Buying a house
Discussion
Quick question. If you put an offer in and the vendor accepts but refuses to take the hosue off the market till the last minute, clearly making their intentions of sacking you off if they get a better one, is it worth the risk of progressing it or would you just tell them to stick it?
carl carlson said:
Quick question. If you put an offer in and the vendor accepts but refuses to take the hosue off the market till the last minute, clearly making their intentions of sacking you off if they get a better one, is it worth the risk of progressing it or would you just tell them to stick it?
Well, only you can decide if it is worth the risk - but I personally make offers conditional upon the house being removed from sale.I guess in your shoes I'd be looking at other houses in the meantime. Have you instructed solicitors?
carl carlson said:
No not yet. They only just accepted our offer this morning but I am not comfortable with their intentions. Sod it, I'll tell them to stick it if they want to play games like that.
I wouldn't do that just yet.I think if the offer has only just been made/accepted then at least give them a couple of days for the wheels to get in motion so they can see you are serious.
And then threaten to pull out if they don't take the house off.
Maybe offer a side-deposit as a sign of your intentions, in return for them taking it off the market?
carl carlson said:
No not yet. They only just accepted our offer this morning but I am not comfortable with their intentions. Sod it, I'll tell them to stick it if they want to play games like that.
Mortgage approved - Check.
Nothing to sell - Check
With the 2 x 'checks' above in place, I would tell them to fMortgage approved - Check.
Nothing to sell - Check
k off. They will only end up wasting your time, and money.You have to look at it from the sellers point of view. Our neighbours have had an offer on their house twice before and they took it off the market both times. In both cases the people that had put the offer in pulled out so my neighbour had missed out on several months of marketing the property in both cases. (Potential buyers pulled out after house being under offer for several months)
markh1 said:
You have to look at it from the sellers point of view. Our neighbours have had an offer on their house twice before and they took it off the market both times. In both cases the people that had put the offer in pulled out so my neighbour had missed out on several months of marketing the property in both cases. (Potential buyers pulled out after house being under offer for several months)
But that's why you do your best to 'qualify' the offer. As OP has a mortgage offer, and no place to sell, he is a prime buyer. The seller should appreciate this, take the gamble, and push through with the sale.To me, it looks like they have begrudgingly accepted your offer, but are keeping a finger in the wind in case someone else offers more.
First-time buy, is it?
I never take houses off the market when selling until exchange. However I give the buyer my word that I will accept no other offers as long as they keep to acceptable agreed timeframes to exchange.
I've been bitten by people pulling out before and being left with starting the marketing again. Won't do it again.
I've been bitten by people pulling out before and being left with starting the marketing again. Won't do it again.
garyhun said:
I never take houses off the market when selling until exchange. However I give the buyer my word that I will accept no other offers as long as they keep to acceptable agreed timeframes to exchange.
I've been bitten by people pulling out before and being left with starting the marketing again. Won't do it again.
I can understand your point. I am selling and buying at the mo, hoping to exchange this very week on both fronts.I've been bitten by people pulling out before and being left with starting the marketing again. Won't do it again.
If I was after your place, and all I had was your word that you wouldn't accept another offer, I simply would not consider your place, let alone spending money on search fees, valuations etc.
The seller has to take the risk, in my opinion.
Yeah this will be my first house.
Our offer is well below the market value for this so they are begrudgingly accpeting it. It could essentially leave us thousands out of pocket if we get gazumped at the 11th hour.
Is it reasonable to say OK but only on the condition that if they do accept a higher offer then they are responsible for our costs?
Our offer is well below the market value for this so they are begrudgingly accpeting it. It could essentially leave us thousands out of pocket if we get gazumped at the 11th hour.
Is it reasonable to say OK but only on the condition that if they do accept a higher offer then they are responsible for our costs?
phil1979 said:
As OP has a mortgage offer, and no place to sell, he is a prime buyer. The seller should appreciate this, take the gamble, and push through with the sale.
He doesn't have a mortgage offer, he has an agreement in principle.They still have to do the valuation, which can be more than a formality at the moment.
phil1979 said:
To me, it looks like they have begrudgingly accepted your offer, but are keeping a finger in the wind in case someone else offers more.
This is true, and its the sort of thing that needs to be sorted out in the English (& Welsh) housing market. Along with people making offers they have no intention of completing on.Maybe of course they've been burnt by a previous buyer leaving them in the lurch?
phil1979 said:
I can understand your point. I am selling and buying at the mo, hoping to exchange this very week on both fronts.
If I was after your place, and all I had was your word that you wouldn't accept another offer, I simply would not consider your place, let alone spending money on search fees, valuations etc.
The seller has to take the risk, in my opinion.
Well that's the risk I am happy to take. Has not been a problem.If I was after your place, and all I had was your word that you wouldn't accept another offer, I simply would not consider your place, let alone spending money on search fees, valuations etc.
The seller has to take the risk, in my opinion.
carl carlson said:
Yeah this will be my first house.
Our offer is well below the market value for this so they are begrudgingly accpeting it. It could essentially leave us thousands out of pocket if we get gazumped at the 11th hour.
Is it reasonable to say OK but only on the condition that if they do accept a higher offer then they are responsible for our costs?
Won't happen, mate. They won't agree to that.Our offer is well below the market value for this so they are begrudgingly accpeting it. It could essentially leave us thousands out of pocket if we get gazumped at the 11th hour.
Is it reasonable to say OK but only on the condition that if they do accept a higher offer then they are responsible for our costs?
If they don't like your offer, they should not accept it. A good deal is a deal that both parties are happy with. They are not, and are being aggressive.
I would walk away. You'll spend money with a solicitor, and in those couple of months they will get a higher offer, leaving you upset and out of pocket.
carl carlson said:
Is it reasonable to say OK but only on the condition that if they do accept a higher offer then they are responsible for our costs?
It might appear reasonable, but I doubt it would stick.You effectively have no contract with these people until you exchange contracts.
You are dealing with them on trust, as are they you.
pilchardthecat said:
This. Tell them; off the market or offer is withdrawn.
In practice, does the house actually come off the market anyway?OK, the agent could stop actively (there's a joke) marketing it, but won't it still appear in RightMove etc, and isn't the Agent bound (in theory) to pass on expressions of interest?
Deva Link said:
In practice, does the house actually come off the market anyway?
OK, the agent could stop actively (there's a joke) marketing it, but won't it still appear in RightMove etc, and isn't the Agent bound (in theory) to pass on expressions of interest?
The agent does have to tell the vendor. Its down to the vendor if they choose to accept the higher offer. OK, the agent could stop actively (there's a joke) marketing it, but won't it still appear in RightMove etc, and isn't the Agent bound (in theory) to pass on expressions of interest?
Most agents I know would rather that once a proeprty was sold it stayed sold.
scotal said:
Most agents I know would rather that once a proeprty was sold it stayed sold.
Yes - I can understand the bird in the hand thing.What's just happened to my daughter, and apparently is common at the moment, is buyers dragging their feet for a considerable period so that all other interest in the house has evaporated and then asking for a reduction in price at the last minute.
You'd think agaents would be keen to have "back-up" buyers in place.
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