2 offers - which is best??

selectcase

OK I am a bit of a dilemma here

my estate agent is on holiday between christmas the new year but they did ask if i could do a couple of viewings which of course i said yes to.

the first family were very nice and made and offer on the spot which i said would be acceptable but they need to go through the estate agent on wednesday to make a formal offer

the next family (on the same day)were very nice and did the same thing so i said the same thing as for all i know one of them might not call the estate agent after all and have second thoughts.

both offers are within 3% of the asking price so that is not the issue, I did not tell the viewers that another had viewed/made an offer as that sounds like I am trying to up the price etc and puts unfair pressure on the viewers.

So potentially on wednesday I may have to make a decision on whose offer to formally accept

which would you go for?

couple no 1

sold stc, will be cash with no mortgage when they buy and stated they dont need a survey etc but they are in a chain

couple no 2

first time buyers with an approved mortgage offer but i dont know how old that offer is what with the credit crunch etc


Couple no 1 sound attractive as there are no survey hastles etc and a fairley straigntforward sale but they are in a chain?? and these regularly break as i know from bitter experience.

couple no 2 are attractive but what if the survey highlights some stupid thing and the lender starts arguing or pulls out?

There is nothing wrong with our house that we are trying to hide but I have heard lots of horror stories of surveys highlighting things that dont really need doing etc and people puling out because of a stain on the carpet or the like. then on the other hand we accepted a previous offer only for the chain to break after only a couple of weeks.

Either way I am going to dissapoint someone which is unfourtunate but I suppose thats the way it is.

We have never sold a house before and boy is it stressful

chriz1000

I personally think it’s a bit unfair that you accepted both there offers there and then. You will have got the hopes up of two different families, who have now probably decided to stop looking at houses, and may miss out on a house which they otherwise wouldn’t have.
I would have been straight up with the second family and told them the score.

selectcase

TBH I told each party to put the offer to the estate agents on wednesday but in hindsight you are probobly right - I have thier number and may call them tomorow and say that I have had an offer by the first viewers but I dont want to appear to be trying to get a better price etc.

It works both ways as there is nothing to stop them looking at other houses over the hols and for all I know I might not end up with any formal offers on wednesday we had a couple who viewed just before christmas and wanted to think about it over christmas before putting in thier offer.

cattie

I'd be inclined to go with the ftb. I've already been through a scenario with an aborted sale, buyer made full asking prices offer, purported not to need to sell existing property before buying mine,so no chain situation below, valuation survey only needed & was pushing hard to be in before Christmas.

About a week or so before Christmas just as we were ready to exchange, they pulled out & gave the reason as buyer of their house had pulled out so could not complete on purchase of mine. Very odd as they had said they weren't dependent on sale of their property to start with.

Anyway I've been really lucky & found new asking price buyer within 2 days. They are ftb's so view them as a much more viable proposition. Yes they've had a survey but if it throws anything nasty up then I'm prepared to negotiate on price, especially as they offered full asking to start with.

piggeh

tbh I would go with the one with no chain - two offers in such a short space of time suggests your house will be in demand. Even if the survey highlights a problem then I doubt it would be too long until you get another offer, so it leaves you in a strong negotiating position.

Of course if your house has been up for ages with no interest then maybe it would be wise to consider the other.

eden37

I dont feel you have done anything wrong-both or neither could put an offer in on Wednesday. If the family with a chain make an offer I would accept but make it clear you are continuing to market the property and consider other offers until they are in a position to proceed. If the chain free FTB put in an offer I would accept. If both put in an offer accept the FTB with the other couple in reserve should things fall through. As long as you are honest with everyone I would not worry. Your estate agent will be used to negociating on their clients behalf. I put in an offer when my house was up for sale and it was accepted but made clear they would keep marketing it untill I could proceed. I did not have a problem with this.

Nicki

Try to find out how long the married couple's chain is, and how far off everyone is from exchange. If it is a very short chain and they are close to exchange, then I would not rule them out. IME ftbers are very nervous, especially at the moment, and if they are stretching themselves to the hilt on the mortgage, a raise in rates or more publicity about falling house prices, may see them pull out before exchange, plus they are more likely to get jittery about fairly minor things on the survey and want further reductions.

If the MC's chain is long though, then perhaps better to go with ftbers but say that you want them to do the survey immediately and you expect them to be in a position to exchange within 28 days of their offer. If they aren't going to meet the timetable, and you aren't satisfied with their reasons why not, continue to market the property (and consider re-offering it to the MC if they are still interested).