find out about refused offers

chickmug

dander wrote: »

I can't imagine any estate agent carefully going into a computer system and changing a property status to "under offer" when a prospective buyer makes an offer, then going back in again when the offer is rejected. Then logging on again when the buyer ups their offer... etc They'd have to be REALLY bored!

Logically, I think we can be pretty sure that status only gets changed when the offers are accepted.

Can only speak for how we (EA's) do things.
Only once the offer is accepted, by the seller and the paperwork is about to be prepared/issued, do we regard the property as UO/SSTC then within hours we mark as UO/SSTC.

We have two computer literate partners (both wrinklys) both of who are able to alter web sites as and when the needs arises. I have to smile when I hear other EA's (younger than our partners) I know say they have to wait until the right member of staff is on duty to update as no one else knows how. Pathetic especailly if that member of staff is off for the week!!!!!!

not_loaded

not_loaded wrote: »

I don’t think it’s confusing at all.
“Hey Mr B, here’s something still on the market that Mr A has made an offer on. Do you like it? Enough to try and beat Mr A?”
Crystal clear to me.

So clearly then, that’s why the properties are still there for all to see:

You can still enquire about a Sold STC property as the sale is not complete until the signed contracts are exchanged. Technically the property is still available.
It may still be worth contacting the estate agent to discuss the strength of the accepted offer, particularly as there is no legal obligation on homeowner or homebuyer to complete the sale.

Sorry as an EA but I don't regard Rightmoves words as the gospel

No need to apologise, at least you’ve got a job of sorts. Rightmove of course have the right to define what they mean when it’s shown on their website.

chewmylegoff

chickmug wrote: »

Can only speak for how we (EA's) do things.
Only once the offer is accepted, by the seller and the paperwork is about to be prepared/issued, do we regard the property as UO/SSTC then within hours we mark as UO/SSTC.

We have two computer literate partners (both wrinklys) both of who are able to alter web sites as and when the needs arises. I have to smile when I hear other EA's (younger than our partners) I know say they have to wait until the right member of staff is on duty to update as no one else knows how. Pathetic especailly if that member of staff is off for the week!!!!!!

what would you do if a buyer asked for the property to be removed from your website and rightmove etc after an offer has been accepted?

chickmug

chewmylegoff wrote: »

what would you do if a buyer asked for the property to be removed from your website and rightmove etc after an offer has been accepted?

It is not in the seller’s interest to do this as you lose the chance to get ‘back up’ buyers. We do explain this to the buyers and 99% of the time they accept this and realise it is a question of trust on both sides. If they push the issue we usually say to them the seller would be taking a very big risk taking it off the market so what would you (the buyer) offer, from their side, as an equal gesture of good faith?

Years ago before taking holding deposits became dodgy when we had sellers often asking for a deposit from he buyer as a sign of good faith we said OK and are you (the seller ) prepared to make an equal deposit payment so if you pullout the buyer will have that money. So in actual fact we rarely took any deposits from anyone.

TV shows say make an offer subject to marketing being stopped - good for buyer but very bad for seller.

You may also be interested we have an anti gazumping clause in our contract - never been to court on it but where we have dealt with a seller who was indicating taking a higher offer we have gently reminded him of it and they ave always backed off. I can’t stand gazumping. However in today’s buyers market we are not able to have a similar type of hold over the buyers who may gazunder!

not_loaded

You may also be interested we have an anti gazumping clause in our contract - never been to court on it but where we have dealt with a seller who was indicating taking a higher offer we have gently reminded him of it and they ave always backed off. I can’t stand gazumping.

Hmm… Interesting. Isn’t the seller entitled to move on to a better offer, especially if the current accepted offer is not proceeding in a timely manner?

However in today’s buyers market we are not able to have a similar type of hold over the buyers who may gazunder!

Do you have any suggestions on how to avoid the gazunderer, or foil their plans, from the seller’s point of view? My only idea at the moment is, on hearing their under offer (which will be at the last possible moment of course) to walk towards the door saying we’re in no hurry to sell.

guppy

The agent has a duty to act in their client (the seller's interests) at all time. Personally I'd consider giving potential buyers any info that might help them secure a lower price a breach of this duty and would be furious if I was the seller...

Of course not all agents are that professional.

chickmug

not_loaded wrote: »

Hmm… Interesting. Isn’t the seller entitled to move on to a better offer, especially if the current accepted offer is not proceeding in a timely manner?
Do you have any suggestions on how to avoid the gazunderer, or foil their plans, from the seller’s point of view? My only idea at the moment is, on hearing their under offer (which will be at the last possible moment of course) to walk towards the door saying we’re in no hurry to sell.

On your point of sellers moving on to a better offer we never get anyone to sign on the spot, our terms are written in plain English and left with the client to sign and return. I have even shook hands and not asked for a signed contract and only once 'back fired' on me last year with a good friend of a good friend of mine. My friend was horrified when we were badly p1ssed about. Sadly this made us tighten up so after which we never acted until all paperwork returned.

I always say, to sellers, if you don't like ant part of our terms we will alter(how many EA's do that) and in the many years in business only found a handul asking for small changes. The anti gazumping clause in there clearly to be seen and some sellers have said 'good idea' as they are anti gazumping. Never once been asked to take it out.

Yes there are second parties coming along 'full of wind' who want the property even though it is under offer and are prepared to pay more. More often than not, if the first buyer is kicked off, the 'full of wind' second buyer can just as easily pull out and they often do.

I haven't got my head around the gazundering as it would be very difficult to lay the law down with the buyer who has no contract with the EA in the way the seller does. Similarly I have known sellers ask their solicitors for some form of document signed when the sale is agreed but I have yet to see anything as Solicitors don't feel they can do anything that would suffice.

not_loaded

Thanks for that response chickmug. Very interesting.

I haven't got my head around the gazundering as it would be very difficult to lay the law down with the buyer who has no contract with the EA in the way the seller does. Similarly I have known sellers ask their solicitors for some form of document signed when the sale is agreed but I have yet to see anything as Solicitors don't feel they can do anything that would suffice.

Yes, I suspect that it would be very hard to try to contractually tie down the buyer to prevent gazundering. My analysis, as the seller, would be that they gazunder at the last second to get some sort of ‘good feeling’ out of the deal. My walk-away tactic would be aimed at making them feel very stupid at losing the house at the last moment.

swingjune

This is a new build, is it sold or not?


History

dateeventTue Aug 5 20:11:15 2008

• Status changed: from 'New home, Sold STC' to 'New home' [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

Sat Aug 2 21:58:30 2008

• Status changed: from 'New home' to 'New home, Sold STC' [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

Fri Jun 6 19:54:51 2008

• Title changed: Sheriff Court, Eldwick, Bingley, West Yorkshire [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

Wed May 28 09:27:06 2008

• Initial entry found. [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

chickmug

not_loaded wrote: »

Thanks for that response chickmug. Very interesting.
Yes, I suspect that it would be very hard to try to contractually tie down the buyer to prevent gazundering. My analysis, as the seller, would be that they gazunder at the last second to get some sort of ‘good feeling’ out of the deal. My walk-away tactic would be aimed at making them feel very stupid at losing the house at the last moment.

My personal experience is that I have not come across gazundering very much and if I had I would be working, like mad, on ways of eradictaing it.

More cases, than not, end up with the seller giving way and if not for the whole amount a significant amount. But I take great delight in having dealt with some tough, but delightful, sellers. Sellers that tell the buyer to get stuffed and where the buyer gives in. Other cases where the seller asks his solicitor to telephone the other solicitor requesting the contract paperwork be returned. One seller that countered the request for a reduction by putting the price up £10,000.