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Original poster

Offer after accepting - don't know what to do

48 replies

Qual · 05/06/2024 15:24

We had an offer on our house last week. EA have just called to say someone that viewed last week has had an offer on thier house and have offered 8k more on our house than our buyer.

I have no idea what to do. My DP wants to take the higher offer but I feel morally wrong (but we could really do with the money).

Shall I ask the EA to call our buyer and see if she can go up a bit?

The new offers buyers are cash buyers, but they are also looking at another house tonight that's up with our EA.

What would you do?

OP posts:
DoublePeonies · 05/06/2024 15:33

The new buyers aren't cash buyers if they needed their house to sell. Cashbuyers means all money in bank right now.

blackcherryconserve · 05/06/2024 15:35

Has the first viewer sold their property? If not I would go with the second buyer who is in a position to move. Also had estate agent confirmed they are cash buyers through bank statements etc?

Mindymomo · 05/06/2024 15:39

Personally I would stick to your original buyer. I don’t like EA who say this, it might be a genuine offer, but then again it might not be. Also not fair to go back to original buyer, to ask for more, if you did that to me, I’m afraid I would tell you to do one.

Mildura · 05/06/2024 15:39

blackcherryconserve · 05/06/2024 15:35

Has the first viewer sold their property? If not I would go with the second buyer who is in a position to move. Also had estate agent confirmed they are cash buyers through bank statements etc?

As the above poster highlights, they're not cash buyers if they've just had an offer on their existing property, which implies they need the funds from that sale in order to buy the OPs house.

Original poster
Qual · 05/06/2024 15:45

Sorry I don't mean they are cash buyers. I meant the people buying thier house are cash buyers so not much of a chain

OP posts:
Ariela · 05/06/2024 15:46

They MIGHT be cash buyers, in that they have the cash in the bank for yours BUT they need to find somewhere relatively quickly or they'll be homeless/stalling their buyers. Our neighbours were in this situation - had cash in bank for the house next door, so technically didn't need to sell, but given they had buyers on their old house which they didn't want and was more troublesome to shift (wrong school catchment) they needed to get in somewhere soonish or they'd be homeless / in the wrong area.

edited to add just seen your last post so ignore above.

Personally as it is only a week later so your old buyers have not yet incurred much if any costs with regard solicitors and no survey yet etc, I'd go for the £8k extra and short chain.

WallaceinAnderland · 05/06/2024 15:46

Look at the chain and go with whichever seems most likely to proceed to completion.

sbplanet · 05/06/2024 15:50

@Qual I'd ask the EA for their advice on how to proceed. As you say £8k is a large amount to turn down. When did the 2nd offer people view the property?

Original poster
Qual · 05/06/2024 15:55

The 2nd people actually viewed the same day, but thier house hadn't sold. I know the 2nd people want it as my neighbour knows them, and they called him to say they were gutted when it sold.

I only instructed our solicitors yesterday. We got the first offer last week.

OP posts:
LindaDawn · 05/06/2024 15:59

Qual · 05/06/2024 15:45

Sorry I don't mean they are cash buyers. I meant the people buying thier house are cash buyers so not much of a chain

Or are the 1st time buyers, thereby needing a mortgage?

Original poster
Qual · 05/06/2024 16:02

So the people who have offered the higher offer, have cash buyers for thier house who are downsizing . So it's a smaller chain.

OP posts:
Gavisgone · 05/06/2024 16:04

My experience is that ‘cash buyers’ usually turn out to have something to sell or need a mortgage! Take it with a punch of salt. I think it depends if you need the £8k really. If you decide to take it then as you only accepted the first offer last week your current buyers won’t be losing out on an awful lot financially as their so new into the process. But morally it’s possibly not the right thing to do.

sbplanet · 05/06/2024 16:06

Qual · 05/06/2024 15:55

The 2nd people actually viewed the same day, but thier house hadn't sold. I know the 2nd people want it as my neighbour knows them, and they called him to say they were gutted when it sold.

I only instructed our solicitors yesterday. We got the first offer last week.

Not that these things are guarenteed but the info from your neighbours it gives you some confidence that they've not just offered more and will later change their mind.
I guess maybe all you can do is allow the first offerer to match the 2nd offer? It's difficult because I'd be gutted if it happened to us. But on the other hand maybe the first people won't mind that much, who knows.
Good luck with your decision.

ScoobyDoesnt · 05/06/2024 16:09

Difficult one, but what is £8k in the context of the sale price? £8k on a £1m house is very different to on a £200k house?

I’d probably be with you though and say first offer stands, it’s a moral thing!

Livinghappy · 05/06/2024 16:10

How much is 8k % wise? It is however a large amount to turn down. I think you need to get the ea to talk to the original buyers and explain.

KievLoverTwo · 05/06/2024 16:13

The new offers buyers are cash buyers, but they are also looking at another house tonight that's up with our EA.

Why offer if you're still viewing? That's blinkin' odd behaviour and I'd want an explanation.

Sorry, I wouldn't take the risk. Even if they do turn out to be actual cash buyers, the risk of them gazundering the day before exchange would be too much for to worry about, and I wouldn't do it for 8k.

Shall I ask the EA to call our buyer and see if she can go up a bit?

I mean you can, but the chances are that the buyer will struggle to believe her because EAs play games exactly like this. Then your buyer might lose a bit of trust.

Depends on what your priorities are really: stability and a smooth sale, or risk and more money.

KievLoverTwo · 05/06/2024 16:14

Qual · 05/06/2024 16:02

So the people who have offered the higher offer, have cash buyers for thier house who are downsizing . So it's a smaller chain.

Yeah.... I'd be asking the EA to vet that information and see it with their own eyes.

But then I'm old and very cynical.

Mildura · 05/06/2024 16:15

I mean you can, but the chances are that the buyer will struggle to believe her because EAs play games exactly like this

I think it's incredibly unusual for an EA to invent a completion fictitious offer for a property after terms have been agreed. Very risky for almost no reward.

ChateauMargaux · 05/06/2024 16:21

If £8k is a lot of money to you... go for it.. all parties only viewed last week .. plus they know your neighbours.. nothing is zero risk at this stage in the proceedings.. but the promise of an additional £8k is significant.

KievLoverTwo · 05/06/2024 16:25

Mildura · 05/06/2024 16:15

I mean you can, but the chances are that the buyer will struggle to believe her because EAs play games exactly like this

I think it's incredibly unusual for an EA to invent a completion fictitious offer for a property after terms have been agreed. Very risky for almost no reward.

That's good to hear.

But I still wouldn't trust them.

/ cynical old fart

Mildura · 05/06/2024 16:30

KievLoverTwo · 05/06/2024 16:25

That's good to hear.

But I still wouldn't trust them.

/ cynical old fart

Show quote history

1st rule of property transactions: Trust nobody.

KievLoverTwo · 05/06/2024 16:36

Mildura · 05/06/2024 16:30

1st rule of property transactions: Trust nobody.

Show quote history

<3

my soulmate

fromtheshires · 05/06/2024 16:50

Do not ask your current buyer if they want to up their offer as you have had a higher offer. If you did that to me after you had accepted my offer, id tell you to fuck off and walk away. The estate agent would probably phrase it differently to that but that would be my reply. Then you risk losing both buyers if these people who put in the new offer like the other house more.

Ask the estate agent for the breakdown of each chain and the progress in each chain. What chain is stronger and less likely to collapse?

Ask the estate agent why if these new people have put in an offer are they still looking at houses. Will they continue to do so?

Remember some people put in higher offers and fuck you over to get chunks off towards the end. Was the price you sold for near the asking price or way under? If it was hugely under it could be worth a gamble but if it was around asking personally id honour the agreement in place.

Peach2022 · 05/06/2024 16:57

Any chance you could be honest with the buyer you have accepted the offer from and say you’ll meet them in the middle if there is any chance they can increase by £4k? I’m a very honest person so wouldn’t want to gazump them but I’m also skint and £8k is a lot of money…

Original poster
Qual · 05/06/2024 17:19

Peach2022 · 05/06/2024 16:57

Any chance you could be honest with the buyer you have accepted the offer from and say you’ll meet them in the middle if there is any chance they can increase by £4k? I’m a very honest person so wouldn’t want to gazump them but I’m also skint and £8k is a lot of money…

This is my ideal, but I asked the EA and they have said she is at her max - recently divorced Mum with 3 children our house is ideal for them four big bedrooms and a play room, which makes me feel even worse about it. Ideally I want the EA to say they've had a higher offer they really want it to go to you but can you meet in the middle.

The people that offered on ours aren't looking at any other houses thier buyers are (obviously they don't know) but the vieweing happened to be with our EA but I assume they already had it booked...

8k is a lot of money to us it almost covers our stamp duty, we bought four years ago and are moving to be closer to family. So haven't got lots of equity in it or I would just go with the lower offer.

OP posts: