Put deadline on offer?

Sor1593

Hi, first time posting here! Me and my partner have been viewing properties and found one we really liked, and put an offer in last Monday of £2k below asking price. We were told that the vendor would accept on the condition that our house was sale agreed. My house has had offers and is likely to be sale agreed very soon. We got a call from the vendor's EA on Friday however to say that they had had another offer on their house of £1.5k below asking price- so we upped our offer to £1k below asking. The EA then came back to us to say that the vendor is likely to go with the lower offer because they are FTBs- although my EA had informed them that we are proceedable (and I've got an AIP sorted too). We then upped our offer to the asking price, and the EA said the vendor wanted the weekend to think about things. 
This weekend we viewed another property that we also liked- we prefer the previous one but would be happy with this one too. I'd like to put an offer in for it, however I don't want to have an offer in for both houses as I don't want to leave one of the vendors in a bad position! So we're just a bit stuck as to what to do, do we put a deadline on our original offer? Or put an offer in for both houses?

eve824

Are you actually proceedable? As in sold your current house? If not, I would worry first about doing that as nobody is realistically going to accept an offer from a non-proceedable buyer however good their offer is. My feeling is they are trying to delay the FTB to give you time to sell your house but they can't wait too long else they risk the FTB's going off and finding something else.

Mickey666

What does ‘accept an offer’ even mean in practice?  Nothing is binding until exchange so it’s all just good faith.  I would accept an offer from someone who is not yet proceedable but only with the proviso that my house remains on the market.  Only when a offer is proceedable would I take my house off the market.  Might sound harsh but that’s the reality, whether people are open and honest about it or not.

Tiglet2

Have you actually accepted one of the offers on your current property yet?  Until you do, you're not proceedable.  It sounds to me like the vendor is trying to be fair to you, but if you haven't got an accepted offer on your property it is understandable why they would go with the FTB over you.

Sor1593

I haven't accepted yet as we had one last viewing this weekend, but I've talked to my EA today and he's said we're likely to accept one today. I'm just a bit worried about missing out on the other property if the vendor for this one decides to go with the FTB, but at the same time don't want to put an offer in for both houses because then someone will lose out

moneysavinghero

Sor1593 said:

I haven't accepted yet as we had one last viewing this weekend, but I've talked to my EA today and he's said we're likely to accept one today. I'm just a bit worried about missing out on the other property if the vendor for this one decides to go with the FTB, but at the same time don't want to put an offer in for both houses because then someone will lose out

Whether you accept an offer or not is nothing to do with the Estate Agent. Why is the EA telling you you're likely to accept one today?

You are not proceedable as you have not even accepted an offer and don't even seem to know who's job it is to accept an offer.

If you want the first property then accept an offer on yours and let the vendor know you are now proceedable (although also accept that the vendor may still view the FTB being in a stronger position than you). Otherwise give up on the first property and go for the second.

frogglet

Have you actually had an offer or is the estate agent hoping for one from the weekends viewings?

Sor1593

Apologies, I have never sold a house before and I'm just working off the EA's advice- he said we're likely to be able to do this today as all viewings are now over. I just wanted some advice on the best way to approach things but I now know that I'm best waiting until my house is fully agreed before doing anything.

Suseka97

Appreciating this is a bit 'new' to you - it's is, as moneysavinghero has already stated, up to you whether any of the viewings have resulted in what is an acceptable offer to you.  I don't follow why you are waiting on the EA to advise.  Unless you're waiting to find out what offer/s are on the table from the weekend viewings I guess.

Vendors differ in their views - some prefer FTBs and will go with them, even if their offer is lower than someone who has as house to sell.  Others try to avoid FTBs, the concern being that inexperienced purchasers can be very nervous and jittery when it comes to anything a survey may throw up, especially with older properties.

But overall, you do need to be proceedable before a vendor will view your offer/s with any seriousness.  You can always signal your interest in the 2nd property, which is probably worth doing.  What you don't want to do is get into any sort of bidding war on the 1st.

AdrianC

You are simply not proceedable. Your downward chain is not complete. You have not accepted an offer. Have you even had an offer?

Yes, your purchaser may fall through post-offer. But most don't. And for a purchaser to fall through, you first need to have a purchaser.

Put the boot on the other foot. If two people made you offers tomorrow, one of whom was reliant on a chained sale for a house they hadn't had an offer for yet, would YOU be inclined to accept that...?

Crashy_Time

You need to sell your house first, then start negotiating.