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    • maxley88
    • By maxley88 11th Sep 18, 5:51 PM
    • 1Posts
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    maxley88
    Can i accept a higher offer, after already accepting?
    • #1
    • 11th Sep 18, 5:51 PM
    Can i accept a higher offer, after already accepting? 11th Sep 18 at 5:51 PM
    Basically, my property is up for sale. A potential buyer offered the full asking price, which i accepted. Two weeks later she pulls out (after i've instructed solicitors, and started all the paper work).

    Then for two months i didn't hear anything (had one other viewing, but nothing came of it). Then last week, the buyer comes back and makes another offer, this time 5% under my asking price.

    My estate agents negotiate a bit with her, and get the offer up a bit, but still slightly under my asking price/her original offer. I'm getting desperate to sell, so i accept.

    My estate agent notes that she has flaked in the past, and suggests they keep the property on the market until they receive the relevant paperwork from her.

    Anyway, i had another viewing yesterday, and he has offered the full asking price. Can i accept his offer, despite already accepting hers?

    I know this isn't the done thing and is generally frowned upon, but... 1. She flaked on me the last time, then came back two months later with a lower offer, so she may very well do it again; and 2. the new buyer is an investor, which means he is more likely to have the money and will likely have more experience and knowledge of the whole process, hopefully reducing delays/problems.
Page 1
    • AnotherJoe
    • By AnotherJoe 11th Sep 18, 6:04 PM
    • 10,604 Posts
    • 12,136 Thanks
    AnotherJoe
    • #2
    • 11th Sep 18, 6:04 PM
    • #2
    • 11th Sep 18, 6:04 PM
    Yes you can of course do this. You can do whatever you want until contracts are exchanged. Whilst it's normally frowned upon for moral reasons in this case this would seem to be a case of what's sauce for the goose etc and I would accept the new AP offer as long as you are convinced the new bidder is reliable.
    • bigstevex
    • By bigstevex 11th Sep 18, 7:23 PM
    • 775 Posts
    • 367 Thanks
    bigstevex
    • #3
    • 11th Sep 18, 7:23 PM
    • #3
    • 11th Sep 18, 7:23 PM
    Given the lower offer messed you round last time, I'd 100% pull out and take the higher offer on that basis
    • SmashedAvacado
    • By SmashedAvacado 11th Sep 18, 8:01 PM
    • 281 Posts
    • 340 Thanks
    SmashedAvacado
    • #4
    • 11th Sep 18, 8:01 PM
    • #4
    • 11th Sep 18, 8:01 PM
    Yes but your lawyer would deal with one buyer only
    • Badger50
    • By Badger50 14th Sep 18, 2:18 PM
    • 107 Posts
    • 106 Thanks
    Badger50
    • #5
    • 14th Sep 18, 2:18 PM
    • #5
    • 14th Sep 18, 2:18 PM
    I would be wary of the investor though. They tend to regard the process purely as a business transaction and are quite likely to drop their offer at the last minute in order to maximise their profit.
    • JoJo1978
    • By JoJo1978 14th Sep 18, 3:11 PM
    • 368 Posts
    • 442 Thanks
    JoJo1978
    • #6
    • 14th Sep 18, 3:11 PM
    • #6
    • 14th Sep 18, 3:11 PM
    Yes you can. A vendor did exactly the same to us last year and we were devastated, so try to think how you may feel if it were done to you.

    I also agree with the other poster who said beware of investors. Our buyer last year was a complete pain in the proverbial all the way to completion...and afterwards.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Part-time gigger and charity volunteer 2018
    • PassingOutInTheParade
    • By PassingOutInTheParade 14th Sep 18, 6:30 PM
    • 51 Posts
    • 58 Thanks
    PassingOutInTheParade
    • #7
    • 14th Sep 18, 6:30 PM
    • #7
    • 14th Sep 18, 6:30 PM
    I would be wary of the investor though. They tend to regard the process purely as a business transaction and are quite likely to drop their offer at the last minute in order to maximise their profit.
    Originally posted by Badger50
    This is common practice for an investor. I've known it happen to someone just a few hours before contracts were exchanged.
    Having said that, it could happen with any buyer but less likely with someone buying it to live in as they will have all the emotions and upheaval that goes with buying a home rather than a building.
    • shortcrust
    • By shortcrust 14th Sep 18, 6:40 PM
    • 2,105 Posts
    • 3,218 Thanks
    shortcrust
    • #8
    • 14th Sep 18, 6:40 PM
    • #8
    • 14th Sep 18, 6:40 PM
    Yes you can. A vendor did exactly the same to us last year and we were devastated, so try to think how you may feel if it were done to you.

    ...
    Originally posted by JoJo1978
    I think the situations are different, assuming you didn’t also withdraw your offer then come back two months later with a reduced one. To me it doesn’t sound like this buyer deserves much in the way of empathy or sympathy.

    An investor might be tricky but the current buyer is confirmed to be tricky.
    • kinger101
    • By kinger101 14th Sep 18, 7:04 PM
    • 4,466 Posts
    • 6,211 Thanks
    kinger101
    • #9
    • 14th Sep 18, 7:04 PM
    • #9
    • 14th Sep 18, 7:04 PM
    In this scenario, I'd probably go with the 2nd buyer. Just be upfront that last-minute guzundering won't be tolerated.
    • Thrugelmir
    • By Thrugelmir 14th Sep 18, 7:12 PM
    • 59,807 Posts
    • 53,152 Thanks
    Thrugelmir
    the new buyer is an investor, which means he is more likely to have the money and will likely have more experience and knowledge of the whole process, hopefully reducing delays/problems.
    Originally posted by maxley88
    More likely to back you into a corner I'd say.......

    Particularly an investor that offers full asking price.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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