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otters

Gazumping

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Not that I have any intention of doing it,

Two weeks ago house came on the market in an area I like, I had no intention of paying the asking price, but thought a look would do no harm.

Looked on right move Tuesday, and still for sale, so phoned the agent to arrange a viewing. She replied that as an offer had been accepted that afternoon they were now taking it off the market.

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I would say though that it's a bit of coincidence that an 'offer' has been made at the same time that you're viewing. Unless it's an amazing house at an amazing price it sounds suspect. I'd suggest keeping your powder dry. If it goes SSTC on Rightmove then maybe there is an offer there. If not then I suggest you let them sweat for a little bit THEN make an offer that you're embarrassed by.

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Guest sillybear2

No, it's a gentlemen's agreement until contracts are signed, and agents are legally obliged to pass on all offers in writing to the vendor. However, it's very much in bad faith and karma will hunt you down and dance on your grave. :ph34r:

Edited by sillybear2

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Not that I have any intention of doing it,

Two weeks ago house came on the market in an area I like, I had no intention of paying the asking price, but thought a look would do no harm.

Looked on right move Tuesday, and still for sale, so phoned the agent to arrange a viewing. She replied that as an offer had been accepted that afternoon they were now taking it off the market.

You should simply reply "Oh, fine thanks anyway. I've got a lot of properties to see. Bye!"

You'll get a call in a week or so from them saying "It's come back on the market. Do you want to make an offer", to which your standard first response should be "No thanks".

She's bluffing but she's an estate agent. So she won't be particularly smart or good at bluffing.

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You should simply reply "Oh, fine thanks anyway. I've got a lot of properties to see. Bye!"

You'll get a call in a week or so from them saying "It's come back on the market. Do you want to make an offer", to which your standard first response should be "No thanks".

She's bluffing but she's an estate agent. So she won't be particularly smart or good at bluffing.

My reading of the OP is that he has been denied a viewing and therefore isn't expected to be making an offer, so who is she bluffing?

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What was the price like? I've just had my offer accepted on a place and I have been waiting 3 years in rented to find perfect house. Came on for a lot less than I would have paid for it so I offered 5k under to the owner who showed me round and he shook on it there and then. Was on Market 1 day and I was first to view. Vendor priced realistically. My wife can barely believe it as I am normally offering 20-30% under asking. Survey tomorrow fingers crossed for mortgage! 4.39% fixed 5 years.

Best house I've seen come on the Market around here in five years and they priced it to sell. I'm still looking for the catch!

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What was the price like? I've just had my offer accepted on a place and I have been waiting 3 years in rented to find perfect house. Came on for a lot less than I would have paid for it so I offered 5k under to the owner who showed me round and he shook on it there and then. Was on Market 1 day and I was first to view. Vendor priced realistically. My wife can barely believe it as I am normally offering 20-30% under asking. Survey tomorrow fingers crossed for mortgage! 4.39% fixed 5 years.

Best house I've seen come on the Market around here in five years and they priced it to sell. I'm still looking for the catch!

Sounds like a good deal. Where did you get that rate for the mortgage? Obviously with a lower LTV?

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Not that I have any intention of doing it,

Two weeks ago house came on the market in an area I like, I had no intention of paying the asking price, but thought a look would do no harm.

Looked on right move Tuesday, and still for sale, so phoned the agent to arrange a viewing. She replied that as an offer had been accepted that afternoon they were now taking it off the market.

Wait until the surveyor goes round and values it at 25% below the offer and the potential buyer and the vendor have have a spat.

The vendor will then put it on again at 5% below current asking and you offer 25%below that.

Or

Why the f**k would anybody with half a brain be looking at buying a property at the moment.

You decide :rolleyes:

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My reading of the OP is that he has been denied a viewing and therefore isn't expected to be making an offer, so who is she bluffing?

This is correct, and why I'm confused. All she said was can we register you on our books. No thanks.

.

I have just checked on RM and the property is now marked under offer, not SSTC. so is not taking on any more viewings the norm.

Kates Bush, read my post before spouting off with foul language. I have no intention of buying just yet, but keeping ones eye on the market is a prudent thing to do.

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What was the price like? I've just had my offer accepted on a place and I have been waiting 3 years in rented to find perfect house. Came on for a lot less than I would have paid for it so I offered 5k under to the owner who showed me round and he shook on it there and then. Was on Market 1 day and I was first to view. Vendor priced realistically. My wife can barely believe it as I am normally offering 20-30% under asking. Survey tomorrow fingers crossed for mortgage! 4.39% fixed 5 years.

Best house I've seen come on the Market around here in five years and they priced it to sell. I'm still looking for the catch!

We found a property this week, perfect location, needs work but it's cheap enough for us to put down a decent deposit and have the money to do the required work, we're also in rented, finance sorted etc but lo and behold plenty of other people are in the same position as us it would seem and currently there's 4 offers at full asking price, one of which is a cash buyer so the vendor is going to sealed bids.. Initially I assumed the agent was playing the usual games but the house is now advertised as being open on Saturday and all offers have to be in, in writing by Tuesday lunchtime.

I'm walking away but I'm gutted. Again. Especially as with this one we could have the mortgage paid off in 5 years.

We've also lost out on three other properties where we've assumed the agent was lying about other offers but they all sold within a couple of weeks at 2 or 3% below asking.

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I would say though that it's a bit of coincidence that an 'offer' has been made at the same time that you're viewing. Unless it's an amazing house at an amazing price it sounds suspect. I'd suggest keeping your powder dry. If it goes SSTC on Rightmove then maybe there is an offer there. If not then I suggest you let them sweat for a little bit THEN make an offer that you're embarrassed by.

These coincidences with EAs occur all to regularly. All these properties that have been on the market for months or years, and the day you call one or two offers have been made...

Amazing!!!

And we then wonder about all these SSTC->Available properties.

To the OP, I think you are being taken for a ride.

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This is correct, and why I'm confused. All she said was can we register you on our books. No thanks.

It is a long game. If all agents in the area do this then you are being taught a lesson that properties go if you don't hurry up or dare to think of negotiating. If you want to buy something, it won't be that house but it will be another one for which you will overpay by 20-30%. The agent doesn't care that you and the vendor missed out on a deal, they or one of their local cartel colleagues will make their sale with another property and under much better conditions for them.

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This is correct, and why I'm confused. All she said was can we register you on our books. No thanks.

.

I have just checked on RM and the property is now marked under offer, not SSTC. so is not taking on any more viewings the norm.

Kates Bush, read my post before spouting off with foul language. I have no intention of buying just yet, but keeping ones eye on the market is a prudent thing to do.

My deepest apologies otters,

But please please refrain from contacting estate agents or showing any interest ,what so ever, in property as one phone call this month becomes a flood of new FTB's next month (According to the Express anyway).

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She's bluffing but she's an estate agent.

Don't rely on it being bluff, though.

I was convinced an EA was bluffing us last year - in fact I'd have put money on it. Far too convenient that an offer had been accepted just as we were about to offer.

But waited in vain for that call to say it was 'unexpectedly' available again.

Checking Land Reg later, found that it had completed within just a few weeks.

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Why the heck are you even raising the question. Gazumping is giving a higher offer in a rising market.

HOUSE PRICES ARE ONLY GOING TO FALL

You should be looking at gazundering......Downward pressure...not up.

Offer a lower price. ;)

Good luck mate.

Edited by Davetolbooth

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My deepest apologies otters,

But please please refrain from contacting estate agents or showing any interest ,what so ever, in property as one phone call this month becomes a flood of new FTB's next month (According to the Express anyway).

Apologies accepted.

I still think some people are missing the point to my original post. In general EA's have a popularity rating of just above scum.

This being the case why does this one not want to continue to show people round a property, that to my knowlwdge has only been on the market (hate that word) for a couple weeks, and only has an offer on it. The only reason I can think of is the purchers have paid a non refundable deposit to have it secured for them.

Even if I wanted to make an offer, which I don't, I have not been given the chance.

Edited by otters

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But please please refrain from contacting estate agents or showing any interest ,what so ever, in property as one phone call this month becomes a flood of new FTB's next month (According to the Express anyway).

I'm not so sure about that. A good supply of people telling them "Looks nice, but is far too expensive" might eventually hammer the message home. Prices will drop quicker if they think they'll sell. If they don't think anyone is looking and hardly any will sell anyway there's a rather twisted logic in saying that there's no point in encouraging people to drop.

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Apologies accepted.

I still think some people are missing the point to my original post. In general EA's have a popularity rating of just above scum.

This being the case why does this one not want to continue to show people round a property, that to my knowlwdge has only been on the market (hate that word) for a couple weeks, and only has an offer on it. The only reason I can think of is the purchers have paid a non refundable deposit to have it secured for them.

Even if I wanted to make an offer, which I don't, I have not been given the chance.

If a proceedable offer has been accepted, sometimes the vendor is asked by the buyer to take the property off the market as a sign of good faith. (i.e. to show that they're not going to renege on a promise if/when a slightly better offer comes along.)

This is an agreement between buyer and vendor, and not down to the EA.

If the vendor asks EA to take it off the market, to show good faith, and the EA continues to show people around the property, the buyer would assume that the vendor is going back on their promise.

I have done this as a vendor and it used to be fairly normal. Not sure about now, 'good faith' being an increasingly rare commodity.

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We found a property this week, perfect location, needs work but it's cheap enough for us to put down a decent deposit and have the money to do the required work, we're also in rented, finance sorted etc but lo and behold plenty of other people are in the same position as us it would seem and currently there's 4 offers at full asking price, one of which is a cash buyer so the vendor is going to sealed bids.. Initially I assumed the agent was playing the usual games but the house is now advertised as being open on Saturday and all offers have to be in, in writing by Tuesday lunchtime.

I'm walking away but I'm gutted. Again. Especially as with this one we could have the mortgage paid off in 5 years.

We've also lost out on three other properties where we've assumed the agent was lying about other offers but they all sold within a couple of weeks at 2 or 3% below asking.

what kind of house is this?

From people I have spoken to buying or selling there seems to be 2 markets - people trading up cannot sell their FTB houses at all (too expensive), but at the next rung its hard to even get any offer accepted because you get outbid all the time. If the house on the next rung does not have any offers because it is overpriced then the seller does not budge on price at all. So it seems very hard to buy on the next rung up, and very hard to sell the first rung houses. If the people at the top would reduce their prices it would all cascade down perhaps so that the FTB buyer owners could drop their prices and sell to FTB who cannot afford the current prices.

I think a lot of the FTB owners must have cash stashed away they are using to upgrade to the next rung?

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This is correct, and why I'm confused. All she said was can we register you on our books. No thanks.

.

I have just checked on RM and the property is now marked under offer, not SSTC. so is not taking on any more viewings the norm.

Depends upon the aggressiveness of the buyer.

Some people make their offer conditional on this.

tim

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If a proceedable offer has been accepted, sometimes the vendor is asked by the buyer to take the property off the market as a sign of good faith. (i.e. to show that they're not going to renege on a promise if/when a slightly better offer comes along.)

This is an agreement between buyer and vendor, and not down to the EA.

If the vendor asks EA to take it off the market, to show good faith, and the EA continues to show people around the property, the buyer would assume that the vendor is going back on their promise.

I have done this as a vendor and it used to be fairly normal. Not sure about now, 'good faith' being an increasingly rare commodity.

Thanks Mrs Bear, this makes sense to me. With things as they are a seller would be foolish to upset what they deem to be a genuine buyer.

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Sounds like a good deal. Where did you get that rate for the mortgage? Obviously with a lower LTV?

Nationwide 5 yr fixed. We are at 50%ltv not sure what you need for the deal but it's probably 75 or 80%

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  • 284 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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