FTB close to exchange but offered on another house

[iwasgonnasay]

We’re FTB close to exchange but a much better house in a preferable location opened up (more than ours by 25k)
We posted a letter through their door because their agent is our agent already and asked if they would accept the lower amount, of what we already have a solid mortgage offer for.

Anyone had an offer accepted when approaching directly?

We really need a deposit from the beginning of conveyancing bringing into sales negotiations in this country - so if either side pulls out after solicitors have started work they have to pay a fine to the other party.

Apart from the moral question, if this new house is such a bargain and a rare opportunity to the market, it could well be for good reason (usually is). Like it needs a shit ton of work doing, or much updating - new plumbing/central heating, rewiring, new kitchen/bathrooms…..none of these are cheap, and if you’re maxed out on your mortgage, then what?

have you even viewed the new house? There’s probably a reason why it’s a steal.

New house is same age as the one we live in now, 20+ years younger than the current.. sadly nowadays people just paint everything white and grey add a new carpet and add £40K to their asking
Whereas this is all original 80s decor which just puts people off around here, no want to DIY even when purely cosmetic

I also live in a very expensive area and the people who are set to buy a terraced house are certainly not also the people who can switch to buying a detached (with 50k off the asking price!) without a massive change of fortune. Like someone else said, if you are/were serious about this new house then you would have said you will pay full asking (or over as is likely to end up happening) in order to secure it for a true quick sell. Your low, underhand offer is unlikely have done you any favours. Presumably if it is so much cheaper then there will be a lot of interest from people who can pay more than you who are also currently proceedable. You are not because you are buying the other house and the EA is working for the sellers, not you so they may have advised a lower price to increase the chance of a bidding war, and I'd certainly not instruct the sellers to accept a your offer. EAs have a duty to put all offers through to clients but that said, there's no way you can have two "accepted" offers at one time in your situation when the EA knows you will only be buying one of them.

If you're confident in your actions then you didn't really need to make this post and I hope that when you sell, you realise what a stressful undertaking it is and you regret how you acted. It's not actually what you're doing which is most annoying, more how you are justifying the way you have chosen to do it.

The agents are legally obliged to put all offers forward.
It may not be a nice thing to do but it’s the way the system works in this country. I’ve been on all sides. I was gazumped a couple times, had a very dodgy estate agent show me a flat that was under offer but said the buyers were dragging their feet so if I could exchange in five days (this was possible back then, even with a survey and mortgage) it was mine. I did that only to be told the morning we were to exchange that they had just exchanged with the other party! I’ve also been lied to about a sellers willingness to move into rented; explicitly asking the agent before I booked a full survey, to then be told a few days later she wouldn’t move til she found a new place., so I lost that purchase. Plus two sellers pulling out days before exchange.
It’s a crap system but you aren’t doing anything ‘wrong’ in terms of the process.

Weirdly this is exactly what happened to us. Mind you we weren’t 4 months into buying another property.
We saw a house we liked and knew the owner was moving into a care home. We asked to see it if they were selling by popping a note in the door
The owners never saw the note ( we asked them but only when we saw them well after the sale ) so presumably the only ones with the keys ie the EA took it and didn’t pass it on

It needed a lot of work and went for a low price to another EA

Dodgy dealings

Agree
10% seems reasonable

Go for it.

Just don't be surprised if you end up without any house at all.

But you've got to put yourself first.

Out of interest why is it the seller's fault everything is taking so long? You as buyers are supposed to be doing all the groundwork etc?

At the end of the day we’ve asked a question. What happens / what we decide to do after or if it’s even answered is still yet to be seen. I don’t ask this light heartedly and am not a heartless person, and neither I’m sure are the people who “gazump” other buyers. I’ll never have the chance to be a FTB again with lower stamp duty and flexibility I have now etc. why would I not try and get the best possible outcome, even if it means having to back out of one now before we’ve signed? I haven’t had a house in my back pocket. I’ve 100% committed to this up until this point and then found out the house I originally wanted has come back to market before I’ve completed. Of course I’m going to ask. That was never the question I posted.

I do think it is the system's fault rather than OP. The sellers could do the same to her. It's a shit system and needs to change.

If you feel under pressure to move from the family you live with, how will they feel about having to put you up for at least another 4 months, if not longer, if you have to start the buying process again?

I've been gazumped a few times so always put yourself first. Plus loads of people criticising you would justify their own reasons for accepting a higher offer.

If the new property hasn't been updated or decorated since the 80s then it suggests that it's due for a rewire soon, needing a new kitchen/bathroom(s) and goodness knows what else. Are you prepared for that expense/mess on top of your new mortgage?

If I'd only just listed a house in a desirable area, that's already less than surrounding properties due to renovations needed, then I wouldn't be too quick to accept a low ball offer before seeing what other interest it garnered.

4 month is quick.

What your doing is immoral and you might just get bitten by karma and find yourself with no house.

The fact you are sneaking around means you KNOW how wrong it is but the agent likely WILL find out and it could effect your current sale either way.

I think you're doing the right thing. A house purchase is the biggest financial commitment a family ever make in most cases. If something better for your familys needs has appeared before completion you need to consider it. I agree with your method of approach as you have clearly stated you are not trying to avoid any associated fees. Do what's best for your family rather than worrying about a strangers situation. I know many may think that's harsh but It's not personal - I would have twinges of guilt for my origional vendor if it were me but would have to put that aside. Good luck to you.

You have ZERO clue about houses do you?

Ignore all these guilt tripping messages telling you off cos you are first time buyers, those posters are likely older and owning huge houses outright and so it’s alright for them
for us younger people with young families we have to be a bit ruthless in life to get what we want and need. It’s the climate we are in and how difficult it is with cost of living etc

What your doing is immoral

🤣

I agree. Others will likely want the house if it is a steal and rarely comes to the market - and will offer full price. It may even go for above asking. I don't understand why OP has offered 25k under, given what she has said about the house.

Absolutely agree.

Op to get what you want you need to ring the estate agent and be very charming and ask about the house back on the market. They are your best chance of getting it. They might even want you as the buyer if you are straight with them. But trying to avoid them won’t help you here

But you won’t be just changing the address on the mortgage application.

You will need to pretty much start again.

As FTB’s You probably don’t realise how long winded mortgage companies are and how they can’t do things quickly

Personally unless you are within hours of exchange then you do sound like you could end up with nothing.

Collapsing the chain, losing others housing, costing people thousands of pound all for selfish reasons and lack of commitment after 4 months... yes completely immoral and not allowed in most countries.