Need quick help - multiple offers when buying

5 replies

LittlePickleHead · 23/09/2013 12:38

After having a nightmare for 3 months trying to find a house we like, we have seen two we want. We have offered on one, and they had 6 offers at asking so its gone to sealed bids. We've put our best offer in but I'd say we probably won't get it, we won't find out til 5 today.

The other we have been given first refusal before it goes on the market tomorrow. It's not as ideal as the one we have offered on, but we have a better chance of getting it as are the only viewers so far. I'm tempted to put an offer in now so it doesn't go on the market, but I realise this could cause trouble if (in the ironic and unlikely event given our luck so far) both offers get accepted.

Is there an etiquette on multiple offers? Is it even allowed? The market is so competitive here I'm scared to wait too long!

OP posts:

lalalonglegs · 23/09/2013 12:59

Just bung in the offer, perhaps pitch it quite low so that the vendor comes back and you can ask for an extra day to think over a new offer?

If they do accept your initial offer and if your other one does get accepted, it's only going to be a 24 hour overlap, there won't have been time to instruct solicitors or get too excited. Yes, it is disappointing for the vendor but it won't be the end of the world.

reggiebean · 23/09/2013 13:03

You can absolutely withdraw an offer until you have signed papers. Once you sign something, you'll be stuck with some penalties if you withdraw at that point.

Put an offer in on the second house too, it can't hurt, and you have nothing to lose.

Original poster

LittlePickleHead · 23/09/2013 13:16

Thanks, I'm going to make the offer. Wish us luck that we end up with at least one house by tomorrow!

OP posts:

reggiebean · 23/09/2013 13:22

Good luck! x

Renniehorta · 23/09/2013 13:52

Yes I would definitely put in an offer for the second house. I think that lala gives very good advice on that.

The housing market here, E Midlands, has defo heated up. Houses that are priced realistically go very quickly. I have just bought a house that was on the market for 2 hours. It was on Rightmove for another 4 days and the agent told me the phone was red hot with requests to view.

I had to offer the asking price to get it.

Flip