Advice needed please

timba_2

Hi all

Got recommended this site by a friend

Have just found the house I want and have had the flat on the market.

The house has had 3 offers of full asking price but noone was proceedable and the EA advised me that I have to be fully proceedable before putting an offer in.

So I had an offer on my flat from a FTB which I accepted (even tho it was 10k below asking, because I wanted to move quickly on the house offer)

Rang the EA putting in a full asking price offer and stating I was fully proceedable and within an hour they got back to me saying that there where a few complications and the decision would not be till Monday. So I asked what the complications where and basically the house had an offer accepted on it 3 weeks ago but the buyer had not instructed any solicitors as her property had not sold yet (its a developer buying the place and won't proceed until the survey is finished on Monday) so the house went back on the market.

But the vendors have told the agent that because she was the first to offer that they want to wait till monday when she will view the property again and make a decision.

So the agent then said to me because we had both made offers of full asking price that the eventual selling price may be over the asking price ! So I then asked the agent if I increased my offer would that get me the house, they said it might persuade the vendor so I increased my offer by 2K (asking price 315K) they hav'nt got back to me as the EA could'nt contact the vendors

Have I done the right thing ? and is it gazumping ?

cheers

Gorgeous_George

You have done nothing wrong. It is up to the vendor to decide whether to sell to you or not.

If the original buyers are in a good position, I doubt that £2K will make much difference.

Best wishes



GG

clipboard2

Noooo! Estate agents are lying toads! They are famous for inventing phantom buyers to scare real potential buyers into upping their offer. I wouldn't be sure this 'developer' buyer exists - and even if they did, its not a good reason for you to pay over the odds. Never, ever ever appear keen on a property -you are asking to be taken for a ride. You must be cool and dispassionate. If I were you, I'd concentrate on getting the best price on your own home first. No need to rush. Rent temporarily if needs be after you have sold. You will then be in the strongest possible position to buy (and earning interest on your sale proceeds).
Plenty of properties coming on the market -don't believe everything you read in the papers!

And good luck!

timba_2

Unfortunately in the area I am looking in it is a very desirable area and this house has a sea view (one of only 6 in a row) I have searched the land registry and none of these houses have come on the market for 6-7 years !

I have a horrible feeling that it will go to sealed bids if the other buyer becomes proceedable on monday (she is not a phantom as that is why the house came off the market 3 weeks ago) and the vendors feel some sort of loyalty to the original buyer, hopefully when she views she won't like it (fat chance)

machofairy

clipboard2 wrote: »

They are famous for inventing phantom buyers to scare real potential buyers into upping their offer. I wouldn't be sure this 'developer' buyer exists - Never, ever ever appear keen on a property -you are asking to be taken for a ride.

We fell into this trap once... the EA was pressuring us to make snap decision right there on the phone .. when we made an offer, they asked us to make a higher one as ours is not the highest. Like a fool, we did, only to later realise that we needn't because we are in a very good position to proceed, which sometimes matter more than a couple of thousand pounds.

Luckily, the EA came back to tell us 3 days later that there is a higher offer .. we had time to think by then and decided not to play along with this and looked elsewhere.

So, IMO, if you made an offer, stick to it, especially if you are in a good position. If you miss out, comfort yourself that with the knowledge that another suitable property will eventually come by again.

linlin_3

Timba - you are missing the point!
You've already been told Estate Agents are lying toads!
Think about the information you've been given and consider that anything the EA has told you may not be the truth! Then play them at their own game.

Tiger_greeneyes

Of course they're lying! It's a classic one.

When I was buying my place I was told that there's three offers on the house and the vendor wouldn't go below a certain price (which was good to know - if necessary, I'd have increased my offer to pay the full asking price - which was £2k more than I'd offered!) and that out of the three buyers, the vendor preferred us because we were in the best position.

I know it was a load of BS as there was an identical house (next door) on the market with the same agents and it took a couple of months longer to sell. I moved in just after New Year and the new neighbours moved in yesterday.

Don't let them panic you!!!