EA called to state the house we've shown interest in is under offer - help!

Mr_P_

Hi all,

Our property is on the market and we've received a lot of interest, around 5/6 viewings per week so far (went on last weds). We viewed a house we like twice which has been on the market since October. It's perfect and we really want it.

Our EA is selling ours and theirs, they called me earlier to say a FTB has put an offer in and they've accepted. Obviously I asked if I offered more is that still possible and they've said yes it's up to the vendor.
The vendor is selling via 2 EAs and I don't know what to do. Should I call the other EA to call their bluff?
We could potentially sell ours within the next few days, we're only getting cash buyers and FTBs for ours.

I'm worried we'll sell and there aren't any other suitable properties in the area we like. (help!)

babyblade41

At the minute you aren't proceed able so I wouldn't entertain any offer until yours is ready to go.
You may have had a lot of viewings but no offers yet ?  Early days for yours and many viewings and no offers may mean your price needs adjusting  

hazyjo

Personally, I'd let it go rather than try to gazump someone. And if I was selling and accepted an offer, I would not sell to someone who'd previously viewed and was now offering (even if more).

Do not contact the other EA. If you buy through them, the seller may well end up with two lots of fees to pay!

If there are no suitable properties for you, it is quite usual for buyers to hang on while you look.

Mr_P_

Thanks all, we've had 3 offers out of the 4 people who viewed it, but 2 were investors and offered 30k below asking, and one was a recently graduated teacher and only had a small budget which couldn't stretch.
I spoke to the EA earlier and they said it's ok if I get an offer within the next few days to increase the offer... will have to wait and see

Bossypants

Bear in mind that a vendor who is willing to allow you to gazump the first buyer they accepted is equally likely to allow someone else to gazump you.

Mr_P_

Bossypants said:

Bear in mind that a vendor who is willing to allow you to gazump the first buyer they accepted is equally likely to allow someone else to gazump you.

This is true! At this point, I'm naive enough to think I want it the most

hazyjo

Mr_P_ said:

Thanks all, we've had 3 offers out of the 4 people who viewed it, but 2 were investors and offered 30k below asking, and one was a recently graduated teacher and only had a small budget which couldn't stretch.
I spoke to the EA earlier and they said it's ok if I get an offer within the next few days to increase the offer... will have to wait and see

Of course it's 'okay' as in legally. Morally - that's another question.

I wouldn't.

pinkteapot

Sounds like you have plenty of interest in yours, and it isn't a hard property to sell. So, I would wait till you've got an acceptable offer, then offer on anything on the market that you like. If there's nothing around at that point, be honest from the start with your buyer and say you're actively looking and will find a house as quickly as possible. Give them regular updates. If it reaches a point where they get twitchy and may pull out, then you can decide whether to break the chain and rent, or lose them, re-market yours, and repeat with a new buyer.

If you're up-front with your buyer then they don't have to commit money to the purchase till the chain is formed.