Advanced search

Selling a house- moral dilemma

(63 Posts)
CelticPromise Mon 10-Mar-14 18:59:15

I would welcome some advice on this situation, we are really torn. I'm changing a few details just in case.

We are selling a house in outer London. We have relocated and want to sell asap. It went on in December for £380k and after a bit of messing about with people who weren't sure what/if to offer we accepted an offer for £365k. We made it clear we wanted to crack on and ideally compete before end of Jan. Of course that didn't happen but surveys etc were complete by then and we were just waiting on buyers' mortgage offer. EA and mortgage broker both indicated that this was a matter of rubber stamping.

We have now found a place to buy so we want to crack on even more. But our buyers have finally been refused mortgage after weeks of faffing. This happened Friday and we weren't sure what they could do so following recommendation of EA we agreed they could remarket it and they showed 10 people round on Sat. Also on their advice it went back on market for £390k as market is rising. I told EA we would still be willing to sell to original buyers at agreed price if they could salvage things.

Over the weekend and today we have heard that the buyers run their own business and are blaming their accountant for supplying wrong info to lender. They are approaching a new lender.

We have also had two new offers after the Saturday viewings, both at £400K shock

I just don't know what to do. I feel we have some moral obligation to the original buyers, and we are all ready to exchange when/if they get their mortgage. But are we just handing them £35K? It's so much money to say no to. I was thinking of giving them a short time to salvage things and get to exchange... I'm trying not to just see the £ signs...

Anyone any experience/advice?

GandalfsOtherHat Mon 10-Mar-14 19:06:14

Sell at the higher price. You have been more than reasonable and their problems are not yours. Happy home hunting smile

fiorentina Mon 10-Mar-14 19:08:29

Sell at the higher price. No guarantee they will get a mortgage still and you have to put yourselves first.

HauntedNoddyCar Mon 10-Mar-14 19:11:00

Hmm. I can understand why you feel a bit guilty pulling the plug on couple #1 but if you hold on and they have further problems then you may lose your purchase.

If the new offers are well placed then it would be hard not to accept one.

LineRunner Mon 10-Mar-14 19:13:10

Take the more secure of the two higher offers. You need to get moving.

Benzalkonium Mon 10-Mar-14 19:13:39

Sell to the person who has their funding arrangements all,in place and ready to go. Preferably at 400k.

TheZeeTeam Mon 10-Mar-14 19:13:40

Definitely sell at the higher price! You have been more than patient with the last buyers. It's March now!

Minnieisthedevilmouse Mon 10-Mar-14 19:14:23

Higher offers.

Tbh nobody would be waiting if other way round. Sorry but it's true.

Eminybob Mon 10-Mar-14 19:15:54

It's unlikely that the accountant has given "wrong information" and more likely they have told the truth but it differs from what the buyers have told their lender (I'm a mortgage adviser and get this a lot from self employed people). If it was a mistake on behalf of the accountant then surely they'd get the accountant to amend it, rather than need a new lender confused

So, I'd not wait around for these people to get a mortgage offer, there is no guarantee they will, you need to go with one of the new offers. You have no moral obligation to the original buyers.

Clutterbugsmum Mon 10-Mar-14 19:16:31

Accept the higher offer.

If you looking for the moral ground surely your original buyers would have had a mortgage offer in place before looking.

MerryMarigold Mon 10-Mar-14 19:17:21

Sell at the higher price for sure. If you have only just found a place it likely reflects the newer prices (increased) so it is only fair that yours does too.

spotty26 Mon 10-Mar-14 19:18:18

No moral dilemma. They did not and cannot perform. Move on with new buyer and secretly be delighted that this has happened!

TheKnightsThatSayNee Mon 10-Mar-14 19:18:50

Accept the higher offer, that's what I would do.

CelticPromise Mon 10-Mar-14 19:23:58

Thanks all for your replies, fairly unanimous!

My understanding- and yes I agree it sounds fairly dodgy and DH def thinks it is- is that they wanted to correct the mistake but mortgage broker thinks it won't sit well and to start again elsewhere. No idea why broker didn't pick up there was a problem in the first place.

They have incurred costs obviously with solicitors, surveys etc. And I am wary going back to square one. Does anyone think I should give them a few days? Or even ask them to meet us halfway given that it will be their profit in the end?

I see the logical answers, but I feel add though I am in the wrong. confused

ilovemydoggy Mon 10-Mar-14 19:24:02

Def sell at the higher price. These people might still not get a mortgage then you would've lost out again. Did your EA not see their aip before you agreed to take it off the market?

LaurieFairyCake Mon 10-Mar-14 19:24:51

You're not going to throw away 35 grand

They had their chance

MerryMarigold Mon 10-Mar-14 19:27:22

I think if they are struggling with a mortgage at the original offer, they won't be able to increase. I know you are starting again, but people offering more than the asking price sound keen - especially 2x offers! I would choose out of those people based on who has a mortgage already agreed/ chain free or small chain etc. You should be able to find that out through EA. You will probably move quicker than waiting on these guys.

JabberJabberJay Mon 10-Mar-14 19:31:09

No you are not wrong.

Pick the most secure of the 400k offers and go with them.

The original buyers have had more than long enough to get their act together. You must not hang around for them any longer. Put yourself and your family first. 35k is a massive amount of money to wave goodbye to because you feel 'obligated' to the first buyers. OP, I'm beginning you - don't do it. Sell at the higher price.

JabberJabberJay Mon 10-Mar-14 19:32:08


JacqueslePeacock Mon 10-Mar-14 19:36:23

Accept the higher offer. I don't see a moral dilemma. They are the ones who (presumably) haven't been quite straight with you, and have messed you around.

LondonGirl83 Mon 10-Mar-14 19:55:23

Don't see a moral dilemma either. Organise your options according to which is most secure, followed by which the highest. No one could reasonably say you have any obligation to sell to your original buyers anymore.

Parsley1234 Mon 10-Mar-14 19:58:36

Go to sealed bids back on market two offers over the asking price means you're in a great position ask the agent for their final offer and choose between them .

AndIFeedEmGunpowder Mon 10-Mar-14 19:59:43

Higher price. New buyer might want to buy their survey or searches? You have no moral obligation to the buyers though, and that extra £35K will help you buy your next property in a rising market.

ExitPursuedTheRoyalPrude Mon 10-Mar-14 20:04:13

Gosh. No question. Stop fretting. Tis a cruel world out there.

Ludways Mon 10-Mar-14 20:07:33

They didn't feel bad about offering £15k under the original asking price, I wouldn't feel bad about taking the £400k. This is what happens.

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: