To withdraw the offer?(39 Posts)
We put an offer in on a house, full asking price under the condition it was removed from the market (and they leave the ride on lawn mover lol)
They didn't say no but won't say yes until we have a complete chain and therefore left it on the market.
We have a buyer (a definite one, if there is such a thing, it's a close family friend and they are moving to ours for a specific reason) but their house hasn't sold yet. It's in a popular area so it won't be too long.
Would we BU to remove our offer?
It was 3 weeks ago and now the house prices are falling in that area, all the other houses have reduced their asking prices by about 10/15 grand.....I suppose I'm kind of hoping it will get them to make a decision so we can (a) get on with solicitor searches etc or (b) start looking elsewhere or get some money off seeing as the market has changed.
But you aren't in a position to move forward. Your offer is worthless until you are.
No, they haven't accepted so you have ever right to withdraw.
How are you in a postion to move forward though? Your buyer has no buyer. It may go quickly, it may not - who knows in this market. Even if it does then her buyer may have no buyer and so on. If it doesn’t then what are you going to do? Sit at just before exchange for months? If I were them I would not remove it either until you were proceedable. I suspect you’ll find this with other houses too.
We will just wait then and when we can move forward change the offer price. No doubt that will pee them off but hey ho.
Another house we liked were happy to accept an offer and remove from the market despite the incomplete chain but we liked the other one more.
I didn't realise everyone had to have complete chains before accepting offers these days....wasnt like that when I last moved.
I don't understand your point of view. How long do you expect them to wait for you to get a completed chain at which point you can all actually expect to move house. A month? 6 months? A year? It doesn't make sense.
wasnt like that when I last moved.
Well, it always has been in my experience, and I bought my first house 25 years ago.
You can't withdraw your offer because it hasn't been accepted because you can't actually proceed........
By the sounds of it, even if they had accepted your offer and it took you 6 months to have a complete chain you would still try to reduce your offer.
Just leave things as they are until you're ready to go. Your sellers could accept a different offer in the meantime but there's no point rocking the boat as they've accepted your offer so are theoretically happy to go with you. Once you can proceed, if you think the price is wrong, speak to them then.
We have accepted offers from those without complete chains, but never withdrawn from sale at that point. So it was kind of an agreement that meant, when you are in a position to move we will sell to you at X price. But you would be mad to expect them to hold the property for you until you can move, you are not proceedable.
Besides, you can't have the best of both worlds and expect them to reduce the price as well.
If you've had your friends offer for 3 weeks then their property is not exactly in a popular area....or maybe their house is too expensive and they won't get the price they want and have to reduce the offer on yours......
There's no certainty for your vendor at all currently with your offer.
It's always been that way. You can put forward your offer but unless you can proceed it won't be accepted and house kept on market. Why would anyone take their house off the market for someone not in a position to actually buy it?
No, it's always been the case that it's not advisable to accept an offer from someone who is not in the best possible position to actually proceed with the sale. If your chain doesn't have a cash or FTB at the end of it, then no one in the chain can make their sale. Hardly rocket science.
So you could offer on another house and, unless they're extremely optimistic, they'd be unlikely to firmly accept, too.
The only house we even bothered looking at before we sold ours was a doer upper that we could have bought without selling, then done up with some of the proceeds when we did sell. There was just no point, otherwise.
Why would you expect them to accept your offer and take it off the market when you aren't in a position to move forward? If your buyer can't sell, then they can't buy yours and you can't buy the house anyway - meanwhile, they've lost viewings and potential buyers. I don't think you understand how this all works...
They haven't accepted your offer so there is nothing to withdraw.
The house may sell to someone else (who has a complete chain) before your buyer finds a buyer.
It makes perfect sense, how can they withdraw from the market when you are not in a position to proceed.
You're not in a strong position at the moment so you cannot call the shots.
We've taken our house off the market for our buyer as they have offered our full asking price and we are happy to wait as we know it won't be long until they have an offer.
Our last 2 properties have had an offer accepted and we accepted an offer without complete chains, if everyone was waiting for a complete chain nothing would never happen.
We would never offer the full asking price then withdraw that 6 months down the line as we are not arseholes
I agree with everyone else.
You aren't in a position to make a firm offer, as you haven't sold your house - or at least, not sold it to someone who is in a position to buy it.
wasnt like that when I last moved
Well I don't know when it was you moved, but it was like that when I first started looking about 30 years ago.
I wouldn't take my house off the market unless the buyer was in a pretty solid chain or a first time buyer or a cash buyer.
Anyone who is sensible / who has a sensible agent wouldn't remove their house from the market until they had a complete chain as you can't control whether your buyer will find a buyer - tbh it is pretty likely your buyer has put an offer on your house expecting to get a price they won't achieve - otherwise why don't they already have an offer on their house? It sounds like they've got their house on too high.
Sorry but I think it was naive of you to accept an offer from someone who doesn't have an offer on their house, I hope yours is still on the market and you're still doing viewings as I'd be looking for another buyer with a complete chain or first time buyer.
They're also unlikely to accept a lower offer from you now they know you can pay full asking price, it's human nature.
Of course you can remove your offer. I wouldn't do it to try to push them into giving you exclusivity though, and if you do withdraw it then offer again, they may not accept.
It sounds to me like you don't have an agreement with them. It's like you've left an envelope of money on the table. They haven't picked it up yet, there's no "deal" to renege on.
So you're prepared to gazump your current sellers somewhere down the line and you've already pulled out of one potential house because you carried on looking and something else came up? TBH you sound like nightmare buyers anyway and the sellers would be well rid. I certainly wouldn't be expecting them to take a house off the market based on your history and current intentions.
Just words of advice;
DO NOT set your heart on any house until you have the keys in your mitt:!
They haven't accepted your offer so it makes sense to keep looking at houses in case this one gets bought by someone else before your chain comes together.
You aren't withdrawing your offer, as you haven't had an offer accepted. But you can say to the agent that you want to leave the offer on the table in case the vendors change their mind but you are now actively looking for a new house to purchase and you will keep them up to date with any change in circumstances (eg your buyer sells their house, or you decide to proceed with another property)
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