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Money or decency imo

(31 Posts)
noddyholder Wed 22-Jun-11 14:06:43

Our house is in a bidding war. Both couple really want it for the schools etc and have been going up in 1k bids all day yesterday and this am. I told the agent I wanted to go with 1 partic couple as they are lovely and were the first people through the door etc. They have now put in their max which was 2k more than the other couple and so we accepted it. Now the other couple have come back and offered us another 7k agent says he has to put it to us as thats 'business' but I had already accepted the lower figure although the couple don't know as they couldn't contact them and have just left a message. Dp wants to take the 7k and the house did cost a fortune to do up but we were happy with the lower price and I feel terrible. The couple who paid more have just had a baby and their best friends live in the road and they are determined to get this house. Would you take the 7k or stick with original

superdollyfragilistic Wed 22-Jun-11 14:09:13

What was in the message that you/agent left for the lower couple , did they /you say good news?

superdollyfragilistic Wed 22-Jun-11 14:09:59

PS agent does have a legal obligation to tell you about every offer

noddyholder Wed 22-Jun-11 14:11:08

They left message for them to ring back they do not know we have accepted offer. I know for a fact that they cannot match the extra 7

superdollyfragilistic Wed 22-Jun-11 14:13:00

So technically you have not accepted their offer?
Are the 7k ones proceedable for absolute def? Are they under offer or exchanged?

noddyholder Wed 22-Jun-11 14:15:57

The 7k extra ones have sold are about halfway along the process with the same agent. The others are in rented.(that is why I liked them too!) Dp and agent have said 7k is too much to turn down.

PollyFilla Wed 22-Jun-11 14:18:30

£7k is a lot to turn down, take it. I would anyway.
You could do a LOT with £7k.

superdollyfragilistic Wed 22-Jun-11 14:20:10

Agent is bound to be keen as they have interest in both sales commision wise, that is good imo as they will push it. I think since the first people were never actually told that they had it, you are not breaking your word to them, 7k gets a lot of recycled glass worktops! (Not stalking you just loved the work tops you linked to!)

noddyholder Wed 22-Jun-11 14:20:23

I know. I renovate houses for a living and the whole point is the money it is our home and my livelihood. We are hoping to buy somewhere we love as a home this time and 7k would really help its just the other couple are lovely. oh well have to keep our situation in mind and not theirs!

noddyholder Wed 22-Jun-11 14:21:16

I know glass worktops on my wish list this time!

PollyFilla Wed 22-Jun-11 14:27:49

Noddyholder, if it's your business you'd be mad to make an emotional decision based on liking people / being 'decent' - it's a business transcaction, so it's to make a profit so you should take the £7k. And don't feel bad about it!

myron Wed 22-Jun-11 14:32:56

We turned down a better offer of £5K for a quick exchange/completion. No regrets since we completed exactly 4 wks later. Your scenario is different since the chain buyers are presumeably nearer to exchange but there is always the risk of it breaking down before it gets to exchange. I would give them a chance to match it otherwise I would risk it and go for £7K more!

noddyholder Wed 22-Jun-11 14:38:54

I have been doing this years and this is the first time I have not just gone all out for the money. The thing is the price the original people offered is actually more than I hoped for the 7k is pure extra. The first offer is 15-20k over my estimates when the house was finished. I am going to take the extra and try and enjoy it!

maggiethecat Wed 22-Jun-11 14:41:55

Of course money means a lot and dh and I have recently had this discussion about the extent to which money would influence our decision of whom to rent to (although we are not talking about such a significant sum as in your case). I kept thinking about Karma.

noddyholder Thu 23-Jun-11 10:29:54

God the original people have now offered another 1k I am so stressed with this and I should be over the moon. The estate agents just want us to take the money and these are the people we originally wan ed to sell to as they are in rented but now someone else will be disappointed.

mustdash Thu 23-Jun-11 10:34:06

I'd go with the nice people. Not because they are nice per se, but coming out of rented, and you know they desperately want the house. Your money is much safer. The people in the chain, are just that, and anything could go wrong for them.

LaurieFairyCake Thu 23-Jun-11 10:37:26

Think of it this way - why would you give a couple who are 'nice' 7k? - would you suddenly give it to a charity or a member of your family? (lovely if you would but they are essentially strangers to you)

Well done on making the house so nice that people really want it - it's a tremendous compliment to you. smile

noddyholder Thu 23-Jun-11 10:46:43

The 'nice' people are ready to go which is great they were outbid by 7k yesterday and so we said lets go with the extra cash. They came back today with another 1k but the agents have already told the others iykwim so now I would really be letting them down as they think their offer is a done deal. I really wish people would put forward their final offer and mean it. The couple in a chain (of one 1st time buyer for their flat) have just had a baby and their friends who also have had a bay live directly across from us and they really love it too! I am pleased that this house has come out so well and the money is a lovely bonus but I just want it to stop! Nice couple have 20% deposit other couple with baby have 50% deposit acc to agent.Oh well what will be will be.

LaurieFairyCake Thu 23-Jun-11 10:56:45

Instruct your agent to tell them to put final offers in writing by Friday?

At least then it'll be over.

noddyholder Thu 23-Jun-11 11:00:31

I am going to say final offer by end of today. I have been v lucky to get asking price in the past and just accepted it but this is my 1st bidding war and it is going to be my last!

superdollyfragilistic Thu 23-Jun-11 11:07:14

Congratulations though! Great compliment on your design skills and your property knowledge in choosing a good location.
Shame you can't keep everyone happy, but you really have not done anything wrong, you didn't do the deal with the first couple. They didn't get the phone message in time, call it fate!

kitsmummy Thu 23-Jun-11 11:13:12

can we see some interior pics? I'm dying to see what this gorgeous house looks like!

noddyholder Thu 23-Jun-11 11:15:38

The first couple have now come back though with an extra 1k and they are no chain The agents are suggesting we let them gazump the others but I am not keen. After years doing this this is the first time I have thought 'Maybe I am quite good at this' and should be happy instead of stressed to the max grin! Dp over the moon and taking all the credit which is hilarious. It is suddenly we now that its sold but is always 'you' when I am at the stressful stage with builders!

Sidge Thu 23-Jun-11 11:21:47

Toss a coin grin

noddyholder Thu 23-Jun-11 11:22:43

grin

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