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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To withdraw the offer?

38 replies

Perfectday78 · 04/10/2017 21:18

We put an offer in on a house, full asking price under the condition it was removed from the market (and they leave the ride on lawn mover lol)
They didn't say no but won't say yes until we have a complete chain and therefore left it on the market.
We have a buyer (a definite one, if there is such a thing, it's a close family friend and they are moving to ours for a specific reason) but their house hasn't sold yet. It's in a popular area so it won't be too long.
Would we BU to remove our offer?
It was 3 weeks ago and now the house prices are falling in that area, all the other houses have reduced their asking prices by about 10/15 grand.....I suppose I'm kind of hoping it will get them to make a decision so we can (a) get on with solicitor searches etc or (b) start looking elsewhere or get some money off seeing as the market has changed.
WWYD?

OP posts:

Slimthistime · 04/10/2017 22:30

OP "We would never offer the full asking price then withdraw that 6 months down the line"

But you just said you would?!

Original poster

Perfectday78 · 04/10/2017 22:32

Wow there's a lot of angry posters I'm literally lmao
I was only asking advice on wether to withdraw our offer, the estate agent said they would accept it as soon as our buyer has an offer. it's a full asking price, well over current market price. Some people are happy to wait for a good price. We just want to secure the house we've fallen in love with.
We're not guzumping anyone and don't intend too, we've not pulled out of any sales or offers, that was a just conversation with the estate agent.
Thanks for the helpful replies.

OP posts:

PigletJohn · 04/10/2017 22:44

If you're in England, either side can withdraw their offer or acceptance, or can attempt to renegotiate the price, at any time up to exchange of contracts.

Until that time, you should keep looking at houses, because the sale might fall through, and IMO they should allow viewers.

Maelstrop · 04/10/2017 23:00

I think I'd keep the offer on the table.

As an aside, in the commuter areas around London, properties are taking 3-4 months to complete, according to my estate agent. Ours has taken just over 4 months, it's been a frustrating summer. Should have been in and refurbished by the end of August.

MatildaTheCat · 04/10/2017 23:00

In the current market it's completely impossible to say that the buyers down the chain will soon have an offer. Its a terrible market and everyone is nervous.

Your buyers may get a low offer and then ask you to accept a lower offer. Is that ok?

KurriKurri · 04/10/2017 23:08

They would be crazy to take their house off the market for someone who hasn't actually got an offer on their house and s therfore in no psoition to move forward at present. You are no better a buyer than anyone who hasn't sold/got a STC offer on their house. A cash buyer could well come along in the next couple of weeks and make an offer on their house - you can't seriously be expecting them to hold it in reserve for you ?

Jakeyboy1 · 04/10/2017 23:10

If you withdraw then offer less without a valid reason (i.e. A survey) they probably won't take future offers seriously. Prices aren't falling anywhere as far as I know unless it's become undesirable due to a road being built near it etc.
Currently you aren't proceedable so they are entitled not to accept your offer but if it is the house you want you need to show commitment to it and not piss them around.

HiJenny35 · 05/10/2017 00:29

When someone has offered me the full asking price I've always taken the property off the market for 6 weeks to allow them time to see if they can get a buyer. I've always been lucky and they have always found a buyer in this time and the sales have gone through so it's certainly not that unusual.

Nightsleepneeded · 05/10/2017 05:19

When we accepted an offer on our house we withdrew it from the market because our buyer had no chain. We made a full asking price offer on a property, subject to them withdrawing from the market, which they were happy to as we were close to exchanging with our chainless buyers. I don't think either of us would have withdrawn from the market in your position. Sadly, your position at the moment is not that strong.

Witsender · 05/10/2017 07:51

I've genuinely never seen an offer accepted to the point of property withdrawn without a firm offer in place further down. Of course chains come into place, they just start at the bottom.

Florence16 · 05/10/2017 09:07

Property can't move too well where you are? I've bought twice in two years and neither time would anyone accept an offer without a complete chain prior to it. We turned down viewings if the viewer hadn't sold STC.

Half the issue is you get locked into price X when your property value may still be changing (ours was consistently increasing) so if people dick around or take ages, you could potentially be missing out on more cash that you will then need if your own seller gets annoyed and relists if it's taking too long. Our chain nearly collapsed four months in and we would have gotten much less for our money four months down the line.

SingingMySong · 05/10/2017 11:20

When your buyer gets an offer that might not be the end of your chain.

I think you have more to lose than to gain by withdrawing the offer at this point. You needn't consider yourselves more obliged to the sellers than they are to you, but you want to buy that specific house whereas they probably don't really mind who they sell to.

Do keep looking at other houses, though preferably with different agents! Try to keep your mind open to other possibilities even if you're just looking online. The sellers could accept someone else's offer any day.

mikulkin · 05/10/2017 19:19

you can withdraw your offer at any time before exchange of contracts. Giving and accepting offer are not legally binding only exchange of contacts is.
You can also wait and then ask for reduction of price - again nothing illegal about that.
And you are absolutely right that even now offers are accepted and houses are removed from market even if the chain is incomplete. It really depends on sellers and buyers.
Not sure why people advise otherwise. We have bought and sold twice in the past 5 years and withdrew our offers just because we found smth better (we had the same done to us). We consulted with solicitor before doing so and were advised it is absolutely normal. But then again we live in london and this is pretty common here.

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