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    • Nini9
    • By Nini9 14th Sep 17, 9:06 AM
    • 4Posts
    • 3Thanks
    Nini9
    Advice please - Trying to buy a house
    • #1
    • 14th Sep 17, 9:06 AM
    Advice please - Trying to buy a house 14th Sep 17 at 9:06 AM
    I'd really appreciate some advice.
    I've recently seen a house I like being sold by an elderly couple, it was on at £325,000. After doing some research similar houses in better condition had been sold on the same road this year for £310,000, so i offered £310,000.
    After some consideration EAs came back to me and said the couple need £315,000 to buy their next home. So I came to an agreement and they accepted the offer.
    Half an hour later I'm told that they want to sell it to me but have to decline as they've got a cash buyer offering more, can I offer more. Fast forward a few days the house is still on the market?! Am I being played? What's going on? I want the house but I don't want to be sucked in to games. Any help would be greatly appreciated! (btw I'm a first time buyer, mortgage in principal and everything in place)
Page 1
    • armchaireconomist
    • By armchaireconomist 14th Sep 17, 9:20 AM
    • 182 Posts
    • 211 Thanks
    armchaireconomist
    • #2
    • 14th Sep 17, 9:20 AM
    • #2
    • 14th Sep 17, 9:20 AM
    Ring them up, "£315,000 remains and will expire at the end of the week. If I haven't had an answer by then i'll begin looking at other properties - have a nice day."
    • kelpie35
    • By kelpie35 14th Sep 17, 9:27 AM
    • 1,522 Posts
    • 4,836 Thanks
    kelpie35
    • #3
    • 14th Sep 17, 9:27 AM
    • #3
    • 14th Sep 17, 9:27 AM
    Yep, think you are being played by the EA.

    Take the advice given above and stick to it.

    There are too many greedy people about now and you need to look after yourself first.

    Hope you are successful
    • m0bov
    • By m0bov 14th Sep 17, 9:29 AM
    • 1,132 Posts
    • 755 Thanks
    m0bov
    • #4
    • 14th Sep 17, 9:29 AM
    • #4
    • 14th Sep 17, 9:29 AM
    Arrr the old "mystery cash buyer" game. Oldest one in the book. Keep an eye on the add, the price might well drop in a few months! I had the exact same thing tried on me and I walked.
    • hazyjo
    • By hazyjo 14th Sep 17, 9:35 AM
    • 9,802 Posts
    • 12,423 Thanks
    hazyjo
    • #5
    • 14th Sep 17, 9:35 AM
    • #5
    • 14th Sep 17, 9:35 AM
    Are you sure it's still on the market? Could it be that they just haven't added the 'SSTC/under offer' on the details? Get someone to ring about it and see what they say. Sometimes people keep marketing their properties until they see evidence of a serious buyer (searches/survey, etc).
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • Narkynewt
    • By Narkynewt 14th Sep 17, 9:36 AM
    • 118 Posts
    • 23 Thanks
    Narkynewt
    • #6
    • 14th Sep 17, 9:36 AM
    • #6
    • 14th Sep 17, 9:36 AM
    Don't rush into anything. You have said yourself that houses in better condition have sold for £310,000. Imagine buying that house, then a few weeks after moving in another one comes up for sale on the same road, nicer and for cheaper!

    I am in the process of buying my first home and put a few offers in on houses that I am SO GLAD we're declined at the time because I am now buying a much nicer home.

    Take your time, I know it's an exciting time but you don't want to regret a purchase this big! I would wait a little, less people buy in the winter months so you will be in a better position especially being a FTB.

    Your dream home is somewhere out there waiting for you!

    Good Luck
    • Crashy Time
    • By Crashy Time 14th Sep 17, 12:12 PM
    • 5,230 Posts
    • 2,209 Thanks
    Crashy Time
    • #7
    • 14th Sep 17, 12:12 PM
    • #7
    • 14th Sep 17, 12:12 PM
    Any chance of a link?
    • elverson
    • By elverson 14th Sep 17, 12:31 PM
    • 708 Posts
    • 421 Thanks
    elverson
    • #8
    • 14th Sep 17, 12:31 PM
    • #8
    • 14th Sep 17, 12:31 PM
    Remember the EA works for the seller's interest and not yours. It's in their interest to get the price high as their fee will probably be a percentage of the sale price.
    • Nini9
    • By Nini9 14th Sep 17, 12:49 PM
    • 4 Posts
    • 3 Thanks
    Nini9
    • #9
    • 14th Sep 17, 12:49 PM
    • #9
    • 14th Sep 17, 12:49 PM
    I've had someone call the EA, and the house is still up for sale and happy to take offers! Which is slightly annoying!
    • jbainbridge
    • By jbainbridge 14th Sep 17, 1:00 PM
    • 1,730 Posts
    • 1,123 Thanks
    jbainbridge
    Step back. You have done your research on sold prices. Sounds like 315 would have been overpaying anyway. View other houses - something will come up. If the EA approaches you again I'd be tempted to only offer the original 310!
    • gettingtheresometime
    • By gettingtheresometime 14th Sep 17, 1:13 PM
    • 3,065 Posts
    • 7,099 Thanks
    gettingtheresometime
    I've had someone call the EA, and the house is still up for sale and happy to take offers! Which is slightly annoying!
    Originally posted by Nini9
    Did the person speak to the person you've been dealing with or just someone in the office?


    I only ask as the house my son is buying appeared to be still for sale after his offer had been accepted & I rang up asking to view the property.


    Someone arranged the viewing with me but I received a phone call later on saying that they were sorry but the house had already been sold.
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card cleared thanks to the 1 debt v 100 day challenge


    Next on the list - JD Williams
    • diggingdude
    • By diggingdude 14th Sep 17, 10:35 PM
    • 45 Posts
    • 52 Thanks
    diggingdude
    If phone up EA, offer £31250 and say the offer is there but you are now looking for other properties. Mind you I'm still trying to buy my first place so maybe this is where I'm going wrong. Been gazumped twice now only for the house to still be on the market when it fell through
    • Nini9
    • By Nini9 15th Sep 17, 11:42 AM
    • 4 Posts
    • 3 Thanks
    Nini9
    Thank you all for replies. I feel slightly reassured that all of you think this is very dodgy! M
    I can confirm that my father spoke to the agent that dealt with me and confirmed the house was still for sale! :/
    Back to square one now! Thanks again.
    • Mutton Geoff
    • By Mutton Geoff 15th Sep 17, 11:57 AM
    • 959 Posts
    • 1,002 Thanks
    Mutton Geoff
    Thank you all for replies. I feel slightly reassured that all of you think this is very dodgy! M
    I can confirm that my father spoke to the agent that dealt with me and confirmed the house was still for sale! :/
    Back to square one now! Thanks again.
    Originally posted by Nini9
    Every house is still for sale until contracts are exchanged. If you like it, this is the part where you come in. Estate agents are funded by the vendor so, if you want the house, you need to sell yourself to them.


    You say you are "a first time buyer, mortgage in principal and everything in place", so you are in a strong position compared to everyone else that calls or views the property. Cash buyer means nothing, the money from your bank is the same colour as that of the "cash buyers".


    Ask the agent to show you comparables for the £325k asking price, and when he can't, offer £285k with the promise of a fast sale (you have nothing to sell so not in a chain or relocating etc, so you really do have an ace card in your pack).


    £285k is only 5% less than the £300k this property may be worth since "similar houses in better condition had been sold on the same road this year for £310,000". You need at least the £10k to put it in the same condition.


    I wouldn't mess around with offers that are 1% or 2% adrift of asking. Go in hard because you are a serious buyer with funds all sorted. If others turn up, great, but do not increase or match others offers unless you have proof they exist.


    The agent is legally obliged to put all offers to the vendor, so the decision is ultimately theirs. If I were them I would seriously weigh up offers within 5% of what I knew the house was worth and consider all aspects, not just the figure in the offer. You are keen, unlikely to change your mind etc than the "cash buyer", prepared for some negative aspects in the survey etc. These are all things to put forward to the agent. Play them at their own game.
    Compensations/Refunds from Banks & Institutions - £4,165 | Stooz Profits - £7,636 | Quidco - £3,963

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • Nini9
    • By Nini9 19th Sep 17, 10:40 PM
    • 4 Posts
    • 3 Thanks
    Nini9
    So update, I withdrew my higher offers and went down to £305,000. Obviously annoyed the estate agents. They called up wanting to know if I would go back to my original offer.
    I said talk to the vendors and then let me know, i didn't commit to anything.
    I'm new to this and don't fully understand all the game stude EAs are playing, but am tempted just to take a step back and tell them I need to consider other properties.
    Would appreciate your views.

    Thanks
    • goodwithsaving
    • By goodwithsaving 19th Sep 17, 11:00 PM
    • 689 Posts
    • 1,032 Thanks
    goodwithsaving
    If they play you now, they'll play you later. Walk away.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
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