Offer accepted now what?

DinoFan

Hi,


I have tried googling and looking through MSE but I am still a bit confused and would love some clarity on what will happen next (estate agents aren't being clear).


We made an offer on a house £10k below guide price and eventually the vendors accepted (after much pushing by estate agents for us to go higher). We have been told though that the estate agent is marking it as "In Buyers Favour" and we now have to wait for the vendors to have an offer accepted on one of the houses they have put in for.


I gather from many of the threads on here that house buying (and selling) is a waiting game but do we just sit here doing nothing now until we hear from estate agents again? Feel a bit useless/powerless.

Tom99

Are you in Scotland?

davidmcn

Tom99 wrote: »

Are you in Scotland?

Nothing they've said suggests to me that they're in Scotland? If they were in Scotland then they'd already have a solicitor who would be advising them.

Unfortunately buyers in England seem to flounder around at the mercy of estate agents and weirdos on web forums, and only instruct solicitors after it's too late.

Margot123

davidmcn wrote: »

Nothing they've said suggests to me that they're in Scotland? If they were in Scotland then they'd already have a solicitor who would be advising them.

Unfortunately buyers in England seem to flounder around at the mercy of estate agents and weirdos on web forums, and only instruct solicitors after it's too late.

A clear cut example of why there is a desperate need for England and Wales to take the Scottish approach to buying and selling houses!

It is a complete 'guessing game' right up until exchange/completion, causing unnecessary stress for everyone.

alex_163163

If you haven!!!8217;t already, I would suggest getting a solicitor lined up ready for when your chain is complete and proceedable. You can instruct them not to do any work on your purchase until you hear that the chain is complete, but it would be advisable to have them ready to go straight away.

DinoFan

Yeah we have our solicitor at the ready.


Should we just carry on looking at other houses and assume the worst with the house we got an offer accepted on then so we wont be disappointed when someone else offers something higher?


There is another house we like nearly as much, shall we put an offer on this house too?


I did ask our mortgage advisor about doing that and she seemed really shocked at that suggestion but IMO if vendors can entertain other offers than why cant buyers entertain other houses?


(and yes in England)

davidmcn

DinoFan wrote: »

There is another house we like nearly as much, shall we put an offer on this house too?

I did ask our mortgage advisor about doing that and she seemed really shocked at that suggestion but IMO if vendors can entertain other offers than why cant buyers entertain other houses

Because buyers are even less likely to take you seriously if they know that you're offering on several properties at once (unless of course you're actually in a position to buy several properties!).

Tom99

[FONT=Verdana, sans-serif]What does In Buyers Favour mean? Either they have accepted your offer and taken the house off the market or they have not.[/FONT]

Surrey_EA

DinoFan wrote: »

We have been told though that the estate agent is marking it as "In Buyers Favour" and we now have to wait for the vendors to have an offer accepted on one of the houses they have put in for.

What a strange turn of phrase, never heard that one before, nor do I understand what it means!

Sounds like you have had your offer accepted, but the owners of the property you wish to buy have not yet confirmed what they intend to buy. Therefore spend no money at this stage, until the situation becomes more certain.

Appoint a solicitor to act on your behalf, but instruct them that the chain is not complete and you do not wish them to carry out any work until such time as the chain is complete.

Surrey_EA

Margot123 wrote: »

A clear cut example of why there is a desperate need for England and Wales to take the Scottish approach to buying and selling houses!

It is a complete 'guessing game' right up until exchange/completion, causing unnecessary stress for everyone.

It's not quite that bad!

From your posts on here it sounds like you've been particularly unlucky.

DinoFan

davidmcn wrote: »

Because buyers are even less likely to take you seriously if they know that you're offering on several properties at once (unless of course you're actually in a position to buy several properties!).

But they wouldn't need to know we have put in various offers would they? As long as we used different estate agents?


I think its best thing to do as it seems everyone on here (plus my family) think the vendors are waiting to receive a higher offer