Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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:
Mama1980 · 14/07/2014 17:36

What is the chain for each of these buyers?
But tbh I would stick with buyer 1 they think they have bought the house, you agreed in good faith to remove it from the market. If you weren't ok with that you should not have agreed.

daisychain01 · 14/07/2014 17:37

Personally, I would keep to your commitment with your original buyers, at least for now. You have agreed the deal with them, and over the coming days you will see how serious they are, by how quickly they start instructing solicitors, getting surveys and mortgage offer in place etc.

Hopefully your estate agents came clean that your house was "under offer" at that time .... hmm maybe not. Anyway, if they have held back on the facts, that's just how they work.

The response I would give to the people offering you more money is that, on principle you will be honouring the original agreement, but if they would like to have first refusal with a timelimit of x weeks, then depending on how much they have fallen in love with your house (and its uniqueness), you may find they hover for a while to see how things go.

They will either choose to keep you on their "wanted" list and keep looking elsewhere - or else they will walk away.... meanwhile your first purchasers will feel confident and move swiftly on, so you can get on with your lives (house buying does take years off your life Sad )

Don't forget there is nothing to stop those vendors taking you all the way to exchange on a false promise, then suddenly drop their price back to the original, or lower - you are caught over a barrel by then, back to square one (and feeling awful!). People play some vile tricks, its all legal, but not ethical!

If your original buyers start to look flakey in the coming days / weeks or you don't feel they aren't financially viable (and there is a statistical probability of that happening), then there is no reason your estate agent can't offer your second buyers the option, based on the fact your first buyers are taking far too long.

I personally wouldnt get into the gazzumping situation, its grubby and not naice, and yup people do it all the time, which over-inflates house prices and may well put people in debt because they become so fixated on a house they will pay any price (even though it puts them in hock).

You will keep the moral high-ground. I totally agree with Karma in house-buying - one day you may be praying for it not to happen to you! The estate agents rarely set the conditions for morality, sorry to say, you need to decide what your own boundaries are, and what you can live with.

vestandknickers · 14/07/2014 17:37

If you have accepted an offer then you should honour that. You had an agreement.

QueenHaakonVII · 14/07/2014 17:38

I think I would take the new offer - as long as you are sure it's a safe offer. If it's only been a week I think you are ok. I'd be pissed off if I were the disappointed hopeful buyers but I would understand.

It's not great but if they haven't spent any money then it's ok.

Imagine if you didn't take the higher offer and then the sale fell through.

These things happen - you shouldn't worry about it but you are allowed to feel a bit guilty if you want

QueenHaakonVII · 14/07/2014 17:41

I would look at the chain of each buyer too. We had bought our last house after offering £15k LESS than another couple. We we cash buyers with the cash in the bank. The other couple needed to sell a house and get a mortgage.

daisychain01 · 14/07/2014 17:43

Sorry about the double negative, I should have said

if you feel they aren't financially viable - i.e. based on how much they are dragging their feet with the legals/financials.

DrCoconut · 14/07/2014 17:51

We had an offer accepted on the house that we now live in. The next day we got a call from the estate agent saying that the seller had now accepted an offer from someone else and unless we offered more we had lost the house. We had spent on a survey etc and really liked the place so we did up the offer. My mum was appalled, apparently when she was house buying once your offer was accepted that was it. It is very common it seems now to be dropped for a better offer and sadly first time buyers like we were are particularly at risk as there is competition from landlords with lots of money behind them. The right thing of course is to go with the original offer, if it was good enough then it is good enough now. But I guess extra money is tempting. I like to think that sooner or later doing the right things pays off though.

daisychain01 · 14/07/2014 17:56

Queen - we all have different ethical boundaries .... but saying "these things happen" suggests it is a situation being 'done' to the OP - its not, sweetheart and her DH have a choice to be made.

Also to counter to your scenario is

"Imagine you take the higher offer and they drop the price at exchange or lower it further"

There are no guarantees in any of it, but there is the ability to do the right thing, even if there is less money for DIY.

NellysKnickers · 14/07/2014 18:03

Legally as long as you haven't exchanged, fine. Morally? ??? I wouldn't,it would feel wrong. Your choice.

Laymizzrarb · 14/07/2014 18:16

How much is the difference?

DeadCert · 14/07/2014 18:19

I'd accept the higher offer. I've worked hard to pay for my house, I'd want the best money I could get for it to benefit my family. It wouldn't feel great granted, but they're not weeks down the line and unfortunately these things happen. Money talks.

QueenHaakonVII · 14/07/2014 18:21

The reason I said 'these thing happen' in this case is that the OP did take the house off the market after accepting the lower offer and she wasn't actively seeking other offers. The higher offer came to her IYSWIM

It would be different if she was being underhand about it or if she was playing games.

GoblinLittleOwl · 14/07/2014 18:22

You know perfectly well what you are considering doing is morally wrong, but legal; the choice is yours.

Iamblossom · 14/07/2014 18:24

We did it. Went back to original buyer and said if they matched it the house was still theirs, and they did.

As previous poster said this is business. Don't for a minute think that others wouldn't do the same.

QueenHaakonVII · 14/07/2014 18:30

Ok, say that Sweeetie accepted the offer last Wednesday but she now has a new offer that is £25k higher. Would everyone honestly just give that up? Shock It hasn't cost the original potential purchases anything. It's only been a matter of days. Confused.

I'd take the money.

Btw - a bit of background but every house that we have bought and sold has been completely drama free. I've only ever had lovely honest sellers, buyers and rather surprisingly even my estate agents have been great.

sweetheart · 14/07/2014 18:39

Thanks for all the views. The original offer we had was full asking price. The new offer has come in a lot higher - I'm not just talking a couple of grand I'm talking whole new kitchen. New chain would be 1 person longer but the paperwork all checks out. We wouldn't have done it for a few thousand.

OP posts:
SquigglySquid · 14/07/2014 18:43

Take the higher offer, it's just business. There's plenty of houses out there, and those buyers will find another one.

Until a contract is signed, nothing is final.

vestandknickers · 14/07/2014 18:43

If it is morally wrong then it is morally wrong. The figures involved don't alter that.

I think you know you shouldn't do it.

Are you hoping there will be enough greedy people coming along to tell you its all fine so you can go ahead with a clear conscience?

YouAreMyFavouriteWasteOfTime · 14/07/2014 18:45

sweetheart- you need to decide who is most reliable. don't be tempted simply by a higher offer that may yet be rescinded or argued down.

Maryz · 14/07/2014 18:48

This reply has been deleted

Message withdrawn at poster's request.

HmmAnOxfordComma · 14/07/2014 18:49

We had the same and didn't accept it. 10k in our case, so quite tempting (and it was only two days after we took it off the market) but it just felt morally wrong. Especially as our initial offerers were first time buyers.

Pico2 · 14/07/2014 18:50

I'd take the new kitchen. I might offer to refund any costs the original offer people incurred.

cricketpitch · 14/07/2014 19:07

I don't think it is morally wrong. The house buying process is a two stage thing - both parties can back out until exchange. That is there to protect both parties.

An offer is subject to lots of things. A buyer might back out or renegotiate if the survey doesn't come out as expected. Or if they find that their mortgage company won't lend the full sum they need. Or the market crashes in the weeks and weeks it takes to do the full investigations that are needed.

A seller can back out if his own next purchase falls through or if the market rises , or if he gets a better offer or if the buyer takes too long to close the deal.

That is why we don't have binding contracts in place until both parties are ready to do it.

Do your research and go with the higher offer if you think the buyers are solid. ( If the original offerers had a problem with the survey I am sure they wouldn't pay over the odds for a house they thought wasn't worth it or if the market fell and they could buy the same for much less elsewhere.

bigdog888 · 14/07/2014 19:15

Take the higher offer if the chain etc is no worse. Fuck morals.

Nomama · 14/07/2014 19:18

Take the higher offer if you are sure of their position. At this point it is not wrong, legally or morally - that's why the agent passed on the offer, they are legally obliged to do pass on all legitimate offers.

Swipe left for the next trending thread