Hi everyone,
I’m in the process of purchasing a home for me and my husband to move into. We aren’t first time buyers - we are renting out our residential home and moving into this house we are purchasing.
The home we are buying was up for £395k, it had a lot of offers. We put an offer in or £400k, we wasn’t accepted. Few weeks later we got a call back saying the vendor now wanted to go with us as the person who they accepted couldn’t get the funds together but their offer was £410k!! I said we would agree at £403,000. Anyway, fast forward nearly 4 months, we are supposed to be exchanging this Monday.
Yesterday, my dream property came back on to the market (we viewed this 6 months ago, put an offer in, but someone went higher us - it’s now fell through and back on the market). I really really want this property after being rejected 6 months ago, so I called up the estate agents and put another offer in without another viewing. They’ve already got 8 offers on it. It’s a probate home being sold by solicitors. Anyway, I’ve put an offer in, but don’t find out until Monday / Tuesday whether they have been accepted. It was up for £525k, we’ve offered £545k. 20k over. In the meantime I’m supposed to be exchanging contracts Monday !! If we don’t get this dream home, I still want to complete on the property we are in the process we are purchasing. I’m thinking of every excuse under the sun to get out of signing the contracts on Monday as I want to know whether I’ve been accepted on my dream home.
my question is - if I pull out of my current purchase, what would happen? Will I owe the vendors any money? I’ll feel guilty, but my dream home has came back onto the market !