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Join our Property forum for renovation, DIY, and house selling advice.

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Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

What would you do?

26 replies

bumbalee · 20/05/2017 22:18

We've had an offer on our house, 2% lower than we wanted (8% lower than asking) originally we was just going to decline it as we aren't in a rush to move and we haven't seen anything we like, so we just left it as we'll get back to you next week by EA's recommendation.
Today the house we initially loved has fell through and is back on the market, in our opinion it's very over priced, needs a lot of work and modernising, we suspect 6 weeks into accepting an offer for it to fall through the original buyers thought this too.
So we have a choice now of taking this lower offer on ours to offer on the other, bare in mind it is over priced and we haven't a clue what negotiation their open to meaning we might be very tight money wise.

We also have a first time buyer that wants to offer on ours aswell but they haven't even seen a mortgage advisor yet because they've been out of the country should we hold out for them and risk losing other buyer or just go for it and hope for the best?

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KingJoffreysRestingCuntface · 20/05/2017 22:20

Make a low offer on the house you love.

You've said it's overpriced anyway.

Owners might be desperate to move and take a low offer. No harm in trying.

bumbalee · 20/05/2017 22:23

We have to accept our offer to do that though, the house is empty and no chain, family death I think, but I suspect they aren't up for negotiation with it coming back on the market 6 weeks later, roughly exchange time for no chain.

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KingJoffreysRestingCuntface · 20/05/2017 22:28

You don't need to have accepted an offer to make an offer.

bumbalee · 20/05/2017 22:34

You do in our area, we need our house sale to buy the other house so if we haven't accepted an offer we are classed as not having the funds to be considered.

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AlexandraEiffel · 20/05/2017 22:35

Make the offer you think is reasonable for it, and if needed you can explain where you're at with selling yours.

Why do you think you need to accept an offer first? Has this been stipulated?

AlexandraEiffel · 20/05/2017 22:36

Cross post.

Legally? Or that's the policy of the estate agent?

bumbalee · 20/05/2017 22:40

We've tried to do it with a different house a while back and she said it's just passed on as an 'interested party'
I also asked the EA and she basically laughed and said you can't put an offer forward if you haven't accepted one on your own.

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AlexandraEiffel · 20/05/2017 22:43

Perhaps they'll be less dickish if you explain you have offers on the table?

I have heard of them wanting to know your position to know you are serious and not just viewing for fun. But not everyone sells a house to buy one, might keep it to let out for example, so they can't be so bloody minded about it.

bumbalee · 20/05/2017 22:46

They didn't even want us viewing till we'd accepted an offer, I had to beg the EA!

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AlexandraEiffel · 20/05/2017 22:50

Is it a really competitive area? I live in a fairly popular area in a big city and have viewed without having even put my house on the market yet. Conversation about intentions and plans for sure. Not that this really helps with you original question, except to suggest they might be being unreasonable I suppose...

bumbalee · 20/05/2017 23:01

Not really, no.
Basically it was on the market a matter of days when they accepted an offer so I'm presuming when surveys came back original buyers wanted more money off and they said no to chance their luck.
EA won't give me any ideas of the past offer, what she thinks the lowest they'll go is or why the sale fell through
Do I feel like we'll be taking a massive gamble accepting lower and just hoping for the best.
Also they want a quick sale and that points to us waiting for our FTB to sort his finances as the only chain then would be us in the middle, of course that's all providing he can get his finances.

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YorkshireTea86 · 21/05/2017 07:58

Put your offer forward and explain that you have an offer on the table but lower than you want ver if you were able to get that house you would accept. The estate agent isn't allowed to tell you how much previous offers etc were without permission from the vendor, they are legally obligated to put your offer forward though.

sparechange · 21/05/2017 08:04

Has your agent given any indication as to whether your potential buyer can raise their offer? You don't have to accept their first offer...

I would phone the agent of the house you like, and say you are now under offer and would like to see the house again. Make an offer on the house you like at a level you think is fair but also ask them yes/no questions like 'has the previous sale fallen through because of the survey/ability to get a mortgage' because they can't lie to you

wowfudge · 21/05/2017 08:22

I'd do as Yorkshire suggests. When we were selling our house we had to get our vendors to agree to our offer, which was quite a bit lower than asking, before we could say to our buyers that we could accept their offer.

hooliodancer · 21/05/2017 09:38

You should ask the estate agent why it fell through. They are supposed to tell you if it's something in the survey. They may just not have wanted to do the work rather than offered less.

Our buyer got a mortgage approved in about 10 days. See what the first time buyers offer before you accept the other offer.

For what it's worth, we had an offer accepted on the house we are buying before we had a buyer for ours. The whole thing has rumbled on for a whole year since we put that offer in! Now very near to exchange. Apparently.

bumbalee · 21/05/2017 10:11

Thanks for your responses.
Our buyer has upped her offer once from her originally ridiculous one, our EA said on the phone to me if I thought I could push her up I would but I have the feeling if I try anymore she'll walk away.
Our MIP was approved in a day when we was FTB we just walked in a few banks asked to see their mortgage advisor, all said no until they realised we had a deposit and had seen a house, all approved a few hours later.

I have asked why it fell through and she just said 'they've changed their mind' but I'm not buying it, I think that would've happened before 6-7 weeks.

I'll ring them tomorrow and see what they say, they aren't the best EA's nor the most proactive, when our EA asked who it was up with I heard a sharp intake of breath

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sparechange · 22/05/2017 11:46

OP, have you asked the agent yes/no questions about why it fell through?
Because they aren't allowed to outright lie
So if you say 'So it definitely wasn't a problem with the survey?', they can't say lie about it...

bumbalee · 22/05/2017 13:38

I've rang them today she said they just felt it was to much work for them in the end, but that's all she would say really.
So still non the wiser, like I said things like that won't put us off half our family's have one trade or another including OH but it has to be at the right price and from what I got when I asked her how open to negotiation are they, it seems not very
Maybe back to the drawing board again.

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wowfudge · 22/05/2017 14:24

You won't know if you don't make an offer. Do you want to look back in a few months' time and regret not making an offer at all? Better to have tried and failed than not have tried at all.

bumbalee · 22/05/2017 14:57

I know but that means us accepted the lower offer on ours first..
if we didn't have to accept our offer first we would've offered on that one already, second viewing tonight with a woman who has previously offered on ours and changed her mind now she wants to come back again! Hoping she will offer and bump the other lady's offer up, we wouldn't accept an offer off her again. Really harsh but she messed us about so swings and roundabouts really.

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wowfudge · 22/05/2017 15:36

You are being very unfair to the second viewer if you have no intention of accepting an offer from her but want to use her to push the other offer up. How has she messed you about? What are you going to do if she makes a really good revised offer?

If you like the house then you make an offer based on what you've been offered on your own house - you just say you have an offer on the table which is for a bit less than you had hoped, you've looked at what you can do and it means you can offer x. The worst they can do is say no and you find out what they will accept so at least you know.

bumbalee · 22/05/2017 15:50

She offered we accepted then she pulled out for no reason what's so ever, a few weeks ago this was.
She knows we have an offer on the table.

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wowfudge · 22/05/2017 18:29

I would do the viewing myself and ask her why she pulled out earlier. Might be that for her your house is a compromise and she found something else which wasn't but couldn't get it. Buying and selling houses is a bit like playing a game and it doesn't do to take things personally in the process.

bumbalee · 22/05/2017 19:28

I have done all the viewings myself.
I asked her why she pulled out and she said 'I don't know I regret it now' she did string us along for 4 weeks and our house had been marketed as STC for this period also.
We are now playing a game and not taking things personally, hence letting her view to hope she bumps the other buyers offer up.

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ILoveMyMonkey · 22/05/2017 19:45

Is your house on with same EA as the dream house? If they are on with different agents then there is nothing stopping you from making an offer and saying you have an offer of X, if they ask if you've accepted it then say yes, how can they prove otherwise?!

Fwiw I wouldn't even comprehend the woman that mucked you around, she'll probably do the same again and leave you up shit creak.

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