The buying process - advice please

pete_m

Hi all,

I have in the past two days made a few offers on a house (and had one accepted). We're fairly happy about the offer but are a bit suspicious about how the purchase has been handled.

This is what happened:

The house has been on the market for 9 months at the current price of £160k.

We took a surveyor friend around for the second viewing last week who says that about £20k needs doing on it (rewire, render, damp etc).

We went in with a cheeky offer of £125 at 9 oclock in the morning. This was rejected (as we expected) and we were told that an offer of £140k had also already been rejected.

As the house had been on for so long (and we didnt know when that 140 offer was made) we went back with an offer of £137 on the same day at 14:00. This time we were told that this was rejected and that they had an offer on the table for £143 and that they were ready to move.

Now, speaking to multiple friends who have been through the house buying process (and a few who also happen to be estate agents) I have been told that you are NEVER told the amount of a competitive offer - just that it is greater than yours. Is this true?

What I also find suspect is that they received another offer (after 9 months of being on the market) in the space of a few hours that just happened to be when we were making ours...It seems to me that maybe this offer was fabricated to up our bid.

Am I right to be suspicious or is this just how it works?

Many thanks,

Pete

stanleyunwin

They can tell you whatever they want pretty much. It might be true, it might not be.

The key thing is, are you happy with the price your paying? If yes, don't worry about it. If No, find something else

Running_Horse

I doubt wiring render and damp would cost £20,000, unless the house has pretty much collapsed.

My interpretation of events: Someone offers £35,000 under asking price and vendor dismisses it out of hand. The same day they increase their offer by £12,000. Vendor says no, and agent reminds them they have been on for a long time and should take it seriously. Vendor reluctantly agrees, but asks the agent to get a little more. Agent agrees as buyer has already increased the bid so much in one day, and puts the figure of £143,000 out as a compromise.

Now, the buyer will either increase their offer or not. If they do, the agent will then work on the vendor to accept it. The agent is used to working out compromises between buyers and sellers to get the deal moving. That is his job. You either think the house is worth that or not. It's up to you, but few vendors will accept £35,000 off the asking price when there are signs of movement in the market.

Estate agents shouldn't lie, but he is trying to make a living between unrealistic buyers and sellers, and deep in his heart probably dislikes you both equally.

property.advert

The agent is not working for you, they are working for the people selling the house. Never forget that !

Estate agents did not get their terrible reputation through bad luck, they got it because many are parasites, liars and con artists. You sometimes have to deal with them when they are employed by other people but don't ever forget that they are really not even working for their clients but rather themselves !

Your surveyor friend is potentially causing you problems here. I do not know if he is fully qualified and expereinced surveying small houses but even if he is, his advice is not covered by any professional indemnity insurance he or his company has. If you are seriously considering buying this house, I would get an independent survey done, a thorough one.

I personally, would then use that survey to push the price back down. I would not trust this agent but you might have to be prepared to walk away after spending money on a survey.

Finally, if it really needs £20,000 spent on it, what would be the price if it was fully restored ? I already see some chinks in the numbers but only you know the full story.

pete_m

Thanks for all the replies guys. Some good (and very valid points there).

It is actually a very big 4 bed 3 storey house so the costs of the work could be stratospheric (They basically moved in 27 yrs ago and haven't spent a penny on it). I'm happy with the price in the end but was just wondering if I may be right about the agent.

You've put my mind at rest anyway - we'll see what the survey turns up

Thanks again,

Pete