Had an offer... but...

Robby1988

It's always been my strong opinion that once an offer is accepted, the vendor should commit to the buyer and remove the property from the market straight away. If your not happy with the offer, don't accept. I'd be pulling out of trying to buy the OP's house because I wouldn't trust you.

Why?

That saturday viewing is you allowing another party the opportunity to develop an interest in buying your property. They may not offer straight away, they may make a better offer further down the line which would then be a threat to myself getting gazumped. Getting gazumped sucks, it can see you out of pocket with solicitor fees etc. to the tune of 4 figures. Any inclination that the person I am buying off might do that to me, would see me running for the hills. Either the property is taken off the market on my offers acceptance & all further viewings cancelled, or I walk.

Davesnave

Robby1988 said:

It's always been my strong opinion that once an offer is accepted, the vendor should commit to the buyer and remove the property from the market straight away. If your not happy with the offer, don't accept. I'd be pulling out of trying to buy the OP's house because I wouldn't trust you.

Fine, and for most urban property where valuation is relatively straightforward that works OK, but not all property is like that, so when unique or unusual features complicate things, the dark art of valuation can go wrong.

We paid too little for the property we own now because the agent screwed-up. The lady owner had high moral principles and rejected a sensible gazump attempt that took a while to put together. If it had come sooner, like within a week of ours, I think she'd have been foolish not to reconsider.

Even with our first house, which was relatively simple to value, three parties wanted to buy after the first week of viewings. It went to best and final at the end of the first fortnight and we felt that was fair. Perhaps all offers ought to be renegotiable within, say, a fortnight of hitting the internet, which gives a reasonable time for the property to be tested against the modern market where things can move very fast.

blue_max_3

Davesnave said:

Fine, and for most urban property where valuation is relatively straightforward that works OK, but not all property is like that, so when unique or unusual features complicate things, the dark art of valuation can go wrong.

We paid too little for the property we own now because the agent screwed-up. The lady owner had high moral principles and rejected a sensible gazump attempt that took a while to put together. If it had come sooner, like within a week of ours, I think she'd have been foolish not to reconsider.

Even with our first house, which was relatively simple to value, three parties wanted to buy after the first week of viewings. It went to best and final at the end of the first fortnight and we felt that was fair. Perhaps all offers ought to be renegotiable within, say, a fortnight of hitting the internet, which gives a reasonable time for the property to be tested against the modern market where things can move very fast.

None of that really matters. An accepted offer is an accepted offer. Or it's being considered. It really is as simple as that in my book.

snowcat75

Robby1988 said:

It's always been my strong opinion that once an offer is accepted, the vendor should commit to the buyer and remove the property from the market straight away. If your not happy with the offer, don't accept. I'd be pulling out of trying to buy the OP's house because I wouldn't trust you.

Why?

That saturday viewing is you allowing another party the opportunity to develop an interest in buying your property. They may not offer straight away, they may make a better offer further down the line which would then be a threat to myself getting gazumped. Getting gazumped sucks, it can see you out of pocket with solicitor fees etc. to the tune of 4 figures. Any inclination that the person I am buying off might do that to me, would see me running for the hills. Either the property is taken off the market on my offers acceptance & all further viewings cancelled, or I walk.

On the flip side I recently agreed to take a property off the market to an agreed price, because they had proof of AIP and proof of deposit and no chain, (my property being empty)….. However Mondays phone call from the EA, buyer now hasn't got the deposit and needing to sell  as there parents who were lending them money wont....they still want the property though...… To me that's deal over and a wasted 3 weeks and sol time from when I pulled it from the market.

In truth I'm not even sure if the loan was ever going to happen possibly just a way of buying time, So personally now unless the deals extremely concrete and about to go in the bag the house is not leaving the market.

getmore4less

Jeepers_Creepers said:

To be fair, getmore, I think Scythi has made it clear to the potential buyer that accepting their offer meant that Scythi ain't going to move until the chain moves, however long that takes. 

Their 'low' offer is them accepting this - they will move into rented themselves, if needed. 

that low offer was just a place holder to keep the door open, they wanted the "move into rental"  to move up the potential chain and them be sitting at the bottom playing a waiting game with no home while a chain might build above them.

This is a fantasy chain that may get longer once the seller of the top property finally finds somewhere.
no one should lock down into the offer/accept  stage until everyone in the chain has something to move to, any offer/acceptance is open to change until  closure of both ends of the chain.

Everyone in the chain should keep looking like the ones at the top are and no one should be spending any money on progressing.

bucksbloke

My policy is that my property always remains on the market until such time as a survey is instructed. I want to see movement on the mortgage and legal stuff before I put all my eggs in one basket.