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We made and had an offer accepted on a house 2 weeks ago. Another house has just come on the market 2 doors down, which is a better house for less money, and suits our family better. We're not taking this lightly. It feels very wrong to pull out of the other one, but as this is our biggest ever lifetime purchase, we feel we should do what's best for us. No chains are involved, and no contracts have been signed. Any thoughts on the etiquette here?

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We made and had an offer accepted on a house 2 weeks ago. Another house has just come on the market 2 doors down, which is a better house for less money, and suits our family better. We're not taking this lightly. It feels very wrong to pull out of the other one, but as this is our biggest ever lifetime purchase, we feel we should do what's best for us. No chains are involved, and no contracts have been signed. Any thoughts on the etiquette here?

Etiquette is irrelevant, do whats best for you, thats what everyone else does.

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We made and had an offer accepted on a house 2 weeks ago. Another house has just come on the market 2 doors down, which is a better house for less money, and suits our family better. We're not taking this lightly. It feels very wrong to pull out of the other one, but as this is our biggest ever lifetime purchase, we feel we should do what's best for us. No chains are involved, and no contracts have been signed. Any thoughts on the etiquette here?

If it was the other way around, would they have gazumped you? Difficult to tell, but what are the vendors like? Have they been ok so far?

Nice little old couple who have played fair all their life?

Assuming all other things are equal, I suppose the thing you do is approach them and ask them to accept a lower offer on the basis of the other place.

If both have no complications for selling, ie no chains as you have indicated, then go for the better one, but make the others aware, that the other is better value for money. After all you're only shopping around for a better deal. You'd do this on the high street. Maybe if it's all transparent, they'll accept a lower offer.

EDIT|:Spelling

Edited by twatmangle

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its not really about the money - its a better deal as its end of terrace and has a bigger garden. It was up for sale before and we went to look at it, but the price was a lot higher then and we couldn't afford it. Then, their circumstances changed, and they have to sell quick, so have dropped the price by 35k.... thus making a better deal for us. If the vendors of the one we have made an offer on came back willing to negotiate - it wouldn't make their house better.

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When it comes to cash in your pocket, or value for money, you should have no issue getting the best deal for yourself.

Look at it this way...the people selling to you are trying to rip you off and get more of your money.

Tell them to shove it and look after yourself. You can be as blunt as you like...its your money.

Any cheek from the E.A. and tell them you wont be buying through them.

Easy.

Edited by TheCountOfNowhere

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If it really is the better house for you then you should pull out of the original sale and buy the house you really want.

It may however be worth going back to the owners of your original offer, you were prepared to buy it when it was the lower priced property so it must tick most of the boxes.

It probably in your financial interest to apply the same % reduction to the property you made an offer on and see if you can get it reduced. Have the agent do the work, its their job to negotiate the sale, if they wont go low enough to make it worth your while then pull out and go for the corner property.

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We made and had an offer accepted on a house 2 weeks ago. Another house has just come on the market 2 doors down, which is a better house for less money, and suits our family better. We're not taking this lightly. It feels very wrong to pull out of the other one, but as this is our biggest ever lifetime purchase, we feel we should do what's best for us. No chains are involved, and no contracts have been signed. Any thoughts on the etiquette here?

You are absolutely within your rights to pull out of the sale. However, as I suspect you are a relatively principled individual and you are concerned about what the other vendor will think, which I quite understand.

First off, you must view the other house before you decide. Is it really as good as it seems? Are you likely to get that house if you pull out of your current offer?

If you really think the second house is much better value, then you have to decide which option to pursue.

1. Continue with your current offer and exchange contracts.

2. Cancel your offer on the first and put in an offer on the second house.

3. Offer on the second house as well as the first (I guess you probably wouldn't be happy with that idea).

4. Require a discount from your current buyer on the basis of the lower-priced house.

What you should remember is that this is a business transaction that will affect you and your family for the lifetime of the mortgage (assuming you have one). If you are paying over the odds for a house, it could still have a bearing on your income and your family's standard of living in twenty-five years time. What the other vendor thinks about you is a short-term consideration compared with this issue.

The whole point about there being no contract is that both sides are free to withdraw from the deal. As another poster pointed out, they are at liberty to accept a higher offer until contracts are signed.

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Your sellers may have know that the house 2 doors down was going to come back on the market and that it had not sold at that earlier price.

Doesn't sound like the house you offered on (house 1) was "the house of your dreams" though - so maybe worth taking a risk and potentially losing both.

House 1 should know now that they have a competitor of course. Really strange that the local EA's weren't talking and compared the asking prices - especially when the asking price of the property that you offered on was already known.

The other EA (house 2) may have got them to price it £35 lower to entice you away on purpose.

Good luck. Just don't get in a bidding war over the new place. They may have dropped the price to get people interested and then try to play one potential buyer off against another.

Edited by Flopsy

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Thanks for all your thoughts - its encouraging to know we are not being unreasonable!

We have now actually pulled out of House 1, and made and offer on House 2.

Flopsy - the EA is the same for both properties! Tricky for them, as they had to drop the price of House 2 knowing full well what we had had accepted on House 1 - and we would find out about the price drop - also they knew that the lack of garden in House 1 was an issue, and we would likely be interested. They told us the vendors of House 1 are very angry... doesn't help our guilt. But then, it would be in the EA's interest for us to still buy House 1, as they know as well as we do that House 2 is a better deal and therefore will sell quicker!

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Tell them to shove it and look after yourself. You can be as blunt as you like...its your money.

Any cheek from the E.A. and tell them you wont be buying through them.

Easy.

Of all the posts so far, ignore this one.

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Thanks for all your thoughts - its encouraging to know we are not being unreasonable!

That's what we're here for. Makes a change to discuss house prices...

We have now actually pulled out of House 1, and made and offer on House 2.

Sensible person.

They told us the vendors of House 1 are very angry... doesn't help our guilt.

Diddums.

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Of all the posts so far, ignore this one.

Or ignore this one.

If you want to pay over the odds and let an E.A run rings round you then go for it.

The fact you had to ask people what to do means you are not strong with your negotiation skills or focused on getting the best for your self and your family.

When it comes to E.A. you need to play them at their own game.

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Or ignore this one.

If you want to pay over the odds and let an E.A run rings round you then go for it.

The fact you had to ask people what to do means you are not strong with your negotiation skills or focused on getting the best for your self and your family.

When it comes to E.A. you need to play them at their own game.

Are you getting confused again?

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Negotiation from Lock Stock and Two Smoking Barrels

All right.

We'll take it. Half price.

I don't think he'll like that.

You said three five a key.

That's a good price.

That was yesterday. >

Now it's today,

if I'm not mistaken.

We'll take it tomorrow.

Half price.

If he wants to get rid of it

quick, he'll have to take it.

Look, I've got a race coming up,

so if you'd be kind enough...

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Thanks for all your thoughts - its encouraging to know we are not being unreasonable!

We have now actually pulled out of House 1, and made and offer on House 2.

Flopsy - the EA is the same for both properties! Tricky for them, as they had to drop the price of House 2 knowing full well what we had had accepted on House 1 - and we would find out about the price drop - also they knew that the lack of garden in House 1 was an issue, and we would likely be interested. They told us the vendors of House 1 are very angry... doesn't help our guilt. But then, it would be in the EA's interest for us to still buy House 1, as they know as well as we do that House 2 is a better deal and therefore will sell quicker!

Try not to lose too much sleep over it. Principles are all very well but a house is a massive investment and nobody should be expected to go ahead with a sale if they can get a bettter deal/house elsewhere.

FWIW, a few years ago I promised a buyer faithfully that I wouldn't let her down by accepting any other offers. Prices were going crazy at the time and a few days later I did in fact turn down a higher offer, because I'd promised.

She still tried to screw several K off the AP the day before contracts were exchanged.

Not sure I'd ever make a promise like that again.

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Thanks for all your thoughts - its encouraging to know we are not being unreasonable!

We have now actually pulled out of House 1, and made and offer on House 2.

Flopsy - the EA is the same for both properties! Tricky for them, as they had to drop the price of House 2 knowing full well what we had had accepted on House 1 - and we would find out about the price drop - also they knew that the lack of garden in House 1 was an issue, and we would likely be interested. They told us the vendors of House 1 are very angry... doesn't help our guilt. But then, it would be in the EA's interest for us to still buy House 1, as they know as well as we do that House 2 is a better deal and therefore will sell quicker!

Don't worry about the vendors if they'd received a higher offer even after survey (this has happened to me) then most would have accepted. Buyers and sellers pull out of house purchases every day, some even on exchange day which is a bit mean. I pulled out of a sale once because the buyers just did my head in, always on the phone wanting to bring a builder a friend and so on. Phoned them said the place was off the market then told the EA . The EA was a pig about it.

Good luck hope it all turns out well.

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Go to the house you like view and put in an offer. If they accept just go back to the first estate agent and tell them you have changed your mind and the reasons why.

When buying and selling houses stuff like this happens all the time.

Our last house we sold we had three buyers all who made offers which we accepted but who then pulled out because they couldn't get a mortage. Luckily the fourth buyer could get his finances in order!

It happens all the time, don't worry about it, do whats best for you.

Good luck. B)

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They told us the vendors of House 1 are very angry... doesn't help our guilt. But then, it would be in the EA's interest for us to still buy House 1, as they know as well as we do that House 2 is a better deal and therefore will sell quicker!

You have made quite a brave move doing this. Think the worst case scenario here...you move in to house 2 in 12 weeks time. Seller 1 has failed to sell and he knows that the guy that shafted him has moved in 2 doors down. The buying season is drawing to an end by then, so he is then stuck in his house until Spring.

I would make sure my home and car was well insured. I'd also want to install CCTV (just in case this guy really gets wound up and takes his revenge on your car or house). Even worse, he may physically attack you or your family! You are braver than me!

I can see this from the other guy's perspective, as I have been attempting to sell my home for over 1 year and have had horrendous bad luck. I decided to refurbish it last May ready to put it on the market. The builder doing the work (our neighbour across the road) said he wanted to our place after 3 days working on the place. He was splitting up with his wife and she was going to be staying here and he would move in with his new girlfriend. Anyway, we accepted an "unconditional offer" from the builder. The offer was about 8% less than we could achieve on the open market, but we figured it would be less hassle as we had no EA fees and didn't need a HIP (as we weren't actively marketing the house). Anyway, the builder then said he wasn't making any money on our job (as he was doing the work for his ex-wife) so he would only work on the house between paid jobs. He just worked a half day here and there whenever he had time. After 1 month or so he said buying our house WAS conditional on him selling his place across the road, due to the credit crunch. Anyway, we said we would wait until his place was sold. He finally sold his place in August, but got £32,500 below original asking price. His ex-wife then came round and said she wasn't buying our place - she couldn't afford it. She then ended up buying a 1 bed bungalow around 10 miles away. So we discovered we had wasted 3 months waiting for the builder and now had to try advertising and selling our house on the last week in August. :angry:The only good thing was we only gave the builder half the money he had originally quoted for doing the work! :D

So we start advertising via an on-line EA, set-up our own website to advertise the house and advertise it on the free websites. We receive an offer (£20K higher than we were selling to the builder) in October from a buyer who has sold their house, but they are in a chain. This chain collapses within 2weeks and we back to square 1! :(

We get fed up with trying to sell our home ourselves - idiots phoning up wanting to rent it for £650/month, other idiots making appointments and not showing, other on-line house seller websites ringing up wanting us pay to advertise on their site etc. Most people were put off by the rear garden needing work (as we filled in 2 koi ponds and the builder told us to leave the garden as is and he would finish it himself). We spend £2K having the garden landscaped and then we put the house with a proper EA in May who advises putting it at an asking price of OIEO £230K, £10K more than we were originally marketing the place for. The EA gets 3 cash buyers up (2 have STR and are renting and number 3 is moving back to the UK from Australia). So one cash buyer doesn't put in an offer as they thought the house/garden was too small. Receive 1 offer for £10K below the O/O price (i.e. our original asking price when advertising it ourselves) which we reject. They increase to £222.5K, but won't go any higher - we reject this offer. The people from Oz say they love the house, which is only 10 miles from their Son and they offer us exactly the asking price, so we immediately accept. They want us to move out by 06/09/10,which we say is fine by us. We instruct our solicitors to get deal done quickly and we think that they are unlikely to pull-out due to the tight timescales (as their 40ft container arrives in the UK on 06/09/10)everything is going through okay and they make a second appointment on Sunday to measure up and ask some questions. We immediately got the impression that they had cooled - didn't really ask many questions and they were saying their teak dining table wouldn't fit in the conservatory. We have arranged for our neighbours to come around and meet the new people - they say they don't have time as their Son is playing cricket! So we ended up having the neighbours round without meeting the new people. The problem was they had a 4 bed place in Oz and could only afford a 2 bed bungalow when coming back to the UK (well in Essex anyway). Get a call from the EA on Monday morning and I knew he was phoning to say the buyers had pulled out. They had found a bigger bungalow in Mildenhall - 50 miles from their Son. So they have decided their teak dining room table is more important than getting a nice house near their Son! :blink:

Now I'm a Christian and I don't believe you should wish ill of other people and, despite being from Glasgow, I'm not a violent man. But after seeing what these people have done to us, I feel myself wishing that their container with their precious dining table gets swept off the container ship - this would be Karma in my opinion. I'm really hoping I don't bump into these f*****s in Tesco as I feel like beating the living s**t out of them! The guy is bigger and heavier than me, but I swear I'll take a swing at him if I bump into him in the street! As I previously said, you are a brave man moving into a house 2 doors down from somebody that you have shafted! :ph34r:

On a more positive note, the other cash buyers have also been seen in our street on Sunday. Their Jaguar has been clocked at various times over the past few weeks. They probably got a fright when they saw the "SOLD STC" sign on Sunday, but the EA has contacted them to see if they want to increase their offer. They clearly like our house, but are reluctant to pay full asking as they are cash buyers. The fact remains that our place is still priced at £10-20K below similarly sized bungalows and is in better condition than most of the other places.

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You have made quite a brave move doing this. Think the worst case scenario here...you move in to house 2 in 12 weeks time. Seller 1 has failed to sell and he knows that the guy that shafted him has moved in 2 doors down. The buying season is drawing to an end by then, so he is then stuck in his house until Spring.

SNIP... blah blah blah

As I previously said, you are a brave man moving into a house 2 doors down from somebody that you have shafted! :ph34r:

So the moral for the buyer is, next time you are gonna spend like 1/4 million pounds or so and have found something for sale then buy it whether it suits you or not.

In fact if you go to sainsburys and pick up a bottle of rose wine then remember you prefer white wine then buy it anyway or mr sainsbury will be upset because you have shafted him and he cant go to bermuda and its all your fault.

What a ridiculous load of tosh.

Buyer prefers house 2 and wants to spend their money on house 2... so he buys house 2, nothing sinister about it thats just common sense.

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So the moral for the buyer is, next time you are gonna spend like 1/4 million pounds or so and have found something for sale then buy it whether it suits you or not.

In fact if you go to sainsburys and pick up a bottle of rose wine then remember you prefer white wine then buy it anyway or mr sainsbury will be upset because you have shafted him and he cant go to bermuda and its all your fault.

What a ridiculous load of tosh.

Buyer prefers house 2 and wants to spend their money on house 2... so he buys house 2, nothing sinister about it thats just common sense.

Mr Sainsbury doesn't have to pay extra solicitors costs when you exchange your Rosé for white wine. I was also in the process of arranging removals for the day they said they requested that we vacate the house...

If you are planning to spend £250K on a house you do lots of research and make offers on the one that meets most or all of your needs. It is unfair to say you are taking a house and then walk away and then offer to buy another one because that suits you a bit better. Committing to buy a house is a big decision, but this English system allows both buyers and sellers to walk away without any financial penalties right up to exchange. If the other cash buyer had come back and offered me more money I would have turned them down. As far as I'm concerned a deal is a deal, but that's just me. I've never been in a position where I have put an offer in for one house and then find a "better" house for less. Once I find a house I don't really look at other places.

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Mr Sainsbury doesn't have to pay extra solicitors costs when you exchange your Rosé for white wine. I was also in the process of arranging removals for the day they said they requested that we vacate the house...

If you are planning to spend £250K on a house you do lots of research and make offers on the one that meets most or all of your needs. It is unfair to say you are taking a house and then walk away and then offer to buy another one because that suits you a bit better. Committing to buy a house is a big decision, but this English system allows both buyers and sellers to walk away without any financial penalties right up to exchange. If the other cash buyer had come back and offered me more money I would have turned them down. As far as I'm concerned a deal is a deal, but that's just me. I've never been in a position where I have put an offer in for one house and then find a "better" house for less. Once I find a house I don't really look at other places.

Re the top point, i can see why thats annoying and would be annoyed too. Dont blame you there and i do think the system needs adjusting somewhat.

However unfortunately as it stands the english system does allow both parties to walk away. Unfair doesnt come into it, its a business transaction and if you can get a better deal then you do so.

Lets suppose you offer 250k for a house and 3 months later are still fiddling with paperwork and meanwhile a house exactly the same comes up for 180k (bit extreme and unlikely but bare with me as the numbers make the point) and you see this while driving past the EA. At this point i think people who want to do the best for their family would be saying "erm... money to be saved here" and people who want to be fair to the seller will suck it up and buy anyway. The difference being the seller will be saying afterwards "phew i just got lucky to the tune of 70k" and you will be paying that 70k for 25 years.

If you want to deal like that then fair play to you, but i dont think you should bring morals into a financial transaction, particularly one where the seller is probably making a massive gain for doing nothing to their house for a few years.

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Its a tricky one. I'm generally a 'my word is my bond' kind of bloke. But in this case, I think the fact that its only 2 weeks since the original offer was accepted means you can sleep easy. If it was 3 months down the line, and a day before exchange of contracts....well, I'm not sure I could do it.

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Thanks everyone for your opinions, we don't feel nearly as bad now that we know it is a fairly normal thing to happen. Just to update - we've had an offer accepted on House 2. Now we just have to hope House 1 sells again quickly before we move in 2 doors down....

btw Spark - we had quite expected that we would have to pay any extra solicitors fees for the House 1 vendors, and are happy to do so, but so far the EA hasn't mentioned it. We'll see.

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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