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Choosing a buyer who went way over the asking price?

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Comments

  • FuffyCat
    FuffyCat Posts: 42 Forumite
    Second Anniversary 10 Posts Name Dropper
    Skiddaw1 wrote: »
    I'd not rule out gut feeling either. It may not be logical but it sometimes pays to trust your instincts. I get the impression that there's something about the +13k buyer that just doesn't sit right with you. Did you meet him?

    I didn't meet any of them (I caught the eye of two couples as I was leaving for the open day).

    The estate agent sent me an email for all the viewings with the names of the buyers - there were maybe 5 e.g. "Mr. John Smith". So I could look them up - not sure that's in line with data protection laws - I have no idea? Anyway, I couldn't really get a profile on them. I've asked the estate agent for more information on the two highest.
  • Retired_Mortgage_Adviser
    Retired_Mortgage_Adviser Posts: 590 Forumite
    500 Posts Name Dropper
    Nothing at all stopping you from looking up prospective buyers on the internet.


    FuffyCat wrote: »
    So I could look them up - not sure that's in line with data protection laws - I have no idea?
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    FuffyCat wrote: »
    The estate agent said that he has a 50,000 deposit - so this might be alright?
    Well, it means he needs a mortgage for the rest...

    Let's say asking was £300k, and he's offered £313k. Lender devalues to £300k.

    At £313k, £263k mortgage is ~84% LTV
    At £300k, £263k mortage is ~88% LTV.
    85% is a fairly hefty breakpoint that could well affect the amount they're willing to lend, and is very likely to affect the rate.
    I would just like to have a guarantee that I'm not going to be messed around
    You ain't never going to have that!
  • DigForVictory
    DigForVictory Posts: 12,237 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    FuffyCat wrote: »
    I would just like to have a guarantee that I'm not going to be messed around
    Even in Scotland there are no such guarantees. It's worse than poker.
  • gwynlas
    gwynlas Posts: 2,539 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If you are concerned that you are selling to a developer than ask for an uplift clause in the contract. Anyone might ask for a reduction subject to survey as given age of property there could be a number of issues currently unknown.
    Look at sold prices in the area over last 12 months it should be clear whether or not prices offerred are justified,
  • shortcrust
    shortcrust Posts: 2,697 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker Newshound!
    FuffyCat wrote: »
    Every offer is no chain or FTB which is good! My estate who has in their best interest to get the most money (more commission for them) has said to be sceptical of the highest bidder.

    Maybe the FTB’s are enthusiastic about the EA’s in-house mortgage adviser and conveyancer and the 13k offer chap is having none of it...
  • phill99
    phill99 Posts: 9,092 Forumite
    Part of the Furniture 1,000 Posts
    If it is subject to mortgage and the valuation is less than being offered, it becomes completely academic.
    Eat vegetables and fear no creditors, rather than eat duck and hide.
  • NaughtiusMaximus
    NaughtiusMaximus Posts: 2,840 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    If it was just one offer well above the asking price I would be wary, but the fact you have had 3 above plus another 3 offering the asking price (as opposed to a lower price) suggests you may have underpriced it a little. I'd just go with the highest offer.
  • GDB2222
    GDB2222 Posts: 27,034 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    What happens if you tell everyone what the highest.offer is so far?

    We did a contract rate once, and we offered to pay £1000 towards fees of the losing party.
    No reliance should be placed on the above! Absolutely none, do you hear?
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