Offer...Is it genuine??

KS1977

I am wondering if I can get some advice here please. I am new to this buying houses lark and am consequently a first time buyer. I put an offer on a house and it was rejected, which to be honest, I was expecting. I didn't put in another offer as I told the EA that I had to chat things over with the other half. Trying to cut a long story short, when we went to view the house the vendor said he had an offer from a couple that he was happy with, but it couldn't go ahead because they were waiting to sell their house and it didn't look promising. The EA rang me this morning to say that apparently the seller who had put the offer in had sold their house now and that if I wanted, I had the chance to put in another offer over 135k what they put down. I told the EA I wasn't prepared to stretch to above that price.

My main question here is it seems rather odd that one day after putting in my initial offer, the vendor had confirmation from the other buyer that their house had now sold and he was accepting their offer. It seems very 'convenient'. Can the EA tell me that an offer has now been accepted if it hasn't really, just to try to get me to up my offer nearer the asking price?

Would greatly appreciate any thoughts on this, thanks.

DVardysShadow

If the EA is playing the game you describe, he risks loosing you as a buyer, so I would fully expcet there is another buyer.

This does happen and is part of the game. I think what often happens is that there is a deal in place with a dithering buyer and the house is left on the market or put back - and when a new buyer comes along with an offer the original buyer wakes up.

While I doubt EAs will play poker over the existence of another buyer, for the reason given, I can't see that there is so much at stake if they exaggerate the price to be met - but having said that, you don't just need to beat the original buyer by £1 - it's more like £1,000 - unless they are a right royal pain.

betmunch

I was thinking it all looks right and fair enough, until........

The EA gave away the level of the other offer. Unless the porperty is on the market at £135K then I dont believe they can say this. Correct me if I am wrong please as I am not an Estate agent.

I am under the impression that when discussing other people offers with potential buyers that EA's can say:
1. We have recieved an offer below asking price.
2. We have recieved an asking price offer.
3. We have recieved an offer above asking price.

I would say thats fine, your not paying that much for it and keep looking. Keep an eye on the house on rightmove as check it goes SSTC, if it does the offer was genuine, if it doesnt then it was made up.

Maybe put your next offer in at whatever price you think you would pay and say its on the table as long as you dont find anything else you would rather have.

Cheers

KS1977

Thank you guys. The advice there is very helpful. I just thought it rather odd that the other buyer had a price down, but couldn't go ahead as their house wasn't selling, and the vendor wanted someone on the market in a position to proceed, so it just doesn't add up. The property is on at £136,950.

I have looked on rightmove and it hasn't changed yet...we'll see though! When I first saw the property on 'Globrix' it stated that a day before i rang for a viewing that the price had been dropped by 3,000. Again this makes me think that he didn't have an offer from another couple....otherwise the price would have stayed at 139,950 as originally put down?! Very confused?!

betmunch

Sounds like the EA got a price reduction from the Vendor just before you found it, thats not uncommon. In fact you could argue it was planned, the price was dropped to get more interest and lo and behold you ring up!!!

The fact that the agent told you the level of the other "offer" is very suspect to me though as I said they cant give away the price, or at least they shouldnt!

I suspect the EA has rung the vendor and said I reckon I can get KS1977's offer up a bit. How would you feel if I told them you had an offer at £135K and if they can match it would you take it? Yes? Game on then!

Would the EA know how much you can borrow? maybe you saw the inhouse mortgage advisor? Or flashed an AIP certificate at him to prove you are proceedable?

Cheers

RX-78

Are the EAs not allowed to disclose the accepted offer? I'm sure I've seen it many times on the telly show where Kirsty/Phill/Jasmin/etc said the house is under offer for £xxxx. And surely this will benefit the vendor, not disadvantage.

I think EAs are not allowed to disclose the lowest price the vendors are prepared to sell as that would cause conflict of interest (EAs are working for the vendor).

But I might be wrong there....

betmunch

The EA's cannot tell you what the property is under offer for. I think if you check the Kirsty/Phil/Jasmin programs the bit about the house being under offer should be a voice over rather than actually telling the people trying to buy the proeprty.

Having said ALL of this, including my earlier posts. If a Vendor INSTRUCTS the EA to do something then they can do it. Its not likely a Vendor is going to tell an EA to start shouting about an offer they have accepted, but could happen.

betmunch

StiflersMom wrote: »

Of course the EA can tell you, and frequently do.

I've checked now, they arnt allowed tell a buyer another buyers offer.

However I agree, they frequently do.

RX-78

I'm also intrigued on why they couldn't tell - I can see no harm to the vendors if the EA discloses the accepted price and ask a potential buyer to bid higher. The vendor will only end up with a higer offer or if the new buyer walks away they still have the original buyer's offer.

KS1977

Yes sorry, the highlighted bits are because I put the thread on the wrong area and couldn't find it after putting it on so did a keyword search for it....After doing that and copying and pasting it, it put the keywords in red...sorry! I shouldn't see as it causes problems with the question I am asking.

Thank you for the posts in response to this. It is helpful, but there seems to be a conflict of opinions. So I am not sure as to wether the EA can or cannot tell you how much it is. I offered about 8% under the asking price. When the EA rang me back saying the vendor refused my offer, I told him 'OK, I need to talk this over with someone first'....didn't ring back and now he rings saying the couple who had put down the offer, had now sold their house....The vendor originally stated that they had to sell their house first......and that it didn't look promising.....so maybe it is all a lie!

betmunch

StiflersMom wrote: »

What have you checked? Any evidence?

I asked the Estate Agent I work with.