any chance?

[sam123]

did a second viewing on a house up north. By next working day vendors had already accepted an offer from someone else, which I believe is near asking price. now house is sold STC. Really like house and can't find any others that are similar. Is there any point in making an offer, in terms of being realistic/ethical?! I believe I am in a good position to buy as in FTB and big deposit. Opinions please!

[Kaz]

A couple of quick questions to start with:

How long ago did the vendors accept the offer?
Have they taken the house off the market now?

[sam123]

couple of weeks and yes

[IFA]

The best thing to do is speak to the estate agent (assuming that there is one marketing the property) and discuss the progress of the current buyers.

They may be cash buyers and already close to being in a position to exchange contracts (in which case your offer may not look favourable even if it's of a higher amount), or they might be complicated buyers involved in a long chain and finding it difficult to get mortgage finance (in which case you might be in a better position to purchase).

Until you find this out it's difficult to understand your chances of buying, or what you might have to do to get the property.

In terms of ethics; stepping in with a higher offer is legal and the vendors can pull out and sell to another buyer at any time up to exchange of contracts, but being gazumped is a stressful and sometimes costly thing to happen so the present buyers may not appreciate your actions.

The best thing is to chat with the agent, assess the situation, ask them to put an offer forward if it seems likely that you might get accepted, or alternatively leave your contact details with them and ask them to call you immediately if the sale does not proceed for any reason.

Hope that helps.

[Kaz]

Excellent advice IFA