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Original poster

Accept lower chain free offer or asking price but house not yet had an offer?

28 replies

Pitstop1986 · 10/08/2023 18:23

I suppose that there's worse situations to be in, but I'm after a little advice on what everyone would do...

I've had quite a few viewings on my house recently. It's on the market for 259,950.

I had 3 offers, one for 240 and two for 250, one from someone who hadn't yet put their house on the market and another which was from a chain free buyer (had previously rented) with a mortgage in place.i accepted this offer at the end of last week.

I have since had an offer of full asking price from the couple who hadn't yet put their house on the market. Their house is now on the market and they have an open house on Monday. Obviously they're in a chain

Would you carry on with the offer of 250,000 knowing that they were not in a chain and the sale was free to go straight ahead, or would you consider taking the extra £9,950 knowing that there will be a few hold ups along the way?

It's a lot of money, but with the market being unstable, there's a few risks and delays with the higher offer.

OP posts:
IRecogniseTheLocationInThePicture · 10/08/2023 18:26

Chain free.
They could spend ages finding a buyer, stuff is sitting on the market and slowly being reduced around here, and they are cheap to being with.

Burntopan · 10/08/2023 18:33

Chain free, we accepted an offer and two days later they lost their buyer…currently in limbo. Depends if the certainty is worth ten grand to you or not.

Twiglets1 · 10/08/2023 18:36

I would stick with the current offer you have. They sound realistic and well prepared.
The other potential Buyer is being unrealistic and unprepared by offering on a house when they haven’t even got a Buyer yet. It’s a tough market so I would not risk annoying your current Buyer by being less than 100% committed.

PermanentTemporary · 10/08/2023 18:39

Personally I would take the chain free offer but we've just lost 2 months on a buyer who has pulled out so am feeling a bit bruised!

Trees6 · 10/08/2023 18:42

It’s hard to say without knowing the people (which you obviously don’t). My parents sold to a chain free young couple who changed their minds after six weeks with no qualms, just a “soz we’re pulling out of the purchase”. My parents were not chain free when they offered on the bungalow they bought, but they were committed and reliable. I know other people who have had to withdraw from properties due to illness or redundancy. I know a divorcing couple who reconciled and stayed put, disappointing their buyer and the two sellers they’d offered to buy flats from. It’s a bit of a lucky dip.

What is the agent’s instinct?

Tryingtomoveisdrivingmecrazy · 10/08/2023 18:47

Definitely stick with the chain free offer.
Whilst there are no guarantees with any sale, there are far more likely to be hiccups along the way with a chain. You don’t want to find yourself without a buyer several months down the line when prices have potentially fallen lower - you may end up getting less than your current chain free offer.

Original poster
Pitstop1986 · 10/08/2023 18:49

@Trees6 the agent seems keen that I stay with the chain free offer, however, he has been very excited on their behalf from the start and I have a feeling that he knows them.

My gut is telling me to stick with the chain free offer despite this. DH is at work and won't be able to discuss with him until he finishes, so I'm here just stuck with my own thoughts!

OP posts:
TheYear2000 · 10/08/2023 18:50

The ones who aren't under offer yet aren't proceedable yet- their offer is meaningless. They won't know yet that they will get what they want for their current property! Stick with the buyer you've accepted and get your house sold!

Saschka · 10/08/2023 18:51

I’m amazed your estate agent is letting people view who aren’t proceedable.

What if the other buyer’s property sits on the market for six months, and then they decide to stay put? You’d be mad to turn down a chain-free offer for somebody who hasn’t even got an offer yet.

Twiglets1 · 10/08/2023 18:52

Pitstop1986 · 10/08/2023 18:49

@Trees6 the agent seems keen that I stay with the chain free offer, however, he has been very excited on their behalf from the start and I have a feeling that he knows them.

My gut is telling me to stick with the chain free offer despite this. DH is at work and won't be able to discuss with him until he finishes, so I'm here just stuck with my own thoughts!

Well you don’t need to make a decision right now. You will need to discuss it with your husband.
But I would guess your EA is excited not because he knows them but because your potential buyers are chain free and have offered close to the asking price so he is anticipating this Sale having a good chance of getting to Completion when EA gets paid.

overitunderit · 10/08/2023 18:54

100000% the one that's actually proceedable. I'm actually surprised the other couple are even putting in offers when they can't proceed until they have an offer on theirs.

XVGN · 10/08/2023 19:07

Chain free all the way, so long as your EA has validated their cash status or MIP.

isthesolution · 10/08/2023 19:34

Chain free for sure!!

Winter2020 · 10/08/2023 20:00

Any delays and your buyer (any buyer) will probably want to re-negotiate the price as the market has fallen and other similar properties are coming on the market cheaper. The chain free buyer gives you the best chance of getting it sold quickly.

FawnDrench · 10/08/2023 20:01

Another vote for the chain-free buyer ready to go.
Otherwise you won't be in by Xmas!

Giantwindows · 10/08/2023 20:07

Chain free! I wouldn’t want anything else in such an unsettled market - you want as few people in the chain as possible at the best of times, but even more so when there is uncertainty amongst buyers and sellers at the moment. The more people involved, the more likely someone pulls out at any stage or tries to renegotiate or whatever.

We accepted an over £15k lower than another offer as they were chain free and we were so keen to keep a short chain. It really paid off as our onward purchase was chain free too, so the whole thing was done in 3 months. A friend’s chain of seven has collapsed a few times in the same time frame.

TakenRoot · 10/08/2023 21:35

Chain free.
What if the others don't get a buyer after the open house? What if it takes them 3 months? What if they do get an offer but it is significantly below asking price and they therefore have to reduce their offer to you?

It's a pity they aren't doing Open House on Saturday and you could tell your potential buyers you will make a decision Monday morning.

Blibbleflibble · 10/08/2023 22:15

Chain free, the other people may drop their price anyway if they get offered £10k less for their house then they thought it was worth or the market tumbles in the meantime. Trust me chains are a massive arseache, bottom of our chain crumbled back in Feb and we're still on the market.

Bird in the hand and all that.

Furries · 11/08/2023 01:11

Chain free, but with a caveat that you and your husband decide upon between you. Decide if you’re prepared to walk away if the chain-free people pull a “drop the offer by x%” move the day before exchange.

It’s been known to happen as they know they’re in a pretty good bargaining position. So, make sure you decide before hand if you’re ok with this and, if so, how much of a drop you’re prepared to accept before telling them to jog on.

BungleandGeorge · 11/08/2023 01:48

You e already accepted an offer, for me that would be the end. Even if you’re willing to gazump I think you’d be a fool to do it for an offer made by someone who is not proceedable

AshRJ · 11/08/2023 02:44

Go chain free as quite frankly as I’ve learnt nothing is for sure until you actually complete.

The other couple if they happen to sell quick may come back and you may have more of a feeling as to whether chain free is going to pull out or not.. if the latter then you can accept their offer.

Tell the EA to tell them to come back when they have sold it (ie. Got a solid offer and are proceeding), that way you’ve got a fall back plan if the chain free suddenly pulls out.

MinPinSins · 11/08/2023 06:05

Chain free definitely. I wouldn't even view the other one as an offer, realistically it's just someone saying they like the look of your house. It's such a difficult market, they might struggle to sell/have much lower offers than expected. Their offer is meaningless.

Mummumgem · 11/08/2023 06:12

Have you found your new home, and is it doable at the lower price ? If it’s all a yes then go with chainfree, but if taking the lower price really impacts what you can buy I would seriously rethink. My estate agent told me not to rush my decision nothings been signed go out there find your new home and go from there.

XVGN · 11/08/2023 07:53

I was listening to the weekly Estate Agents' stats show and they were talking about something I had not come across before. It's probably been a thing for a while but I never noticed.

Apparently some Estate Agents outsource the "sales progression" process (i.e. getting the sale to exchange/completion after the initial offer is accepted) to a third party. And that this can massively shorten the time taken. If this is true then it may be worth checking whether the EA you use does this.

Original poster
Pitstop1986 · 11/08/2023 08:05

Thanks for all your input. We are sticking with the lower chain free offer. My initial thought was to stay with the original offer and DH agrees.

Tbh we were happy with the offer of 250,000 when it was made and are still happy to go ahead at this price. An extra £10,000 would have been nice (when wouldn't an extra bit of cash be nice?!) but in this unstable market I think I'd rather go chain free and a quicker sale.

Have just spoken to EA and told him our decision.

OP posts:
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