Jump to content
House Price Crash Forum
Sign in to follow this  
AskFrank

Greedy Sellers Or Malpractice By An Estate Agents?

Recommended Posts

Put in an offer for asking price (at the time I question my sanity considering how prices are plummetting but we really liked the property). Had a call confirming the seller had accepted. Just had a call stating another buyer has put in exactly the same offer. Seller has asked us both to put in our best offer.

Now I know there is a legal requirement to put all offers forward to the seller BUT surely if our offer was accepted and we have offered the asking price and the property was taken off the market ...the Estate Agents should have just said the property has sold.

What is your view on this situation?

Share this post


Link to post
Share on other sites

Put in an offer for asking price (at the time I question my sanity considering how prices are plummetting but we really liked the property). Had a call confirming the seller had accepted. Just had a call stating another buyer has put in exactly the same offer. Seller has asked us both to put in our best offer.

Now I know there is a legal requirement to put all offers forward to the seller BUT surely if our offer was accepted and we have offered the asking price and the property was taken off the market ...the Estate Agents should have just said the property has sold.

What is your view on this situation?

In my part of the World now if an EA has a real offer from someone wanting to buy... and the offer has been accepted... many of them are refusing to start a bidding war for fear of losing the original buyer...

But you have to take this with a pinch of salt as it sounds, IMPO, as if you are being taken for a ride. All depends how much you want it. I would play hard-ball, refuse to get into a bidding war and walk away.

Share this post


Link to post
Share on other sites

Put in an offer for asking price (at the time I question my sanity considering how prices are plummetting but we really liked the property). Had a call confirming the seller had accepted. Just had a call stating another buyer has put in exactly the same offer. Seller has asked us both to put in our best offer.

<snip>

What is your view on this situation?

Offer 10% less than you did originally. That should tell you what's really happening.

Share this post


Link to post
Share on other sites

Offer 10% less than you did originally. That should tell you what's really happening.

This is what I would do, though perhaps not 10% lower. Withdraw the offer, and reoffer at 1 grand lower. That leaves the way clear for the 'other' bidder to take the property.

What it also does is show to the estate agent and the seller that you wont be messed around with. Chances are that the other offer is from someone who is either a vapour person, or they wont be able to raise a mortgage anyway.

So lower your offer, and see what happens. The worst that can happen to you isnt that you will have to spend more time looking for a property, but finding that your lower offer is accepted.

Share this post


Link to post
Share on other sites

In 1995 we bought our first house.

Seller in negative equity (he bought in 1989). We placed an offer, he accepted but then was actively trying to continue to market the property after the acceptance.

My response was - 'Take the for sale board down or we pull out'

Board came down.

If they say they have another offer I personally would tell them that you cannot get into a bidding war and walk.

Plenty more houses. Up to you really.

Share this post


Link to post
Share on other sites

EAs DO make up false offers. I have personal experience of that. I would call the agent back and say that you are not prepared to get into a bidding war so your original offer is your final offer. Then I would say that you also have an offer on another property that you are awaiting to hear back on so could they let you know asap whether this one is proceedable.

Let us know how you get on.

Share this post


Link to post
Share on other sites

Put in an offer for asking price (at the time I question my sanity considering how prices are plummetting but we really liked the property). Had a call confirming the seller had accepted. Just had a call stating another buyer has put in exactly the same offer. Seller has asked us both to put in our best offer.

Now I know there is a legal requirement to put all offers forward to the seller BUT surely if our offer was accepted and we have offered the asking price and the property was taken off the market ...the Estate Agents should have just said the property has sold.

What is your view on this situation?

The EA has done nothing illegal at face value.

if you like the property but don't want to pay more, just leave your offer unchanged...

Share this post


Link to post
Share on other sites

It never ceases to amaze me, property is for sale for months and then two offers within an hour. We offered on a property last year (October) and surprise surprise there was another offer and could we put forward our best offer. I am a kind soul at heart and realised these other people were desperate so decided to let the other people have the property and withdrew our offer ... still for sale not even SSTC ...

this is exactly what happened to me in febuary 2010. House been on the Market for two years never had an offer in that time. I made an offer and the two hours later there was also another higher offer! I said ******** I'm not upping it and left it at that. House still for sale now with an asking price LOWER than my final offer :lol:

Share this post


Link to post
Share on other sites

Put in an offer for asking price (at the time I question my sanity considering how prices are plummetting but we really liked the property). Had a call confirming the seller had accepted. Just had a call stating another buyer has put in exactly the same offer. Seller has asked us both to put in our best offer.

Now I know there is a legal requirement to put all offers forward to the seller BUT surely if our offer was accepted and we have offered the asking price and the property was taken off the market ...the Estate Agents should have just said the property has sold.

What is your view on this situation?

Is it currently rented accomodation or is it owner occupied ?

Share this post


Link to post
Share on other sites

Got to say there is the possibility there is another offer.

When we sold out house last year we had two offers at the same time. ( in fact every one who saw our house made an offer... :D )

Having said that, i would still treat it with suspicion and stick to your first offer.

What we did in the same situation when buying, was ask to see the house again before making a final offer....the seller decided to accept our original offer....

Share this post


Link to post
Share on other sites

I suppose the really fun thing to do would be to put in a higher bid but with no intention of going through with it, then pull out soon after.

Agreed. Sounds like the seller is desperate, and having at long last found a credible buyer wants to attempt to squeeze a bit more cash out of the deal. Right thing to do is to increase the offer by 10% and then drag your feet over surveys and searches, find nit-picking faults, wait for house price indices to fall and then reduce the offer by 15% or more perhaps. If the seller isn't acting honourably, you have no obligation to be honest either. It's a green light to **** with them.

Share this post


Link to post
Share on other sites

Offer 10% less than you did originally. That should tell you what's really happening.

Yes, I've done this (only 1% lower, however). The look on the EAs face told me all I needed to know i.e. there was no other offer.

Share this post


Link to post
Share on other sites

Book an appointment to go and see another house at the same agent - make it one priced 10%/20% less. Don't even mention the fact that you have made another offer. Maybe email for an appointment date, don;t raise the issue of the counter offer or anthing about the other house. Make timign this other viewing a little problematic - got to see "a competitor" EA at such and such a time - can you do it at...., maybe one out of the area that they will not be in contact with.

That should ****** with their minds a bit if they are playing games. If not and there is another offer when they mention it just ask to see it on the spot.

Edited by OnlyMe

Share this post


Link to post
Share on other sites

An offer means nothing....anyone can make an offer and not have two pennies to rub together.

You have the cash or verified finance or a verified offer on your existing home....that is real money.

Do not play them at their game....show them you mean business and you won't be mucked around or you will walk and will purchase your property from a ethical agent. ;)

Share this post


Link to post
Share on other sites

This has happened to us in last 2 weeks too. Somewhere that had Been on Market since this time last year we offered on and would not increase on and made clear our offer was final offer ad we needed £££ to make good rdecorate after tenants etc.

After 2 weeks agent chased and asked if we could Increase as were near a deal. I said no. It was final offer. Property has now apparently gone Stc but we smell a RAF as agent has been back twice telling us vendor reallly wants to sell to us and not other person in a chain. We have ignored agent and are walking away ... Waiting for something else we can afford.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 311 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%



×
×
  • Create New...

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.