Offer on our house. WWYD

[Collectingcpd]

House on market since Jan @ £1.2m. 3 offers. £1.075 and 1 X £1.05, both of which we turned down and then £1.1, which we accepted, subject to purchaser selling their house. They asked us to suspend viewings for 2 weeks while they tried to sell and we oblidged. Purchaser has sold, but not for as much as they wanted and subsequently revised their offer down to £1.05. We asked if they would meet us in the middle. The answer was no. I’m inclined to pull out. They are in a chain, our house always looks better in spring/summer, I’m very confident we’ll get another £1.05 offer, if not more, which will be cash and chain free.......and I think they are being CFs. We don’t need to sell to move as we can stay will family for 6 months or so, so we have until at least Feb 2020 until we’d get desperate. Thoughts?

If they didn't get enough for their house then saying no makes sense as they haven't got it and wouldn't class them as CF TBH.

You do however want more than their offer (and the other offers) and are prepares to wait it out until you get what you want then perhaps give that a try?

They aren’t being CF exactly, if they haven’t got it they haven’t got it.

Pull out and remarket in summer if you’re in no hurry. However, a bird in the hand and all that...

I wouldn't accept any offer if the buyer is not proceedable - you were quite generous to take it off the market for them. If you're not in an hurry I'd continue with the house on the market.

If you're in London I would be careful though as prices are definitely falling. We've just had an offer accepted on a house for a bit more than yours which the owners had rejected an offer on last Autumn of £60k more than we are now paying. The potential buyers dropped their offer just before exchange and the owners refused to accept the offer out of principle.

Thank you! We are pretty confident that we can get another £1.05 offer in a chain free set up, and I’m inclined not to accept their reduced offer.

Put it back on the market. I would also ask your EA to check if the previous bidders are still interested.

Personally I would never have accepted an offer from buyers who had not even sold their house in the first place. Basically they had no idea what they would actually get for their house and were not in a position to make you a firm offer at the price stated.

Depends where you are and what is happening in that price range are properties converting to SSTC on rightmove?
In my are that price range is very tricky not many buyers and quite a large number of properties. We started looking at this price range 18 months ago we eventually found a place that was right in July last year ( remember most people at this level will not want to make many compromises). Looking at rightmove today a lot of the properties we considered last year are still on the market.
If 1M to 1.5M are selling briskly round you then fine, but if not you maybe better to take this offer and negotiate hard and what you are buying.

If you put it back on and no-one else buys it in the meantime, it will still be available when the current buyers have the money. Tell them the last bid was 1.075 and ask them can they match that?