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JoeDavola

House Viewing/bid Refusal

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Strangest thing just happened to my mate.

He viewed a house last week, that had an offer of 10K under the asking on it.

After a few days thought, he decided he'd probably be putting a bid in, but wanted a quick second viewing.

The EA told him basically that the sellers didn't want any more viewings, because they were fairly certain that the offer (which he was going to exceed) had been confirmed. But that if things fell through, they'd let him know.

The sellers told him, during the viewing, that they were in no rush to sell. A few days later, they aren't even entertaining what would have been a higher bid?

Is this basically their way of saying that they think he's a bit of a chancer or tire-kicker? Should he have just made the formal bid before viewing the house again?

Edited by JoeDavola

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Had the same myself recently, called to view and it's "under offer". So regardless of whether you want to offer more, it's no longer view-able.

I had a second viewing booked for Saturday, Tuesday I get an automated email telling me its been canceled and the house is now SSTC.

At least the agents aren't ones to mess about once they've accepted an offer I guess.

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Fair do.

Thought it was odd that they weren't interested in what would be more money.

Also thought it was a bit rich to pretty much be told "if this falls though and we want your money then, we'll let you know".

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He was going to knock the door of the seller and have a chat directly, but that would probably seem a bit desperate. It's hard to guess how much of this is the seller's idea, and how much is the EA telling the seller what to do.

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Fair do.

Thought it was odd that they weren't interested in what would be more money.

Also thought it was a bit rich to pretty much be told "if this falls though and we want your money then, we'll let you know".

Well if the buyers have accepted an offer, then sticking to their word is not exactly a dishonourable thing to do - quite refreshing, in fact - although it doesn't happen that often. Although perhaps at that point you would expect them to list it as SSTC, I don't know.

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He was going to knock the door of the seller and have a chat directly, but that would probably seem a bit desperate. It's hard to guess how much of this is the seller's idea, and how much is the EA telling the seller what to do.

Stick a note through the door if he really wants.

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Some people don't like tyre kickers or messing around with haggling. If you want to play the bidding game, move on to the next one. If there is a house you really want put in a more realistic offer that you believe someone will accept. your bargaining position for properties near the bottom-ish of the market isn't great as more people are prepared to take a punt at that price range (first time buyers, BTL + all the props - help to buy and social landlords.)

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I doubt it'll fall through, as it's far nicer than most houses in the price range.

The interesting thing is though that in 2 and a half months on the market, there was only one bidder, and at below the asking price. Shows the market's not exactly on fire I guess.

Edited by JoeDavola

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He was going to knock the door of the seller and have a chat directly, but that would probably seem a bit desperate. It's hard to guess how much of this is the seller's idea, and how much is the EA telling the seller what to do.

Why not.

If he buys the place fine and if he doesn't the worst he's done is waste some time.

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I've had 2 recent experiences of this with 2 different local agents. First house on reduced from £199k to £189k. Phoned up. It's under offer at £183k. Will you offer more? No I wouldn't.  Landreg data a few months later shows it sold for £174k. 

 

A couple of months later another local agent listed a house about 40k cheaper than the usual asking price for similar properties. Phoned the day it appeared on Rightmove - the first viewer had allegedly made an offer that had been accepted.

 

Live in a small town - I'm guessing that both deals (especially the 2nd) involved a mixture of doing a friend/business associate a favour and getting a deal done asap when the usual time to sell round these parts can be over 1 year - normally this long because asking prices are optimistic.

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I've had 2 recent experiences of this with 2 different local agents. First house on reduced from £199k to £189k. Phoned up. It's under offer at £183k. Will you offer more? No I wouldn't.  Landreg data a few months later shows it sold for £174k. 

 

A couple of months later another local agent listed a house about 40k cheaper than the usual asking price for similar properties. Phoned the day it appeared on Rightmove - the first viewer had allegedly made an offer that had been accepted.

 

Live in a small town - I'm guessing that both deals (especially the 2nd) involved a mixture of doing a friend/business associate a favour and getting a deal done asap when the usual time to sell round these parts can be over 1 year - normally this long because asking prices are optimistic.

Watch to see if they come back to the market ,i got stitched up at the beginning of the year on a probate place i  made an offer on i was told someone had made a better offer and i was not willing to increase mine ,only to find out via  the LR that  it was sold for 6K under my offer  

 

I have the confirmation and refusal of my offer on email from the EA ..if the place get`s flipped i`m going to look for the previous owner/vendor if it`s someone doing it up to live in i will leave it at that

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Once an offer's been accepted in principle, some buyers will ask for the house to be taken off the market - at least no more viewings - to show good faith on the part of the vendors.

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Watch to see if they come back to the market ,i got stitched up at the beginning of the year on a probate place i made an offer on i was told someone had made a better offer and i was not willing to increase mine ,only to find out via the LR that it was sold for 6K under my offer

I have the confirmation and refusal of my offer on email from the EA ..if the place get`s flipped i`m going to look for the previous owner/vendor if it`s someone doing it up to live in i will leave it at that

Just reminded me. I bid on a probate in 2013, the agent told me at the time they want the asking price even though it's not OIEO in the listing. I just checked, the buyer actually paid that. Could have sworn the agent was trying it on.

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I've had 2 recent experiences of this with 2 different local agents. First house on reduced from £199k to £189k. Phoned up. It's under offer at £183k. Will you offer more? No I wouldn't. Landreg data a few months later shows it sold for £174k.

Sometimes the buyer will play dirty and at the last minute reduce their offer even when the price has been agreed and contracts are about to be exchanged. Quite often the seller will cave in or they will lose money and/or the house they're buying if there's a chain. It just happened to me but I told them "on your bike". No way. Buying and selling property brings out the worst in people.

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Had similar things happen to me numerous times. I always put it down to the EA:

  • wanting to increase turnover, if the seller get's it into their head they can get a few more £k they might keep trying it on and then take ages to sell the house. I've noticed EAs are generally only keen on showing houses the first week or so it's on the market. After that they often seem to consider it a waste of time.
  • cotinue an 'exisitng relationship'. This occurs especially when a 'bargain' (i.e. under current market price) comes on the market. You call up the first day it's on RM and 'sorry, it's already sold'. Drive past a few weeks later and see a skip outside, next month or so it's flipped/up for rent.

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