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Original poster

Selling house with lots of interest - how to proceed?

23 replies

Movinghousehelp · 19/04/2023 17:51

Our home has been on the market for two weeks. We’ve had 7 viewings, 3 offers and are expecting another imminently. Two more viewings booked in at the weekend.

The offers are:

£5K over guide price but buyers have not sold their home
Guide price but buyers are not yet on the market
£5k under guide price from first time buyers

The other offer we are expecting is from a first time buyer.

Given how popular the property appears to be we are worried we would be underselling it if we went with the first time buyers but equally they are the only proceedable ones. We are looking to buy in a different area which is much more competitive so our position will be important. We have a viewing at the weekend on a property we expect to be popular and it would be good to be able to put a strong offer in if we love it (which I think we will).

I guess I just don’t want us to regret accepting a below guide price offer. How long is too long to wait for better? The first time buyers have revised their offer twice and I don’t want to scare them off. We are waiting to hear more from the EA on them, ie what size is their deposit etc.

We could go to best and final on Monday, but having lost out on houses as a buyer that way in the past, I hate the idea of doing this and would rather give people the opportunity to negotiate.

We are not in a huge rush - aiming for end of the year very latest though.

Any advice? EA hasn’t been very helpful with suggesting what to do next, unfortunately.

OP posts:

KievLoverTwo · 19/04/2023 17:55

Finding good houses is a nightmare right now, so I would give chains with sellers a wide berth.

Personally I would ask the other two to wait for you to decide, ask the agent to get FTBs to provide proof of a Decision in Principle from a MORTGAGE LENDER (the ones online brokers churn out are ballparks, they said we can get a mortgage for 50k more than we can) and proceed with them if affordability can be proven.

manontroppo · 19/04/2023 17:56

You’ve only really got one proceedable offer - the FTBs. I wouldn’t really consider the others, and if it’s important for you to have “sold” to buy in a hotter area, go with that one.

Original poster

Movinghousehelp · 19/04/2023 18:03

Thanks, yes the two higher offers aren’t worth considering. We’ve already given them the feedback that we can’t consider accepting them until they’ve sold and even then, they’re not in a great position. The ones who offered the highest have had to reduce their house this week as they aren’t getting offers.

I think we will ask the EA for more info and confirmation of sight of decision in principles and go from there. Will allow the weekend viewings to go ahead in the meantime.

OP posts:

Halfaminute · 19/04/2023 18:03

This reply has been withdrawn

This has been withdrawn by MNHQ at the poster's request.

rainingsnoring · 19/04/2023 18:54

Congratulations on your offers.
At present, the one from FTBs is the only proceedable one but you may get another one or two after the weekend.
I would try to reduce the length of chain so that the sale/ purchase are more likely to proceed. £5K isn't much relative to most house values.

Ahmew · 20/04/2023 10:27

I would say without doubt choose the FTB if they are serious. There is so much that can go wrong with a chain and you will be much more attractive to your onward purchase if you come with a short chain.

out of interest @Movinghousehelp where approximately are you? No one round here is getting that kind of interest!

NotHangingAround · 20/04/2023 10:37

Isn't it the agents' job to turn down the FTBs original offer and say that you have two other offers, one at FAP and one 5k above it. Any agent who can't negotiate the FTBs up to full price in that situation needs to improve their negotiating skills.

NotHangingAround · 20/04/2023 10:38

You must have a gorgeous house. I want a link!

TheChoiceIsYours · 20/04/2023 10:40

NotHangingAround · 20/04/2023 10:37

An agent can’t turn down an offer on the seller’s behalf - they are obliged to put forward all offers. And the FTB is the only real offer, the others are basically imaginary at this point.

Kentlassie · 20/04/2023 10:48

I would go for the offer from FTBs without a doubt. We were interested in a house recently and the EA turned it into a bidding war. We walked away and 6 weeks later she came back to check if we were still interested because the other parties aren’t proceedable….

NotHangingAround · 20/04/2023 10:55

TheChoiceIsYours · 20/04/2023 10:40

An agent can’t turn down an offer on the seller’s behalf - they are obliged to put forward all offers. And the FTB is the only real offer, the others are basically imaginary at this point.

Show quote history

Sure but if the OP says we want FAP, the agent can tell the FTB that two other offers have come in higher than theirs, but involved in chains. The seller isn't in a huge hurry but if they want to secure the house, offering FAP would do it.

Caterina99 · 20/04/2023 11:10

I’d wait til the other viewings this weekend, although tell them in advance that there are offers at the guide price on the table. If they don’t yield a good outcome I’d try to get the FTB up to the guide price, but basically take their offer whether they up it a bit or hold out on the current one.

in my opinion 5k isn’t worth the hassle of chains and losing a house you love, and so if you think their offer is serious and they are in a position to proceed quickly then you should take it

ChateauMargaux · 20/04/2023 11:19

FTB sounds great, especially if it gives you leverage on a house you want to buy. £5k is not huge either way. If you can put an 'offer accepted, short chain' offer on a house you love thos weekend, moving quickly without stress is easily worth £5k.

You could ask them to increase their offer but if they already have increased twice.. this might be too far for them.

Make it clear to the viewers this weekend that you have offers including an above guide price and a proceedable offer, on the table and would appreciate offers on Monday so you can review.

You might be in a positon to offer on Monday as well leaving you a little time on both sides to firm up.. done and dusted by Friday! (If only things were that simple!!!)

turtlemurtle1982 · 20/04/2023 11:29

What type of house do you have- age/ condition etc? Twice I've gone agreed sale with FTB (in 2 different houses- should've learnt lesson first time) and both times they pulled out, once due to a 'normal' survey and they wanted loads of, second due to a covenant in the deeds (pretty standard). Both times they were over cautious. I'd be wary of a FTB again.

mondaytosunday · 20/04/2023 11:29

Have the FTB said they've gone as high as they are willing? They knew your guide price do must have expected they may have to go that high. The other offers are not worth considering but they are still offers, snd can be used as a bargaining chip.
I'd tell ftb that you are going to wait til after the viewings this weekend, and if the agent had done his/her job they must know it is a very desirable property and they may up there offer if you cancel the next viewings. But depending on your price (how significant I'd £5k in relation to it), you may well consider accepting it on Monday.

Nousernamesleftatall · 20/04/2023 11:33

You only have one offer really. The others are not in a position to proceed. Wait the weekend and then accept the FTB offer if you don’t receive any more.

TheYearOfSmallThings · 20/04/2023 11:33

I would go with the FTB too. £5k isn't much, they will feel pleased that they got it a little under the asking price, and you can move forward without delay. Everyone's a winner.

Bimbom · 20/04/2023 11:46

turtlemurtle1982 · 20/04/2023 11:29

It's so frustrating that people are wary of FTBs. We bought our first house last year but had started viewing houses a year prior to that. We lost out on 5 houses at best and final despite offering either the asking price or slightly over, and attaching our DIP and proof of deposit each time. Each time we were told that it hadn't come down to the offer, but that the winning buyer was "in a different position" which I suspect were BTL landlords.

When we did finally get an offer accepted we were on the ball with everything immediately and we completed in 8 weeks. We had a full survey done and we weren't spooked by it.

Only 1 of the 5 houses we lost had its sale go through - the other 4 came back on the market. I couldn't help thinking that they'd made a mistake, if they'd chosen us they would have already sold.

OP if you get another similar offer from the other FTBs I would see which ones seem most on the ball with getting their finances over to the agent and go with those.

Lastnamedidntstick · 20/04/2023 11:53

I’d consider individually.

we went for a house pre pandemic, offered £10k higher than the other buyer.

they had an offer on their house, ours wasn’t on the market. We did try to explain that we were confident our house would sell quickly, based on area, other sales, turnover in the local area etc.

they went with the other buyer.

we put ours on the market, sold within the week and exchanged 12 weeks later. Had to stay with family while we found another house.

even so, we were moved in and settled, the other house didn’t complete until a couple of months after that.

GOW56 · 20/04/2023 12:00

I think you need to see what the other offer is.
At face value the FTB sounds good but in my experience some ftb lower their offer at the last minute . After seeing the survey which brings up things only to be expected in any house of age. Even in this climate some houses are very easy to sell so how confident are you that the potential buyers can sell quickly and how confident that the FTB are above board and can afford what they say they can. This is where your estate agents should be able to help you.

Original poster

Movinghousehelp · 20/04/2023 12:48

Thanks all, lots of good advice here and definite food for thought.

The house is only 7 years old, was well built and we’ve maintained it well, so there really shouldn’t be any surprises at survey stage. If anyone tries to pull anything funny at that point we’d have none of it.

I’d rather not share a link but it’s a lovely family detached house in Yorkshire, in a large village/small town which is considered “up and coming”. Whilst it’s new it has more character than your average new build and loads of space and storage. Not much is on the market around here and we are near good schools and transport links so attracting young families.

We have said to the agent we want to go with the FTB but won’t take off the market or stop viewings until they’ve seen mortgage in principle etc.

We haven’t heard from the other FTB yet but a cash buyer is coming for a second viewing at the weekend so now we’re even more confused. Either way we are fortunate to “have our pick” and we know that for us position is the most important thing. It will really help us when we go to make offers when looking for our onward purchase

OP posts:

MinnieBannister · 20/04/2023 12:54

We've bought and sold several houses in our time. Why do people make offers on houses that they're not in a position to proceed with? It's absolutely meaningless as far as I can see or am I missing something?

instantpotnoodle · 21/04/2023 14:54

You only have one proceedable offer. So go with that or keep on going with viewings.

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