Taking off market when an offer received

[JumpJockey]

We saw a house we liked, put our house on the market last Friday, have had 5 viewings and today got an offer at asking price and have five more people viewing tomorrow.

Problem is, the house we like went to a cash buyer (we would have offered higher, but didn't get a chance) so we're now looking again. If we accept an offer, but don't find anywhere suitable within a reasonable length of time, can we back out of the sale before exchange of contracts? Don't want to be a pain in the bum to the potential buyers, but equally I'd hate to have to leave this house for somewhere that's not perfect for us.

Yes, you can pull out before exchange of contracts.

Hope you find the right place for you :)

Thanks. I signed up with some estate agents saying "We want 3/4 beds, area X, a decent sized garden" and got emailed back 2 bed flats in area Y. Are they all this hopeless?!

shouldn't you take the offer though? You could always rent while you keep looking. I think it would be chancey to count on another offer exactly when you want it.

chandellina - they've been told that we've not found anywhere yet so would have to hold on, I'm meaning if we accept an offer can we then back out? and it seems that yes we could, though it would be a pain for everyone in the chain. Really don't want to have to rent, we've got a toddler and a newborn and all their crap accoutrements to sort out...

it's compeletly reasonable to accept an offer pending finding something you like....everyone just treads water really. And of course the people who have offered on yours are still free to keep looking in case your doesn't happen and free to withdraw their offer.
Agents will prefer you as a buyer if you are under offer and so you usually get to see all the good new stuff. Obviously there is no need for them to start seaches etc and they would sensibly be advised to wait until you found something.
Eventually it either works out or doesn't.....but the agents and solicitors know the system and advise all along the way.

Well as long as you make it clear to your potential buyers - personally I wouldn't proceed at all as a buyer from a vendor like yourself as wouldn't want to shell out money on solicitors etc and to effectively stop looking for another property when you're not at all sure you'll be moving.

Sorry to be so blunt but as a buyer in rented if I was not convinced the vendors really were committed to selling I just crossed them off my list.

We sold a couple of years back and moved into rented with toddler and newborn and have only now found the perfect property to buy.

if you move into rented you will be able to proceed immediately when you find a place you like and will be in a very strong position, much more so than if you were still not exchanged - then you won't miss out again

I don't want to put the cat among the pigeons, but you could still offer on the house that you liked. The agent will be duty bound to put your offer forward.

Most people think it is the agents that encourage gazumping, but it is the buyers!

hairytoes - I dropped round yesterday and asked the vendor if the sale was finalised, as we would be willing to offer more... but he wasn't interested :( we'd already made an offer, cash buyer went 1k higher (though still a lot lower than the max we'd have paid) - they wanted a quick sale.

What effect does going into rented have on mortgages? We've currently got a very good deal that we can transfer to a new house, wouldn't want to lose that if rates are going to start hiking.

Jump - we've been in rented for 3 years! Much longer than planned and I moved with a toddler, newborn and have subsequently had another baby.

It is a pain and to be honest I've hated renting but it has given us time to find the perfect house.

We just saw a mortgage broker are got a good deal when we found the right house.

From personal experience, I would favour the cash buyer even if it was a lower offer (but they are fairly elusive). Chains are collapsing all over the place so if you're a cash buyer, you're a precious commodity closely followed by a no chain buyer.

Chains collapsing.....tell me about it.
Moving into rented didn't seem ideal (Toddler and baby on way also) till horrid chain mess up's. But now, I'm kind of getting my head round the idea. Have seen a house we like (again) but till this is sold and exchanged etc, We don't want to even make any offers. To scary. I would hate to pull out of a chain and do to others what we've been through.