Problem with Estate Agent

shiny76

marshy86 wrote: »

as in where do i stand in making a counter offer? is that okay to do or is it classed as a done deal?

If you still need to sell then you're not in a strong position to be making offers in any case. I imagine the other buyers are in a better position, hence the house being marked as sold (subject to contract - presumably).

It's unlikely the vendors will listen to other offers - 1 house we were interested in the vendor refused to consider other offers whilst she was considering one. We respected their decision and moved on.

By all means ask what it went for, the EA isn't under any obligation to tell you. And by all means write a complaint to the EA that they didn't keep you informed but I imagine you'd be lucky to get as much as an apology in return.

Gra76

If I'm reading this right the OP isn't in a position to proceed.

Maybe the other party were in a position to proceed already.

If you were the EA and you had someone in a position to proceed versus someone who wasn't, what would you advise the sellers to do? Wait for the other interested party to get themselves into a proceedable position? Not likely. The EA wants their fee and if there's someone ready to buy they're unlikely to think twice about advising the seller to accept.

If they rang you so you could weigh up your options, it could be weeks/months/years before you're in a position to proceed. It wouldn't be fair on the sellers and the EA wouldn't be getting their fee.

Until you're in a proceedable position I doubt ringing the EA and offering a higher amount (unless you can actually proceed on that basis there and then) is going to make any difference.

COLOURBOUNCE

googler wrote: »

If there's no 'rules', as you suggest, why should the agent be under any obligation to do so?

Agents are not obliged to do anything really. I would only assume the conversation took place in the OP and the agent said yes, but really meant yes, if it suits them. And the only rules that apply are the ones that the agent will play out on a deal by deal basis, that suits them best. As they didn't make the call, they would have no idea if marshy was good to proceed or not. For the price and time of a phone call, in the current market conditions, they just don't seem to be working too hard.

Werdnal

Estate agents are in business to sell property. You approached them and expressed an "interest" without putting any money on the table and without being in a position to proceed quickly (your own property to sell etc). You had a conversation with the agent, nothing in writing or formally binding, just a "chat". EA's get "window shoppers" in their offices every day, and probably don't take any notice of things they say, unless it is backed by hard cash and a commitment to follow through with the purchase.

Another buyer has come in and apparently put in an offer straight away. Now tell me, if you were an EA, or vendor would you bother ringing someone back who might be interested, or take the offer on the table?

You can of course go back and ask what the price offered was and you can try to make a counter offer, but without knowing the circumstances of the other buyer, you may not be such an attractive proposition, eg if they had funds in place and ready to go ahead asap, whilst you don't and still have a property to sell, it might come down to them being the "better" deal. Price isn't always the deciding factor.

Keep an eye on the property though, as it may fall through. We fell in love with our current home back in 1992, but had still to sell our existing property. Someone else offered, it fell through, and there was also a second offer which didn't complete - so it came back on the market just at the time we secured an offer to sell out own house - 3rd time lucky for us!

googler

COLOURBOUNCE wrote: »

For the price and time of a phone call, in the current market conditions, they just don't seem to be working too hard.

...or are following their client's (the sellers) instructions, which may well have been - "grab that offer and don't let go, regardless of whoever else is interested"

COLOURBOUNCE

googler wrote: »

...or are following their client's (the sellers) instructions, which may well have been - "grab that offer and don't let go, regardless of whoever else is interested"

This could be a new post on it's own. Heading ' has anyone ever said this to their agent before ?'

jbainbridge

If you are in a position to ... ring up and make an offer. Simple.

tessywessy

You really can't expect an estate agent to tell everyone in the firm that someone is interested in this house and so if anyone should come in for an offer keep them in the people interested in the loop ...it just doesn't happen, you have so many houses to deal with you really can't blame the estate agents ..all you can do is phone the estate agents and tell them that you was very interested in this house and is it to late to put an offer in. All she can say is that the offer has been accepted and unless it falls through the other offer stands. By experience if you know its the one don't sit on the fence. Act on it or you will loose it!

marshy86

well this attracted a lot of attention.
I am now in a position to buy with a cash offer this week thats why i wanted to hold off in case it never happened. No upward chain etc.
Well i phoned them up this morning (by the way the estate agents only have 3 people working in their so it's not as if they are running past each other constantly. In my work we have to talk to each other otherwise we get upset clients, and when this particular house is on the market for £400,000 they should be bending over backwards in my opinion). They put me through to the manager their decision not mine and asked why we were not informed, they don't have a reason why and i asked if it was too late to put an offer in apparently it is up to the vendor if they want to accept our offer or stick with the first offer.
We will see.
Thanks for comments on both sides. i understand that i am affecting the first bidders chances but this could all have been settled with one lousy phone call

googler

marshy86 wrote: »

well this attracted a lot of attention.

That's what you wanted, surely?

Well i phoned them up this morning ..... when this particular house is on the market for £400,000 they should be bending over backwards ......... i asked if it was too late to put an offer in apparently it is up to the vendor if they want to accept our offer or stick with the first offer. i understand that i am affecting the first bidders chances

So, if your offer gets accepted, the first bidder's is declined, and two weeks down the line someone else fancies the house and decides to trump your offer, and yours then gets tossed aside, will you still be happy about the situation?

The value of the house is immaterial.