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Original poster

Looking at new houses when already had offer accepted on a property

23 replies

EluneBePraised · 11/05/2023 07:08

In the last few months we have had an offer accepted on a property that meets our needs (level access, drive, extension to made a third bedroom and second bathroom), plus we have accepted an offer on our own place, so far so good.

However, due to a shortage of chain free buyers atm we are now in a chain of five people, the person at the bottom has still to sell their place and is only allowing viewings to chain free buyers. The person at the top has lost their patience and has demanded that our vendor (the buyers of their property) remarket as the process has gone on too long for them. Our vendors didn't want to remarket but felt presured into it so caved.

They have now been on the market for a couple of weeks with no interest, we were advised by our EA that they struggled for interest the first time round, before we bought, due to issues in the property that were putting people off.

A house we like the look of has come onto the market (being marketed by the same EA as the people at the top of the chain!), so we went ahead and booked a viewing for the weekend. It's smaller, cheaper, no extension but has a good portion of land to build our own in time. Still level access with a drive, which is great. However I'm feeling guilty about this, I still really like the original house we offered on and our offer is still on the table for that one. DH thinks we can't sit about waiting for other people to decide our future when it comes to our new house, but it doesn't stop me from feeling bad. Am I stupid to feel like this?

OP posts:
Desperatelyseekingcommonsense · 11/05/2023 07:18

You are being emotionally led instead of thinking things through. If they got a decent offer they’d drop you.

Original poster
EluneBePraised · 11/05/2023 07:25

I know you're right, plus your username is apt for this scenario! I guess I'm also worrying that we offer on second property, it's accepted then one day later the person at the bottom finds a chain free buyer 😬

OP posts:
TheNecessaryWoman · 11/05/2023 07:28

Your husband is right. Your vendor has put their interests first and is actively marketing their property. You should put your interests first too.

midgemadgemodge · 11/05/2023 07:37

I would look at remarketting your house not or as well as searching for another

Original poster
EluneBePraised · 11/05/2023 07:41

midgemadgemodge if only it were that easy. We first marketed back in July and had 31 viewers before getting the offer from our buyer and she's very keen to hold on to our property. I just don't think I could deal with the stress of it all again tbh

OP posts:
Moopyhereagain · 11/05/2023 07:45

You and your buyer both need to re market too. Chain sounds highly likely to collapse. It’s a massive pain having viewings I know but sounds like that’s where you are at. Agree with pp- being emotionally led.

SpecialControlGroup · 11/05/2023 07:50

Why are you feeling guilty? If they get a new buyer they'll most likely drop you without hesitation, so they should accept that by going back on the market that you would also start looking

Original poster
EluneBePraised · 11/05/2023 07:56

We've pretty much agreed that if we lose our buyer, we will come off the market and try again next year. I'm just done with it tbh

OP posts:
TammyJones · 11/05/2023 09:02

This is why when selling your house you only accept offers from a buyer able to proceed
That is sold subject to contract or cash buyer.
The property at the bottom of the chain when never sell.
I'm surprised this has happened
Get your house back in the market asap and find a buyer who is able to proceed.
At the moment no one is going anywhere.

Allthegoodnamesarechosen · 11/05/2023 09:10

Until you have exchanged contracts , there is no ‘deal’. People like to whinge about breaking your word, but until a deal is progressable, it isn’t a deal, just an expression of wishes.

By all means , put in an offer on the second house. If it’s accepted , you like it as much, and the whole process seems more likely to go ahead, that’s the one to go for.

Original poster
EluneBePraised · 11/05/2023 09:31

TammyJones · 11/05/2023 09:02

This is why when selling your house you only accept offers from a buyer able to proceed
That is sold subject to contract or cash buyer.
The property at the bottom of the chain when never sell.
I'm surprised this has happened
Get your house back in the market asap and find a buyer who is able to proceed.
At the moment no one is going anywhere.

That's certainly the case in England, but here in Scotland a lot of offers are accepted when people still have somewhere to sell. The person currently at the bottom of the chain is doing their best to secure a chain free buyer as they understand the pressure is on.

OP posts:
dinmin · 11/05/2023 09:37

If the problem is at the bottom of the chain, and your worry isn’t that your seller will find another buyer, then I don’t really understand how you switching to buy a different property will help anything? Your buyer remains the same and therefore the chain below you does too… the person who’s selling to the person currently at the bottom needs to find a new buyer who’s more proceedable and the person above that needs to pressure them to do so!

WeWereInParis · 11/05/2023 09:39

We did this and ended up switching houses. To be fair, the chain had fallen through on our original house, and I was pregnant and we didn't want to wait. Plus our buyer was getting impatient.

Original poster
EluneBePraised · 11/05/2023 09:54

dinmin · 11/05/2023 09:37

If the problem is at the bottom of the chain, and your worry isn’t that your seller will find another buyer, then I don’t really understand how you switching to buy a different property will help anything? Your buyer remains the same and therefore the chain below you does too… the person who’s selling to the person currently at the bottom needs to find a new buyer who’s more proceedable and the person above that needs to pressure them to do so!

I'm definitely worried about our seller finding a new buyer, the house meets our needs as soon as we move into it. I know they had a lot of people put off initially by certain factors before we offered, but I'm sure given enough time they will get another offer.

I suppose by offering on a new property which has just come on the market then its someone who is new to the process, as opposed to the people at the top currently, who have been sat there since June last year waiting to sell.

OP posts:
TammyJones · 11/05/2023 09:57

@EluneBePraised

That's certainly the case in England, but here in Scotland a lot of offers are accepted when people still have somewhere to sell. The person currently at the bottom of the chain is doing their best to secure a chain free buyer as they understand the pressure is on.
^^^^
I see.
But surely , as I understand it, when the bids are submitted the seller has a choice which one to accept.
Not necessarily the highest and at this point only accept bids that are able to proceed?

Original poster
EluneBePraised · 11/05/2023 10:08

I've just taken a call from my EA who has received a message from my buyer to say they're pulling out ☹️ they have apparently had a health scare so are staying put. EA is asking me what I want to do. If we do remarket then it'll be chsin free viewers getting over the threshold only. Don't know if I should hold off until next year when my earnings have gone up, but I feel put off waiting as I have Dd and DS sharing a bedroom ☹️

OP posts:
Original poster
EluneBePraised · 11/05/2023 10:20

Ps this is the third buyer we have lost so not our first rodeo by any means

OP posts:
TammyJones · 11/05/2023 10:27

It may seem grim at the moment but this probably a blessing
At least you know where you stand.
I say go for it.
We were in a chain of 9
Empty house at top, our new house, us third in the chain.
From start finish to took 8 weeks - because everyone was a serious buyer and SSTC - apart from the first timer buyer at bottom.

TammyJones · 11/05/2023 10:32

What happened with the other buyers ?

Original poster
EluneBePraised · 11/05/2023 10:48

First ones couldn't get a mortgage as it was just after the whole Trussterfuck incident, second was a BTL who did their sums on work they wanted done after offering 🙄

OP posts:
midgemadgemodge · 11/05/2023 12:41

Can the whole chain afford price drops as it sounds like the bottom is overpriced

Original poster
EluneBePraised · 11/05/2023 13:37

midgemadgemodge unfortunately the chain has collapsed as our buyer has pulled out (see post above). We have already dropped our price twice and the person at the top of the original chain will defintely not reduce, they did not remarket themselves as apparently they got a good offer from our vendor and were told they wouldn't get that kind of offer again if they remarketed so they pretty much expected other people in the chain to go back to market

OP posts:
Leftoverssandwich · 11/05/2023 17:27

Well, they will have to take what they get if they want that offer.

I’d remarket and see what happens. Your seller has nothing better on the table right now so there’s a chance you’ll find a new buyer in time to keep the current house if you want it. You’ve got nothing to lose by testing the market.

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