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Original poster

Can vendors accept more than one offer?

28 replies

speckledpig · 16/06/2012 20:42

Went to view a property today that we were very interested in. EA states 'offers over £250'. EA told us that two offers had already been accepted but we were in a good position as we had nothing to sell and apparently the others do. We put in an offer for £252.000 after the viewing not thinking too much about the other offers or what it entailed.
We havent had a reply yet, but I wonder why if they have already accepted offers why they are still looking for more offers and still doing viewings.
Is this going to become a contract race?
How long should we wait around to get a reply? (I know it can take days,weeks but what is an acceptable time to wait around knowing other offers are on the table?)

OP posts:
noddyholder · 16/06/2012 20:43

Why go over the 250 it will cost £££ in S/D? They often say there are other offers- there rarely are.

Original poster
speckledpig · 16/06/2012 20:51

:( H decided to just go a little over to make sure we had a better chance. The house had dropped last week from 275k

OP posts:
LynetteScavo · 16/06/2012 20:52

I don't know about them often saying there are other offers- they really shouldn't!

I'd be phoning on Monday morning to say you need a definite answer, inorder to know what you need to do next. (Don't say you are thinking of offering on another house if that would be lying)

Original poster
speckledpig · 16/06/2012 20:59

Ok Lynette, Would you say that is adequate time for them to get back to us?
The EA actually said he would hopefully call me this evening with some news but obviously hasn't so we expected to wait until Monday at least anyway.

OP posts:
EdgarAllenPimms · 16/06/2012 21:08

if they have really accepted another offer and had it confirmed their house should be off the market - otherwise wasting everybodys time and possibly money

Original poster
speckledpig · 16/06/2012 21:12

That is what I thought Edgar, otherwise they are just messing everyone around until they find a higher offer.

OP posts:
Original poster
speckledpig · 16/06/2012 21:18

Noddy, thanks so much for that tip on SD. We just checked it. SD for 250000 is 2500 and on 252000 it's 7000 + !!!! GAH!

OP posts:
LynetteScavo · 16/06/2012 21:35

Have they actually accepted two offers, or had two offers above the asking price? I would be expecting a final answer on my offer by Monday lunchtime, having promtped the EA on Monday morning.

Yes, you'll have to pay S/D, but they have dropped the price by £50K, so you are already in with a chance when you might not have been before.

noddyholder · 16/06/2012 21:51

They have dropped it because at 275 they may have either no offers of offers around 10% off which is under 250. They are hoping for a bidding war but NO ONE will go over the SD atm I would withdraw the offer as there are no others I am sure.

RCheshire · 16/06/2012 22:21

completely agree with noddyholder.

When the price of a house drops you are not getting a 'bargain' or a 'discount'. It just means the previous price wasn't close to reality, or they would have been getting offers within 10% of the asking, which clearly they weren't to drop the asking price by 9%.

'Offers over 250' may also mean that everyone else has offered below 250 and the vendors have got sick of offers they feel are too low, so are trying to put off any further low offers.

Telling you there are other offers is a standard EA trick. I've been told that several times over the last 18 months. Every time the house has remained on the market unsold.
My standard retort now is "oh I don't like it when it gets messy so I'll ignore this house for now and focus on others". I've only used that line once so far but the agent looked like she'd swallowed a goldfish and started backtracking very quickly.

EdgarAllenPimms · 16/06/2012 22:28

we have had other offers to the one we accepted on our house - it was rejected because they didn't have a buyer for their own house and we couldn't accept it whilst that was the case.

that's probs what the EA means. offers like that.

Original poster
speckledpig · 16/06/2012 22:38

Noddy, my husband is so pleased you made us see sense there. We honestly hadn't thought of that. I think we will have to withdraw now simply because of that. We can't afford that extra £5000 and we will tell the EA the truth. Like you say I doubt anyone else would go over £250.000 either.

OP posts:
Original poster
speckledpig · 16/06/2012 22:39

RCheshire, thought it may have been. I notice also a lot on rightmove that they write that an offer has been made and how much to see if anyone can top it.

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noddyholder · 16/06/2012 22:43

I see it a lot as I renovate houses and the stories they tell a all the same. Do not pay 252 as rc says it has not been reduced it was overpriced initially. There are many houses I have offered on since October where I was turned down and told there was a higher offer on table and I walked away. All were re offered to me after Xmas but I refused and I think most still on the market. Sellers are deluded but agents egg them on!

RCheshire · 16/06/2012 22:45

I'm not saying every agent is lying when they say other offers have been received. But some undoubtedly are. And given you can't know whether they are telling the truth or not it makes sense to ignore that information, ensure you're not being pressured, and just offer what you feel the house is worth to you, not what the agent is saying it is worth to Dave/Fred/Harry.

MarySA · 16/06/2012 23:33

Well I have heard of people going under the £250K and making an offer for carpets and curtains or other stuff separately. Which is supposed to be acceptable as long as the sum isn't too great.

Original poster
speckledpig · 17/06/2012 07:34

We are going to phone back today and see if anyone is in the office and say we will have to drop to £250.000. Mary, we had thought about that but I think now we will just offer 250.000 flat reading what people have said on here. Mumsnet is great! You have just saved us £55000!

OP posts:
EdgarAllenPimms · 17/06/2012 13:26

offer £249999.99 :)

EdgarAllenPimms · 17/06/2012 13:27

the ST threshold is 'up to' £250k.

EdgarAllenPimms · 17/06/2012 13:28

"I notice also a lot on rightmove that they write that an offer has been made and how much to see if anyone can top it."

that would usually be a repossession - they are obliged to make it public to get best price

noddyholder · 17/06/2012 13:29

If you pay 250 you still pay 1% I have done several times so don't worry about 24999999 Grin

MarySA · 17/06/2012 13:37

I must say I thought it had to be under the £25 but noddyholder is right. I found this link. Hope it works.

www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4015918

Original poster
speckledpig · 17/06/2012 17:13

Thanks again, it is over 250k
Hubby left message with agent today but have had no response so maybe it's his day off (although we did drive past the EA office and it was open!) Ah well, we will continue our searching now with something very important in mind!

OP posts:
EdgarAllenPimms · 17/06/2012 18:10

really? will tell DH to read his accountancy books properly :)

MrsCampbellBlack · 17/06/2012 20:01

Yeap Noddy is right as always.

The vendors may try and do a contracts race - my mother had to do this when she bought her last house but the market was very very different back then.

But I wouldn't take my house off the market if the buyers weren't proceedable which it doesn't sound as though the others are.

However if your offer is accepted do insist on the property coming off the market.