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Offer accepted at Closing Date - but now samish house on same street on market for +100K Worried.

(5 Posts)
Yama Fri 03-May-13 20:24:55

Not sure if I should be worried. We made an offer at closing Date. It wasn't the highest but as we had sold and were in a good position they accepted our offer. Now, I can see on Rightove another house on the same street on the market for 100k over what we have offered for our house.

Can our vendors back out? They have signed accpternce of offer but missives are not signed. We are in Scotland.

Ps - our offer was over Home Report valuation. Am I fretting for nothing?

MmeLindor Fri 03-May-13 21:00:27

Is the other house much larger or in better condition?

The other house is only on the market, so if you offered over the valuation, I can't see how they can get so much more for a similar house. On the market doesn't mean anything.

greenformica Fri 03-May-13 21:38:02

The other house is probably extended and better in finish. Sometimes properties go on at enthusiastically high prices, then are slowly dropped to more realistic levels.

TracerBee Fri 03-May-13 21:54:16

Nobody is legally bound in Scotland until conclusion of missives. So yes, they could back out. But I think it is very unlikely. If they have sent a signed acceptance then the ball is back in your court and if you accept their acceptance they are in a binding contract.

Don't worry. Ultimately they are stuck with a Home Report valuation of a certain figure and you are already paying over that. If they are sane, they will realise that they have already done well to get an offer over that valuation. It would be crazy to think that anyone would pay so much more or even be able to get a loan for so much more.

On my street there is a huge range of prices for property in the same street. Some have had extensive renovations and some need total overhaul. The values can be odd anyway-our flat was valued at only £10k more than another flat in the same building and we had an extra bedroom. confused

Yama Fri 03-May-13 22:48:04

Thank you all for your reassurance.

Yes, the other house is in better decorative order but not to the tune of 100K.

Tracerbee - yes I understand what you are saying about getting a loan over the Home Report. We certainly couldn't go any higher so it would take someone not dependent on a mortgage. Argh. If there is something to worry about I will seek it out!

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