Offers for two properties have been accepted

JohnBravo

Hi,

   I want to know your opinion and recommendation how would you proceed with this situation when two offers are accepted which is not unusual and I see people pull out anytime or at the late stages of the process wasting everyone's time sometimes months.

Of course I don't want to waste people's time but with a second offer accepted you have a backup option available in case some issues arise later in the process.

I am talking about two properties that are different constructions but non-standard.

The mortgage broker said that both are OK but they will know more after some surveys.

I have no idea about the order of things but considering the number of parties involved this can easily go wrong I think.

To what stage would you wait before pulling out one of the offers? What time frame is acceptable?

And finally what are the £ implications of handling two offers at the same time.

Thank you

nicknameless

Put another couple of offers in.  Then you can eventually mess three vendors around.

I'm alright jack?

macman

You clearly do want to waste people's time.

JohnBravo

ok, does it mean the costs are inclusive regardless how many offers? I can imagine the broker will charge by the number of properties he/she is dealing with, no?

I was looking for more properties but I cannot find a good candidate for the 3rd offer.

julicorn

Sorry, what exactly is your plan here? Submit two different mortgage applications for two different properties at the same time, presumably with different banks? And just string both sellers along until you have made up your mind?

julicorn

You'd presumably also need two solicitors, I doubt a solicitor would entertaining working on two purchases in parallel when you're only proceeding with one. 

Mahsroh

JohnBravo said:

 What time frame is acceptable?

No timeframe is acceptable. You pick one and pull out of the other one immediately. 

Once you've done the above, all other questions raised become a moot point therefore not worth answering. 

JohnBravo

macman said:

You clearly do want to waste people's time.

no I don't want to, I have done detailed research on both properties before the offers were put in but I saw the 2nd property first time just this Saturday and gave myself what 72h to make a decision EOT considering the vendor told me already lost 3 months on someone who pulled out.
Perhaps I gave myself not enough time to make up my mind after the viewing.
The other factor is that some agencies are slower and some are faster and the agency handing the sale of the 2nd property are spot on but they won't make up my mind by calling 3 times a day. Perhaps it works for some people but not me. The other agency is pretty laid back, respond infrequently, in bursts. I am just down to their internal processes.

jkrbec

this has to be a windup?

SavingPennies_2

JohnBravo said:

macman said:

You clearly do want to waste people's time.

The other agency is pretty laid back, respond infrequently, in bursts. I am just down to their internal processes.

Well yes of course you are, so is everyone, thats how it works..?! You don't pick a house based on the best agent, you pick the house you want to buy and agree a sale, and then you nudge the agent along.

Thrugelmir

JohnBravo said:

To what stage would you wait before pulling out one of the offers? 

Before you are suspected of attempting to commit mortgage fraud. Then there'll be no purchase at all.