Suspect EA put forward their own buyer on basis they can gazump

mrsdaviddickinson

I suppose we could move into rented. A VTL investor is looking at ours - maybe if she offers she'll let us rent?!!!

Red-Squirrel_2

mrsdaviddickinson wrote: »

They wanted to sell to us. The lady told me so that day, all things being equal.

If they wanted to sell to you, they wouldn’t now be selling to somebody else. They might have been happier to sell to you if it were possible, but not many sellers will wait an undetermined amount of time when they have acceptable proceedable offers on the table just because they’ve taken a shine to a viewer!

eddddy

Perhaps the EA was a bit 'sneaky' in using this situation to persuade you to let them market your property.

But as others have said, it's understandable that the vendors would only accept an offer from somebody who is proceedable.

When you do get an offer on your house, contact the EA and say something like "We are now proceedable and our offer of £x stands, so we are happy to step in if the current sale stalls".

AnotherJoe

They "delayed" or "it took time"? One assumes a conspiracy, the other assumes rational behaviour that you aren't proceedable, that an offer on your place would take time and might not happen, and that the sellers just wanted to get on with it.
You might also turn out to be a fantasist making offers that you can't stand behind even If only because you are offering lot more than your mortage Co will go for. From what you've reported the seller wished to get a sale going and wasn't prepared to wait indefinitely. I've seen this before with an open house where the seller accepted the first AP offer on open house day without waiting a couple of days for the other viewers to make an offer and possibly go to highest bids. Yours at least did that. You would never have bee; proceedable in their timescale.
No conspiracy, just you not being prepared.

bazzyb

mrsdaviddickinson wrote: »

the LTV looks to be just as important as the whole proceedable thing.

How do you know your LTV if you haven't sold yet? What if you get significantly less for yours than you are assuming you will get? Presumably you would then wait for a better offer, which means the vendors of the house you've offered on could be waiting indefinitely for you to become proceedable.

Doozergirl

Not that I think LTV is the issue here, it's affordability that is important. LTV helps, but needing a £330k mortgage for a house, based on a hoped selling price, isn't an insignificant sum.

mrsdaviddickinson

Thank you Edddy.

Sorry, maybe my emotions are getting the better of me and I'm reading into things and being led on by the EA to market with them too.

Of course proceedable is best. I hadn't realised as a second-time buyer that you essentially always need to have sold.

We're bin this position as I was too soft in not wanting to less anyone on. It's made me realise renting may be the only way to proceed next time.

However, don't assume about our finances either. I'm now freelancing and tripled my salary effectively with a lot of demand as well as a fully flexible perm job that allows me to freelance too. We're working on basis of my husband's salary, who has also had a very large pay rise.

Hoploz

Perhaps the people whose offer they've accepted are not in a chain at all - ie less chance of it falling through. They may not even be buying with a mortgage, in which case there won't be any valuation to worry about.

It's horrible but we have been in your position, in the end we sold our house first and our buyers waited it out for 6 months until we found our house. At which point everything was done and dusted within about 6 weeks. You have to get yourself in a proceedable position so that next time you will be able to be taken seriously.

mrsdaviddickinson

And isn't it for mortgage companies to decide affordability with AIPs?!

jennhg88

If the house is valued by mortgage companies at 425 and you've offered over 440 then you'd have to find an extra 15k of cash from somewhere no? So I can see why the EA warned about offering too high.