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I'm an ex-pat looking to return to UK. I've found a flat that I might be interested in and I intended to travel to UK to inspect the property. I contacted the less than bright agent to get more details on the place and he informed me that the flat was now under offer, but he would not say what the offer was or if it had been accepted by the vendor. He also said that the purchase would take about eight weeks to complete and that I could put in another offer any time before the completion date.

Maybe I'm out of touch and too used to buying property in Australia, but this seems like a strange way of doing business. How can I put in a better offer if I don't know what the best offer is and even if my offer is "accepted" and a contract "agreed", it seems that I could have possibly invested a lot of time and money for nothing if the vendor is still free to accept a higher offer.

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I'm an ex-pat looking to return to UK. I've found a flat that I might be interested in and I intended to travel to UK to inspect the property. I contacted the less than bright agent to get more details on the place and he informed me that the flat was now under offer, but he would not say what the offer was or if it had been accepted by the vendor. He also said that the purchase would take about eight weeks to complete and that I could put in another offer any time before the completion date.

Maybe I'm out of touch and too used to buying property in Australia, but this seems like a strange way of doing business. How can I put in a better offer if I don't know what the best offer is and even if my offer is "accepted" and a contract "agreed", it seems that I could have possibly invested a lot of time and money for nothing if the vendor is still free to accept a higher offer.

Welcome to a ludicrous market ... the vendor is not under any obligation ... until the vendor exchanges contracts. FTB hell, basically ... everyone else has some leverage over the chain.

They call it gazumping ... the vendor sits on an offer until about a week from the contract exchange date ... and then hikes it up ... sometimews it wa slike auction sniping on ebay.

Mind: gazundering happened a few times during the first leg of the crash ... perhaps now is the time to consider gazundering again ... this being the start of the second leg down ...?

To be honest ... I would suggest renting n the UK for a while until you have found what & where you want ... might not be possible for you ... but being a purchaser so far away (arguably) means more leverage for the vendor to do the dirty on you ...?

Aidanapword

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I'm an ex-pat looking to return to UK. I've found a flat that I might be interested in and I intended to travel to UK to inspect the property. I contacted the less than bright agent to get more details on the place and he informed me that the flat was now under offer, but he would not say what the offer was or if it had been accepted by the vendor. He also said that the purchase would take about eight weeks to complete and that I could put in another offer any time before the completion date.

Maybe I'm out of touch and too used to buying property in Australia, but this seems like a strange way of doing business. How can I put in a better offer if I don't know what the best offer is and even if my offer is "accepted" and a contract "agreed", it seems that I could have possibly invested a lot of time and money for nothing if the vendor is still free to accept a higher offer.

I totally agree with you Hino!

It's the world most stupid system!

Even when you buy a card or a battery nowadays, you're bound to a contract if you need a refund or exchange...but when it comes to the most expensive & important decision of our lives, this country is protecting only the seller even after the offer is accepted.

It would be a whole lot easier if a contract was signed at the moment the offer is agreed.

It's like this in many countries in Europe. There's a signed agreement from the moment the offer is accepted, and during this time, if there's a problem for one reason or other, there is a clause to retract if necessary. Why can't it be the same here, I wonder!

I wish you luck finding the home you love, whether it is to buy or rent.

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Hi Guys and thanks for taking the time to respond to my post. The contract situation stands is patently absurd, how can you have agreement to sell/buy and not have an agreement to sell/buy ???

Though I guess you have to go with the flow and when in Rome etc... I actually know the house and the area pretty well and I'm prepared to spend the time and money to travel over for an eyeball inspection and take the chance of losing out in a bidding war, I still have a few friends in the area so I could have a vacation in Cornwall and possibly write of some of the costs as expenses if I proceed with the purchase, so it's not all gloom.

I guess what troubles me most is the attitude of the Estate Agent. Because of a failed concrete test it has to be a cash purchase and I'm in a position to proceed but when I informed the agent I was cashed-up, rather than be delighted to have another cash purchaser on his books in what I am informed is a very slow local market his only response was "we already have an offer on the property". I have to say that he didn't sound like the 'sharpest tool in box', but this guy is supposed to be acting in his clients ( the vendors ), and his companies best interests and he couldn't even be bothered to take the personal details of a potential cash purchaser who was looking to buy in the area ?

If I could draw on your local knowledge....... Why can the agent not disclose the present offer price to another prospective purchaser ? After all he's supposed to be working for his client the vendor not the prospective purchaser. Are there privacy issues perhaps, and how can this be if I would not know any of the other purchasers details other than their offer price ?

Can you guys inform me how an offer to purchase must be presented, can I just email the agent with proof of funds and an offer price, or do I have to go through a local solicitor and have a legal contract drawn up on a non-binding not legally enforceable 'offer'. Knowing the local area pretty well, I'm beginning to suspect that there might be a some 'old mates' business going on here, the property is for sale at a very reasonable price, though it does need quite a bit of work doing to it, so it would be an ideal purchase for a local builder. Because of the agents total lack of interest in my enquiry I strongly suspect that this deal is being 'kept in the family'.

Is there any way for me to obtain the vendors details to inform them of my offer and the lack of response from their agent ?

Thanks again for your responses and any help would be greatly appreciated.

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Hello again Hino

If the agent you are dealing with is ruled by the property ombudsman, you can have a look at section 6 of this PDF document:

http://www.tpos.co.uk/downloads/IES02_code%20of%20practice_sales.pdf

It says "you must do everything you reasonably can to keep all prospective buyers who have recently made offers through you, and which have not already been rejected, informed of the existence of other offers submitted to the seller.

Your negotiations must neither unfairly advantage nor disadvantage any prospective buyers. You must be fair and not misleading in disclosing the amount of any offers made to other prospective buyers. Before deciding to disclose the amount of an offer, you must advise the seller of such intention and get his agreement; and you must warn all propective buyers who made offers that it is your practice to do so. If you do disclose any offer to one prospective buyer, then all offers must be immediately disclosed to all prospective buyers with a current interest in the negotiations for the property.

--------------

In short, it's at the seller's discretion, and if the seller does approve, then every person who made offers must know the amount. If not, I guess it's kept secret...

As for trying to know who the seller is, it's more complicated, because basically, that's the agent's job to be the person in between.

There is a way of finding out, if you have the property house number & post code, you can go to the Land registry website, under "find a property" and you can have the title register for the property for the price of £4

It doesn't mean the buyer will be any kinder than the agent though! Remember that...

What you could do as well, is to try to write to them, but maybe the post will be intercepted by the agency? I don't really know...

or...try Facebook :P

I had this problem recently, when I had put an offer on a place, and the agency kept me holding on for weeks, not turning it down or accepting it either. Eventually, someone else - or so I was told - came in and showed some interest as well. At which point, I pulled out. I was under time pressure to deal with the sale of my property, so I couldn't play the waiting game any longer.

What I could suggest, is that if you put an offer on the place, put an expiry date to it. That will push them to give you an answer by a certain time.

You don't need to prove you have the funds right away, the agency normally has some sort of financial advisor in their branch who will contact you to check your sources.

I hope that will answer some of your questions :)

g'day!

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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