Sale Dilemma!

Angie_B

I also read it as the cash buyer was Offerer B and the mortgage-needing buyer was the one who had now offered full price.

I know you don't want to state figures, but if the cash buyer can complete quickly, is the 4.5% less you have accepted from them offset by the mortgage you are covering on what is now an empty property?

What if the FTBers take 3 months to get everything sorted (not an unreasonable time in this day and age). Does the extra two months mortgage/interest payments come close to the 4.5% extra you are getting from them?

Personally, I tend to agree that once the deal is agreed, you stick with it but I also assume we do not know all the circumstances and, as mentioned above, £2k is very different to £50k in these situations.

parkrunner

Talc1234 wrote: »

Complete tosh...

Seller owes it to themselves to get the best price. Seller does not owe the buyer any favours (whether they are excited or not)

To the OP - There is plenty of interest in your house, don't sell yourself short

Not for a person who believes in keeping their word.

Jhoney_2

I Think cash buyer is A, who first offered 10%pc below asking, but upon hearing that FTB B had put in an accepted offer at 4.5% below, the upped their offer to Full Asking Price.

Thus I think the OPs summary is incorrect and has the A/B offers the wrong way around. I think their considerations were around:-

Higher offer, cash buyer, morals of accepting later offer, no direct personal interest in the property vs:-

5.5% less money (at least in theory),FTB, offer accepted, possibly longer process due to mortgage etc but more invested commitment.

Still would give the FTB a chance. They probably are restricted by their income/mortgage and it was the best first offer on the table.

Cash buyer chanced his luck with a lowball offer, what's to stop that from happening again further down the line? S@d 'em.

5k or 50k I'd sooner take half below (0.4%) for a good transaction/ home selling experience, over all of a bad one at full asking.

Your call though, so not going to lose any sleep over it am I!

sheramber

- Offeror B - has come in at 4.5% less than asking on Friday

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


but then you say

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 seem to have switched them round.

A made asking price offer but then that offer becomes 4.5% below.

Perhaps if you gave them names it would be clearer

Person_one

It seems pretty obvious what the situation is despite the mixing up of names/numbers.

If A had come in with a lower offer after they accepted an asking price offer from B I'm sure they wouldn't be planning what they're planning!

Crashy_Time

Take the cash buyer and get out before the next banking crisis unfolds (Brexit?) you are what, already 32% down? Grab that buyer now IMO.

ScorpiondeRooftrouser

Person_one wrote: »

It seems pretty obvious what the situation is despite the mixing up of names/numbers.

If A had come in with a lower offer after they accepted an asking price offer from B I'm sure they wouldn't be planning what they're planning!

That doesn't tell us which is the cash buyer.

Person_one

ScorpiondeRooftrouser wrote: »

That doesn't tell us which is the cash buyer.

Post 6 does.

ScorpiondeRooftrouser

Person_one wrote: »

Post 6 does.

No it doesn't.

fozzeh

Right, some interesting points to answer. Firstly, yes, I made an error in one post...lower offer is cash (B), higher is FTB mortgaged (A)

Hoploz wrote: »

You have used % to avoid the numbers, but it makes a difference, clearly. The 4% could be 50k which could make a big difference. If its only a few k then go with the more proceedable buyer with slightly lower price.

Person A sounds an easier buyer with fewer pitfalls along the way ... except for the biggy which is that they are buying for someone else who could turn round and say they'd prefer an alternative at any stage of the proceedings!

Are you buying as well? Have you found?

Yes and yes, but the sale of this has no influence over that

And, to clarify, the percentage difference is under £10k

frugalsmurf wrote: »

It's obviously not good practice to accept offers then change your mind, but it's your house & you want the best price. They could pull out themselves a few days later and you'd kick yourself.
If there's interest, did the estate agents not advise you to wait or go to sealed bids?
As we viewed a few popular houses and they went to best and final offers or sealed bids. Can you ask your EA to do that?

They were very anti-advice...they left everything for me to think about and offered no massive opinion. They get their commission, the difference for them would be minimal so maybe their thinking is "cash buyer, easy sale, quick commission".

marksoton wrote: »

And they owe it to any potential buyer not to !!!! them around.

The OP appears to be revelling in the drama of it all.

Sorry, move along.

Dan-Dan wrote: »

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

Depressed market, inkling about something coming up on the survey, quick deal...not strange. We've taking a lot into consideration on this one.

Angie_B wrote: »

I also read it as the cash buyer was Offerer B and the mortgage-needing buyer was the one who had now offered full price.

I know you don't want to state figures, but if the cash buyer can complete quickly, is the 4.5% less you have accepted from them offset by the mortgage you are covering on what is now an empty property?

What if the FTBers take 3 months to get everything sorted (not an unreasonable time in this day and age). Does the extra two months mortgage/interest payments come close to the 4.5% extra you are getting from them?

Personally, I tend to agree that once the deal is agreed, you stick with it but I also assume we do not know all the circumstances and, as mentioned above, £2k is very different to £50k in these situations.

Costs for waiting longer would only come to about a grand and is lower than the difference. There is a mortgage on the property...but the rate is so low that we've used the rental income from the last 5 years on a lot of other things...so we'll be paying back more than the sale price...but it all weighs out.

Crashy_Time wrote: »

Take the cash buyer and get out before the next banking crisis unfolds (Brexit?) you are what, already 32% down? Grab that buyer now IMO.

You see...that is one of the things I had just that slight half squinted eye on. Whilst (I think) some house prices or areas won't be affected...this house is in an area where a lot of houses go up for sale. It's good value for what it is but when the market will become more saturated, the price will drop.

Anyway, as I'm "reveling" in this (trololol), we're still proceeding with the lower cash buyer. The FTB has had a good moan at the estate agent though as they don't believe there was another offer and want an explanation...which has already been explained (the cash being quicker and less problematic than a mortgaged buyer).

anselld wrote: »

Read a few of the posts on here from FTBs trying to understand survey results on older properties.... then realise that Karma will bite you on the bum if you accept the higher offer now.

See above! The FTB's have rang the estate agent 3 times at the weekend as they don't understand why we've taken the cash offer

ancientofdays wrote: »

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.

Herein lies why we're sticking with the accepted offer

We'll see how it pans out.