How do I approach Estate agent with a higher offer?

mrsbear_3

Hope someone can help me, I have viewed a bungelow that has been on sale for less than a week, I put an offer in straight away but someone unfortunately beat me to it (although the owner said he would tell the estate agent I had first refusal) the estate agent told me the owners solicitor had advised the owner to take the first offer as it was also at full asking price, so would not consider my offer.

What I would like to know is if I put an offer in of £5000 more is that enough for them to inform the owner of this and will it realistically be considered as he is being advised by his solicitor.

My other thought was that as I already own a flat that is worth approx £7000 more than the bungalow would the vendor consider a part ex as I know he is selling because he is elderly and is looking for a flat that is easy maintainable. I was not going to sell my flat yet as I have somebody who wants to rent it from me but at a low rent it would barely cover interest ratesnow and I would be loosing as soon as they rise.

I dont think I would be able to sell it in this climate as two other flats in my block are already for sale, I would like to know if the estate agents would pass this message on to him as I dont know if the estate agent would still get their cut for an exchange.

I donot know who the vendors solicitor is or I would contact him. Am I allowed to visit the vendor and put this offer of exchange to him or would that be incorrect ?

Hope someone can offer me advice as I havnt a clue on the correct protocol, thank you

Nosht

Why go through the Agent?
Talk directly to the owner.

N.

mrsbear_3

Thanks I just wasnt sure if I was allowed to approach him direct, as he is an elderly gent and the estate agent said that his solicitor is advising him, I know he lives with his son so perhaps its best if I visit when his son is in as I would not like to appear to be putting him under any pressure.

princessamy86

Legally, the estate agent must pass on ALL offers that they receive, so a gentle reminder of this probably wouldn't go amiss. Whether or not they will accept is a different matter, it's down to the vendor (or solicitors) but if it is going through solicitors I would have thought they will go with the highest offer. It might be an idea to offer your flat as part of the deal, particularly if it is the type of property the vendor might be interested in.

tizhimi

Very simple solution, watch more of kirtsy and phil and take tips off them!!!

Pigster_2

I would submit your offer via the agent. As stated above, the agent is obliged to pass it on. The vendor would then have the option of either accepting it or, (and hopefully if he has some integrity this is what he will do) just noting it as a reserve position in case the first potential buyer is unable to progress for some reason.

It sounds a little as though the property may have been undervalued, with two full price offers coming in less than a week.

mrsbear_3

Thank you for all your replies, you are all very helpful,

oes anyone know the cost implications of property exchanges, I need to work out the sums before I ofer an exchange, I am seeing my bank manager in the morning I will ask him procedures with my mortgage but do you think solicitors fees would be more expensive than the usual buying fees?

DVardysShadow

Property exchange very rarely works, I would think. The chances of your flat meeting your vendors requirements are vanishingly small. By all means float the idea, but don't ahng much hope on it or spend to much time working on the implications.

chickmug

tizhimi wrote: »

Very simple solution, watch more of kirtsy and phil and take tips off them!!!

I assume that you are joking

mrsbear_3

Well, I went to see the vendor and he said he would sell the house to the highest bidder, I offered him 3000 more and he phoned the estate agent while I was there and told them he wanted the purchase to go through with me.

The estate agent asked to speak to me and said to me ' the other interested party have arranged for a survayor to to look at the property and we should give the other buyers the option to buy first,( although 3000 less than my offer) how would you like it if someone came and offered more money from you ' then said she would have to speak to the vendor when I wasnt there as I may be presurising him! he was delighted with the extra offer, hes not a rich man and owes alot on the property.
This was yesterday afternoon and the estate agent hasnt contacted me again, I am sure something is going on I seem to be being pushed out of the equasion by the estate agent.

cashndash

another example of the Agent acting for the buyer and not the seller :mad: