Above asking price offer on house refused

Bellsrings

I am a bit confused and seek help! I've been house searching for a while. A few weeks ago a lovely house came on the market. I inquired and was told it was proving to be very popular and would likely sell within a few days. I therefore made a long journey to view just the one property, living some distance away. The vendors wanted as many viewers that one weekend and then hoped to sell to avoid the inconvenience of ongoing viewings ect. In light of all this , I promptly put in asking price. My offer was accepted and I requested they take it off the market, they said they would. However, they didn't. All my funds and mortgage were already in place and I was ready to proceed swiftly. I was then told they had an offer £10k above asking price but refused it because the offer was dependent on the buyer selling their own property. I was asked if i could increase my offer at all. I raised it by £3k. I heard nothing more. Then I heard they had a cash offer of asking price and were considering that. I increased my offer again, I was now offering £6k above asking price. More time passed and I was then told they had accepted the cash offer at asking price, which was £6k below my offer price. I am confused and upset. All my funds are in place, I am 100% reliable and I asked just to be given the chance to do the mortgage valuation which could take place within a  week and be allowed to proceed if that was positive which I am sure it would have been. I feel i've given them everything they wanted and more and they've messed me around and it doesn't make sense. Its not unusual to need a mortgage to buy a house and my mortgage was ready not just in principle, but the full and final offer etc. I;m not going to increase my offer any more, but i've waited  10 weeks and I think my offers have shown my genuine commitment and interest etc. Can anyone explain what has happened here and is there anything I can do? I really wanted this property and feel i've bent over backwards and been serious from the start, just to be let down in a strange off hand manner. 

davidmcn

Bellsrings said:

I am 100% reliable and I asked just to be given the chance to do the mortgage valuation which could take place within a  week and be allowed to proceed if that was positive which I am sure it would have been...

my mortgage was ready not just in principle, but the full and final offer etc

Obviously it wasn't a "full and final" mortgage offer if the valuation hadn't taken place.

It might not have been the only reason (particularly if there's a significant difference in price), but I can understand a vendor preferring somebody who actually has the cash ready rather than someone who needs a mortgage.

Thrugelmir

Bellsrings said:

 Its not unusual to need a mortgage to buy a house and my mortgage was ready not just in principle, but the full and final offer etc. 

Somewhat unusual. Who is the lender? 

Bellsrings

@ davidmcn. Thanks for your reply . I can understand a cash buyer may seem more attractive, but I think they could have given me the chance since i've had to wait so long. The mortgage valuation could have been done within a few days, they have nothing to lose, the risk was mine and if it wasn't positive they have enough interest in the house. Do you think there is anything more i can do, or do I have to just let it go? I'm gutted

Bellsrings

@forumite it was in full because i'd had it for another property that fell through . OK, i understand perhaps my choice of words was not strictly accurate as the mortgage needed a valuation of the new property but still it was in all other respects ready and approved. I just wish the vendor had  least honoured their word and given me the chance, It seems way over cautious on their part and a bit unfair on me

hazyjo

So they basically lied and still had viewers? Or did these other people view before you?

If they did it to me once, I'd prob walk, or at least grit my teeth and carry on if I loved it. If they did it twice, I'd have great pleasure in telling them where to stick it!

Presuming of course they didn't say it would stay on the market until your mortgage offer was in place.

Also, I'm not sure of the timescale here. Presumed days or weeks apart, but are we talking less? You mention 10 weeks but not sure if that's how long it took you to find somewhere or if you mean 10 weeks since your offer was accepted? If the latter, I would most certainly be remarketing too if you didn't have your mortgage offer by then! You should be at exchange now really if there've been on issues.

Bellsrings

@hazyjo. Thanks . Yes, they lied and still had viewers, to my dismay- that is exactly why i came in promptly with an offer of asking price. No, these people hadn't viewed it before me, I was one of the first to view it. I knew it would be a popular house so i came straight in and gave them what they wanted- a quick offer at asking price. I felt like telling them where to go too, but i wanted the house so grit my teeth . No, they didn't say anything about keeping it on the market until my mortgage offer was  in place, my offer was accepted at asking price and it was agreed on the basis there  were to be NO MORE VIEWINGS. 
Its been 10 weeks since  i made my original offer that they accepted but they went quiet and instead since then, they  continued with viewings , i increased my offer by £3k and then £6k and only  now they tell me they've accepted a cash offer lower than mine. I'm so disappointed and *issed off. I wanted to get straight on with the mortgage survey and valuation and start the sale process etc but they wouldn't put my offer and acceptance in writing or provide their solicitor's details etc, so i was left in limbo. I should have played it differently i suppose, but still i'm really upset 

[Deleted User]

I'm afraid its the part of the buying process.  It would have been nice if they had honoured the agreement but nothing legally forcing them, to do so where a house purchase is concerned. I suppose as buyers, they wanted a certain no fuss deal and they felt the cash offer was what they wanted.  To be honest, waiting ten weeks and you hadn't had the valuation done, might have been part of the problem.  I'd probably have made the offer and done the valuation survey a bit quicker.  But you might still have lost the purchase if they weren't terribly principled.  Its a case of love the house not the sellers tactics.  I would try and hold back a bit emotionally.  Wanting to tell all other viewers to go away because you want the house is a bit OTT lol. 

hazyjo

Hmm tricky. 10 weeks is way too long IMO. I presume you've not had a survey done yet either? Or were you not having one?

When you say it'd gone quiet, what communication were you expecting or waiting on? I never (well, rarely) speak with vendors. Were you chasing the EA/solicitor for anything outstanding?

I waited around 2 weeks for a mortgage valuation once - despite chasing and nagging.

Sounds a bit like you were waiting for prompts when actually you should've just been getting on with all this from Day One

What else was outstanding? All searches back and paid for I presume? 

As above, there's no way your mortgage was 100% in place without a valuation. What if they down-valued it, which is very common when people offer over asking price?

HampshireH

hazyjo said:

Hmm tricky. 10 weeks is way too long IMO. I presume you've not had a survey done yet either? Or were you not having one?

When you say it'd gone quiet, what communication were you expecting or waiting on? I never (well, rarely) speak with vendors. Were you chasing the EA/solicitor for anything outstanding?

I waited around 2 weeks for a mortgage valuation once - despite chasing and nagging.

Sounds a bit like you were waiting for prompts when actually you should've just been getting on with all this from Day One

What else was outstanding? All searches back and paid for I presume? 

As above, there's no way your mortgage was 100% in place without a valuation. What if they down-valued it, which is very common when people offer over asking price?

I have read the OP completely differently.

I've read it that 10 weeks ago OP had an offer accepted on the house they viewed. Was then gazumped twice. And has been waiting ever since for their 2nd increase to be accepted by the sellers/hear back from the agent.

If my interpretation is correct OP needs to move on as they have wasted the last 8 weeks or so and the house is probably midway through the sale to the cash buyer by now.

I read OP never got to valuation stage because they had their offer declined after twice after it was accepted.

Apologies if I'm way off with this.

greatcrested

However unjust it seems, and however much you love the property, the reality is that the offer has been rejected.

Nothing you can do except put it out of your mind, move on, and find another property.