Offers for two properties have been accepted

JohnBravo

newsgroupmonkey_ said:

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.

What are you talking about, morally bankrupt? who is messing around? I talked to them and the decision hasn't been made. The accepted offer for the 2nd property is artificial.

yeah, tell me that karma should reach me and all that crap.

Another nitpicker. I don't care about the blacklists you are talking about.

At the end it's an offer it's not a contract so poff.

JohnBravo

Thrugelmir 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.

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

I simply pull out from the offer that was auto-accepted the last.

Kyrae

JohnBravo said:

What are you talking about, morally bankrupt? who is messing around? I talked to them and the decision hasn't been made. The accepted offer for the 2nd property is artificial.
yeah, tell me that karma should reach me and all that crap.
Another nitpicker. I don't care about the blacklists you are talking about.
At the end it's an offer it's not a contract so poff.

If the sellers both know you're trying to decide between two properties then surely they could be showing their property to other potential buyers still and might accept an offer from one of them instead of you? I wouldn't have thought they'd take their properties off the market if they know if they haven't made a definite sale yet.

Speaking from experience here. Someone made an offer under asking and we accepted it and then the estate agent told us the buyer had made an offer on another property too and was taking time to decide.... in the meantime they encouraged us to continue with viewings and someone else offered the full asking price and we accepted.

diego_94

You are very selfish. Pick one property and make a decision, stop wasting peoples time so YOU can decide on what property YOU want.

I for one hope you get messed around by either vendor after spending alot of money on the process, that would be karma

Thrugelmir

JohnBravo said:

Thrugelmir 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.

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

I simply pull out from the offer that was auto-accepted the last.

Doesn't sound as if you are bothered about either property. Presumably if there's another property available on the market you'll offer on that as well. 

KievLover

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?

Well, the 21 weeks comes from stats I have read in articles about last year's market. As to the others, they didn't say why it could be up to 14 weeks. I assume Covid and Brexit, which seem to be the main culprit of delays in most industries. Two didn't even bother replying, which is a sign they don't have capacity. 

TripleH

I can see the sense in the Op getting into this situation. Unfortunately too many red flags are being raised that could bite him if (as I interpret) he considers carrying both on with view of exchanging ASAP on the first one.

People's objections are more about the seller you back out on loosing other serious buyers in the interim because you don't appear to be able to buy 2 properties and (whilst serious about buying) aren't actually serious about buying 1 of the properties (you just don't know which one).

I would start with the surveys on both ASAP and decide from there which one to go for.

Be careful, if it gets round that you put in offers when 'not serious' these things get passed round and should both deals collapse, you might find it harder to buy in the area as estate agents advise you are not a serious buyer.

london21

Are you pulling a joke here 

Back up option?

Decide which 1 of the 2 properties you want and avoid wasting time and money.

By having a backup option you are depriving others of the opportunity to buy the property.

getmore4less

Pick the one you want the most,
Work out what you need to do to workout you would not want to buy it.

Get that done ASAP.

If it is a survey then you could do both if it would swing the preference but at a cost.

Then once picked if you need to borrow hope the lender agrees.

Schwarzwald

newsgroupmonkey_ said:

The OP is clearly morally bankrupt.

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

[...]

I think this is non-sense. Making 2 offers on 2 properties is totally fine IMO.
Just imagine you go house hunting on a Saturday, end up seeing two great houses, the EAs pressure you to make offers asap, and you make two, because you dont know if they will be accepted.

I think this is a v normal situation, kind of the reverse of the vendor booking multiple viewings on the day to see how many offers they can get, they also don’t book one viewing and then wait for an offer before booking the next.

 I think it comes down timing: (i) Did you make the 2nd offer before or after knowing that the 1st offer got accepted. And (ii) once the 2nd offer is accepted, how long do you take to make a decision?

 I think a few days is fine, more than that, you are potentially screwing around with people.

 To further qualify the entire discussion though, I would also differentiate between the seller being a private house owner or being a business. The impact on the latter if you pull out is probably less sever and you could take a bit more time. If the seller is a private house owner, potentially even a family with kids and in a chain as they are also buying … not great to screw them around. But this is all morals, and morals ain’t universal.