Offers for two properties have been accepted

JohnBravo

Deleted_User said:

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.

I get your point however both properties are vacant.

I mean the communication could be better but sending credit report and bank statements to confirm I am a legit person not a complete time waster should not immediately be interpreted that I made my mind.

I send offers the agents can come back to me within a day or two. Sometimes 2 days is too late. Similar is with buying. An agency publishes a property and 10 minutes later it is SOLD STC.
The seller wants more money for the property and prefer to wait same as the buyer wants a better deal.

I have spent time researching the properties some were gone before I could even see them, I was left with 3 or 4 to see in a given time.
I have seen 3 and in 2 cases I heard about buyers pulling out months in the process so it must be a common thing.

JohnBravo

theartfullodger said:

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?

I agree if a 3-way handshake was in place but not a 2-way handshake which is flawed and IMHO causes unnecessary letdowns.

In 3-way 2 offers cannot end up accepted and confirmed at the same time but only one.
In 2-way both offers can end up accepted and since this is race against time you can see people shooting offers right and left

KievLover

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.

I have just been quoted 12-14 weeks for a purchase that's chain free on both ends. The average last year was 21 weeks. Prepare for your purchase to take longer than 10 weeks. Three Conveyancers gave that timeline.

JohnBravo

KievLover said:

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.

I have just been quoted 12-14 weeks for a purchase that's chain free on both ends. The average last year was 21 weeks. Prepare for your purchase to take longer than 10 weeks. Three Conveyancers gave that timeline.

Right, thanks for intel.

Did they say what is the reason for TWICE as long times? The lenders?

GDB2222

Does the mortgage application form ask whether you are also applying for a mortgage elsewhere?

jennhg88

Who on EARTH gave you the impression thIs in an acceptable way to try and buy a house?? 

propertyhunter

JohnBravo said:

KievLover said:

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.

I have just been quoted 12-14 weeks for a purchase that's chain free on both ends. The average last year was 21 weeks. Prepare for your purchase to take longer than 10 weeks. Three Conveyancers gave that timeline.

Right, thanks for intel.

Did they say what is the reason for TWICE as long times? The lenders?

I have a no chain transaction too. We're 'aiming for 8 weeks' but I know it's unlikely given that the main issue is the searches requiring 3 weeks according to the local authority's timelines. The mortgage offer was granted in 2 weeks after offer. 
I'm expecting a completion date around 12 weeks from offering but even this is a guess because there is no telling what enquiries will be raised and how long it will take for them to be resolved. 

Thrugelmir

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.

If both your offers are accepted what do you intend doing next......... nothing? 

newsgroupmonkey_

The OP is clearly morally bankrupt.

You shouldn't put in 2 offers, vacant or not. You're stringing people along.

As a warning: If either of the Estate Agents find out, you're very likely to be blacklisted (and god help you if it's one of the Connells/Sequence companies or Purple Bricks, because then you're royally screwed as they control a decent chunk of the market).

I really hope in future when you come to sell, you get messed around from start to finish, with lots of people pulling out the day before exchange and you losing a purchase.

theoretica

It doesn't seem very different from people applying for lots of jobs and when job one is offered asking for a few days to make up their mind (ie hear from job two).  If it is only a few days of indecision there is a good chance the seller can go back to an unsuccessful offer.  And if it it goes on for more than a few days the seller's agents will start expecting more expensive things, like surveys being booked...