won't comment on this particular situation but I think there is a major difference between changing your mind on a offer a day or two after acceptance compared to doing so several weeks into the process.

Sure once you've giving a firm confirmation of an offer changing that to a no two days later isn't great behaviour but beyond getting someone's hopes up it's not a big deal.

Doing it most of the way through a purchase is an entirely different kettle of fish. People will have spent significant sums of money, spent a long a time planning etc.

Personally I only refer to the latter as 'gazumping', you ditching someone who's spent a lot of money and time on a purchase in good faith in order to get more money for yourself. Turning their offer down two days after accepting it isn't nice, but they've spent no money and not much time. They can move on easily enough.

bmthmark

Personally I would not mess anyone around. You have accepted an offer you should stick with it.
The cash buyer had his chance but was too late.

Don't mess people around, especially if you have accepted the offer.

McTaggus

No risk, no reward. It depends how much you're willing to risk for the reward (or not, depending on how it pans out).

I agree with ReadingTim - FTB will have invested more and will be less likely to pull out for the hell of it given the costs expended on getting the ball rolling.

However, at the end of the day, the decision is yours. A likely more invested buyer, or more money for your property. Only you can weigh up which is of greater importance. If you're not in a rush to move and therefore if the sale falls through / doesn't go ahead, then you might be better able to take the risk. If you want out and don't want to add risk to the sale, perhaps the mortgage buyer is the way to go. It all depends on your own circumstances / needs / risk tolerance.

Jhoney_2

- 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

Shouldn't the following read as thiis?

Interesting position...however...

Offeror A (Full asking) is a cash buyer, can complete in 2-4 weeks, proof of funds done, buying home for a child, not bothered about survey.
Offeror B (4.5% below) is a FTB, mortgage and will need valuation, survey and (potential) a Help To Buy valuation (or whatever needs doing)

FWIW, I would stick with FTB and give cash buyer first refusal if B don;t get a move on with timely steps forward and good communication.

Why did you accept the offer so quickly? The answer to that may help you to answer your own question more assuredly.

ScorpiondeRooftrouser

fozzeh wrote: »

Ok, it's a good position to be in (rather than stagnant)...but what to do?



- 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.



- Offeror A - once they were aware of the above came in at asking

Interesting position...however...

Offeror A (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 B (asking) is a FTB, mortgage and will need valuation, survey and (potential) a Help To Buy valuation (or whatever needs doing)

You need to clarify this contradiction. Interestingly, I would have thought if the cash buyer was offering more there's no financial decision to make, so that's probably why people who thought that the cash buyer is offering asking price have assumed you are asking for moral guidance rather than financial. As I read it the cash buyer is offering less money; is this correct?

Blackbeard_of_Perranporth

BoP rules, put your dosh on the table!

No, who do you want to sell to is the question!