Pete-danns

Ok, we had an offer on our house just before xmas and we accepted it.

Now this offer was VERY low, but with the frustration of the whole selling process, and desperation to get to Oz, we accepted the offer, and the ball is rolling with the solicitors.

Solicitor yesterday was talking about 'completion' dates to consider.

Now today I was woken by someone who viewed the house with a previous agent and asked if we had sold it as he's seen the sign up outside. I was woken and wasn't as 'on the ball' as I'd of liked to have been, but just told him that it WAS sold and the wheels are in motion, he walked away.

I staggered back to bed and the other half asked and I explained. Well to cut a long story short, we worked out which agent it was and phoned them, and he has made contact with these people and the agent has got back saying that they're considering offering either the asking, or very close to it.

We are talking about £20,000 - £25,000 here!

So the dilemma:

We NEED to get goin out to Oz, but at the same time we are going on Student Visas and will need a LOT of money to keep ourselves, and the extra £20k - £25k will make things a lot smoother.

Now the agent told us he'll get back on Monday with their offer, but do we accept it ?!

As I say, £20k is £25k!

Advice most appreciated

AnitaB

Hi

I know it is not a pleasant thing to do, but if they will confirm the offer in writing and get something confirmed by their solicitor that they are in a position to buy I would be very tempted.
If you look at the number of people on here who suffer the other way with terrible offers, this will at least make up for some of them!

Tread carefully though!

Good luck

AnitaB

Wendy

Yes, I'd be very tempted too, but I think you should check to make sure you can do this.

Also, why not tell the people that are buying at present that you have had a better offer and see if they can match it.

Tread carefully.

Pete-danns

Yeah we'll wait to see what the offer is, but the agent left 2 msg's on our home and my partners mobile saying they're considering offering the asking, or very close to it.

Then we'll see how serious, and what position they're in, but we've been told that they too have an offer on their house, but are expecting a substantially higher offer, which in turn they can pass on to us!

Another point is we are not tied into this old agent as the contract has ran its course. Now we know the fact he 'introduced' the buyer we could still be liable, but we've been advised to tell the agent its 1% commission or nothing! ... what can he lose but a sale!

Originally we got him down to 1.25% but at the end of the day it's all money, and many talks!

Other point is our offer that has been accepted is £40k lower than the original valuation. Ok, with hindsight the agent said he WAS a bit over on it, but it was the tail end of the 'decent market' times and was 'hoping'.

We dropped £15k and this is the asking we are talking about here, but it's still losing on what we'd based figures on, but just not as much now.

Still, lets see if it materialises on Monday, but is looking hopeful ...

MarkandJulie

Not a nice situation to be in, but we came out on student visas and prior to leaving we spent a lot of time budgeting for how much we would need here. I have spoken to other people in the same situation and we have all found that our budgeting was a long way off the mark. My advice would certainly be to come out here with as much as possible, and as you say 20-25K will make a big difference

Pete-danns

Yeah this has been my worry. With original valuation we would have plenty to get thru the 2 years (if it comes to it, aiming for 16 months) but then we dropped to this current possible figure. Then we accepted the current offer too quickly I think. I had a little jiggle with figures and thought well it might just be enough, but a little part time work if needed.

We accepted and I've since tightened down the figures and basically it will be tight on current offer.

The extra possible £20k will be a benefit to anyone I know, but as you'll appreciate with Student Visas you gotta pay for everything!

Still, not trying to get hopes too high now.

ljj

I've decided that where houses are concerned you have to be 'hard'.

We 'sold' our house last year for GBP5,000 less than asking price. We took it off the market as we like to think if we were in that position people would do the same for us.

3 months later, no searches etc done and after chasing and chasing find out that they had been trying to get a mortgage and couldn't. We not only lost out on 3 months of other viewers we also missed out on 3 months rent.

I would get the offer in writing and make the other buyer aware that someone has already made an offer, if speed is your priority see who is in the best position to come up with a final date. Your estate agent will get back to the original person and inform them of the other offer and you may find your original offer is upped!

Good Luck, K sent.

Louise

Pete-danns

Thanks for that

Yeah see the current buyers are prob in the best position as they've had their survey done plus an extra 'home buyers' thingey which the house sailed through. They want to have a full electrics survey done now, and I spose it is pis*ing us off a bit considering they're getting the house as good as £40k under the original valuation!! ... but the solicitor IS talking about exchange & completion dates now. He originally said mid Feb for completion so I guess we're on schedule.

Then there's the older viewers who now want to offer the asking price! ...... I can't help but think that more money IS more money! ... and we need as much as possible!

I guess they'd have to be in a massive chain not to consider them, even if it delays the sale a month or so!

See what Monday holds I guess.

Suni&Jay

See how far they have gone with thier sale, and see if they are willing to put down a deposit of say £10,000 so they will think twice on pulling out at the last minute. Once you have got all this covered then go back to your first buyer and tell them you have a higher offer if they pull out you have nothing to loose. It seems that if they are having more servay's they may be looking to knock you down a bit more.
Be careful with agents fees, you may end up paying both agents, the current agent because they introduced the buyer and you are stopping the sale (read your contract), and the second because most agents have a clause to say any one they have introduced in 12 months you have to pay them the original fees.
Just read all your contracts carefully
Good luck with what ever you decide, £20,000=$45,000

Pete-danns

VERY good point! ... I'll check thanks.

MisterTwo

You have got to go for the money - we decided to take a lower offer for a quick sale. Offer made in July, we complete 20th February - NOT a quick sale!! You could keep your house on the market even though your existing sale is going through. You are not bound to your buyer until Exchange (unless you are in Scotland - acceptance of offer is legally binding). This is called "gazumping" (sic). Not nice for your other buyer but at the end of the day your buyer could pull out at any time up until Exchange. I know of buyers pulling out days before Exchange so don't fel guilty about it. At the end of the day it is a business transaction. You cannot start thinking about upsetting buyers and the rest of the chain, if everybody did this no one would move house!

$45,000 is a lot of money. You have to be selfish sometimes. Because we weren't selfish we lost out on £12,500! Never again.

Giantaxe

I find it truly amazing that this kind of action is still legal in England. It's a shame that the house buying/selling process over there is still so comically inept (for both buyers and sellers).

TrickyTree

It amazes me that people will moan if they get gazumped and then in the next breath they will tell people to take offers after a deal has been agreed?

How many of you who said take the new deal would be up in arms if they thought they had a deal on a house and then the seller pulled out and went with a new deal 1 month before completion?

What will these people be like in the future do they know that you took 40k below the asking price? will they turn up 1 week before completion and offer you that and say take it or leave it? they are willing to gazump they are willing to do anything in my book!

Plenty to think about mate good luck
TT

spottydog

You could accept both offers and offer both your buyers in a contract race (you solicitors will inform them of this so you can't just accept both offers and see who gets there first).

In the end we got fed up with buyers messing us around and did this leaving our property on the market until exchange. It still seemed to be more of a snail than contract race but it did focus their minds and in the end the second one got it.

brisnick

this is so wrong it's untrue. you accepted the lower offer. it was obviously good enough for you at the time. if it wasn't good enough then you shouldn't have accepted it.

just because there are some a**sholes out there who would pull out of a deal at the last minute doesn't give you the right to mess about with other peoples lives.

the people who you have already accepted the offer might be the nicest people in the world, looking so forward to moving into their new house, and you are going to destroy their dreams.

i hope that if you go for the higher offer at this stage that they pull out the day before exchange and leave you with what you would deserve..... nothing.

don't become an a**ehole yourself.