Help req.Buying house - offers made.

pldd4

Hi,

Just after a bit of advise from all you experienced people.

Heres the background info. I'm going to be renting my current house out which belongs to me which will cover the mortgage on that property nicely. It also has a fair bit of equity in it. So thats all fine.

However, the girlfriend and i have found a house which we really like and have put an offer on it, full asking price, we have no chain, the house we want is vacant so no chain on that also! The estage agent said "the vendor is very happy that we have offered the full asking price and that we have no chain. The also vendor wants to keep the house on the market for a bit longer to see what offers they can get."

Now, over the weekend the EA said that two more offers have gone in for the property. I tried to get some more info out of the estate agent but all they said was "we are still in a good postition".

Can i ask specifically about the other offers???!

I'm tempted to email the estate agent to clearly point out our good position.eg,

We have offered full asking price,
We have no chain,
We have a mortgage ready,
We have a solicitor ready.

But is it bad to seem too keen ? So they try to squeeze more money out of us??

Any advise would be very much appreciated,

Thanks a lot,

Paul

Dora_the_Explorer_5

So they try to squeeze more money out of us??

Not if they don't tell you what the new offers are, so why not ask them pointing out that you can't improve your offer otherwise. You may not want to anyway, but you need to know what's what.

Debt_Free_Chick

pldd4 wrote:

Can i ask specifically about the other offers???!

Yes, but the EA won't tell you. It's a matter for his client to consider.

I'm tempted to email the estate agent to clearly point out our good position.eg,

We have offered full asking price,
We have no chain,
We have a mortgage ready,
We have a solicitor ready.

But is it bad to seem too keen ?

No - but don't go OTT. There's nothing worse than a grovelling buyer

So they try to squeeze more money out of us??

They can't make you pay any more than you're prepared to. I assume you have agreed an absolute ceiling price with your girlfriend? Bear in mind, that you'll need a valuation to establish a "fair" price - unless you're prepared to pay over the odds for this property.

pldd4

cheers for your help,

Yes we have a ceiling price set in our minds.

I'm really tempted to send the following to the estate agent, please advise!?

---

We have our funds in place with the mortgage agreed in principle, and are in a position to instruct a solicitor immediately upon the offer being accepted. We are in an excellent position to get it moving swiftly as we have no chain whatsoever. Bearing that in mind that we have offered the full asking price on this dilapidated property.

We need to know the vendor’s decision soon because we have seen two other properties which we would go for if it’s refused.

---

What do you all think?? Or just i just chill and wait!

Astaroth

The estate agent doesnt have to disclose what the other bids are to you and it is ultimately down to the vendor which offer he goes with. Most vendors will consider the whole package (eg being chain free) rather than just the money.

When I sold my last property I had multiple full asking price offers on day 1 (which is what I had priced the property to achieve) and so went for a blind/ dutch auction. Each of the bidders were told to put their final offer in writting including things like their chain situation/ if they were wanting to buy fixtures and fittings (and for how much etc) as a sealed bid and then I reviewed the 4 or so offers I got. Personally I went for the second highest as it was only £1k less than the top bidder but was chain free verses the top who was still waiting to sell but their property had already been on the market for 11 months.

There is no harm in outlining your possition but I wouldnt say the property is dilapidated - remember this is someones home and they may well take offence to you calling their property such.

Jorgan_2

Definetley put forward the plus points of your position, but don't seem over keen. If trying to find out about the other offers made be specific in your questions, has anybody offered over the asking price? Not by how much.

pldd4

ok taken your points on board an here's what i might send;

Hello xxxxxxxxxxxx,

Following on from our previous telephone conversations about xxxxxxxxxxxxx I’d just like to confirm the following to you in writing if you could pass this information onto the vendor:-

We have our funds in place with the mortgage agreed in principle, and are in a position to instruct our solicitor immediately upon the offer being accepted. We are in an excellent position to get it moving swiftly as we have no chain whatsoever. Bearing that in mind that we have offered the full asking price on this property which requires significant improvements.

We need to know the vendor’s decision by Thursday at the latest because we have seen two other properties which we would go for if it’s refused.

Kind regards,

Paul


Sound okay?

cheers,

Jorgan_2

pldd4, why do you have to put it in writing? Has the agent asked for this or is it something you feel will help your situation?

I am an agent & if I received that letter I would be informing my client accordingly. In my opinion it makes you look desperate to secure the property. Why not ring the EA & make your points that way, you can always finish on the fact that you are seeing some other properties on Thursday.

pldd4

Jorgan wrote:

pldd4, why do you have to put it in writing? Has the agent asked for this or is it something you feel will help your situation?

I am an agent & if I received that letter I would be informing my client accordingly. In my opinion it makes you look desperate to secure the property. Why not ring the EA & make your points that way, you can always finish on the fact that you are seeing some other properties on Thursday.

Its just something i feel that may help my situation as i dont think the agent was listening to everything i said when i put the offer in.

Doozergirl

I'd be bypassing the EA altogether and booking another viewing, out of hours (AndrewSmith style!) so that you can talk to the vendor directly and try to cut a deal or at least discover what the other offers are and if they (exist and/or) come from proceedable buyers.

If it's an empty property that needs work, you have to expect this kind of situation unfortunately.

pldd4

Doozergirl wrote:

I'd be bypassing the EA altogether and booking another viewing, out of hours (AndrewSmith style!) so that you can talk to the vendor directly and try to cut a deal or at least discover what the other offers are and if they (exist and/or) come from proceedable buyers.

If it's an empty property that needs work, you have to expect this kind of situation unfortunately.

Yeah thats a good idea except as you say the property is empty which needs work, so never met the vendor only EA's showing us round.

Have to wait and see