Making an offer on a house already under offer

[bettyboo4]

We’re first time buyers with no chain and viewed a house in last year that is our dream house but because of my fiancés work and family/life issues we had to hold off the buying process for a few months.

The house had been on the market for over 5 months before going under offer 2 weeks ago. Shoot me but we called yesterday to put in an offer for the full asking price, cheeky I know and I do feel bad but alls fair in love and property until contracts are exchanged any why shoulder the owner get the best possible price for their property. Not something I would have done on just any house but for us personally this house ticks every single box and more and I genuinely know if we don’t get it we won’t get close to this again.

The house price is higher than most in the area because of the street it’s on and has less/ smaller rooms than other houses that are cheaper in the area (but perfect for us). I assume that’s why it was so hard for them to sell given the price. The owner told us they had an offer on the table for 10k under the asking price and given it was on the market for so long I assume (only assume but they might be wrong) they’ve had to accept a lower offer.

The estate agent sounded shocked and said this doesn’t usually happen but also sounded surprised we was putting in an offer for the full asking price. What’s the likelihood they will accept given we have no chain and potentially a higher offer? Waiting for a call back from the estate agents today after them putting our offer to the owner 😬🤞🏼

Please excuse my multiple typos 😂 haven’t had my morning coffee yet

No one can know what is going through the vendors heads regards your offer.. it depends if their current buyers are in a chain or not. Also if their current buyers are cash buyers and you need a mortgage they might stick with current buyers. Too many variables.

It's a feature of our buying process - no one is locked in until exchange of contracts, everyone is free to change their minds. And the agent is legally obliged to put your offer forward. What you don't want is a bidding war - they up their original offer in response to yours, you go over again etc. It happened to me when I put an asking price offer in- someone offered more. I walked away!

It’s a bit unusual but all you can do is explain your circumstances and leave it to vendors. Many sales fall though anyway so it can be framed in those terms. ‘If this sale falls through we would like to give the full asking price and we are very confident the sale will proceed because of x and y’.
I turned down a higher offer in these circumstances as I was unsure about the new buyer’s position and not as confident as I was with my current buyers. I wouldn’t have entertained an offer after they had committed money to their purchase either as that’s just not cool.

Probably unlikely to have been accepted if the house sale is progressing nicely so I wouldn’t hold your breath.

But at least the sellers now know they have a plan B if the buyers start mucking them about.

Do you need a mortgage? If its overpriced as you say would the mortgage company valuation support your offer?

Having recently gone through buy and sell process myself, had someone come along and offered more than my buyer I wouldn't have accepted. 2 weeks down the line we had started conveyancing and searches were requested so we were well on our way and all in we were done in 8 weeks so personally I wouldn't have accepted.
However do I think the person I bought off of wouldn't have bitten off someone's hand for more money...no. so depends on the individual

As PP said it depends on the individual. I wouldn't personally accept your offer as gazumping doesn't fit with my morals. I would also see you as mercenary and so wouldn't want to deal with you.

Thank you all. Well they have accepted 🙌🏼so obviously had accepted an offer well under asking price and wasn’t very far in the process. @Berga fair enough. Luckily the owner doesn’t feel that way and we wasn’t buying from you 😅

Might start a bidding war now but hopefully not.

and I do feel bad but alls fair in love and property until contracts are exchanged

Yeah, you won't feel the same if something like this happens to your purchase though 😂😂

Fair enough, always good when like-minded people find each other! May you have the house buying experience you deserve!

How long ago did you view it? You may view it again and not feel the same. To jump in with a higher offer looks like an impulsive decision.

I think it’s a dick move. I’d not have accepted your offer as someone who would do that is likely to be a pain in the arse during the process and possible do the other dick move of reducing just before exchange.

if someone shows you they are an arse, expect them to behave like an arse

i wonder if you’d be happy if this was done to you, or if your sellers demand more at the last minute. I predict you’d be furious

Perfect 😀

@Berga Do you feel as much distain for strangers on the internet who choose to pull out of a house purchase? Many do even at late stages. What’s the difference? @SoupDragon We’ve only offered them a fair price for their house. Maybe they should have done the same

Usually the vendor agreed to take a house off the market once they have agreed to sell. So it’s just untrustworthy. I’d wait to be shafted by the vendors over something!

I forgot why I don’t frequent here much 😂 remembered now.

Yep, very shitty move on the OPs part.
The purchasers would have been excitedly planning their future in that house after their offer was accepted.
Let’s hope karma bites the OP in the bum.

I used to have "morals" when buying and selling houses, then, sadly, twice I've been in a situation where I've been desperate to sell my house, once due to financial problems and once due to serious ill health. Both times I've been messed about by buyers, aware I was desperate to sell, picking on everything and making offers that were almost an insult. I ended up losing much needed money on two beloved houses and I'd have given anything for someone like you to swoop in offering more money, someone who genuinely seemed to love the house and wasn't messing me around. Glad to hear you got the offer accepted. If the other potential buyers still want it then they'll have to offer more and if that starts a bidding war then that's great for the sellers.

This.

It's also my worst fear as a buyer as I'm disabled and it's rare I find a house that can meet my access needs or that can be adapted so it would leave me heartbroken and with a logistical nightmare to start all over again.

If I, as a buyer, was gazumped, I'd immediately counter offer too.

We’ve only offered them a fair price for their house. Maybe they should have done the same

That's not now offers work.

The buyers made an offer.

The vendors accepted it, so they felt it was fair.

If the vendor had turned the offer down, the buyers might have offered more. But the vendor didn't turn them down.

My most recent home purchase, my first offer was accepted. I was surprised as had been prepared to go up to 10% higher. It did mean I had room for prospective gazumpers though.

I’d be wary of both sides flaking down the line.

I wouldn’t trust the buyer or seller in this situation. Shady behaviour on both parts. Our house buying system needs to be amended. Open to all sorts of piss taking.

Massive dick move. This happened to us and we lost so much money in conveyancing costs. Utterly horrible in a stressful time already. Now we are having to start the whole process again. Like someone else said, let’s hope you have the buying experience you all deserve