offer accepted on house then another offer accepted without me knowing.is this legal

jimc_2

mpsavuk wrote: »

Now you know why people really couldn't care less if EA's are being made redundant due to the credit crunch!

Too many sharp, unethical practices. They deserve all they get IMHO.

I'm not the world's greatest fan of SOME estate agent practices but the Agent here is very simply just doing the job they're paid for! They act for the SELLER to get the best PROCEEDABLE offer. OP is simply NOT proceedable right now because there are too many things undefined - the least of which is exactly how much their putative buyer is going to offer ( as Jorgan says in the last post.)

I'm sure the HPCers will soon be on to them demanding an offer of 20% under asking price! Where will that leave the OPs finances?

minxtress

I have allowed £15k leaway, so I can accept a lower offer and I can also increase my offer, I have quite a margin to play with.
I am aware there are more than two houses on the market but I need to be able to buy one for no more than 100 grand to be able to achieve my mortgage free life so I can study.
I will see what Friday brings, get my proceedable offer and go back to the agent but no I wont take this lying down.
Thanks for help

Poppy9

OP look at it from the sellers point of view. i.e.

You get an offer on your house on Friday and it's £5k under asking price and they have a house to sell themselves, would you accept the offer? Then a month on, bearing in mind that the original people who offered have not yet had an offer on their house, have not surveyed your house etc, another person offers £5k under your asking price and has no house to sell so can proceed straight away. What would you do?

Anyone can see you take the second offer and proceed to sale.

You could not proceed, you would have been wasting your money having surveys done so the EA gave you could advice. Unless you can buy the other house without selling then you are not a buyer, just an interested party. You still don't have a buyer and given the current climate you cannot count on even first time buyers getting a mortgage or getting an offer anywhere near your asking price.

m1ntie

OP you have had some excellent advice here, but you do not seem to be able to take it in.

"I will see what Friday brings, get my proceedable offer and go back to the agent but no I wont take this lying down.
Thanks for help"

Please remember your proceedable offer may still fall through several weeks down the line - dont get to emotionaly invoved, its only a house and there are thousands for sale.

minxtress

i AM taking all advice on board but Im still entitled to my own opinion. The people who want my house have nothing to sell after selling a property in Birmingham and moving back up this area, they have 60% of the asking price available and as ones a doctor should have no problem getting a mortgage. Incidently I just bumped into the peoploe who viewed mine who again indicated they wwill be in touch on Friday. I am not banking on this offer just hoping.
Again I am not foolish just naive to the process of selling a house and buying another. There are plenty of houses around not many 4 beds for under 100 grand though. I will do everything I can to secure sale on my original choice and If I cant then will explore all avenues available. But I think anyone in my position would do the same and would try thier hardest to get what they wanted be it a house or anything else
And again...thanks for all your help as I have previously said.

PasturesNew

You would be mortgage free if you banked your cash and rented.
So you'd still be able to study.

House prices are dropping. There will be more 4-bed houses under £100k coming along in the next 1-3 years.

£100k shoved in the bank gives you over £7000/year before tax. Enough to rent AND pay towards the bills on a rented house.

minxtress

Thats food for thought, Im just worried to rent a 4 bed place I would need just as much or maybe more as I pay in mortgage now and as grants, tax credits etc are means tested I wouldnt be entitled to anything therefore my pot would soon start to dwindle. I have even looked into auctons, ut again 4 beds are few and far between.
Thanks though its worth bearing in mind.

PasturesNew

minxtress wrote: »

Thats food for thought, Im just worried to rent a 4 bed place I would need just as much or maybe more as I pay in mortgage now and as grants, tax credits etc are means tested I wouldnt be entitled to anything therefore my pot would soon start to dwindle. I have even looked into auctons, ut again 4 beds are few and far between.
Thanks though its worth bearing in mind.

Oh, I don't know anything about benefits.

I thought you were off studying. Since then you've grown 3 children and have a job.

If you were just off to be a student and get a part-time job then renting would be the way forward.

However, your dwindling pot would still dwindle less over time than falling house prices would be dwindling any house value. Not to mention the fact that owning has extra bills (maintenance and buildings insurance) that with renting you don't have to worry about.

minxtress

I am going to study I have a place on a course to train as a midwife to start in September, I cant survive on bread and my sense of humour though so will need some financial help in the way of a grant or tax credit or indeed a part time job to fit in with my studies and child care. I havent grown 3 children, i have always had them, and work full time to support them now. However I dont always want to be doing a dreary job just to pay mortgage and keep my head above water.
Id like to make some sound financial choices now enabling me to provide myself and them with a better future. Buying with my equity was my best option.
Maybe I should just get a council house and live off benefits and stop all the worrying about a good future for my children....seems a cushy number!!!!!

Doozergirl

IIRC, if you do the Diploma rather than the degree course, you get a bursary which is not means tested at all. Credits aren't dependant on your savings either. I don't think you get grants on top at all.

It could work out renting. I wouldn't let the need for home ownership overrule the need to get qualified for the long term benefit of the family. You can jump back on the ladder as soon as a property comes up or you can wait until you qualify and buy with a little mortgage.