Making an offer on a property?

Question

I live in the uk, and have just made an offer on a property, the estate agent sent us a letter saying the offer had been accepted, and now we have instructed our solicitor to sort out searches and so on. If another offer is put it, could it be accepted or not?

Answer 1

Yes its called being gazumped and unfortunately until you complete the sale this can still happen.  Once you have exchanged contracts it is less likely to happen as the seller will be liable to costs but it can still happen even when exchange of contract has taken place.

Answer 2

Until contracts have been exchanged, anything can happen, good luck.

Answer 3

Yes, until you exchange contracts this is a reality.

As part of the condition of the offer you could insist that the property was taken off the market...  

Answer 4

yes !!  coz  the  house  is  still  the  current  owners,  so  if  s/he  decides  to  sell  it  someone  else,  s/he  can.

Answer 5

In UK England - Wales - YES another offer could be accepted right up until the contracts are signed.

Scotland not sure - the laws are different

Answer 6

99% of agents will take the property off the market and stop advertsing.

However if a buyer insists on making an offer - WE HAVE TO BY LAW INFORM THE SELLERS.

As long as you move quickly and show commitment the seller will stay loyal to you.

Another viewing at the house is always worth doing - get them to meet you and then if that did every happen which is very unlikely if if taken off the market , The sellers will too guilty to go back on their word and let you down.

Good Luck

Answer 7

If you really love the house then give your solicitor yet another call to get a move on.

Answer 8

The deal isn't set until exchange of contracts...I'm a little concerned they accepted your offer so fast...is it too high? Wait til the search results come back...you may even want to lower it! It is sooooooooooooo a buyer's market at the moment...