To buy a house I know a colleague wants?

[Height]

I live in a village, this means that the number of properties that come on the market are few and far between, it also means the ones in our price range are even rarer. We have been looking to buy since selling our home 7 years ago.

Before Christmas my colleague put their house on the market and put an offer on a property, in January their buyer pulled out so both properties are on the market. I know my colleague still wants to buy the other property.

Because the other property have somewhere they want to buy, they have substantially reduced the price on theirs. We can afford it now, and would love to buy it, but I feel I am doing the dirty on my colleague. We are not friends but do have to work together.

AIBU to go for this property? Or should I leave it and wait another 7 years for something else to come on the market?

[sleeponeday]

If you registered interest when the property went on the market, then I would say fine, why didn't you do that if these houses are so rare?

Because she couldn't afford it when it first went on the market, as it wasn't in her price range. She clearly says so. The seller is now dropping the price sharply to achieve a quick sale, as they have their own new house lined up and need the chain to be completed to secure it. So it is now in the OP's price range.

The colleague has a bigger budget, but she's in a chain, so can't move swiftly. The seller has signalled as clearly as possible that they are unprepared to wait, by slashing the asking price to attract others.

[ILoveACornishPasty]

Buy it!! If it were the other way around do you think your colleague would pass it up? Nah. Love a house buying bargain!!

[WonderingAspie]

Buy it. Surely it's worth a lot more than the price they have dropped to so it would be financially savvy of you to do so anyway. Plus 7 years is a long time to wait for a house!

[FlatOnTheHill]

Yep buy it

[Duck90]

If you registered interest when the property went on the market, then I would say fine, why didn't you do that if these houses are so rare?

In this situation I cannot subscribe to the "dog eat dog" scenario. If I was one of the other colleagues in the office I would be thinking it was poor show, and would think twice about the persons character. Just my opinion, I value integrity

[PrimalLass]

Or would have been her dream home but she couldn't afford it beforehand?

[ReginaBlitz]

Maybe cast off is the wrong word..shattered dream? It's someone else's choice someone she knows.

[Hissy]

Go for it. It'd be insane not to.

You could always sell to her privately one day in the future...

[ProfGrammaticus]

Regina don't be daft, every home is "someone else's cast off" unless you buy a new build.

[ReginaBlitz]

Tbh it sounds like you just want it because it's the only thing available not because you love it. I wouldn't want someone's cast off forever home wouldn't feel right find your own.

[blindsider]

Also there is no guarantee that it is only you and your colleague interested in it, you will feel pretty silly if someone else sneaks in and buys it. You can always sell it to her if you are feeling really bad (at the price she first agreed )

[ThroughThickAndThin01]

I agree Duck. It deosnt sit easy with me either. House buying is the ultimate in emotion - you look at houses, you offer, it's accepted, in your mind you have moved in and are living the dream life. Then this is taken away from you,,and the person who is your colleague, and possibly friend - who heard you talking about this dream - has just stepped into your dream and swiped it from under your nose.

Of course they may be more generous than that in nature, but they may not. I think the OP should be prepared for a more difficult relationship. The very least I would expect if I were the colleague is some sort of a conversion from them making me aware they were interested in buying the house.

[StitchesInTime]

Duck I can't agree that this would be under hand.

If the OP was planning on gazumping her colleague, that would definitely be underhand. If the colleague was in a position where they could actually put an offer in (e.g. if they had a buyer lined up for their house) then OP putting an offer in too could possibly be seen as underhand.

But the colleague isn't in a position to be able to put an offer in. And the house owners presumably aren't prepared to wait for her to find another buyer, as they've reduced their price for a quick sale. The colleague's as good as lost the house already, even if OP does nothing.

[BlueFolly]

Wow, this really is unanimous! Yes, buy it.

[sleeponeday]

if demand for this property, which meant a 7 year wait, was so high then it would already be purchased.

Nope - she says the price has been substantially reduced because the seller's found a property they really want, so they've dropped the asking to secure a quick sale. OP can offer a quick sale - colleague can't.

I think you'd need to be bonkers to pass up on a house just not to offend a colleague, when it is now a bargain and someone else would jump at it instead so neither of these families will benefit. It's very plain that the seller is not prepared to wait for the colleague to find another buyer because the price has been slashed so as to entice someone else. That being the case, the OP should put her own family ahead of anyone else. After all, the colleague has a bigger budget, so would find it easier to buy something else anyway.

[Redglitter]

If the OP doesn't put an offer in chances are someone else well. Seems pointless for them both to miss out

[Duck90]

Blindsider
I probably am, but...to me, it seems underhand. I believe treat people as you want to be treated yourself.

if demand for this property, which meant a 7 year wait, was so high then it would already be purchased.

[blindsider]

Duck

You have over thought this. The OP has been looking for 7. Years, this house is on every web site. Her colleagues has had a failed purchase of it, it is now in OP's price bracket.
Just make an offer

[Duck90]

To be honest and thinking about it. This doesn't sit easy with me. You have to live in the small community, work with her and amongst your colleagues who have heard her talking about this house. Its my personal thoughts, but I would feel buying the house in these circumstances would leave a bad taste. But I can over think things.

[PegsPigs]

So have you put your offer in yet??

[PitPatKitKat]

That's all very interesting...do you mind if I ask whether you have some kind of social connection to the vendor also? Also I'm assuming this, but can I just double check that you're not in a system with a mechanism something like a a note of interest?

I ask because I would be tempted to think through whether something like this would work...approach both your colleague and the seller, and, alongside explaining a lot of what you've explained here (you've been renting for a long time, her house is too small for you otherwise you'd consider that, you're only thinking about his house due to the price drop, but you don't want to step on her toes/cause bad feeling wither) arrange something like this:

You and your colleague mind if you set a date in the (not to far) future- this is the cut off point for her having an offer on her house. If no offer by that point, you are free to make an offer yourself.
You then both approach the vendor and explain this situation, so they know they will have a buyer by a certain date (so they can go to the epopel they want to buy a house from etc).

However, I would also think through whether:

1. Doing something like this would make your colleague do something like aggressively cut the asking price on her house to attempt to meet the date
   
2. Would the vendor try to get you both to engage in a price war (although, maybe explaining that you are only in the bracket for the house because of the drop might forestall this)
   
3. Will the vendor withdraw the house from the market or go back to being able to wait for a higher price if their dream house also falls through.
   
4. Whether the connections you have to your colleague and the vendor are strong enough to facilitate this kind of arrangement
   
5. Whether you have anyone you can trust who knows either your colleague or the vendor better than you do.
   

Or a simpler way would be to try to find out a little more about the situation of you can, and then set yourself a time limit (e.g. if it's not sold by x date, then I will make a move).

Good luck.

[whimsical1975]

You would be silly to let this go... we can never predict how things will pan out in life, for all you know your colleague or her partner could get a job transfer, or decide to move abroad, and they move out of the area anyway. If you had deliberately not offered on the house because you didn't want to upset her, and something like this happened, you'd be kicking yourself.

The time is right for you and not right for her. That's life. A house that's more suited to her may well pop up when she's in a position to purchase.

[Height]

To answer some comments

I knew about the house before colleague mentioned it as registered with all agents and on websites etc for alerts.

Colleague told the office (8 of us) about the offer and subsequent collapse so not to me personally. Commented on which house - we all knew anyway as either live in or around village and everyone knows what's going on anyway especially property.

Colleague's house much smaller than what we are both looking for but we weren't initially competing because a) we have been looking longer and b) their budget is larger than ours hence why they went for this property and although I was aware of it wasn't considering it.

I wasn't expecting the property to take such a drop (otherwise I'd have put an offer in), I think it's only cause they are so set on their next house they have "left" this one mentally and just want shot of it.

[ExitPursuedByABear]

I trust you have put an offer in by now?

[lalalonglegs]

Put in an offer but don't be surprised if your colleague gets an offer on her house soon and tries to get the house herself. Get a solicitor lined up this afternoon so you can start on the paperwork immediately and reassure the seller that you are serious.