Offers for two properties have been accepted

theoretica

You have the choice of either paying for surveys on both properties or only on one...

JohnBravo

SavingPennies_2 said:

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.

Of course there is time wasting involved like viewings which is unavoidable however pursuing a property then pulling out at a later stage is a different kind. If you sell or buy this way and people know it takes a long time to finalize you have to be prepared for people to go back and forth. Personally I would want this to take quicker but they all say 10 weeks which is a lot.

JohnBravo

Thrugelmir said:

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. 

Interesting so how this ties to two offers that have been accepted by two vendors but none of the offers handshaked with the offer proposer?

I don't know then why people are so happy about accepted offers if people are pulling out.
I haven't even handshaked any of them, there was no exchange of contracts.
I think you are talking about some later stages.

Tahlullah.H

Covid means nobody handshakes.

SavingPennies_2

JohnBravo said:

SavingPennies_2 said:

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.

Of course there is time wasting involved like viewings which is unavoidable however pursuing a property then pulling out at a later stage is a different kind. If you sell or buy this way and people know it takes a long time to finalize you have to be prepared for people to go back and forth. Personally I would want this to take quicker but they all say 10 weeks which is a lot.

10 weeks and you'll be lucky!

Schwarzwald

JohnBravo said:

[...]

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.

[...]

Morally it is the wrong thing to do to string two vendors along for more than a few days.

If you look at it as a pure business transaction, then morals are of secondary importance, at the same time, you are dealing with real PEOPLE and their lives, so not giving a damn about their situation, is also the wrong thing to do.

Would you like to be misled by the vendor speaking to two buyers at the same time and you wasting months thinking the purchase goes through just to find out they were stringing you long as a backup?

When to pull out ultimately depends on what your concerns are on the properties really?
Do you just need a few more days to pick your favorite?
Or are you concerned that the surveys will uncover material issues on potentially both?

From a pure practical standpoint, I had two resi mortgages recently outstanding at the same time from two different Lenders on two different properties. My situation was different though as I didn't string any of the two vendors along.

Implications are primarily you double up on costs: 2x solicitors, 2x mortgage broker, 2x surveys, 2x searches, 2x your own time involvement, etc. Not sure that is worth it from a money and time perspective

Personally, I think you should set a deadline for yourself to pick one property and call one of the vendors by Friday COB and put it to rest.

JohnBravo

theoretica said:

You have the choice of either paying for surveys on both properties or only on one...

Great, that makes sense and this would be the right thing to do if we talk about two properties that are NSC.
Can surveys be done before the offer is confirmed by the buyer (point No 3)?1. potential buyer sends an offer

2. seller accepts the offer

3. buyer confirms (I call it a handshake)

[Deleted User]

JohnBravo said:

Thrugelmir said:

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. 

Interesting so how this ties to two offers that have been accepted by two vendors but none of the offers handshaked with the offer proposer?

I don't know then why people are so happy about accepted offers if people are pulling out.
I haven't even handshaked any of them, there was no exchange of contracts.
I think you are talking about some later stages.

But an offer accepted is a version of a handshake, it’s the start of the process. An accepted offer means that the vendor then begins to make their onward plans and you could have a formed chain very quickly which means you have been stringing everyone along. The vendors could be looking to relocate and then travel hours to see other properties and get other vendors hopes up of a sale based on your offer.

Yes things can go wrong at any stage but everyone assumes that the offer is being made and accepted in good faith of a prospective move. The estate agent wouldn’t say ‘have you had an offer accepted on another property’ because it just doesn’t work like that.

As others have said, it’s a legal process with solicitors and mortgages, not even just a moral issue.

JohnBravo

Schwarzwald said:

JohnBravo said:

[...]

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.

[...]

Morally it is the wrong thing to do to string two vendors along for more than a few days.

If you look at it as a pure business transaction, then morals are of secondary importance, at the same time, you are dealing with real PEOPLE and their lives, so not giving a damn about their situation, is also the wrong thing to do.

Would you like to be misled by the vendor speaking to two buyers at the same time and you wasting months thinking the purchase goes through just to find out they were stringing you long as a backup?

When to pull out ultimately depends on what your concerns are on the properties really?
Do you just need a few more days to pick your favorite?
Or are you concerned that the surveys will uncover material issues on potentially both?

From a pure practical standpoint, I had two resi mortgages recently outstanding at the same time from two different Lenders on two different properties. My situation was different though as I didn't string any of the two vendors along.

Implications are primarily you double up on costs: 2x solicitors, 2x mortgage broker, 2x surveys, 2x searches, 2x your own time involvement, etc. Not sure that is worth it from a money and time perspective

Personally, I think you should set a deadline for yourself to pick one property and call one of the vendors by Friday COB and put it to rest.

Spot on, this is what I wanted to hear. Thank you

I said to the vendor I let the agency know by Tuesday (today) then I asked for extra 24h to check with the broker.

I think in my case I would only pull out if the survey has shown some serious issues.

theartfullodger

You've made offers on both, promising to buy both, accepted on both, so IMHO, morally, you should purchase both.

We'd not want to live in a country where what people promise turns out to be a lie, would we?   Who can think anyone in public life who does that?