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Original poster

oh no! another offer

26 replies

Jampot · 07/12/2007 12:45

we accepted an offer on our house on wednesday for 10k below asking price. We've now had an offer from someone else for 5k below! both are in a good position to move quickly

im thinking we should stick with the offer accepted but this is purely on a "i hate to be messed around so i try not to do it to others" basis. Dh thinks we cant afford to sniff at the second offer

OP posts:
ProjectIcarus · 07/12/2007 12:46

Are your principles worth 5K? Get your sol to phone the first one and see what they do.

S101 · 07/12/2007 12:47

I think you should take into consideration the market at the moment and the fact that the first people might have started to put the process of buying your house into motion.

I.e. instructed, solicitors etc.

You wouldn't want it done to you ?

DoesntChristmasDragOn · 07/12/2007 12:49

It's 5K though and only 2 days since the 1st offer.

5GoldenFIMBOs · 07/12/2007 12:49

I think I would see if the first people are prepared to up their offer.

DoesntChristmasDragOn · 07/12/2007 12:51

Or sealed "best offer" bids from both.

Niecie · 07/12/2007 12:52

I would stick with the first one but DH's generally seem to be less worried about the feelings of the other people and I know my DH would be the same as yours.

What does your estate agent think? I know they have an obligation to tell you about all offers but does he really think you should reject you original buyer or stand by the arrangement you made on Wednesday?

I suppose it isn't like the first buyers can have got very far down the road to getting surveys dones and mortgage offers and all that stuff.

Original poster
Jampot · 07/12/2007 12:55

the original offer was 20k below asking which was all they could afford until prompted by agent so they bumped it up by 10k. they said they had seen others they could offer on so would go no higher. they want to live in the house

the second offer is a pilot who wants it as a base close to airport and for renting to others. less emotion attached. the plus here would be he could complete quickly and we could possibly carry on renting this house for a couple of months until we find somewhere

OP posts:
S101 · 07/12/2007 12:55

Well I don't know, we placed on offer on a house a few days ago and have got the mortgage company organised, surveyor booked and solicitor started on the searches.

So I would be annoyed if my seller turned around and said they were selling to someone else.

SantaBeClausImWorthIt · 07/12/2007 12:55

So you didn't take the house off the market after the first offer?

Presumably, therefore, you were hoping to get a higher offer?

Original poster
Jampot · 07/12/2007 12:56

i think i will go and buy a xmas tree to make me feel better

OP posts:
S101 · 07/12/2007 12:56

If you want a quick sale, then give them a time to work to, i.e. you want exchange by a set date, whoever can work to that can have the house.

Original poster
Jampot · 07/12/2007 12:57

the viewing was already arranged - we agreed to keep the viewing purely because the house was tidy and as a fall back in case the original people pulled out (having been there before)

OP posts:
S101 · 07/12/2007 12:58

Find out from agent who can complete the quickest, remember the market is changing and you don't want to be left a few weeks along the line with no buyer.

Original poster
Jampot · 07/12/2007 12:59

thing is, i am grateful we have one offer let alone two! i know we are in a very fortunate position.

OP posts:
S101 · 07/12/2007 13:00

I would always choose the people in the best situation to make the offer.

Ask your agent to find this information out for you.

CarmenerryChristmas · 07/12/2007 13:01

And the first people didn't insist you take the house off the market when you accepted their offer? If not, in this economic climate I would take the second offer. Can you turn down 5k? What percentage does this represent of the price? what is the percentage return on your initial investment?
I am kind of with the dh here, your house is your biggest investment and, for most, represents their financial security.

5GoldenFIMBOs · 07/12/2007 13:03

The extra £5k would cover solicitors fees and perhaps a proportion of stamp duty for the next place? Or the rent maybe?

CarmenerryChristmas · 07/12/2007 13:08

I would never buy a property without the assurance that it was off the market before I proceeded with my instructions ect.

HonoriaGlossop · 07/12/2007 13:09

I think you need to talk to your estate agent - usually when people accept an offer, that is on the undertanding that the property is no longer being marketed...your agents have created a muddy situation here by having this other viewing.

I know deals sometimes fall through but it's really bad practice for your agent to allow other viewings when your place is under offer, unless that is clearly agreed by all parties.

Your first buyers are basically being gazumped, which is REALLY bad estate agent practice.

DoesntChristmasDragOn · 07/12/2007 14:20

The viewing was already arranged though. It's not like the agent has continued to book viewings.

clam · 07/12/2007 15:10

We had this earlier on this year. We accepted an offer, not aware (coz agent had not told us!!!!) that another couple had put in an offer, albeit lower. The thing was, they subsequently upped it to 5K more than the one we accepted. Had we known there were 2 sets of people interested, we'd have held a bidding war. Great moral dilemma as to whether we should accept the later, higher offer. Nearly everyone we polled said we should (as in, would you hand 5K over to a stranger in the street? Then why accept to lose it, effectively, during house selling) which shocked me a bit. Anyway, we stuck with the accepted offer, felt morally good about it...... and they then pulled out 2 months later, by which time the other couple had gone elsewhere. Moral of the story: do what's best for YOU, not complete strangers!

NomDePlume · 07/12/2007 15:27

£5k is a lot of money jammy. If both buyers are in the same position wrt to completion times and ability to actually buy your place (ie have a mortgage offer etc and have sold their property,) then I would take the higher offer

Original poster
Jampot · 09/12/2007 14:30

we stayed with teh original offer - i feel good about it

OP posts:
Niecie · 09/12/2007 16:24

I think you did the right thing Jampot. I just hope that nothing goes wrong with your buyers and you end up regretting the decision. Sometimes it is better not to have choices at all, I think.

Fingers crossed for you and loads of positive vibes that it all holds together.

LIZS · 09/12/2007 16:27

Do make it clear now that it is non- negotiable though , ie whatever the survey says. ime people who have to force themselves to up their offer are then all too quick to react to any hint of a problem.

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