Offer accepted... but...

annie123

acg83 wrote: »

Ok, I'm going in tomorrow and I will ask them for the written confirmation of offers and seller's replies as per section 6a & b of this document:

ww.tpos.co.uk/downloads/ies02_code%20of%20practice_sales.pdf

Yes they should give you your offers in writing
If they don't have that information then they have technically broken the law. If they do, I will know what the vendor would have accepted The seller may have said they will think about it over night because at no point did the EA actually say that offer had been accepted - only that the offer had matched the other one that was supposedly on the table and come to think about it - is that not evidence of them trying to create a bidding war/auction? No

They want me to talk to their broker as well - no doubt so that he can get his valuer on board to say 'yes, the house is worth that'. No not for for that, there is a lot of money for the company to be made from mortgages ill tell them where to go with that.
Nicely, if you start buying the place it's a whole lot easier is everyone gets on OK

The email they have sent includes an item on it that " Survey to be booked within 14 days or the property to be remarketed". That's standard, you would be surprised how many buyers say yes got mortgage all sorted only they haven't and turns out 2 months later they didn't declare how much they had on CC and yes it does make a difference. It means get a wiggle onOver the phone the EA said not to worry about it, but frankly I'm not going to accept that. I guess that's just more pressure tactics.

I suppose another issue I have is that the house is rented out so that will really make it difficult to find out about the other offers - if in fact there were any.

You are not entitled to know how much the other offers are. That would be conducting a private auction, keep telling each buyer what the other has offered until one is higher etc

If the property still has tenants in find out what date they are due to leave. If they don't have one then they are now on a rolling contract, the landlord may have to give them 2 months notice, and that won't happen until you exchange so you would then have 2 months till completion when you get the keys.
That may or may not suit you.

satchmeister

annie123 wrote: »

You are not entitled to know how much the other offers are. That would be conducting a private auction, keep telling each buyer what the other has offered until one is higher etc

If the property still has tenants in find out what date they are due to leave. If they don't have one then they are now on a rolling contract, the landlord may have to give them 2 months notice, and that won't happen until you exchange so you would then have 2 months till completion when you get the keys.
That may or may not suit you.

So you exchange, notice is served on the tenants and you agree completion for two months after exchange and the tenants decide not to leave ... you need to complete and you have tenants in your property and will need to deal with them and start the legal process. Or the seller is in breach because he can't deliver vacant possession ... and if RW is around he will offer more credible comment re exchanging with tenants in place.

pararct

The estate agent is under no obligation to show you anything. You will only compound your inexperience in asking for this confirmation.

You know you have made an error only you can decide what to do going forward. Be very aware the Housing market is very very flat and is a buyers market. Most of those sales that are taking place will be with a haircut of around 10% on the published asking price. Mortgage data released only this week confirms the fact that fewer and fewer mortgages are being taken out.

There are plenty more houses out there. One will be better and at a keener price than this one.

annie123

satchmeister wrote: »

So you exchange, notice is served on the tenants and you agree completion for two months after exchange and the tenants decide not to leave ... you need to complete and you have tenants in your property and will need to deal with them and start the legal process. Or the seller is in breach because he can't deliver vacant possession ... and if RW is around he will offer more credible comment re exchanging with tenants in place.

If the tenants don't vacate (and in 20 plus years I have never ever had that happen) the buyer does not complete, because they won't be able to due to their mortgage arrangements.
Buyers will not be in breach of contract as they are unable to take possession of a vacant property which will be a stipulation of their mortgage.
The seller will have to take them to court and get them evicted.
Seller liable for buyer costs if that happens.

The tenants know the property is up for sale and will most likely be long gone before exchange is due.

acg83

The tennants have had their notice given and I know the date they should be leaving which will likely be before all the paperwork gets sorted anyway from what I've heard about how long these things take.

Thanks for all the constructive comments. Given how quickly the process happened, we will be making sure we take the time to consider our next moves.

neas

i think you got played a little. when we negotiated its part of a big 'game'.

You never start at the price you'd like.. go lower. I went 15% lower initially and ended up with 8% off the asking price with the valuation backing up the price we paid... just stick to your guns never reveal information about deposit etc.

tiny_tear

acg83 wrote: »

The email they have sent includes an item on it that " Survey to be booked within 14 days or the property to be remarketed". Over the phone the EA said not to worry about it, but frankly I'm not going to accept that. I guess that's just more pressure tactics.

why are you not going to accept that? if you want the house you want to book the survey asap so you have time to deal with whatever niggles come up in the survey...

you were very naive and now you are going to stick to your guns on the wrong thing

LittleMissAspie

I'll eat my hat if there was another buyer. How much do you want this house? I'd rather drop out than overpay personally, but then I've never understood how people "fall in love" with a pile of nicely arranged bricks.

Remember you are committed to nothing until exchange.

suljka

satchmeister wrote: »

The other 'offer' may be verbal so they can't show you anything!

It is irrelevant wheather the offer is verbal or not, as EA is obliged to put all offers in writing to their client (i. e. seller). So if the other offers were existing the EA had to put them in writing. Although I seriously doubt there were any other offers as it looks like a typical EA game to get more ££ from you. Saying that nothing stops you from retracting your offer and giving a new figure you are happy with. If they don't get back to you straight away just sit and wait...
Good luck

suljka

acg83 wrote: »

The email they have sent includes an item on it that " Survey to be booked within 14 days or the property to be remarketed". Over the phone the EA said not to worry about it, but frankly I'm not going to accept that. I guess that's just more pressure tactics.

This is a usual practice and it makes sense as well because if you are serious about the purchase then you will get your application for mortgage through ASAP and therefore survey wil be done within shrot period as well. Put yourself in seller's shoes - would you want to be missing out on other potential buyers because someone is dragging their feet?