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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

WWYD if you'd sold your house and then someone offered you a lot more money?

139 replies

sweetheart · 14/07/2014 16:54

Dh and I accepted an offer on our house last week, today someone else has put in a considerably higher offer. Morally I feel wrong accepting the higher offer but the house dh and I are moving to needs a lot of work doing to it and then extra money we've been offered would pay for a new kitchen.

OP posts:
CelticPromise · 14/07/2014 16:58

It's only a week... Any surveys or anything been done? Had you agreed to take it off the market? I'd be very tempted. You could go back to your original buyers and ask if they will increase their offer.

Tough one.

Original poster
sweetheart · 14/07/2014 16:59

No surveys or anything yet. yes we agreed to take it off the market

OP posts:
Ginocchio · 14/07/2014 16:59

TBH if it's only been a week, the buyers are unlikely to have done much yet. If it's considerably higher, could you offer to reimburse your existing buyer's out of pocket expenses?

Original poster
sweetheart · 14/07/2014 17:00

The buyers have already stated they do not want to get into a bidding war hence why it was removed. We had several viewings lined up. Should probably add that we have a personal connection to the original buyer hence the dilemma

OP posts:
dottytablecloth · 14/07/2014 17:01

I'd take the offer if I felt the buyers were not time wasters, as far as you can tell!

Hereward1332 · 14/07/2014 17:01

Offer the first buyer the chance to match it (or ask both for their highest offer), and state that's it; you will accept no further bids. They won't want to get into a bidding war, but have to accept that you are not going to sell your asset for less than it's worth.

It's not perfect, but equally after a survey, they could drop the price considerably, or pull out altogether in 2 weeks time because they have found something they like more. You can be principled, but don't have to be a doormat.

starlight1234 · 14/07/2014 17:02

Buying and selling a house is business. I think you need to take into account chains etc. why these people took so long to make offer but if yes all equal I would take the higher offer

londonrach · 14/07/2014 17:05

Offer original buyers chance to match price, not overbid. It's only a week. If not matched say unfortunately you have to go with higher offer. However check how secure new buyers are....

HaPPy8 · 14/07/2014 17:06

It depends how much more money i think.

Wibblypiglikesbananas · 14/07/2014 17:06

Are the second buyers cash buyers? If they are, I'd sell to them.

HaPPy8 · 14/07/2014 17:07

And on the personal connection and position of both buyers.

RelocatorRelocator · 14/07/2014 17:09

What's the position of both buyers? That's really important here I think. Perhaps ask your EA to check out the chains of each potential buyer.

KnackeredMuchly · 14/07/2014 17:10

I couldnt do it, and if I was really really tempted I would offer a cash bonus of say £1k to the people I gazzumped once the sale went through.

I think it's a really rotten thing to do.

HavantGuard · 14/07/2014 17:12

Take the higher offer.

siblingrevelryagain · 14/07/2014 17:14

Karma would bite you on the ass-something would happen further down to make you regret going with the higher offer.

If the original offer was made in good faith it would be a bit shitty to back out.

ChickenFajitaAndNachos · 14/07/2014 17:17

I hate myself but I have to admit I think I would take the higher offer.

ziggiestardust · 14/07/2014 17:17

Take the higher offer. Karma doesn't exist. It's all in your mind. No one else is going to look out for you, are they?

MehsMum · 14/07/2014 17:18

Gazumping is gazumping: you agreed to accept an offer. If you had viewings lined up, you should have had those before you accepted the offer.

You'd hate it if your vendors turned round to you and said, Oh, yeah, we'll reimburse the cost of your survey, but we've just been offered 10k more so you're out. Even if had only been a week or two.

DinoSnores · 14/07/2014 17:18

I couldn't do that to a buyer who now thinks that they've bought a house. I would ask them to proceed as quickly as possible and if there are any delays or funny business go back to the second offerers (is that even a word?!).

Nanny0gg · 14/07/2014 17:21

It's called gazumping. You accepted the offer and took it off the market.

You'll do what you'll do, but I'm really glad the people we bought our home of 25 years from were more honourable than that.

If you wanted more money you should have hung on and not gone with the first offer.

katese11 · 14/07/2014 17:26

This happened to us, only it had only been 24 hours. We asked the agent to go back to the first buyer and see if he could up hours bid. He didn't match it but he did up it (higher bid was ridiculous and buyer was v shady). We went with the new, higher bid from our buyer and felt bad about it. Later on we wished we'd dumped him and gone with the crazy offer. ..

Proclean · 14/07/2014 17:29

It happened to us!

We stuck with the original buyers but are 40k lighter! I don't know how I feel about that but at least I feel we did the right thing by honoring our agreement.

SiennaBlake · 14/07/2014 17:32

I couldn't do that to someone especially if there was a personal connection. Sod's law something will go wrong with the newer buyers anyway and you'd end up with nothing then and hurt the first people.

bouncinbean · 14/07/2014 17:34

Like mentioned I think you need to consider more than just the higher price. What kind of chain are both buyers in, mortgage or cash, is it likely that surveys/2nd viewings of your property will raise something unusual. Some of these things may mean it makes much more sense to stick with your original buyer.
If you still think its worth going with the higher offer then place the blame squarely on the estate agent, but do it quickly tonight or tomorrow and explain that you did not solicit the offer and believed it was off the market. (In fact why has it even been submitted if you took it off the market on receiving the original offer.) Explain that you will take a match from original offer and will not be allowing the second bidder to make a counter offer or enter a bidding war.
(Well thats what I would do)

zippey · 14/07/2014 17:34

Do what's best for you. There's no such thing as Karma. I would accept the higher offer and give the losing buyer a sweetener of £1000 or something relative to ease your guilt.

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