Got offer on my house but buyer hasn't yet put their own on the market

rmelly said:
The poster asked for advice, as far as I know he/she doesn't live in England, so how this is of any relevance is beyond me - are the market conditions (Ireland now, versus UK 'for a long time') comparable?

Presumably he/she does not want to be part of a long chain, so is free to take whatever action he/she deems necessary to prevent it.

You seem to be a fan of property chains as per your experience in England and your 'forecasts' (wonder where you got that crystal ball), others are not.
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Of course the original poster can take any action they want. I didn't think I was suggesting otherwise. I do think that accepting an offer and still looking for other offers is a bit underhand unless you make it clear that is what you are doing.
I am not a fan of property chains. No one is.
If by "forecast" you mean me saying property prices are falling and may continue for next 2 years, well I thought just about everybody was saying that. If you feel different please enlighten me.
 
I don't live in England and I'm not being underhand as I told the buyers that I can only seriously consider their offer when they go sale agreed. My feeling is that they could be waiting some time for their property to sell so they aren't really in a position to make a serious offer on mine - unless of course they opt for bridging but I'm not sure if this is an option anymore? I haven't heard of anyone doing for years but of course everything moved so fast in the last few years it was hardly needed, I suppose.
 
We are now in a falling market (and may remain so for next 2 years)
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It was more the prediction of the end of the falling market, rather than it's existence. What makes you think it will last 2 years, or be over in 2 years?
 
rmelly said:
It was more the prediction of the end of the falling market, rather than it's existence. What makes you think it will last 2 years, or be over in 2 years?
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I never predicted it will be over in 2 years. I said we are in a falling market and may remain so for next 2 years. The word may means it could be less it could be more.
 
still a prediction, just a caveated one (you must not have too much confidence in it)...
 
Really rmelly. What are you on? As i said previously
"If by "forecast" you mean me saying property prices are falling and may continue for next 2 years, well I thought just about everybody was saying that. If you feel different please enlighten me."
 
didn't think that "it wasn't a nice thing to do" after I had been let down by 3 separate parties, taken my house off the market following an offer & then they backed out!!

If somebody is serious about buying your house they'll have their funds in order & sign contracts promptly.

"what goes around comes around"?????????????Surely that's exactly what I was saying. You were not happy when it happened to you so you felt you had no option but to do it to someone else. ie "What goes around comes around" Quote

The point is Nodser i didn't think I was "doing" anything to anybody.

I had a house for sale, I was approached by potential buyers who gave me an offer, got me to draw up contarcts, take my house off the market therefore missing out on other potential sales. Then it became clear over time that these people NEVER had any serious intention of buying my house.

There appears to be an attitude from SOME buyers that as the market is currently a buyers market that it is perfectly ok to treat sellers with contempt. Rant over.
 
Sorry Batty. I was going on what you said earlier

Marie said:
You cannot simultaneously accept someone's offer to buy a property and then continue to offer it on the open market.

quote]


I did !!

I agree with you when you say
"There appears to be an attitude from SOME buyers that as the market is currently a buyers market that it is perfectly ok to treat sellers with contempt."
That is the point I was trying to make, possibly badly. It is important for everyone buyers, sellers and estate agents to treat each other properly.
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Nodser said:
Really rmelly. What are you on? As i said previously
"If by "forecast" you mean me saying property prices are falling and may continue for next 2 years, well I thought just about everybody was saying that. If you feel different please enlighten me."
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I haven't seen anyone other than you say 2 years. I've seen people say modest falls this year with static or low growth next year and beyond, or continual fall indefinitely etc. but no one that says prices continuing to fall for 2 years - I would just like to know what you base this on? Are you an Economist?
 
rmelly said:
I haven't seen anyone other than you say 2 years. I've seen people say modest falls this year with static or low growth next year and beyond, or continual fall indefinitely etc. but no one that says prices continuing to fall for 2 years - I would just like to know what you base this on? Are you an Economist?
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"There will be a sharp fall in Irish housing completions over the next two years, with house prices also set to fall, according to construction industry economist Jerome Casey."



Morgan Kelly​
​

April 11, 2007​
Now that “For Sale” signs have become permanent fixtures on the landscape,
and even the dimmest paid cheerleaders for the property sector have given up pretending
that there is going to be a soft landing, it is worth asking how far house
prices are likely to fall, and what effect this will have on the Irish economy.
It is hard to be optimistic. Based on the experience of other economies that
have had similar bubbles, we can expect the real price of houses to fall by around
half over the next 8 or 9 years, and possibly by a good deal more. This fall in house
prices will cause a sudden collapse in house building activity which now accounts​
directly for an astonishing 15 per cent of our national income.
Morgan Kelly is professor of economics at UCD
 
twentyfour said:
I don't live in England and I'm not being underhand as I told the buyers that I can only seriously consider their offer when they go sale agreed. My feeling is that they could be waiting some time for their property to sell so they aren't really in a position to make a serious offer on mine - unless of course they opt for bridging but I'm not sure if this is an option anymore? I haven't heard of anyone doing for years but of course everything moved so fast in the last few years it was hardly needed, I suppose.
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I think you've done the right thing given the circumstances. Good luck with finding an eventual buyer, either them or someone else.
 
Nodser said:
"There will be a sharp fall in Irish housing completions over the next two years, with house prices also set to fall, according to construction industry economist Jerome Casey."
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This quote is from May 2007 - almost a year ago, so not relevant.

Morgan Kelly makes no reference to 2 years.
 
To return to the point, the OP has a PPR on the market and received an offer of full asking price after 'months'.

S(he) is concerned the potential purchaser may take 'months' to sell their own PPR and thus be in a position to complete.

The responses suggest giving the potential purchaser the impression their offer has been accepted and the property will not be offered to others............whilst continuing to offer it on the open market to others.

There is umming and ahhring by responders about implied stupidity or naevity of the potential purchasers and an assumption they may be about to treat the OP in a cavalier fashion.

As it is difficult to see what the OP's concerns are (objectively!) based or what (objective!) factual basis the responses base their gloomy view of the potential purchasers' position.

You have had an offer to purchase. Its your house and you can do whatever you like with it, based on your preferred timescale and assessment of the purchaser's circumstances. You have to decide yourself and any suggestions about timescales or implicit intentions of others - or even broader market conditions - are obstructing that decision.

It does seem the suggestions here evade that by suggesting you 'have it both ways' and in the circumstances that has serious implications for the unfortunate potential purchaser who believes they have found a suitable new home and begun the process of acquiring it.

Saying you 'can't' is not so much a moral position as a practical one. If a 'gazumping' culture develops (which was the point being made by the poster who had experience of the UK situation) then you yourself will inevitably experience the repercussions of fake transactions.
 
"The responses suggest giving the potential purchaser the impression their offer has been accepted and the property will not be offered to others............whilst continuing to offer it on the open market to others."

No - if you check back, the general consensus is to say that when and if they ( Purchasers)are in a position to proceed and , if in the meantime, another offer has not been made and accepted, that then at that stage the Vendor will be pleased to negotiate with them.


"It does seem the suggestions here evade that by suggesting you 'have it both ways' and in the circumstances that has serious implications for the unfortunate potential purchaser who believes they have found a suitable new home and begun the process of acquiring it. "

If OP goes with the consensus, the proposed Purchaser will not be under misleading apprehension.

mf
 
rmelly said:
This quote is from May 2007 - almost a year ago, so not relevant.

Morgan Kelly makes no reference to 2 years.
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Also Morgan Kelly has been spouting about a major crash for a long time. He is hardly the most balanced commentator on the property market:rolleyes:
 
But the OP has since stated she/he is not going to do anything underhand like accept the offer and keep viewing. Didn't they say they went back and said that if buyers go sale agreed he/she will consider them then?
 
Okay okay. I withdraw it all. We are not in a falling market and property may not go down for next 2 years.
 
"No - if you check back, the general consensus is to say that when and if they ( Purchasers)are in a position to proceed and , if in the meantime, another offer has not been made and accepted, that then at that stage the Vendor will be pleased to negotiate with them."

To be honest that sounds like clap-trap to me and is "trying to have it both ways"? :confused: Try this:-

"Yes! It's YOURS! Proceed with selling your own home on the basis you have a des-res to move to and the price is agreed...........HOWEVER we may phone you at any time to say "your" house has been sold to someone else."

A potential purchaser who agreed to such an arrangement in the present market would be seriously out of touch with reality.
 
The reality is cases like this are full of nothing but ifs and buts. There is no point in talking about moral issues when the only real issue is that there is no money on the table. No matter whether it is a buyers or a sellers market sale agreed subject to sale of another house should be a non starter (in most cases). Tell them that you are happy to accept their offer and you won't be looking to gazump them, but you cannot take it off the market until they are in a position to close. Don't put a time frame on it because it will only keep being pushed out.
 
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