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Original poster

Help which offer should we take?

38 replies

HouseSellingDilemma · 22/10/2020 13:44

I am selling my house on behalf of my father who has gone into care.

The house was on the market but after a while with advice from estate agents we lowered the price. We got an offer at £395,000. We are about 2 weeks of completion surveys have been done etc.

Now a viewer who saw the house at higher cost is in position to move. The chain is only him and a couple who need a mortgage to buy his house. The new offer is for £30,000 more.

Should we go for the safe sale now or risk the newer offer, hope there are no issues but be better off?

OP posts:
DufferedUp · 22/10/2020 13:46

Don't be an arse. Stick with the offer that's been progressing. If you don't, I hope karma bites you hard.

bravotango · 22/10/2020 13:47

2 weeks from completion? Stick with the 395k and get it sorted. Once the new buyer has done a survey they might try and renegotiate down, or the process might drag on.

Simonsaysitschristmas · 22/10/2020 13:53

How is this even a question? Stick with the original offer and don’t be so greedy.

MJMG2015 · 22/10/2020 13:56

Are you buying another house or will the money be spent on your Dad's care?

What's the other chain like?

Original poster
HouseSellingDilemma · 22/10/2020 14:03

Money will be spent on Dads care. Hence the need to be an "arse" to ensure we can pay for his care for as long as he needs it.

If it was my personal sale it would be a no brainer and to carry on with original sale

OP posts:
Original poster
HouseSellingDilemma · 22/10/2020 14:03

The other chain is 4 people

OP posts:
TeapotCollection · 22/10/2020 14:08

I still think you should stay with the original buyers, it’d be a horrible thing to do to them no matter how good your intentions are

VodselForDinner · 22/10/2020 14:12

Would be a complete dick move, regardless of your motivation.

These people have already spent money on a survey.

Don’t be greedy.

WombatChocolate · 22/10/2020 14:13

I would stick with the offer you’ve accepted. You were satisfied when you accepted it...it’s irrelevant that the money is to die d your Dad’s care to be honest.....if someone turns up with a higher offer in the day before exchange, would you consider it because it’s for your Dad? You shouldn’t. You accepted the offer in good faith and have proceeded far down the path, so continue to the end.

You could say to this other character that you expect the sale to your buyers to complete but you will bear them in mind in the unlikely event it falls through, fully understanding that if it happens they are likely to have found. Something else.

Saying this is both fair and honest.

There can always be a better offer out there....but Id say that once you’ve proceeded beyond memorandum of sale and things are underway, it’s pretty poor to pull out for a better offer. Don’t accept an offer if you aren’t willing to complete with it. Obviously there’s nothing legally to stop you switching buyer before exchange, but lots of people have done this and found the new buyer did t turn out to be as good as they thought.

op, at what point would you feel you really couldn’t consider this? In a weeks time, 2 days before exchange? Where would you draw the line?

DeRigueurMortis · 22/10/2020 14:14

Of course it's tempting to take the new offer, but it is a massive risk.

There's absolutely no guarantee that they won't lower their offer following a survey or indeed if they find out you accepted an offer of £30k less.

You could well end up with an offer lower than you've accepted and a delayed sale
and the likelihood that your current buyers will walk - don't assume they'd come back if the other sale fails, they most likely won't because you can't be trusted.

It could all fall through and worst case if the market collapses a house that's hard to sell at any price.

JoJoSM2 · 22/10/2020 14:15

I’d carry on with the current buyer if you’re this close. The extra 30k would be tempting but things would drag on, something could go wrong etc at a time when the market is ticking over due to the stamp duty holiday but likely to go downhill from there.

AdoreTheBeach · 22/10/2020 14:19

You’re two weeks away from completion? Then you have already exchanged? If so, don’t do anything as I think legally you’d have a problem.

If you actually meant that you’re two weeks away from exchange, then I’d tell the new potential buyer that you’re two weeks away from exchange and that IF something should happen to the chain, PROVIDED that their buyer had mortgage in principle and the EA has confirmed the chain, only then would you accept their offer.

So just asking new people to hold on for two weeks. If they really want to house, they’ll wait and see.

bookgirl1982 · 22/10/2020 14:19

Are you under any duty (power of attorney/trustee etc) to get best value?

If not, carry on with the sale you're nearly there with. Bird in the hand etc etc

DeRigueurMortis · 22/10/2020 14:30

The other thing to remember OP is that new buyers who are morally prepared to gazump a house sale with a higher offer are equally morally capable of gazundering you later.

You can never be certain that you'll get your offer price until exchange.

If you're 2 weeks away with the current offer and post survey it's now a fairly safe bet that your current buyers will honour their offer.

You've zero guarantee the new buyers will do the same - in fact the indicator that are willing to sabotage your current sale is a red flag to future intentions.

As a pp suggested your best bet is proceed with the current offer but say if it falls through you'd be willing to engage with them.

Workerbee80 · 22/10/2020 14:52

Dont do it OP, there's no guarantee it'll go through, whereas you current sale is pretty much concluded. It's also morally wrong - not only would your first buyers be completely shafted but everyone else in the chain will be affected by this.

Sitdowncupoftea · 22/10/2020 15:00

Stick with your current sale and dont be greedy.

BasiliskStare · 22/10/2020 15:15

Apart from letting your buyers down I would be pragmatic - if you are really 2 weeks away from the sale being done ( not sure whether that is exchange or completion ) money in the bank now for your father's care rather than a potential £30k I think is a no brainer. So in this instance I think the right thing to do coincides with the pragmatic thing. I also agree with previous posters - say you will get back in a fortnight if this sale breaks down & also be up front with your current buyers so they know the situation.

DeRigueurMortis · 22/10/2020 15:15

@Sitdowncupoftea

Stick with your current sale and dont be greedy.

I don't think comments like this are helpful tbh.

The OP obviously feels an obligation to get the best price for her fathers future care.

She's not coming from a place of greed, but of concern.

However, it's my opinion that her fathers best interests are served by proceeding with the current offer which is two weeks from completion and thus the offer is looking good to be honoured rather than a second offer that although higher may well be reduced later (potentially even lower than the current one) or even redacted.

I think people equate an offer with what they will get at completion and that's a mistake and why people jeopardise a sale only to find themselves worse off in the long run.

Chumleymouse · 22/10/2020 15:42

Take the better offer.

LividLaughLovely · 22/10/2020 16:09

Anyone who would try to pull this on you at this late stage is not morally trustworthy anyway. The estate agent should’ve had nothing to do with the second offer.

Original poster
HouseSellingDilemma · 22/10/2020 16:50

Well we told the current buyer the situation, (did not mention to them that we would withdraw from the sale) they very quickly agreed to match the higher price. So we are proceeding with original buyer at higher price.

OP posts:
Original poster
HouseSellingDilemma · 22/10/2020 16:52

@LividLaughLovely

Anyone who would try to pull this on you at this late stage is not morally trustworthy anyway. The estate agent should’ve had nothing to do with the second offer.
The people who put in the second offer actually saw the house before the current buyers. They were just waiting for the sale of thier house. The Estate agent has a legal obligation to report all offers
OP posts:
Original poster
HouseSellingDilemma · 22/10/2020 16:52

@bookgirl1982

Are you under any duty (power of attorney/trustee etc) to get best value?

If not, carry on with the sale you're nearly there with. Bird in the hand etc etc

Yes correct we are doing it under poswer of attorey so do need to get the best offer. Thank you this bookgirl1982
OP posts:
StrangeCoat · 22/10/2020 16:55

It is not greedy to be considering accepting a whopping 30k more, I really feel for you OP.

Weighing it all up, I would continue with your sale but I understand it's hard to turn down a potential 30k more!

DeRigueurMortis · 22/10/2020 17:05

Sounds like you got a good result OP.

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