vendors don't want to accept our offer until they have arranged their own purchase(16 Posts)
Is this normal? We put in an offer about 2 weeks ago and the agent has consistently told us that the vendors are trying to have something fixed in place for their purchase. If that is done then they will accept our offer. Are we being really gullible by believing this? We love the property - so yes we would be ok with waiting, but we don't want to wait indefinitely either - especially as we do have some backups as well.
If they are not dependant on your purchase of the house, then I can see why they might want to dally a bit. Most people are dependant on confirmed offers though before they buy their next house so it is a little odd.
Tell them you will keep dropping the offer a grand for every month's wait.
Its not usual but it's not that outlandish either. Unfortunately the ball is in their court at the minute and you have to decide if you like the property enough to take your chances. I think I would be reluctant to wait without an indication of the timeline to expect i.e. will you be waiting weeks or months for them to commit.
They are being a bit upside down: to buy, they need to be able to tell their vendor that their own house is under offer!
Their Agent should explain this to them.
But maybe they won't commit to moving / selling until they know they have found the right place to buy - in which case they are flaky at this stage anyway.
It isn't normal, but it's an approach they can chooose to take It's risky for them, because it means that by the time they find something they like you may have gone elsewhere and their chances of having an offer accepted is on hold til they find another buyer.
hmm...I should probably ask the agent on whether they are dependent on our purchase or not. The agent mentioned sthg about having spoken to the other agent (from whom the vendors are buying their property) about trying to get the deal done. Isnt' that pre-emptive as well, given our offer is not confirmed / accepted.
What you say makes sense - that if they are not dependent, they need to ensure they buy what they want first. But then they cld've done that much earlier, even before they had received the offer on the property? The property has been on the market for 3 months (with no offers), so I thought they'd jump at the offer.
good idea - maybe we need to reduce our offer and see whether they get their act together or not.
I'd have done it if I could have got away with it! We ended up moving putting everything in storage and moving in with my parents for nearly 2 weeks because our buyers were pushing us to move asap and our vendors were having trouble getting things going! However I wouldn't have taken the risk - it sounds as if they aren't that desperate to move TBH.
the agent has told me many times that the vendors are v. straight ppl etc etc - but maybe that is all talk. From the comments above, it seems they are really not v. serious about the sale. But I would've preferred if they had simply rejected our offer.
They could accept the offer but tell you they can't actually move until such and such a date.
just to give you an update -
we finally heard back from the agent - after 2.5 weeks. The agent said there is good news and bad news. Good news is that the vendor has finally found a place they like and will be putting in an offer for their onward purchase. The bad news is that there is a higher offer and if we were to increase our offer by another 20K or so, we can get the property. Essentially, the agent and vendor both played us for a fool for two weeks, as they were hoping to get another offer. Anyway I told them that we will not be increasing our offer - as I don't really wish to get involved in a bidding war - especially as I have no trust in the agent or the vendors. We cld probably even get gazumped after any offer is accepted.
so sigh - we are back to square one. It is disappointing, but in fact making me more angry of the way the agent and vendors have behaved. Wld really like to tell the agent off !
Oh that is so annoying for you! I feel your pain. We are in exactly the same situation as you were, our vendors won't accept any offers until they have found somewhere. They still haven't found anything and it's 5 weeks since we offered.
It is awful where we live right now, there are many buyers but not many houses so it's literally a bun fight when one becomes available. We have been looking for 6 months!
I'm sorry to hear they were playing you, it is an unspeakably filthy business, especially as it is such an emotional process. I don't know about you, but I have redecorated and moved into every one of the places we wanted to buy but were outbid on. Its very demoralising.
Chooberry - I think you've had a lucky escape. They sound as if they'd have been hellish to deal with. I do wonder if there actually is a higher offer or if the vendors are having to pay more for the place they want to buy. Either way, I think you've made the right decision.
same here sam2cats - had already redecorated and moved in so to speak. whereabouts are you, that there are multiple buyers? I am in london and things are a little different - i guess the good properties always go quickly, but even then I have seen lots of properties that have been on the market for months because sellers are unwilling to lower their expectations. We have been looking for months and finding it hard to find a property that ticks all the boxes and I don't want to settle for something I am not comfortable with, as this would be a long-term home.
That's true labag, they probably wld've been a nightmare to deal with and I don't really want to have a bidding war. But glad that the other set of buyers will probably be paying over the odds in a flailing market !
Chooberry we are in London too! I am looking for the same thing, a long-term home that our children can grow up in, I have a DD and am pregnant with our second so we are starting to get a bit desperate now.
We have been in several bidding wars now and it is so annoying, you think if you offer the asking price you have a good chance of getting the place you want, but it just isn't like that round here anymore and I am looking in 3 different postcodes. It is rare for something to stay on the market for longer than a week here..consequently the weeks holiday we took in the summer resulted in us missing out on 3 houses!
Let's all hope that our dream houses at just the right price come along soon..
so why didn't they just turn down your offer as they had a higher one, or wanted more than you were offering?
Sorry you can't buy the house you wanted, but I agree - could be a lucky escape.
maybe the other offer is not real or not practicable......I'd keep your head and they may come back to you
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