Advice needed re: chains/offers(39 Posts)
Our situation is currently this. Our house is being sold by an online estate agent (purple bricks) we had a viewing a few weeks ago, an elderly couple wanting to downsize. They offered the asking price and we accepted so our house is now 'under offer'. Theirs is still on the market, they have had some viewings this weekend so we're crossing our fingers.
Last week we saw a house we liked with a high street estate agent. We had to 'prove' our finances to them (take in passports etc) and they then reccomended our offer to the vendor, knowing fully our position outlined above. We were basically gazumped so that property was out.
Friday night we saw a property we are in love with. No upward chain and has been done by a property developer. We have offered the full asking price knowing we were first through the door. However this estate agent (different to the one we spoke to last week) has said they will not reccomend our offer to the vendor because we are in an incomplete chain. Now I know that it's annoying having to wait for our sellers to sell, but somewhere along the line, isn't every chain waiting on someone else? The estate agents were really rude about it, and insisted the vendor would not accept our offer (despite it being full asking price) because our sellers had not sold. I just wondered if this was normal practice, as with the other estate agents we've dealt with, they've been really positive and taken us seriously (which we are!) however these estate agents were dismissive, and quite aggressive about the fact that they'd encourage the vendor not to accept our offer because we aren't first time buyers. We're working tomorrow but I have assured them I will go in Tuesday to verify our finances and we have emailed them proof of our mortgage. What else can I do?! We so don't want to lose the property we love just because were in a chain.. Surely most non first time buyers are in chains?! Can anyone offer any advice? Thanks!
Maybe the sellers told the estate agents they want to sell quickly and therefore will only accept chainless offers?
Hmm - our chain of three was complete when we agreed our purchase. Your vendor is a developer so he'll just go with the highest offer/easiest to proceed with. You need to let your vendor's EA know they need to get moving. In the meantime, keep looking.
Get yourself back on the market and get a buyer who can proceed. I wouldn't accept an offer from someone who couldn't move forward. You could be sitting like this for weeks. It's all too uncertain for you. You need someone who can move forward so you can offer freely. You are in limbo.
I did wonder the same, but this particular EA has said that none of their vendors will accept offers unless the chain is complete. Basically they've said unless we've sold stc and are ready to go, that we can't have an offer accepted on any of their properties..
The awful thing is we've already lost two houses we've loved and I can't bear to lose a third I know you're supposed to keep your heart out of it but it's very hard as its going to be our forever family home and this house is beyond perfect, I can't even believe we can afford it.
We're going to get onto the sellers EAs tomorrow, in the meantime should we offer slightly above the asking price? Should we ask if the vendor will accept our offer and give us a time span of say, 4 weeks to try and get moving?
It's not usual to accept an offer from a buyer who isn't in a position to proceed and it's foolish to stop viewings on your property in this situation.
We weren't aware that this was standard practice, how can we accept an offer from someone then continue to market ours? It's an elderly couple who are downsizing, it doesn't seem fair to them to say yeah they can have our house unless someone better comes along first am I being a complete mug?!
I wouldn't accept an offer from someone who wasn't ready to proceed either. Yes people are sometimes sat in a gain, but unless something has happened to make a sale fall through its normally upwards you are waiting for, not downwards.
I would give your buyers a deadline and then put your house back on the market with that offer still in the pipeline. If they sell then the offer still stands, if not, you find yourself a new buyer who's ready to move forward.
We offered on a house and it was accepted before ours was on the market. The vendors agreed to take it off the market and gave us 8 weeks to sell ours. I think its quite normal and agree with you OP. I also thought the EA was legally obliged to pass on the offer to the vendor? Then its up to them if they wish to accept?
Sounds like your purchasers weren't in a position to make an offer if they need to sell their house to proceed and haven't done so.
We are in a chain at the moment. We saw a house we loved, explained that we were putting our house on the market and intended to make an offer as soon as we were in a position to do so. But obviously understood that if another buyer came along with cash/proceedable, our vendors could go with them. We didn't expect them to take it off the market.
Someone came and fell in love with our house in the same position. We noted their intentions but didn't take ours off the market.
Then they sold theirs, made an offer, we negotiated and agreed a price, then we did the same with the house we are buying, and once sales/purchases agreed and the chain was proceedable, the houses all came off the market.
Until you've sold your house your vendor is sensible to not accept your offer as it might take months!
And market with a good estate agent, not purple bricks. They just want your fee. A good agent will have helped you with all of this.
You are, unfortunately. You just continue to book viewings for the time being. You can tell buyers, if you wish, that you'very been offered full asking price already by someone who hasn'the sold yet. You tell the elderly couple that if your house is still available when they are in a position to proceed, you will consider (accept if you prefer) their offer. BTW try not to be influenced by the particular person when selling - buyers are not always what they seem.
We can't market with another EA because that will eat into our budget, so that's out. We're stuck with purple bricks but thanks for the advice.
I guess moving forward we give our buyers 4 weeks or so to try and sell? And continue looking. I think I might have to wave goodbye to yet another property I love
Yes, this is why agents are good, they sort all of this out for you and make sure your buyers are ready to proceed and take all the guilt and emotion out of it.
To be honest I find it difficult to be so cut throat with houses! We had sold ours previously and the buyers didn't tell us they'd split up so we continued with searches etc and lost £3000 in the process. So I know how it feels to have someone get one over on you, and to lose a house you love! So I don't really want to do it to someone else - it just doesn't seem kind. I know I probably sound like a mug
Thanks for all the advice!
We were in a weak position in making an offer on a house. Our home wasn't even on the market! We told EA that if our offer was accepted by vendor them we would exclusively market our property through them. End result is offer was accepted and we have 4 weeks to find a buyer. If your current buyers cannot find buyers by end of weekend, could you try similar tactic?
Your buyers are not in good position, I wouldn't accept an offer from someone who hadn't sold there's yet. Chains are long enough without the waiting for them to sell. You don't know how long it will take them to sell I've seen some houses up for sale for months. How long have you had your house up for sale op?
I still can't get my head around the fact that we need to be sold?? Unless you have a first time buyer, surely everyone is in a chain?! And somewhere in that chain someone will be waiting to sell?
It was up for sale october and we sold within the first week to first time buyers and had an offer accepted on a house we wanted. Unfortunately the first time buyers split up but didn't think to tell us so we continued to do searches etc. It went back up for sale Nov/dec, I can't remember which, but we had no interest over Xmas. We accepted the offer from our elderly couple about 2 weeks ago, their house had been on the market for about 10 days. They have a hot estate agent who seems to get lots of viewings for them, they have 5 today. So we're waiting to hear.
"Unless you have a first time buyer, surely everyone is in a chain?! And somewhere in that chain someone will be waiting to sell?
No, because you don't join a chain until you are in a position to do so. At the bottom will be a cash buyer/first time buyer/someone who doesn't need to sell to buy. At the top someone will move to a new build, into rented, or have somewhere else to go.
Ours is a chain of 4. The bottom are in rented, the top are moving to a new build.
You have been on the market a while so I can see why you have accepted the offer. Really I would hang fire with pursuing houses until they have sold theirs, you will be then in a better position to buy.
Chains work almost the opposite way to you are doing things.
Our buyer came to see our house when their house wasn't yet sold and the EA told them they couldn't offer until it was. A week later (having accepted an offer on their own house) they made an offer on ours. We were then able to go and make an offer on a house we wanted which happens to be a probate sale so ends the chain.
You can be in a chain but everyone below you in the chain is sold. The one at the bottom of the chain will be a 1st time or cash buyer. Don't accept offers from someone who is not sold, what if it takes them 6 or 12 months to get a buyer? If you wait for them, then any viewings you do or offers you make are just wasting both yours and the vendors time. As in reality you are not in a position to buy.
In your situation, I would forget your current buyers, get your house back on the market and only accept an offer from someone who has a complete proceedable chain (or is a 1st time/cash buyer). Your perfect buyer could walk through the door tomorrow but they might not even come and look if your agents are saying you are under offer already. Then you could put in a serious offer on whatever you like.
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