Offer after accepting - don't know what to do

[Qual]

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?

It's too easy to get emotionally involved with buyers. We had a couple of utter barstewards try and buy our first house, they wouldn't offer what the property was worth and came in really low. They buggered about a bit and raised their offer bit by bit. We 'hated' them! Lol. JIT an asking price offer came in from a couple who took me down the local pub to discuss their offer. We 'loved' them!
It's a business transaction, keep that in mind and be as ethical as you would wish to be. I'd apologise to the first offer and take the second offer - after all it also sounds that they are emotionally 'involved' in your property.
All just my opinion obvs. I enjoyed my drink with our buyers. :) and we still chuckle about the 'barstewards' that loved our property but wouldn't pay up for it, they were very upset when they found that we were selling to someone else.

This is how I would feel and offer £200 or something towards any lost search fees to original buyer although unlikely they've got that far

Have these cash buyers already sold their own property and have the cash in their pocket? This is what you need to ask the agents to clarify.

Go to the very bottom of the chain and look at the situation for each and every property. Is it actually sold or is it under offer. Have the finances been checked for each purchaser? Have any progressed to survey/mortgage valuation. If not, why not? How long is it taking to get the basic conveyancing process started?

These are all the things that will cause a chain to break down.

Get your agent to do the necessary checks. This is what you pay them for.

If the chain is simpler for the lower offer, I would stick with the lower offer.

The cash buyers are currently in rented, after selling thier house. Thier initial house fell through (buyers pulled out) so they moved into rented, while they looked. The other estate have checked finances so they told our agent.

8 years ago my parents were in this position. They stuck to the first buyers as he felt it was the moral thing to do. They were a NIGHTMARE. Lots of hold ups.
It was so stressful for mum and dad and as their daughter I really hated seeing them so stressed out all the time. The buyers suddenly said they wanted money off just before exchange. The estate agent made it very clear that would not be happening, they either exchanged at the agreed price or we called the other buyers up (who’d offered more in the first place). It turns out they didn’t know mum and dad had turned down a higher offer. They exchanged the next day. 8 years later I’m sure they wish they’d taken the higher offer. It’s a business transaction.

Then I think you should go for it. As a PP said, it’s business, and it seems 8k would go far for you.

I would perhaps stipulate that no negotiations on the offer will be entertained at a later date unless the survey throws a curveball.

If the new buyer's buyer is still looking at other houses then they aren't that committed to buying their house are they? Id stick with the buyer you have.

Yeah, this is my worry, I don't know if I should ask our EA to do further checks on them, where they are in the process.

The money would really help us. But my DS starts school in Sep so we are on a time schedule.

Honestly, your DS needs to be in school, your buyer’s DC need a lovely home after their parents have got divorced…there are ways to feel richer that don’t involve money, and this is one of them 💜

I'm confused by these statements:

The cash buyers are currently in rented, after selling thier house.

and

So the people who have offered the higher offer, have cash buyers for thier house who are downsizing .

Have they sold their house or not. As in completed sale, cash in the bank?

Lend us £1000.
You don't know how any offer will progress. But to say things like 'there are ways to 'feel' richer' is nonsense. £8k is a lot of money to most people on here, to suggest the OP ignores that for a feel good factor is silly at best.

No. Thier buyers are cash buyers with no chain. So the chain is small. They are morgatge buyers.

I’m a single mum earning just over minimum wage…don’t for a minute think I’m suggesting the OP ignores £8k… I simply meant that there is a moral AND financial aspect to her decision and she’d do right to consider both, particularly as her house move is about her DS’ wellbeing, as her buyer’s move is about her kids.

I hear what you're saying. But as has been stated and implied no-one actually knows how an offer will go through. Saying you're emotionally invested in one offer over another isn't very atute. How much wellbeing will £8k buy?

Thier buyers are cash buyers with no chain. So the chain is small. They are morgatge buyers.

Ok so the bottom of the chain is cash buyers with no property to sell. They are buying from the people who have made the higher offer on your property.

In that case, I'd go with them if they have mortgage in principle agreed.

I've been thinking about it all night 😂. I think I'm going to ask the EA to double check the higher offers situation. I've looked at our finances and the higher offer puts us in a much better position after stamp duty, deposit, fees etc. With the current offer we will be down.

I might ask if the current offer can meet in the middle.

I would stick with the original offer as agreed.

Just a quick update we stuck with the original offer the children had picked thier bedrooms and I just couldn't bring myself to take the higher offer. I know they will just love the house as it is. Less money but no guilt!

Yeah, if the children had picked their bedrooms I’d have done exactly the same!

Well done @Qual , integrity seems to be old-fashioned these days, but it's the right thing to have done. I hope it all goes smoothly for you and you love your new home.

We stuck with our first buyers. Then they dropped out. Nice reward for doing the right thing. Meanwhile of course the second lot had completed on somewhere else because they were serious buyers.

The agent has to pass on offers. Not sure why you think you don't like EA who don't pass on offers! Should be the other way around ...

I think on balance you have made the right decision, as offer 2 did not seem committed to the purchase, if they were still viewing other properties. You may have found that they would have dropped the price close to exchange or after survey. Good luck with your move I hope it goes smoothly for you.