Advice needed re: chains/offers

[Freezingwinter]

Our situation is currently this. Our house is being sold by an online estate agent (purple bricks) we had a viewing a few weeks ago, an elderly couple wanting to downsize. They offered the asking price and we accepted so our house is now 'under offer'. Theirs is still on the market, they have had some viewings this weekend so we're crossing our fingers.

Last week we saw a house we liked with a high street estate agent. We had to 'prove' our finances to them (take in passports etc) and they then reccomended our offer to the vendor, knowing fully our position outlined above. We were basically gazumped so that property was out.

Friday night we saw a property we are in love with. No upward chain and has been done by a property developer. We have offered the full asking price knowing we were first through the door. However this estate agent (different to the one we spoke to last week) has said they will not reccomend our offer to the vendor because we are in an incomplete chain. Now I know that it's annoying having to wait for our sellers to sell, but somewhere along the line, isn't every chain waiting on someone else? The estate agents were really rude about it, and insisted the vendor would not accept our offer (despite it being full asking price) because our sellers had not sold. I just wondered if this was normal practice, as with the other estate agents we've dealt with, they've been really positive and taken us seriously (which we are!) however these estate agents were dismissive, and quite aggressive about the fact that they'd encourage the vendor not to accept our offer because we aren't first time buyers. We're working tomorrow but I have assured them I will go in Tuesday to verify our finances and we have emailed them proof of our mortgage. What else can I do?! We so don't want to lose the property we love just because were in a chain.. Surely most non first time buyers are in chains?! Can anyone offer any advice? Thanks!

[Nelllo]

We've just sold in a chain and even though our buyer's buyer (first home owner) seemed to have everything in place it still dragged on and on and cost us money in the end because we couldn't move when we had planned to. We wouldn't have accepted this offer of we had known it would take so long and if we are in the same situation again we will go with a lower "ready to go" offer over a higher but shaky one every time.

[MissDuke]

I definitely think it is unfortunate your EA is online. We are using a high street EA and they have been brilliant at guiding us through this whole stressy process. He actually arranged viewings for us before the house was even online and one of those bought our house. He advised us not to offer on another house until we had ours sale agreed and a mortgage in principle organised. Unfortunately your situation has been kind of done back to front, your buyers shouldn't have been offering on a house until theirs is sale agreed. This is the problem, there is no chain yet because of their situation which is why you can not proceed. The other EA is actually doing a great job for his customers with his approach.

I couldn't recommend highly enough the use of a high street EA and I personally think it is an essential cost to budget for.

[Freezingwinter]

Thanks for the advice re estate agents however purple bricks did speak to them and they never told us they'd split up I'm not sure if they were waiting to see what happened or what.. But yeah. Thanks everyone for the sympathies, it is horrible and stressful. Hopefully it'll be worth it in the end!

[joystir59]

I wouldn't use an online estate agent because the process is complex and stressful and our estate agent has been invaluable in managing the situation, and keeping our vendor on board so we didn't lose our dream house when someone at the beginning of our chain pulled out. I think Purple Bricks is fine if you are very experienced yourself and/or if things go very straightforwardly.

[joystir59]

sorry- It is normal practice for offers to be refused when the chain is ISN'T closed/complete.

[loveka]

We offered on the house we are (hopefully) buying before we had a buyer for ours. They accepted it but kept it on the market until we had a buyer. So it can happen.

That buyer dropped out on the day of exchange! We had a normal agent selling our house and this still happened to us. We almost lost the house we love, and the people we are buying from lost their dream house because our buyer didn't mention she was having doubts!

We went back on the market in late December and have no had 3 offers we need to choose between.
I m
Honestly, it's dog eat dog (sadly). But you are not alone and I don't think it's Purple Bricks that are the problem necessarily.

[joystir59]

You made a mistake accepting an offer from your buyer when they are not in a position to proceed- which means you are also not in a position to proceed. It is normal practice for offers to be refused when the chain is closed/complete. We found this out when we started the buying/selling process- we started viewing properties before we even had our house on the market and got absolutely nowhere. We had to get our house sold subject to contract before we could go viewing houses to buy. We are now in a complete chain- and I don't mean to rain on your parade- but the whole process is quite simply off the scale stressful- I wish you luck!!!

[SparkyBlue]

Selling and buying is awful and stressful OP. We have just sold and are currently renting while we close on our new house. Perfectly normal practice for offers not to be accepted from people who are not ready to complete asap. We lost out on our dream house due to a delay with our purchasers. You have my sympathy

[Lonecatwithkitten]

Your situation of the couple splitting is where a traditional estate agent would have saved you. They would have been in regular contact with the buyers and would kept in contact with their solicitor so would have realised something was up and told you.
Again allowing you to accept an offer from someone who is not sold could again cost you money if the market moves forward and what you want to buy moves out of your price range.
When I was buying this time last year a property would have to have ticked every box and been a good price to convince me to view with an on line agent. I am not alone you could be restricting your pool of buyers too for this reason.
IMO what you save in commission from on line agents you loose in other ways.

[witwootoodleoo]

I've sold 3 times now and would never have accepted an offer from a buyer that wasn't ready to proceed. In effect you don't have a buyer because they may never sell their property.

What if your buyer accepts an offer from someone that also hasn't found a buyer yet? It could go on forever.

You need to keep marketing your property unless you're prepared to wait forever.

[ministapler]

personal opinion and from estates agents actions around my area, you can only make and offer and expect things to happens if you've sold your own house. its such a hard waiting game.

[Freezingwinter]

We were doing the searches on the house we were buying, not the house we were selling.

[bigchangesabound]

Why were you doing the searches? I thought it was the buyers that did and paid for them. We certainly did as buyers. But you could always try and sell them on to whoever does buy your house... try to recoup some money.

[JT05]

Tempting as it is, I'd not go and see anything until my sale was firm and just before exchange stage. Just look for suitable properties on the internet and keep your eye on the local movement.

We sold to people who had completed their sale, a previously internet 'viewed' house came back on the market, we viewed it and snapped it up! Out of the hands of other 'in chain' offers. The vendors were buying from people with somewhere to go.

So a simple 3 house chain. All sorted in 10 weeks.

[xyzandabc]

You can be in a chain but everyone below you in the chain is sold. The one at the bottom of the chain will be a 1st time or cash buyer. Don't accept offers from someone who is not sold, what if it takes them 6 or 12 months to get a buyer? If you wait for them, then any viewings you do or offers you make are just wasting both yours and the vendors time. As in reality you are not in a position to buy.
In your situation, I would forget your current buyers, get your house back on the market and only accept an offer from someone who has a complete proceedable chain (or is a 1st time/cash buyer). Your perfect buyer could walk through the door tomorrow but they might not even come and look if your agents are saying you are under offer already. Then you could put in a serious offer on whatever you like.

[Iamcheeseman]

Chains work almost the opposite way to you are doing things.
Our buyer came to see our house when their house wasn't yet sold and the EA told them they couldn't offer until it was. A week later (having accepted an offer on their own house) they made an offer on ours. We were then able to go and make an offer on a house we wanted which happens to be a probate sale so ends the chain.

[SusannahD]

You have been on the market a while so I can see why you have accepted the offer. Really I would hang fire with pursuing houses until they have sold theirs, you will be then in a better position to buy.

[flowery]

Ours is a chain of 4. The bottom are in rented, the top are moving to a new build.

[flowery]

"Unless you have a first time buyer, surely everyone is in a chain?! And somewhere in that chain someone will be waiting to sell?

No, because you don't join a chain until you are in a position to do so. At the bottom will be a cash buyer/first time buyer/someone who doesn't need to sell to buy. At the top someone will move to a new build, into rented, or have somewhere else to go.

[Freezingwinter]

It was up for sale october and we sold within the first week to first time buyers and had an offer accepted on a house we wanted. Unfortunately the first time buyers split up but didn't think to tell us so we continued to do searches etc. It went back up for sale Nov/dec, I can't remember which, but we had no interest over Xmas. We accepted the offer from our elderly couple about 2 weeks ago, their house had been on the market for about 10 days. They have a hot estate agent who seems to get lots of viewings for them, they have 5 today. So we're waiting to hear.

[Freezingwinter]

I still can't get my head around the fact that we need to be sold?? Unless you have a first time buyer, surely everyone is in a chain?! And somewhere in that chain someone will be waiting to sell?

[SusannahD]

Your buyers are not in good position, I wouldn't accept an offer from someone who hadn't sold there's yet. Chains are long enough without the waiting for them to sell. You don't know how long it will take them to sell I've seen some houses up for sale for months. How long have you had your house up for sale op?

[perhapstomorrow]

We were in a weak position in making an offer on a house. Our home wasn't even on the market! We told EA that if our offer was accepted by vendor them we would exclusively market our property through them. End result is offer was accepted and we have 4 weeks to find a buyer. If your current buyers cannot find buyers by end of weekend, could you try similar tactic?

[Freezingwinter]

To be honest I find it difficult to be so cut throat with houses! We had sold ours previously and the buyers didn't tell us they'd split up so we continued with searches etc and lost £3000 in the process. So I know how it feels to have someone get one over on you, and to lose a house you love! So I don't really want to do it to someone else - it just doesn't seem kind. I know I probably sound like a mug

Thanks for all the advice!

[Notanotherpawpatrol]

Yes, this is why agents are good, they sort all of this out for you and make sure your buyers are ready to proceed and take all the guilt and emotion out of it.