Buying a house that already accepted an offer
Discussion
Just started looking and found the perfect house. It really does have everything, we could look for years and not find something that suits our needs as well.
Unfortunately the buyer accepted an offer 5 wks ago. It was on the market 1 week, had 24 viewings and 5 asking price offers. The seller agreed a deal at £4k over the asking price and chose the buyer who was in the best position.
The price agreed is £20k under our budget and we could probably go £30k more than that if we really needed to.
The estate agent wouldn't return my calls so I knocked on the door to speak to the owner, a lovely lady who was moving to live nearer her son. Even if I was comfortable gazumping it didn't feel appropriate to start throwing cash around. She spent an hour showing me around and telling me where she was up to in the sale. I'm sure she would give us first refusal if anything falls through but we really want the place.
Any suggestions as to what we might do to try and secure it? What could I offer, who should I speak to?
Unfortunately the buyer accepted an offer 5 wks ago. It was on the market 1 week, had 24 viewings and 5 asking price offers. The seller agreed a deal at £4k over the asking price and chose the buyer who was in the best position.
The price agreed is £20k under our budget and we could probably go £30k more than that if we really needed to.
The estate agent wouldn't return my calls so I knocked on the door to speak to the owner, a lovely lady who was moving to live nearer her son. Even if I was comfortable gazumping it didn't feel appropriate to start throwing cash around. She spent an hour showing me around and telling me where she was up to in the sale. I'm sure she would give us first refusal if anything falls through but we really want the place.
Any suggestions as to what we might do to try and secure it? What could I offer, who should I speak to?
)
tty. However I found a better house in the end so all goodOwner is a recent widower, I suggested our budget was above what had been agreed, she mentioned how nice the buyers were and how her late husband wouldn't have liked her going back on agreement. Hence it didn't seem appropriate.
How about offering the buyers £5k to walk away and increasing asking price? Maybe the agent could be persuaded?
How about offering the buyers £5k to walk away and increasing asking price? Maybe the agent could be persuaded?
normalbloke said:
What a nice chap you are.
Offering the buyer £5k to walk away. I would say that was exceptional nice.We could look for the next 10 years and not find somewhere as suitable and its under our budget, hence trying to see if there is a way we can do something.
If you met your dream women but she had already been on a first date with someone else you wouldn't pursue it?
ex1 said:
If you met your dream women but she had already been on a first date with someone else you wouldn't pursue it?
That would be the equivalent of when the house went on the market. Presumably solicitors have now been instructed so the analogy would be that your dream woman is engaged and has spent money placing deposits on wedding arrangements.Well at least with the bung you aren't just going to turn round and kick them squarely in the plums over it!
I can see your point of view, but know if it happened to me I would be all shades of furious. I always try and treat others as I would like to be treated, but appreciate that if its the dream house its a difficult situation.
I can see your point of view, but know if it happened to me I would be all shades of furious. I always try and treat others as I would like to be treated, but appreciate that if its the dream house its a difficult situation.
Vocal Minority said:
I always try and treat others as I would like to be treated, but appreciate that if its the dream house its a difficult situation.
As do I, which is why I'm finding is so difficult. Perhaps I should also mention that as well as ticking every box from my partners point of view it also has a 6m x 9m garage!
Its a moral dilemma - on the one hand its disgusting. On the other ive very recently just bought my dream house and im not sure there would be much I wouldnt have done to secure it.... Didnt need to in the end as my offer was accepted (asking price) but the thoughts crept in a bit I must say.
I believe EA's are legally obliged to present any offers to their clients that they are given.
I suspect you will need more than £5k more than the other guy though. From the other side of the fence id like to say morrally id never accept a late offer once things had started but its very hard to say depending on how much it was.
But I certainly wouldnt consider accept another offer unless it was almost/life changing value - call it £30k plus extra or something. That much money is very hard to overlook despite morals. £5k - no way but is the house £1m or £100k?
I believe EA's are legally obliged to present any offers to their clients that they are given.
I suspect you will need more than £5k more than the other guy though. From the other side of the fence id like to say morrally id never accept a late offer once things had started but its very hard to say depending on how much it was.
But I certainly wouldnt consider accept another offer unless it was almost/life changing value - call it £30k plus extra or something. That much money is very hard to overlook despite morals. £5k - no way but is the house £1m or £100k?
Edited by p1stonhead on Tuesday 19th May 11:30
EggsBenedict said:
What's so special about this house?
Everything. Location - great schools, beautiful location, good links to family, work, layout, neighbours, style etc, etc, etc. If we could design our own house anywhere in the country it would be this place in this location. It literally ticks every box, there is nothing we would be compromising on, and its well under budget.The last sale in this particular area was this place 25 years ago. Very frustrating.
p1stonhead said:
But I certainly wouldnt consider accept another offer unless it was life changing value - call it £30k plus or something. That much money is very hard to overlook despite morals. £5k - no way.
No, the £5K is for the other 'buyer' he's also offering an extra £20K to £30K to the seller.p1stonhead said:
I believe EA's are legally obliged to present any offers to their clients that they are given.
I suspect you will need more than £5k more than the other guy though. Id like to say morrally Id never accept a late offer once things had started but its very hard to say depending on how much it was.
But I certainly wouldnt consider accept another offer unless it was life changing value - call it £30k plus or something. That much money is very hard to overlook despite morals. £5k - no way.
Agreed.I suspect you will need more than £5k more than the other guy though. Id like to say morrally Id never accept a late offer once things had started but its very hard to say depending on how much it was.
But I certainly wouldnt consider accept another offer unless it was life changing value - call it £30k plus or something. That much money is very hard to overlook despite morals. £5k - no way.
But then you're in trouble if buyer accepts and then someone else jumps in with a bigger offer.
OP has to tackle this by the woman unfortunately, so either try her again with an extra £20k, and failing that tell her to make sure you have first refusal if it falls through, and to cut out the estate agent, that way she'll get substantially more.
Then again, if sale falls through, you've tipped your hand and wont get it for the price the buyer has agreed...
p1stonhead said:
I believe EA's are legally obliged to present any offers to their clients that they are given.
I suspect you will need more than £5k more than the other guy though. Id like to say morrally Id never accept a late offer once things had started but its very hard to say depending on how much it was.
But I certainly wouldnt consider accept another offer unless it was life changing value - call it £30k plus or something. That much money is very hard to overlook despite morals. £5k - no way.
I was thinking £15k over + £5k for the buyer. Not sure either me or the seller would be happy just shafting the buyer but £5k cash would certainly help appease them.I suspect you will need more than £5k more than the other guy though. Id like to say morrally Id never accept a late offer once things had started but its very hard to say depending on how much it was.
But I certainly wouldnt consider accept another offer unless it was life changing value - call it £30k plus or something. That much money is very hard to overlook despite morals. £5k - no way.
HotJambalaya said:
p1stonhead said:
I believe EA's are legally obliged to present any offers to their clients that they are given.
I suspect you will need more than £5k more than the other guy though. Id like to say morrally Id never accept a late offer once things had started but its very hard to say depending on how much it was.
But I certainly wouldnt consider accept another offer unless it was life changing value - call it £30k plus or something. That much money is very hard to overlook despite morals. £5k - no way.
Agreed.I suspect you will need more than £5k more than the other guy though. Id like to say morrally Id never accept a late offer once things had started but its very hard to say depending on how much it was.
But I certainly wouldnt consider accept another offer unless it was life changing value - call it £30k plus or something. That much money is very hard to overlook despite morals. £5k - no way.
But then you're in trouble if buyer accepts and then someone else jumps in with a bigger offer.
OP has to tackle this by the woman unfortunately, so either try her again with an extra £20k, and failing that tell her to make sure you have first refusal if it falls through, and to cut out the estate agent, that way she'll get substantially more.
Then again, if sale falls through, you've tipped your hand and wont get it for the price the buyer has agreed...
Thats an introduction and they will get their fee.
Difficult one OP - if it means that much, just do what you need to really. Ive never been in the situation but house buying is a very emotional thing and the other buyer will get over it.
We lost 3 house before we bought the current one due to a combination of things (never gazumping), each were very much wanted (not dream houses) and we soon forgot about them. This may be 'just a house' to the other buyers but its not to you.
OP did the seller intimate she may be open to this? She may have said no to others already considering there were 5 offers.
Edited by p1stonhead on Tuesday 19th May 11:38
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