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Had an offer on house - was this the right thing to do?

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About two weeks ago someone offered on our house and I accepted. The Estate agent told me he does not have an Agreement in Principle and he can't get one until a month later as he is waiting for a payrise from work and then the mortgage can be agreed to.

I told estate agent that I felt uneasy about this so said that I didn't want to take it off the market, and then start trying to buy other houses all based on this pay rise.

The buyer then said he may be able to borrow money from his parents, and they are all coming round today to look at the house and possibly agree to lend him the money.

Am I being awkward or paranoid?

Maybe I should have just taken it off the market? He did say he would organise surveyors and things once it was off the market but it still seemed very loose
Amo L'Italia
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Comments

  • SG27
    SG27 Posts: 2,773 Forumite
    edited 23 June 2018 at 1:58PM
    Currently he is not procedable and you could argue that he shouldnt be viewing houses until he is.

    I would do as you have done. Provisionally accept his offer but let him know that until he is procedable you will still be taking viewings. I think that is fair.
  • pinklady21
    pinklady21 Posts: 870 Forumite
    Bottom line is - is your "buyer" procedable?
    If not, keep your house on the market until you find a buyer who is.
  • Margot123
    Margot123 Posts: 1,116 Forumite
    Are similar houses in your area selling quickly?
    I think I'd base my acceptance (or not) of this buyer based on that.

    They appear keen, so why not let them and their family have a viewing. You can talk to them, sound them out, and then make a risk assessment based on the knowledge you glean from the interaction.

    Every transaction is a gamble, and sometimes it's the 'strange' ones that turn out OK. Until exchange of contracts, you never know whether it's sold or not anyway.
  • redrabbit29
    redrabbit29 Posts: 1,074 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Part of the reason I am nervous is that since we accepted this offer we have been to see a few others to buy. We found one we like and my partner wants to make an offer.

    She seems happy to make the offer and pay for surveyors, solicitors despite the person buying our place not being proceedable

    I don't feel comfortable spending £3-4K on these and even offering when I still don't feel 100% happy with this buyers position.

    I also have visions of him coming with his parents wanting their opinion, only for them to say it's not a good property
    Amo L'Italia
  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
    Ninth Anniversary 1,000 Posts
    I am currently in a not proceedable chain and have been advised that I should instruct a solicitor to work for me but as yet hold off on searches etc until the chain is complete.

    In your case do as I have done I'm proceedable so have put in an offer that has been accepted and we are now waiting for the next steps as is our solicitor.

    We have demonstrated a level of commitment without actually getting the solicitor doing searches until ready.
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  • franklee
    franklee Posts: 3,867 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    I don't feel comfortable spending £3-4K on these and even offering when I still don't feel 100% happy with this buyers position.
    Agree with need an answer. Make the offer but hold off on spending money until the chain is compete. After all the vendors may take ages to find somewhere etc. up the chain. Plus leave yours on the market.
    I also have visions of him coming with his parents wanting their opinion, only for them to say it's not a good property
    I wouldn't worry about having visions, let parents view, be there too and see what actually happens.
  • Wyndham
    Wyndham Posts: 2,615 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    No mortgage lender will be happy with some of the money being borrowed from elsewhere. If the parents want to gift the money, that's different, but if they are loaning it then it will cause a problem.

    Doesn't sound to me as if they are procedable. And if money is this tight, it may also cause problems. Proceed with care!
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
    If the buyer needs to wait for a pay rise to be able to borrow what they need, they may well be pushing it on affordability anyway, there!!!8217;s no guarantee they!!!8217;ll ever actually be proceedable.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Have they "all" been round today? How your buyer funds the purchase is their issue. If there's no forward progress. Remarket the property. This buyer can always return at a later date.
  • redrabbit29
    redrabbit29 Posts: 1,074 Forumite
    Part of the Furniture 500 Posts Name Dropper
    I wasn't there when they all came round today. I called EA but he's out. Spoke to manager who said if there was an issue then the EA would have called him.

    We have gone ahead and put an increased offer in on a house we like. I'm pretty sure it will be accepted as it's our 3rd bid and £10k more than our original. Also the sellers indicated they would accept it.

    I won't be spending money immediately so hopefully we get things moving with our buyer and the whole thing runs smoothly
    Amo L'Italia
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