Jump to content
House Price Crash Forum
Sign in to follow this  
Guest crashdesk

Sale Agreed Without Informing Me

Recommended Posts

Guest crashdesk

Hi,

I really have had a terrible time with estate agents, but this just really gets my blood boiling.

I have asked to be kept informed of offers on a certain house and have been keeping an eye on it in property news because I was interested in putting in a reasonable offer. The thing is it now says Sale Agreed and The estate agent didn't even inform me that an offer was put in. I thought they were legally obliged to.

Is there any action I can take. I will be ringing them tomorrow.

Many thanks.

Share this post


Link to post
Share on other sites
Hi,

I really have had a terrible time with estate agents, but this just really gets my blood boiling.

I have asked to be kept informed of offers on a certain house and have been keeping an eye on it in property news because I was interested in putting in a reasonable offer. The thing is it now says Sale Agreed and The estate agent didn't even inform me that an offer was put in. I thought they were legally obliged to.

Is there any action I can take. I will be ringing them tomorrow.

Many thanks.

Had you put an offer on the property?

As far as I know they only let you know if you have placed an offer, more out of manners and to give you the opportunity to make another offer.

I don't believe there is any regs covered by the property ombudsman because if someone can't be contacted how long do you give it before you agree a sale and the contract to sell is with the vendor not the purchaser.

Share this post


Link to post
Share on other sites

If someone put in an offer at or near the asking price, the estate agent doesn't stand to gain much by informing another purchaser who is dithering about making a bid.

I'm no expert, but I think the estate agent is obliged to inform the people selling the property of any offers on their house. They don't have any obligation to inform everyone who has ever rung them up and asked to be kept informed about the house!

Share this post


Link to post
Share on other sites

Gotta agree with the others here - An EA doesnt have to ring up everyone who has ever viewed the property when an offer is taken on it but I'm sure they rang anyone else who had already placed an offer to inform them a higher offer had been taken. If a low offer had come in and it was the only one on the table an EA would have probably given you and the others a call to see if you wanted to offer but it seems that they received an acceptable offer and it was agreed. I can imagine they didnt want to risk the deal by delaying it while other interested parties decided what they wanted to do. If they are typically agreeing 3 or 4 sales a month you can see why they dont want to mess around when a suitable offer comes in. Gotta feel sorry for them :lol:

Share this post


Link to post
Share on other sites

Surprising they didn't phone you

Could be 2 things, either they lost your number or the prospective purchaser has insisted the property is pulled from the market.

as doccyboy suggests, it may well come back on the market

Share this post


Link to post
Share on other sites
Guest crashdesk

Okay, update for you.

They totally forgot about me and apologised. The situation is Sale Agreed and I could put an offer in, but feel that it's too much of a risk, getting into a bidding war. It was overpriced and I was just biding my time. Obviously someone had enough money and the need to purchase now rather than later.

Everyone here seems to be convinced that the prices will come down more over the next year. I hope they do or I'm going to priced out for life.

Edited by crashdesk

Share this post


Link to post
Share on other sites
Guest crashdesk

Hi Doccyboy,

I'm not well informed about the situation here, how it impacts on house prices and if they will decrease further. I'm very much grateful to the likes of yourself sharing your knowledge. Hopefully I can use this to my advantage.

Cheers

Share this post


Link to post
Share on other sites
Okay, update for you.

They totally forgot about me and apologised. The situation is Sale Agreed and I could put an offer in, but feel that it's too much of a risk, getting into a bidding war. It was overpriced and I was just biding my time. Obviously someone had enough money and the need to purchase now rather than later.

Everyone here seems to be convinced that the prices will come down more over the next year. I hope they do or I'm going to priced out for life.

Well it depends what you mean 'priced out', I have felt priced out for the last 10 years or so. I found buying the first time a struggle in the worst interest rate situation, but the best house price-earning ratio there has been since 1990. Using that as a reference I didn't want to get in the same situation again.

It just depends what you take as a reference on affordability. Don't be swayed by the 'be left behind' argument, you can either afford it or you can't. You need to take into account job security and interest rate variation. Plan for the worst, hope for the best. Many people buying now are either going to be in trouble in a few years or will lose their hard earned savings in negative equity. They may be not to bothered about Neg.E. if they don't plan to sell but the banks are. I heard of a few contracts that contain small print than require the borrower to boost the equity if it falls below a certain %. If I was a bank I would be including that more often.

The reason we all bang on about house price-earning ratio is that 3.5x is the long term average which allows support to the rest of the economy, any more above that and eventually the 'value add' economy will starve. Its a very simple equation, if most of the population is spending a large portion of their salaries on house payments for a long period they don't have as much left to buy anything that supports other sectors. And as we like to say alot: an economy that relies on selling houses to each other at higher and higher prices has no real value, where is the labour involved in that?

The gov't and lenders can do things to inflate a bubble but it always has to compensate at some point. We are no where near compensation point at the moment, and there needs to be a severe undershoot aswell to account for all those people taking big money from the system without adding anything, BTL, banker bonuses, traders etc

Edited by Ride_on

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   292 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.