Timb0b Posted October 28, 2009 Share Posted October 28, 2009 Hi all, Hope you give me some advise with a problem I’m having. My girlfriend and I are try to buy a property, the problem is we seem to be getting messed about by either the estate agent or the vendor. The property is on the market for £300,000 The story so far: - Made an offer of 285k, 1 day later rejected - Made an offer of 290k, estate agents ring to say the guy has been called away on a urgent business meeting so are unable to get a decision. - One day later the offer has been accepted although the estate agents say the vendor had applied for a loan to buy his next property so is going to the bank to try and get it cancelled before he can 100% accept. This strikes us as weird as when we went to view the property there was no mention of this. - Two days later the estate agents say the guy will incur a 10k fee if he tries to pay back the full mortgage on the existing property (when we viewed the property the guy said it had been fully paid for). Estate agents say they will advise him that he can move his existing mortgage over to the new property without incurring a fee. - Today – still haven’t been able to get hold of him. Now my question is am I’m obviously getting messed about here but are these usual estate agent delaying tactics? Why didn’t the bank advise the vendor that he can move the mortgage over? Why if we are having all these troubles is the house still listed on their website with no ‘under offer’ sign? We do really like the place but don’t seem to be getting a clear answer from anyone at the moment and it’s been two weeks since the initial offer. Am I best just to try and contact the guy myself? This is my first time buying a property so I really don’t know what to do? Quote Link to comment Share on other sites More sharing options...
Dorkins Posted October 28, 2009 Share Posted October 28, 2009 Who cares? If you buy now, you will probably regret it. Spend some time reading the rest of the site, it is full of good information. It opened my eyes to how ridiculously overpriced UK property is right now. Just find somewhere nice to rent and treat yourselves to a holiday. Quote Link to comment Share on other sites More sharing options...
Guest theboltonfury Posted October 28, 2009 Share Posted October 28, 2009 Hi all, Hope you give me some advise with a problem I’m having. My girlfriend and I are try to buy a property, the problem is we seem to be getting messed about by either the estate agent or the vendor. The property is on the market for £300,000 The story so far: - Made an offer of 285k, 1 day later rejected - Made an offer of 290k, estate agents ring to say the guy has been called away on a urgent business meeting so are unable to get a decision. - One day later the offer has been accepted although the estate agents say the vendor had applied for a loan to buy his next property so is going to the bank to try and get it cancelled before he can 100% accept. This strikes us as weird as when we went to view the property there was no mention of this. - Two days later the estate agents say the guy will incur a 10k fee if he tries to pay back the full mortgage on the existing property (when we viewed the property the guy said it had been fully paid for). Estate agents say they will advise him that he can move his existing mortgage over to the new property without incurring a fee. - Today – still haven’t been able to get hold of him. Now my question is am I’m obviously getting messed about here but are these usual estate agent delaying tactics? Why didn’t the bank advise the vendor that he can move the mortgage over? Why if we are having all these troubles is the house still listed on their website with no ‘under offer’ sign? We do really like the place but don’t seem to be getting a clear answer from anyone at the moment and it’s been two weeks since the initial offer. Am I best just to try and contact the guy myself? This is my first time buying a property so I really don’t know what to do? I think you've probably not really come to the right site. Personally, it sounds like you are dealing with liars on all sides, so I would immediately pull out, giving yourself the chance to reflect on why you had offered near full asking price on a house in the middle of the worst recession on record. Quote Link to comment Share on other sites More sharing options...
Timb0b Posted October 28, 2009 Author Share Posted October 28, 2009 We dont want to rent, we want to buy. Even if now is not a good time thats what we're going to do as the place we've got is far too small as it is and we want to settle down Quote Link to comment Share on other sites More sharing options...
Timb0b Posted October 28, 2009 Author Share Posted October 28, 2009 I think you've probably not really come to the right site. Personally, it sounds like you are dealing with liars on all sides, so I would immediately pull out, giving yourself the chance to reflect on why you had offered near full asking price on a house in the middle of the worst recession on record. Fair enough. Maybe we should sack it all off and call it even. Quote Link to comment Share on other sites More sharing options...
Guest theboltonfury Posted October 28, 2009 Share Posted October 28, 2009 We dont want to rent, we want to buy. Even if now is not a good time thats what we're going to do as the place we've got is far too small as it is and we want to settle down Fine, buy. But why not take your time and find a better deal than the one you're getting, which honestly sounds like you've got the vendor doing cartwheels of glee as he offloads his property. Even a modest 10% off asking price is 30k. Settle down after Xmas when this whole 'bounce' nonsense has finished and vendors start to see the writing on the wall. Quote Link to comment Share on other sites More sharing options...
Timb0b Posted October 28, 2009 Author Share Posted October 28, 2009 I was surprised he didn’t accept straight off the bat as well. Thing is we’ve seen around 20 places now and they all seem to be selling at the asking price or near (looking East London by the way). Quote Link to comment Share on other sites More sharing options...
RandomBear Posted October 28, 2009 Share Posted October 28, 2009 It is not "typical" EA rubbish, in fact that's the first time I've heard this particular excuse. Sadly it does sound like the EA is a bit clueless. I would certainly not pay more than you have already offered and would be inclined to offer less for the hassle, frankly. Quote Link to comment Share on other sites More sharing options...
Guest theboltonfury Posted October 28, 2009 Share Posted October 28, 2009 I was surprised he didn’t accept straight off the bat as well. Thing is we’ve seen around 20 places now and they all seem to be selling at the asking price or near (looking East London by the way). I would pull out without a doubt. That's my advice. Sounds like you're flanked by muppets in this process. Good luck with what ever you choose. Quote Link to comment Share on other sites More sharing options...
Flopsy Posted October 28, 2009 Share Posted October 28, 2009 (edited) The EA and the seller are both lying to you. I'm basing this on my own experience trying to buy in the 2007 madness when we were constantly gazzumped. Very glad that we were now of course. Both parties have learned that you can be persuaded to offer more money. The learned this when your first offer was rejected and you offered more. They will work together to string you along for the maximum and play you off against other buyers. The seller did not "urgently go away on business. It was part of the windup to make you nervous and they hope, make mistakes. Sometimes people fall in love with a particular property and then the EA keeps increasing the pressure to make you pay more and more. They do the same thing by putting obstacles in your way. A friend of mine who inherited money from her parents recently had an offer accepted on a property and then the seller/EA kept inventing obstacles on her checking problems on the house and getting access. It eventually turned out that the house was still being "shown" and the seller had decided that given the market "picking up" they has accepted too little the first time. The seller has now ditched my friend and gone with a higher offer. It remains to be seen if this sale actually goes through as many chains are hanging on for months as valuations don't add up and the whole chain is threatened. I imagine that the seller of your property is going through a similar process and that the 10% fee is just an excuse. Have a look on the Landregistry website anyway and see if you can get an idea of what charges are on the property. Then set a time limit that the seller must comply by and the property must be withdrawn for further viewings. Put this on writing and send to both parties. You should have their name off the Land-registry website. If you do go ahead with the "vibes" all against you, then you stand to lose any bank fees for mortgages and valuation etc. Good luck Edited October 28, 2009 by Flopsy Quote Link to comment Share on other sites More sharing options...
Timb0b Posted October 28, 2009 Author Share Posted October 28, 2009 Thanks Flopsy, interesting read and good advise. Quote Link to comment Share on other sites More sharing options...
RandomBear Posted October 28, 2009 Share Posted October 28, 2009 The EA and the seller are both lying to you. I'm basing this on my own experience trying to buy in the 2007 madness when we were constantly gazzumped. Very glad that we were now of course. Both parties have learned that you can be persuaded to offer more money. The learned this when your first offer was rejected and you offered more. They will work together to string you along for the maximum and play you off against other buyers. The seller did not "urgently go away on business. It was part of the windup to make you nervous and they hope, make mistakes. Sometimes people fall in love with a particular property and then the EA keeps increasing the pressure to make you pay more and more. They do the same thing by putting obstacles in your way. A friend of mine who inherited money from her parents recently had an offer accepted on a property and then the seller/EA kept inventing obstacles on her checking problems on the house and getting access. It eventually turned out that the house was still being "shown" and the seller had decided that given the market "picking up" they has accepted too little the first time. The seller has now ditched my friend and gone with a higher offer. It remains to be seen if this sale actually goes through as many chains are hanging on for months as valuations don't add up and the whole chain is threatened. I imagine that the seller of your property is going through a similar process and that the 10% fee is just an excuse. Have a look on the Landregistry website anyway and see if you can get an idea of what charges are on the property. Then set a time limit that the seller must comply by and the property must be withdrawn for further viewings. Put this on writing and send to both parties. You should have their name off the Land-registry website. If you do go ahead with the "vibes" all against you, then you stand to lose any bank fees for mortgages and valuation etc. Good luck http://en.wikipedia.org/wiki/Paranoia Quote Link to comment Share on other sites More sharing options...
Mildura Posted October 28, 2009 Share Posted October 28, 2009 http://en.wikipedia.org/wiki/Paranoia This is HPC after all!! It is possible to know all the facts and be 100% convinced of exactly what has happened, all from reading one post on a website from someone you have never met!! Quote Link to comment Share on other sites More sharing options...
Mildura Posted October 28, 2009 Share Posted October 28, 2009 Hi all, Hope you give me some advise with a problem I’m having. My girlfriend and I are try to buy a property, the problem is we seem to be getting messed about by either the estate agent or the vendor. The property is on the market for £300,000 The story so far: - Made an offer of 285k, 1 day later rejected - Made an offer of 290k, estate agents ring to say the guy has been called away on a urgent business meeting so are unable to get a decision. - One day later the offer has been accepted although the estate agents say the vendor had applied for a loan to buy his next property so is going to the bank to try and get it cancelled before he can 100% accept. This strikes us as weird as when we went to view the property there was no mention of this. - Two days later the estate agents say the guy will incur a 10k fee if he tries to pay back the full mortgage on the existing property (when we viewed the property the guy said it had been fully paid for). Estate agents say they will advise him that he can move his existing mortgage over to the new property without incurring a fee. - Today – still haven’t been able to get hold of him. Now my question is am I’m obviously getting messed about here but are these usual estate agent delaying tactics? Why didn’t the bank advise the vendor that he can move the mortgage over? Why if we are having all these troubles is the house still listed on their website with no ‘under offer’ sign? We do really like the place but don’t seem to be getting a clear answer from anyone at the moment and it’s been two weeks since the initial offer. Am I best just to try and contact the guy myself? This is my first time buying a property so I really don’t know what to do? It strikes me that the seller of the property that you are trying to buy is at best disorganised and unclear on exactly what they want to achieve. Sadly the situation you have described is similar to ones I've come across before. The EA may feel just as messed about as you do. EAs are unlikely to employ "usual estate agent delaying tactics." On what basis would this be of benefit to them? EAs are typically simple creatures. - Person A wants to buy from Person B. Great! Lets get the sale agreed as quickly as possible before either change their minds and look forward to receiving a cheque!! There is no logical reason why an EA would deliberately delay a process like the one you have described. As another poster has suggested it may be time to state your position clearly and put a time-line on how long your offer will remain on the table. This should focus the minds of those involved. If deadline day comes without a reasonable response you must be prepared to walk away, if you do not your position will have become even weaker. It does seem more than a little odd that after 2 weeks you have not had a firm answer one way or the other. Quote Link to comment Share on other sites More sharing options...
Flopsy Posted October 28, 2009 Share Posted October 28, 2009 Presumably this sort of "Paranoia"... -------------------------------------------------------- Mildura This influx of London buyers with bulging pockets seems to have pushed prices in the Surrey suburbs up to peak 2007 levels, in fact I have had one client this week pull out of his sale, which was already at a very generous price, and instruct us to re-market after increasing the price by 10%!! http://www.housepricecrash.co.uk/forum/index.php?showtopic=128346&st=30 Quote Link to comment Share on other sites More sharing options...
Mildura Posted October 29, 2009 Share Posted October 29, 2009 Presumably this sort of "Paranoia"... -------------------------------------------------------- Mildura This influx of London buyers with bulging pockets seems to have pushed prices in the Surrey suburbs up to peak 2007 levels, in fact I have had one client this week pull out of his sale, which was already at a very generous price, and instruct us to re-market after increasing the price by 10%!! http://www.housepricecrash.co.uk/forum/index.php?showtopic=128346&st=30 I'm not sure i follow.....? The quote you have chosen to use is not one of paranoia, just reporting the current madness of some sellers. But it is early, I have not yet had a coffee, and have probably missed something. Feel free to enlighten me! Quote Link to comment Share on other sites More sharing options...
RandomBear Posted October 29, 2009 Share Posted October 29, 2009 I'm not sure i follow.....? The quote you have chosen to use is not one of paranoia, just reporting the current madness of some sellers. But it is early, I have not yet had a coffee, and have probably missed something. Feel free to enlighten me! I THINK, and I'm struggling to make it make sense, but I think the point is that clearly all EAs are scum because your client was greedy. It doesn't follow. Quote Link to comment Share on other sites More sharing options...
lastlaugh Posted October 29, 2009 Share Posted October 29, 2009 The EA and the seller are both lying to you. I'm basing this on my own experience trying to buy in the 2007 madness when we were constantly gazzumped. Very glad that we were now of course. Both parties have learned that you can be persuaded to offer more money. The learned this when your first offer was rejected and you offered more. They will work together to string you along for the maximum and play you off against other buyers. Flopsy, I think you are spot on. Mildura, you seem like the rare honest and decent EA and your contribution are normally very informative. But surely you can see that your post on the other thread supports the suggestion that the OP is being taken for a ride? Or do EAs live in their own little ethical bubble? Quote Link to comment Share on other sites More sharing options...
Mildura Posted October 29, 2009 Share Posted October 29, 2009 Flopsy, I think you are spot on. Mildura, you seem like the rare honest and decent EA and your contribution are normally very informative. But surely you can see that your post on the other thread supports the suggestion that the OP is being taken for a ride? Or do EAs live in their own little ethical bubble? Why does my post on the other thread, where I described a seller pulling out of a deal and re-marketing at a higher price (against our advice, but that's a separate issue) bring my ethics into question? The ethics of the seller are more clearly in doubt. Quote Link to comment Share on other sites More sharing options...
lastlaugh Posted October 29, 2009 Share Posted October 29, 2009 Why does my post on the other thread, where I described a seller pulling out of a deal and re-marketing at a higher price (against our advice, but that's a separate issue) bring my ethics into question? The ethics of the seller are more clearly in doubt. Because your evidence clearly supports the suggestion that the OP is being taken for a ride, yet you describe this suggestion as "paranoia". Quote Link to comment Share on other sites More sharing options...
Mildura Posted October 29, 2009 Share Posted October 29, 2009 Because your evidence clearly supports the suggestion that the OP is being taken for a ride, yet you describe this suggestion as "paranoia". If you would like to check back through the posts on this thread you will see that I did not introduce the suggestion of "paranoia" All my evidence suggests is that there are some sellers in the world who have limited morals and back out of a previously agreed sale. The OP may well be being messed about, but it may well be more the seller at fault than the EA. But it is impossible for any of us, by simply reading about it on an internet forum, to be 100% certain where the issue lies. Quote Link to comment Share on other sites More sharing options...
lastlaugh Posted October 29, 2009 Share Posted October 29, 2009 If you would like to check back through the posts on this thread you will see that I did not introduce the suggestion of "paranoia" All my evidence suggests is that there are some sellers in the world who have limited morals and back out of a previously agreed sale. The OP may well be being messed about, but it may well be more the seller at fault than the EA. But it is impossible for any of us, by simply reading about it on an internet forum, to be 100% certain where the issue lies. I've just checked this thread, and you are right, it wasn't you who introduced "paranoia". Please accept my humble apologies! Quote Link to comment Share on other sites More sharing options...
Mildura Posted October 29, 2009 Share Posted October 29, 2009 I've just checked this thread, and you are right, it wasn't you who introduced "paranoia". Please accept my humble apologies! No worries! Quote Link to comment Share on other sites More sharing options...
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