is the estate agent playing me?

london-dog

Hi all

So I've offered on a small conversion flat in London this week...viewed it and offered the next day. I offered 50k below asking price, for good reason (details were misleading but I still liked it).

After telling the agent my figure, the agent goes 'oh, ok...we've had a cash offer at close to the asking price...your only chance is to beat it with cash, and we need an answer by end of today or vendor will go with cash buyer'.

Said I would up my offer substantially as I don't want to lose the flat and am not in a chain...but I can't compete with a cash buyer so I'm out. If the cash sale falls through then let me know. Flat has been on the market a couple of months at least...yet they suddenly got a great cash offer same day as mine? Does this sound likely?

Also noticed from the Land Registry that the vendor is a company that's gone bust...so quite possibly a repo. I can also find no planning permission for the conversion of the flat, neither can the council.

I notice it's still not 'under offer' on their website...


Anyone got an idea what gives?

Best

Ivana_Tinkle

I know it's irritating, but it doesn't really matter whether they're playing you, does it? You, rightly, can't and won't try to compete with the cash buyer, who may or may not exist. Either the flat sells to the buyer, or it doesn't and they come crawling back to you. There's nothing you can do about it anyway. You could drive yourself mad wondering why it's not "under offer" but lots of agents leave properties up for ages as a way of getting new potential buyers onto their books.

(I've spent the last 3 months being lied to by various people in our chain, so I'm developing a zen-like sense of calm acceptance about it all now. I think that's the way to go!)

maninthestreet

You shouldn't have offered to increase your offer - if the agent comes back to you (which will happen if the cash buyer is a figment of their imagination), stick with your original offer.

DannyboyMidlands

It smells like BS to me. The same happened with my last place. On the market for over a year and then the day I offer, out comes the phantom with a "higher offer". I stuck to my guns and a week or so later the phantom had "pulled out".

Ultimately though you can't be sure so just offer what you are comfortable with. In this case, you can't compete with the phantom so it doesn't really matter.

london-dog

Thanks all, some good advice. I too felt it a little too good to be true on the vendor's part...but as you say one should remain focused on what's financially viable and ignore uncontrollable variables!

What's got me more is do you think they just need a cash buyer for some reason, and that's what this is all about? I.e. flat may be un mortgageable...

Ta

chappers

It may be irrelevant anyway when was the conversion done, if within the last 6-10 years and you need a mortgage then the lender will almost without fail want all the relevant permissions in place along with a warranty.

mcc100

london-dog wrote: »

Hi all

So I've offered on a small conversion flat in London this


Anyone got an idea what gives?

Nothing personal but I am sick to death of sentences starting with SO.

Why do we have to copy the USA?

property.advert

You've tipped your hand when they fed you a load of garbage about another fictitious buyer.

I seem to remember having to once pull an agent up and remind him that it was his duty to report all offers to the vendor for their appraisal unless informed specifically to reject offers under a stated minimum.

Davesnave

mcc100 wrote: »

Nothing personal but I am sick to death of sentences starting with SO.

Why do we have to copy the USA?

I so agree with you. It's gotten outta hand.

girl_withno_name

A couple of months ago we offered on a property with another interested party appearing the same week, after about 6 months on the market... we assumed the other bidders were fictitious, but they weren't!

Saying that, we now have a larger budget to work with and are glad that we didn't buy that particular property.

more_money_for_me

We had a situation where another buyer appeared, they were real and we lost that property. My opinion is that they paid over the odds.We could of course have got into a bidding war if we wished. we have now had an offer accepted on a property that is just as good, for considerably less. Pay what it is worth to you, or bide your time and find something else. You can guarantee that if you pay over the odds for it something better will come onto the market at a great price the week of completion. good luck whatever you decide. By the way I have seen a lot worse than starting a sentence with so on a forum.