Accepting a bid on property

kkmaan

Registered User
Messages
57
Hello folks,
I am thinking of selling my home and moving elsewhere and buying another house. We have a house in mind but it is overpriced. I know there have been many viewings on the house we are interested in but no bids, so i think my assumption that it is overpriced is correct. the asking price is 295k but i think its worth 245k.
My questionis, if i put my house on the market at a low price, and if i get a bid of the asking price, am I legally obliged to sell?
My reason for asking is that I am worried that if I sell my home at asking price, and the owner of the house that we are looking at does not budge on his price I might be left high and dry.
Thanks in advance
 
You only have an obligation to sell at the point that you sign the contract. The buyer usually signs first and then you countersign.
You initially go 'Sale Agreed' thats when your solicitor or the estate agent accepts a deposit from a buyer. They usually hold that deposit - so you don't get it. The deposit is fully refundable and you can back out of the sale, without penalty, at any time after accepting a deposit.
Good luck with it.
 
The sell if offered the asking price is common place if a few other countries, namely Germany. It would be a good thing to bring in over here too.
 
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