Verbally accepted offer but neighbour putting flat up for sale. Should I be worried?

Drummer1991

I’m in Scotland - in case hag matters. 

I put my flat up for sale last Thursday and by yesterday had a good verbal offer and a better offer in writing from a solicitor. I initially intimated I wanted to accept the verbal offer, as the estate agent didn’t think I’d get more at a closing date and it was a good offer, but then was advised I could take the official solicitors offer instead as it was higher. So I did. 

There was lots of interest - 25 viewings booked in over 4 days, 11 on Saturday alone. 

I’ve since found out my neighbour is also putting their flat up for sale this week. My flat is bigger and top (5th) floor, whereas my neighbour’s is 3rd floor sandwiched between other flats. They reckon they’ll get the same valuation. 

I can’t shake off the worry that my buyer might go for the other flat instead as they might accept less. Or that their mortgage in principle might fall through and I’ll have to go back to market against this other flat. 

I don’t know the neighbour well but am wondering if I should ask them if they’d consider holding off a week or two. Surely having 2 flats for sale in the same block won’t be great? They don’t even have a place to go to, whereas we have a new build ready in May. 

Thanks for any input. 

Sistergold

Don’t worry about that. Even if your buyer decides to go with other flat you will get someone else. They might decide to even go with another flat in another block altogether so don’t stress. For above mentioned reasons it’s not worth asking neighbour to postpone advertising as this would not stop your buyer from looking elsewhere, they will buy what is truly right for them. When I was buying two houses were on sale in my close and both are identical. I still carried on with the one I had put an offer on. We completed completed few days apart. 

Drummer1991

Sistergold said:

Don’t worry about that. Even if your buyer decides to go with other flat you will get someone else. They might decide to even go with another flat in another block altogether so don’t stress. For above mentioned reasons it’s not worth asking neighbour to postpone advertising as this would not stop your buyer from looking elsewhere, they will buy what is truly right for them. When I was buying two houses were on sale in my close and both are identical. I still carried on with the one I had put an offer on. We completed completed few days apart. 

It’s amazing how a reply from a stranger can put your mind at ease! Thank you - truly - I hadn’t thought of those arguments. 

sammyjammy

Don't worry about things you cannot control, life is too short, continue with your sale, you have more safeguards than in England and Wales so take pleasure in that.  House buying and selling is a stressful thing without worrying about things that probably won't happen.  If your chosen buyer is that fickle then you would probably be well rid of them.  There is nothing stopping you telling your solicitor to hold off a few weeks until doing most of the work so that things are a bit more firmed up and buyer has committed money to the process.

user1977

As above, unless there's something unique about your block, why wouldn't your buyer just as easily buy a completely different property elsewhere?

AFF8879

Drummer1991 said:

There was lots of interest - 25 viewings booked in over 4 days, 11 on Saturday alone. 

If that’s the case then why worry about another one, two or even three flats in your block being put up for sale??

TripleH

When we sold our flat there were 3 others up for sale in the same estate at the same time.

All similar sizes, 1 was nicer than ours, the other 2 were ex-rental and not quite as nice (subjective). The prices varied a little.

People make their choices based on their wants, price will be key but also condition of the flat.