Vendor not found a house in two months and a dream house cheaper just came to market

nicos42

Thanks everyone for the great advice.
2nd home owner is moving with gf and they both going to buy something bigger. But the advantages are huge over first house. i wouldnt burn bridges with first EA he is actually a very decent helpful EA. and i domt want to hurt 1st vendor feelings as he accepted a lower offer from me and they couldnt sell for months.
Re puting a second offer on the 2nd house am I right in saying that i first have to withdraw first offer? I dont want to cause the vendor of 1st house any issues. I thought is not sort of legal to have two offers at one time. And i think that would be very bad to play someone s future really. I know i got to do what's best for me and so happy i finaly able to buy a home but i feel bad for both the EA and the vendor of the 1st house.

Mickygg

You can have 2 offers. Only withdraw your offer on property number 1 when your other offer is accepted on property number 2. It's perfectly legal.

Debtslayer

I would definitely make sure offers accepted on house 2 before pulling out of house 1 otherwise you may end up with neither house

nicos42

And if i get the offer accepted on house 2 what should i say to ea of house one? Without upsetting them

KiKi

nicos42 wrote: »

And if i get the offer accepted on house 2 what should i say to ea of house one? Without upsetting them

The truth. "I'm sorry, but your client has taken too long to find a house, so I've now found another property, and am withdrawing my offer. Thanks for all your help." And then you don't back down when they try and convince you otherwise.

It's nice to do it decently, but you are not responsible for the vendor's lack of action, so there's nothing to feel guilty about. People do it all the time.

csgohan4

nothing personal, it's business

Mickygg

nicos42 wrote: »

And if i get the offer accepted on house 2 what should i say to ea of house one? Without upsetting them

Refer to my previous post number 9.

bowlhead99

House one is not available for you to buy. Sure, it is listed with an estate agent but it is not really on the market and available for you to buy this month or next month or the month after for all you know.

If he really wanted to sell it to you right now for the amount you have offered, he would do so, take your money, and move into rented accommodation - or put his stuff into storage and sponge off friends or family for a bit while he continues his search for his dream house. But he does not.

So, offer your money to someone else who would be happy to take your money, and once it has been accepted and you are making progress tell the first vendor's agent that there doesn't seem to be any point proceeding with the offer you had made to him.

The estate agent for property number one will probably be disappointed but not too surprised because they already know you have deliberately not moved that sale along to solicitors and surveys, while waiting for some concrete guidance from their client. So they and their client were not seeing your sale as money in the bank anyway.

Dropping out of a purchase after you've already got everything lined up and done all the searches and legals and everyone thought it was proceeding, but you find something you prefer instead, is a right pain for everyone. Dropping out before you have even appointed a solicitor because the seller wasn't in a position to sell to you anyway, is not a big deal.

getmore4less

Mickygg wrote: »

You can have 2 offers. Only withdraw your offer on property number 1 when your other offer is accepted on property number 2. It's perfectly legal.

and progressing well, even as far as the survey.



The first offer is just that nothing has even started, the acceptance is just a place holder for the vendor, if prices are moving up they could well reconsider if they think there is more to come.

if you would no longer buy the first one if this new one fell through then pull out earlier.


if the EA finds out and asks, you tell the truth, you could not wait for ever and were waiting to be sure there would be no issues with this new one you found before withdrawing.
(don't mention you want the new one more).

gax23

Place yourself five years from now. Would you rather a) be sitting in house #2, your dream house, with all the previous issues long in the past or b) sitting in the first house, which is OK, but at least you didn’t pull out?