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Original poster

Already made an offer. But seen a better house. What to do?!

72 replies

threefeethighandrising · 14/08/2012 12:07

We've had an offer accepted on a house we've been looking at.

It's not our dream home but ticks lots of boxes, especially that it's near an excellent school. We've been looking a while and it's the first one we've seen which we could fit in, which we could actually afford. I needs work, which we'd carry out over a number of years as we have neither the time nor the money to do it now.

But today, a new house just came on the market. It's lovely! I would be so excited to move there! It suits us perfectly and has a large garden (the one we've offered on has a small garden) and a semi-rural location in an area we love. We could just move in. It's got a very odd layout downstairs, and I'm hoping that'll put other buyers off! (Clutching at straws, me?!!)

It's over-budget (£169K, we can offer £152K) but considering the market is very slow/flat round here, today's news about house prices falling) and that we're cash buyers, I think we may have a chance, however slim.

Going to view it this afternoon.

If we do really love it, what do we do? Can we make an offer on it even though we've already offered somewhere else? How would we find out if they'd accept a low offer without scuppering the first place?

WWYD?

OP posts:
Original poster
threefeethighandrising · 14/08/2012 12:22

hopeful bump :)

OP posts:
IceCubes · 14/08/2012 12:26

Just offer... The worst they can say is no! Grin

kitsmummy · 14/08/2012 12:27

Yes you can make an offer on it (but I wouldn't mention that you've offered on somewhere else). If they accept the offer then just withdraw asap on the other property (as quickly as you can as it's not really fair on the other vendors, but it would be stupid for you to buy the second best house just out of politeness)

Indith · 14/08/2012 12:27

Just offer. If they accept withdraw from the other one, if they reject then you still have a house that you are happy with.

BackforGood · 14/08/2012 12:30

Yes, you can offer, but I can't see a house seller who has just put their house on the market accepting £152K for a house that they've been told is worth £169K, cash buyers or not.
In the unlikely event that they did, then just withdraw the offer from the first property as soon as you can. You can't buy a house you're not happy with out of good manners.

MissPollysTrolleyed · 14/08/2012 12:31

When was your offer accepted on the first property?

Original poster
threefeethighandrising · 14/08/2012 12:33

Yes, I know it's a long shot! But worth a try, no?

Our offer was accepted only days ago.

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Original poster
threefeethighandrising · 14/08/2012 12:42

Thanks for the advice everyone.

Going to see it this afternoon and will ask the agent if they think the vendors will take offers.

There's no one living there. Hopefully it's a company keen to get rid of it quickly!

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MissPollysTrolleyed · 14/08/2012 12:43

Then they are unlikely to have actually spent any money (i.e. instructed a solicitor etc) in reliance on your offer so you need not feel too guilty.

I don't think £152k is that far below £169k so it's definitely worth a punt. We were thinking of selling recently and the EA said that we should price the property about £15k over the price we actually wanted to achieve as his experience was that buyers like to feel they are getting a bargain.

Original poster
threefeethighandrising · 14/08/2012 18:20

OK, so it was lovely! I now realise how unexcited I am about the other house!

So, are you sure, we can simply make another offer even though we've got one currently progressing?

Is there any chance either will find out? The first one called our estate agent to check that we're "proceed-able". Do they all do this? Will our agent tell them?

We don't want the seller of our current one getting cold feet till we find out if we've got the one we really want!

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jollydiane · 14/08/2012 18:25

Spare a thought for the people that you are going to let down. It is crushing to accept an offer and then the buyer changes their mind on whim. If you are going to change your mind then let the original people know immediately so they don't waste money and energy thinking and planning their move. I speak from personal experience. Angry.

Original poster
threefeethighandrising · 14/08/2012 18:39

Sorry jolliediane but there's no way I'm going to let the people know before I know we've got the other one. That way we could end up with no house. It's just not in our interests.

There's only a small chance the second vendors will accept us as it's only just come the market, and we will be making a bit of a cheeky offer.

And in case it makes you feel any better, the first house isn't lived in, so there's no family in it waiting to move on.

I know it will be disappointing for the first vendor, but there's no way I'd put some stranger's assumed feelings in front of my son's chance to grow up with a garden big enough to run around in, in a beautiful village.

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jollydiane · 14/08/2012 18:44

Fair enough. We all have to look ourselves in the mirror. What comes around goes around.

Original poster
threefeethighandrising · 14/08/2012 18:54

Thanks for the helpful advice Hmm

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Original poster
threefeethighandrising · 14/08/2012 18:57

I am also selling a place. We've accepted an offer on it, but I'm not going to consider it sold until we've exchanged. (Or possibly even completed!)

That's the way it works.

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kilmuir · 14/08/2012 18:58

Blimey you have changed your tone Op. You must really want house number 2

Original poster
threefeethighandrising · 14/08/2012 18:59

I do! We viewed it today and it's amazing! It's the kind of house I thought we'd move into next, in several years.

I doubt we'll get it tbh, but we're going to try!

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jollydiane · 14/08/2012 19:15

Lets say you don't get it are you going to go ahead with the other house? If you don't absolutely love a house why put an offer in? I really don't understand the mentality of putting an offer in only to withdraw it? How long are you going to leave the other people thinking they have a buyer when they don't?

Houses are a massive financial and emotional commitment. It has to be right I can see that. Lets say you don't get house no2, are going to leave it until the day before you exchange when you happen to see another house you fancy and then pull out?

Right enough of the lecture. Just very raw at the moment. I'll be jolly again I'm soon Wink

jollydiane · 14/08/2012 19:17

.. opps cannot even type. I'll be jolly again soon I'm sure.

Original poster
threefeethighandrising · 14/08/2012 19:17

I'm just worried (karma aside!) about messing up the first sale, which would be disastrous if the second one didn't come off!

Is there any chance of this?

Has anyone else done this?

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jollydiane · 14/08/2012 19:19

What would change to make house no1 right? You don't love it do you?

tedglenn · 14/08/2012 19:29

Karma aside, it happens all the time. You need to be straight with your estate agents (the ones selling your house) as otherwise they may accidentally put their foot in it when the other agent contacts to check your proceedable-ness. But they won't be shocked.

Original poster
threefeethighandrising · 14/08/2012 19:34

jollydiane i can't speak for everyone, but for us we are buying our first proper family home.

The simple truth is we cannot afford a nice house, with a decent garden, big enough for our growing family in the areas we want. So we have to compromise somewhere.

The house we've put in an offer on is a compromise in that it needs a lot of work, it's got a tiny (and I mean ridiculously tiny!) garden - not big enough to kick a ball in. And it lacks character.

However it has more space than any other house we'd seen previously and is near the good school, a lovely park and is in an area with lots of families which i think is important for our DCs. It's the best we've seen to date by a long way and although it's not my dream home, it's ticked lots of boxes.

So we offered on it. It's not our "forever home" but it's a good starting point, and the best we're going to get round here - or so i thought!

The new place is in a village I hadn't considered (nothing in our price range before) and is just stunning. It's got character, large rooms, an enormous garden with mature apple trees a good school, semi-rural rather than town. It needs modernising, but not to the major extent the other one does.

I'd be a fool not to try!

And I appreciate that you're still raw, and I do know we'll be letting someone down.

But I'd be failing my DS not to jump at this chance I feel!

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Original poster
threefeethighandrising · 14/08/2012 19:35

What I would chage to make no1 house right is make it 80 years older, the garden 10 times the size and the rooms bigger! Or and less work to do to make it liveable!

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Tansie · 14/08/2012 19:37

Jollydiane- can I assume you've just drafted a letter to your MP demanding a change to property conveyancing law in the UK?....

The thing is, my advice to the OP is do whatever it takes for you to get what you want. Yes it's shit for the sellers, BUT until everyone 'caught up' in this ridiculousness ACTS not just moans about morals on MN, nothing will change. There are far better models out there. I bought and sold a couple of houses in Queensland. There, you cannot gazump or gazunder. Once you are committed, both parties are committed. Yes, it focuses the mind but no one is on 'a fishing expedition'! It is transparent, simple and relatively painless (I sold and conveyanced a property myself). You offer, they accept or come in with something they will accept, you to and fro (actually, no, you don't, the EA drives to and fro or faxes like there's no tomorrow getting signed New Offers to and fro, that's what he's paid to do ) ; once a price and conditions (reflected in the price) are agreed, you have a 10 day cooling off (which you can choose to waive) in which to get your surveys and searches done - or, of course, withdraw , but the vendor can 'demand' the right to keep marketing the property in those 10 days if it's part of the t&c (and oh yes, they can be done in 10 days if the system is that way set up!) then everyone is committed with increasing 'fines' against them should anyone pull out later.

One more small thing- why do we show prospective buyers around our houses? What do we pay the EA for? Unless I was doing it myself (see above), I would demand the EA did all the viewings! I couldn't believe that at one stage, here in the UK, I, as a tenant, was being expected to show prospective buyers around the rental property I and my family were being kicked out of in order to sell it!!

A UK mate looked askance at what I told her about A Better Way of House Buying and Selling, and said' But what if your buyers pull out but you're still committed to buy?!', But they can't! They're also committed! No one can possibly 'pull out' on 'exchange day' (without having to pay compensation).

It isn't hard. And there's no such thing as A Chain. And most processes are complete from signature to moving day in 2 to 3 months.

Write to your MP and suggest it. You know full well the EAs and Surveyors Association will veto it as they stand to gain by the current fiasco but if enough of us demanded change...