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Offer rejected though it was first and the same as the one accepted

Found a dream house, gave an offer as per the asking price in 2 hours of the property released, first one to view and offer the asking price, still got rejected by someone who offered the same price. if this is under offer should my first offer have any priority or not?

Asked on Nov 5 2013, New Homes in Stanmore | Report content

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  • Firstly, the seller is not obliged to sell to you. If a number of people have viewed the home you are interested in buying, it might be that the price offered becomes a secondary consideration and the buyer’s ability to buy becomes a more important factor. For example, the seller may opt to sell to a buyer who does not require a mortgage or one who does not have a related property sale. A good agent will thoroughly qualify your offer, in terms of your ability to proceed, your chain position, your mortgage requirements and your preferred timescale. All of these should be passed on to the seller so that they can decide which is the best offer for them. The most important thing is that the Estate Agent you are dealing with confirms the offer in writing to the seller, because this is a legal requirement, and perhaps provides you with some explanation as to why the seller has chosen another buyer. This is just good practice and good manners on the Agents behalf. I hope this helps. Regards, Guy

    Answered on Nov 5 2013, Report content
  • Guy correct as usual although perhaps unfair on the buyer

    Answered on Nov 11 2013, Report content
  • I hope my response was not unfair to the buyer and apologise if my previous answer seemed to indicate that. It seemed to me that the person who had raised the question had not had the situation fully explained to them and the reality is that the seller can chose who they sell to. It is also not the case that a bid will win just because it is the first one. The biggest issue here, in my opinion, is that this particular buyer does not appear to have been given any explanation about why their offer had not been accepted by the experienced professional (the Estate Agent) and I feel that they should have had an explanation as a matter of courtesy. It is a particularly tough market for buyers at the moment: there is a shortage of stock so buyers are having to be exceptional competitive. I hope that my answer was able to give the buyer a little guidance on how to win next time.

    Answered on Nov 29 2013, Report content
  • Guy you answered very nicely

    Answered on Nov 29 2013, Report content
  • Thank you! Have a great weekend.

    Answered on Nov 29 2013, Report content
  • If a seller has to choice of 2 people who offer the same price then it could be that the 2nd person was in a stronger buying position than you. The other person could have been in rented accommodation and had the full offer price sitting in the bank. You don't say if you were a 1st time buyer or if you still had to sell another property to fund the new house. Did you have a mortgage arranged in principle when you made the offer? If you were in a chain and the other buyer wasn't, then they would be a safer bet to complete the deal as chains do collapse for various reasons.

    Answered on Jan 28 2014, Report content

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