little confused on treatment from estate agents

jojo180

coming away a little confused from the estate agents?
im first time buyer, i put my first offer in a few weeks ago which was rejected(i found this out by calling up 4 days later).
i called last monday increasing this offer, the estate agent told me she will call me next day, well close of play wednesday i called them to find out.
Her response was "was just about to call you, offer has not been accepted or declined what they have decided to do is put it on the 7 day notice period and then if no other interest then will be happy to accept your offer , which is better for you, will definitely call you if any other offers received or if nothing then will call first thing wednesday to let you know"

well notice went up and all week iv expected a call of an increase offer...didn't hear anything .
expected a call this morning from estate agents to let me know whats happening ... nothing, i called them 2pm and was told estate agents will call the company to find out and get straight back to me.
well after the whole palaver with how they never call back all other times, i went down to the office at 5pm as fed up of being stalled.
the estate agents hadn't even attempted to call company and said to give them ten minutes and to come back, after 20 mins i went back to hopefully find out the situation..... i was told agents had left message with company but couldn't get hold of them (surely this should have all been agreed arrange within that week iv been waiting)
anyway he assured me he would call if he heard anything,
well im debating now whether to say to estate agents either find out if my offer is accepted or declined by midday tomorrow or im withdrawing my offer.
i feel really let down by this estate agents, iv always had great response off any other estate agents regardless but this one even to get the appointment to view house took weeks, to prove mortgage in principle took hours of unnecessary trawling and trying to get me to sign few forms ... offer hadn't even been accepted?? but as i couldn't read quick enough before whipped from me and to expect a call back is ridiculous.

Should i give them the altermatum as do like the house, just sick of not getting an answer.
also is it right that they can decline my offer once they've posted a 7 day notice?

DVardysShadow

Who owns the property? Is it a repo? I am wondering whether some one in the Estate Agency wants it.

jimjames

Not sure if you're lucky or not. I'm being plagued by estate agents. If I'm at work I often can't answer the phone and they just call back constantly with new properties which gets really wearing.

I'm very surprised though that they're not getting back to you, in the current market it seems odd. Have you seen their financial adviser to confirm your position? In another thread it was suggested that it can help your offer position even if you dont want to go ahead with them.

pararct

They can decline your offer anytime whatever a 7 day notice is irrelevant. Why are the agents querying Company? Who is selling the property you are looking at?
In this market which is predominately a buyers one this Agent seems particularly inefficient. One tip for you as a first time buyer. It is not usually recommended to buy a mortgage product through the same agents office you are looking to buy through. To do so risks the property salesman learning what your potential top figure is.

As for what to do now I would need to weigh up the response of the vendor maybe they are messing the agent about and this time it is not really their fault although they should keep you fully abridged of what is going on.

Edit to add.. Never sign paperwork without reading it properly, do not let yourself be intimidated, if you don't understand something ask!

jojo180

It is a repossession property, i did ask who owns the property but they are unable to tell me any more than an asset management company are dealing with it...
I have been to talk with their financial advisor , as when i was viewing the property and when i called placing the offer they asked if i would like to talk to their FA but i declined both times as i had my mortgage in principle straight from the bank.
when i came in to show my mortgage in principle thats when their FA wrapped me up for hours going through how much mortgage they can get me etc (wasted my time really as did say i wasn't interested).
This is why im very confused as all estate agents tell me im in prime position and buyers market etc but this company seems to be quite "lapse" in finding out if they've a sale etc...
I dont want to be strung along as "the back up" offer in the off chance a higher comes along as iv waited a week so far for an answer to no avail.
I do understand with repossessions i can be out offered in a flash etc or they can pull out but do like the house i just feel it wrong they have used my offer as an advertising boost for themselves.
I just feel iv no trust in this agent, I do know they also are an "asset management company" so whether the relation of this is anything to do with it?

PPPingu

We're in the middle of purchasing a repo, as the vendors are a company, and not people who need to sell their house to move, I get the impression that the process move more slowly, but on the plus side, the lack of emotion from them means there is no risk of offending. if there is no other interest in the house at the end of this artificial 7 day period, you could reduce your offer by 1-2k, and see how they react?

Chin

This sounds quite familiar to what we went through as FTBs

Are you able to tell who the estate agent is?