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Is walking away the right thing to do?

(7 Posts)
kirinm Wed 04-May-16 11:25:41

I posted about this a week ago. We saw a flat that was in a grotty condition with a slightly hostile tenant living in it who we were quite worried might be a pain to get out.

Due to the poor condition of the flat it was pretty cheap for the area and so we bit the bullet and made an offer. On Friday we were told there had been another offer and it was likely to go to 'best and final' with us hearing back by close of business. Friday comes and goes with nothing heard. Yesterday we get an email asking for best and final by 2pm with an answer by the end of the day. End of the day comes and goes with us having increased by 10k. At this point DP is getting edgy about the offer.

Still no response this morning. I called the EA who told me that the vendor (a business) is waiting to hear if the guy making the other offer has exchanged on his property before making a decision. I asked when that was likely to be and was told that the EA really had no idea. I also said it seemed likely that the vendor wanted to accept the other offer and we are just being strung along but was told there hasn't been a decision.

Basically DP is now wanting to withdraw the offer. We were worried about the tenant and don't need a vendor who could quite easily withdraw from the purchase if the other guy finally exchanges a week or two from now. I'm also feeling edgy about it as we don't have vast amounts of money to waste on surveys and fees if the purchaser falls through.

DP has said he isn't interested anymore and there are too many risks and I am starting to agree. We've told the EA we will withdraw our offer by the end of the day. Are we being too over cautious?

gamerchick Wed 04-May-16 11:27:20

Sounds sensible to me.

strawberrypenguin Wed 04-May-16 11:28:31

If you don't have a good feeling about it then pull out now before you actually put any money into it.

kirinm Wed 04-May-16 11:53:30

If I knew we could easily find somewhere else I'd have no doubts but buying is a bloody nightmare and I'm sick of house hunting but not wanting to view any more places isn't a good reason to ignore doubts I guess.

specialsubject Wed 04-May-16 11:57:18

this is the place that was cheap because it is a tatty dump with a tenant who is further wrecking it and doesn't want to leave. Am I right?

Don't walk. Run.

kirinm Wed 04-May-16 11:58:52

Haha yes it is special. We are lining up viewings for the weekend instead.

specialsubject Wed 04-May-16 13:16:00


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