Why would someone accept an offer when another viewing was booked?

pjs493

I got a call today from an estate agent I was due to view a house through on Monday. They called to cancel the viewing because the vendor had accepted an offer. 

I’m a first time buyer who doesn’t need a mortgage and the estate agent knew that. 

So my question is, why would the vendor accept the offer on the table and cancel my viewing? Given that if they waited just a few days they could have potentially had two buyers in a bidding war. 

The house has been on the market for almost two years with successive price reductions every six month or so. Why would someone be in such a rush to sell if it’s been on the market for such a long time and they’ve apparently had a couple of viewings booked in within a week of each other. What could make them so desperate not to wait until I viewed it in Monday? Especially given my strong buying position?

I’m more baffled and curious than anything else. I did ask the agent if they were able to tell me how much the accepted offer was for, but they wouldn’t tell me, even though I suggested I could possibly outbid that if I had the chance to view. 

DayDreamerandGeneralWaster

It's up to the seller.

Move along.

eddddy

I guess it could be because somebody offered the full asking price - so the sellers felt morally bound to accept it.

In simple terms....

• If a seller says "I want £x for my house"

• And I buyer says "OK - I'll offer you £x"

Many sellers might find it difficult to say "Actually, I've changed my mind. I want to see if anyone else will offer me more." (And it might seriously annoy the buyer, if the seller did that.)

cymruchris

Happened to me a few weeks ago. Property came on on the Tuesday - I made an appointment for Thursday - got a 'viewing cancellation' text at 9pm the Wednesday night. I called, and they said it was now Sold subject to contract. I would have expected the same as you - but if they vendor had an offer they were happy with from a buyer in a strong position I can understand they'd have taken it. I've since found a better option that's currently progressing towards completion - so I'm not unhappy.

BobT36

First come, first served, especially if they offered at, or above asking. 

Remember if they didn't accept that other buyer's offer, that buyer could then go and offer somewhere else and get that accepted instead! Then you turn up and decide you don't like it, or put in a low one. 

So just like you might not want to wait to lose out on a property, they may not have wanted to wait and lose out on a very acceptable offer. Especially if they've been struggling to sell for a while. 

"But why not wait just another day?" Well because they might get another viewing booked, and another... etc. 

youth_leader

Ah so sorry.  When I was buying I viewed first, and offered full asking.  The EA said the vendor wanted to 'honour' her weekend bookings.  I had to wait until the Monday.  When the EA rang they said the buyer had chosen me because I was a cash buyer - but as the other viewers had also offered asking, she'd like a 'bit more'.  I felt really lucky.

As I wasn't paying stamp duty in 2021 I offered that - another £4K.  Months later when I'd completed I found out all the floors were rotten, costing me every penny of my equity, I didn't feel as lucky she'd 'chosen' me then.

Hoenir

pjs493 said:

I’m more baffled and curious than anything else. I did ask the agent if they were able to tell me how much the accepted offer was for, but they wouldn’t tell me, even though I suggested I could possibly outbid that if I had the chance to view. 

You might not outbid though. Why risk a proceedable sale. The vendors themselves might be looking to offer on a property themselves. Which they are unable to do until their property is sold subject to contract. 

bobster2

pjs493 said:

I got a call today from an estate agent I was due to view a house through on Monday. They called to cancel the viewing because the vendor had accepted an offer. 

I’m a first time buyer who doesn’t need a mortgage and the estate agent knew that. 

So my question is, why would the vendor accept the offer on the table and cancel my viewing? Given that if they waited just a few days they could have potentially had two buyers in a bidding war. 

The house has been on the market for almost two years with successive price reductions every six month or so. Why would someone be in such a rush to sell if it’s been on the market for such a long time and they’ve apparently had a couple of viewings booked in within a week of each other. What could make them so desperate not to wait until I viewed it in Monday? Especially given my strong buying position?

I’m more baffled and curious than anything else. I did ask the agent if they were able to tell me how much the accepted offer was for, but they wouldn’t tell me, even though I suggested I could possibly outbid that if I had the chance to view. 

Other buyer may have made the offer conditional on the house being immediately removed from the market - and no further viewings.

bluelad1927

Don't assume a seller wants to be in the middle of a bidding war. I had a lady knock my door offering 10k more than I'd accepted off somebody else but I wasn't interested.

theoretica

If it had been on the market for two years they may well have been hoping for one acceptable offer and very ready to accept it.  They would have no reason based on past history to expect two to come along within days of each other. 

pjs493

I get what a lot of people are saying regarding not wanting to sit on an offer. But we’re talking about one working day here. The vendor could have easily asked for that weekend to think things over, allowed me to view on Monday morning as planned, and then made a decision based on whether I put an offer in or not. The estate agent could have even used it as a tool to put pressure on me to make an offer quickly. 

I’m not caught up or emotionally attached to the house, just surprised that after two years on the market the vendor accepted an offer immediately when a second viewing was set up for just days later. Especially as it went for so long without any interest. I get that the other buyer could have also been a cash buyer, but I still can’t wrap my head around why they wouldn’t wait a couple of days to see if they could get a better offer. Most buyers would understand if a vendor asked for a weekend to mull over their offer. The estate agent knew it was well under my budget too so it’s not as if they thought I couldn’t outbid.