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    • Natasha2401
    • By Natasha2401 16th Jul 17, 2:04 PM
    • 1Posts
    • 0Thanks
    First time buyers
    • #1
    • 16th Jul 17, 2:04 PM
    First time buyers 16th Jul 17 at 2:04 PM
    My partner and I viewed a house that we really liked we had 2 viewings then phoned with an offer and after a bit of coming and going we were verbally told our offer had been accepted and to put it in writing, which we did that day. The next day we were told the sellers were on buisness and would need to wait. Then on the third day my solicitor phoned to see what was going on only to be told that the offer might be too low. I phoned the estate agent to get a better understanding who told me another verbal offer had been made but our circumstances were better and the seller wanted the weekend to think it over ( this conversation was on the Thursday). I phoned back to say that we would offer 500 more to be guaranteed acceptance but the estate agent said not to offer any more money and wait till Monday. No we don't know what to do we are not in a chain and are looking for a quick move date. Any idea what might be going on here as surely if they were only looking for more money, considering our circumstances are apparently more stable, they would just have accpeted the extra money on the Thursday rather than dragging it on. Also can they do this, what about the solicitor fees. Please any help would be greatly appreciated.
Page 1
    • BattleToads
    • By BattleToads 16th Jul 17, 2:15 PM
    • 21 Posts
    • 11 Thanks
    • #2
    • 16th Jul 17, 2:15 PM
    • #2
    • 16th Jul 17, 2:15 PM
    Unfortunately until you exchange contracts the seller is able to accept an higher offer, this is known as gazumping. You should request the property is removed from the market on acceptance of the offer, this way less people would be interested in the property. Also use the fact that you are chain free to your advantage.

    Gazumping: make a higher offer for a house than (someone whose offer has already been accepted by the seller) and thus succeed in acquiring the property.
    Last edited by BattleToads; 16-07-2017 at 2:17 PM.
    • ACG
    • By ACG 16th Jul 17, 3:00 PM
    • 16,831 Posts
    • 8,781 Thanks
    • #3
    • 16th Jul 17, 3:00 PM
    • #3
    • 16th Jul 17, 3:00 PM
    There is no reason for you to incur solicitors costs until your mortgage has been offered.

    If the people I were buying off were for want of a better phrase dicking about, I would pull out and make their decision easier for them. It sounds like they do just want to have a think about it, so let them have a think.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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