Offer on house

Ckenny78828

What would you do in this situation?...had an offer on my house £143, declined it then she upped it to £147. Declined it and was then offered the asking price of £150k. I’ve accepted it but as she can only provide proof of funds on Saturday it stays on the market just in case she can’t provide it then we’re back to square one. 

Anyway, I’ve got 5 viewings on Saturday, once she provides proof of funds it will come off the market but anyone who views it on Saturday is within their rights to submit an offer. 

Morally because I’ve accepted it, I would feel bad on them if I then turned around and changed my mind because a higher offer has come in. But also if a higher offer comes in from Saturday I’m thinking any extra money could be used for us and our new baby/fees to move house etc. Really torn about what to do, half of me is thinking the right thing is to take hers regardless of what happens on Saturday but I’m also thinking any more money would be a lot and I look after myself and family

For reference the offer is for a first time buyer and they are a young couple, so I think I would feel really bad on them

Seashell517

It's a business transaction. If you've got 5 viewings in one day, then it sounds like there's demand for your house. If the people who offered aren't organised enough to have proof of funds in place, then that's not your problem.

Ckenny78828

Seashell517 said:

It's a business transaction. If you've got 5 viewings in one day, then it sounds like there's demand for your house. If the people who offered aren't organised enough to have proof of funds in place, then that's not your problem.

I’m thinking that. Speaking from experience when I bought this house I got my proof of deposit over the same afternoon to make sure it was taken off the market. They’ve left it knowing there’s viewings and the chance they could lose out. 

[Deleted User]

Just wait and see what happens. You don't even know yet whether those 5 viewings will result in offers, let alone offers over asking. 

If someone makes another offer over 150, then you could always go back to your original buyers and give them the chance to match it. Then its their choice whether they do or leave it. 

You might even find that someone else makes an offer who is in a better position e.g. cash buyer. Then you have a decision to make. 

Reality is you'll never see or speak to these people once this business is over, so do what you think is right for you. 

GJB1954

We have just had to put house back on market. Buyer was cash buyer , no mortgage. After 19 days did not supply bank details / proof of funds. When finally contacted by us.They had changed their mind. They would not respond to our EA. So we lost viewers etc as house was listed as under offer . So not on main web listings . 

badger09

As long as the potential buyers are aware that your house is still on the market as they haven't yet proved they are proceedable, I see absolutely no problem here. 

If following the viewings on Saturday, you receive a better offer or same offer from someone proceedable, then you can accept, and the EA will inform the young couple.

I'm speaking as someone who has proceeded to sell to our buyer after accepting their offer, despite receiving a higher offer on the same day. But that was because they were proceedable and I knew they wouldn't mess us about. You are not in that position and do not need to 'feel bad'!

NinjaTune

As per everyone else's post, make it clear to the person who made the offer that the house remains on the market until they provide proof of funds. Hopefully that will focus their minds and ensure they get the proof first thing on Saturday.  If you get a full asking/over asking price on Saturday then you can wait until end of day before accepting.  If no proof of funds by 4-5pm then tough luck to the person currently offering, you snooze you lose.  Selling a house is a business transaction, same as any other.

Verix

Do what is best for you. I've twice had a situation where i'd made a full asking price offer on a property that was declined (one was gazumped on, the other because the new buyer was in a better position). Both times it felt rubbish and like i'd lost out on the perfect property and both times ended up finding something much nicer in the end. I sometimes look back and shudder to think how my situation would be if i'd actually got what i wanted.

This isn't to say that every time you decline an offer you are doing that person a kindness, what I mean is that ultimately you can't know whether this lady will be better off buying your house or somewhere else, as such all you can do is what is best for you. 

As has been said, the five viewings may not prove fruitful, but worrying about it will do you no good!

princeofpounds

You've indicated to them a price you would accept. That doesn't mean you have accepted their proposed transaction, which you would be foolish to do until they have produced evidence of proceedability. So keep the viewings, see what comes out of them.

gagahouse

Having recently gone through a similar experience I would recommend waiting for proof of ability to purchase coming through.
I accepted an offer from a proceedable buyer (according to EA) only to find out 3 months later they had attempted to get a mortgage 3 times and failed. The EA knew this but never informed me. End result was failed sale and lost opportunity to have sold the house to a more definite buyer over last summer.
House is back on the market and I have stipulated property will remain on the market after offer is accepted until proof of mortgage offer or proof of funds if cash buyer has been received in writing by me and not the EA this time!

allIcouldwishfor

I'm intrigued as to why someone can't provide proof of funds until Saturday? My spidey senses are twitching.