first buy

mrtennis

I am sure this has been discussed on here loads already but all situations seem to have their own specific circumstances so I thought is best to start a new thread. Forgive me if they are obvious questions but I am new to this!

So I have found a house that I want to buy. It is on the market at 65k. When I first viewed it the estate agent said there had been some interest and two offers. At the time she said the vendor would take it off the market for 69k.
A couple of days after viewing the EA called me asking what I thought and then she threw in that the vendor would take it off for 66k! She still said that there were 2 offers.
She called again today still saying that 66k would seal it. This time however she said there were 3 offers. I pushed her a bit more and she said they were at 62k, 64k and 66k. I asked her what the deal was witht those, why they hadn't gone through and if they had falled through etc. She said 2 of them didn't look like they were going to go ahead but one was by an investor and looked to have the backing needed to go through.
So I tried to push a bit more but predictably she claimed that that offer was the one for 66k.
So my question is why if she claims the vendor wants 66k and as she is saying they have this 'genuine' offer from someone else why isn't it off the market already? She said to me that it was because I had told her I was talking to a mortgage advisor and that I should be fine in putting an offer in. I had told her that I was just getting everything together before putting an offer in so she was waiting.
But why would they wait if they apparently already have the offer they want?

I am buying the house as a BTL and although I could afford the 65k asking price, and therefore 66k if needed. I get the feeling she is talking rubbish and as it's an investment I could actually get away with offering 62k or even 60k as I can guarantee that I have a mortgage ready etc.

I said to her I would be getting in touch with my mortgage advisor today and as she wanted me to put an offer in by the end of today before it's off the market I just thought I would have a quick look online as to what people say about this situation. I came across this place and thought I would ask you guys what you think .

So,, any ideas ? thanks

julieb1987

I'd go in with less. If the vendors would take it off for £66k, then why isn't it off? They're either lying to you, or they haven't told the vendors of the other £66k offer in a hope to start a bidding war. Offer a bit less and see what the EA says. If you think he is lying then speak to the vendor directly to see what is actually being communicated to them.

mrtennis

How to I get hold of the vendor?

julieb1987

Knock on the door or put a letter through the door with your phone number. If the property is being rented out I should imagine it would be harder to get hold of them...

mrtennis

The property is empty. I was told the lady has moved into an old peoples home.

Fire_Fox

Far too much "she said" in that post, which makes me think you are a little naive for a BTL investor. Ignore absolutely everything the estate agent says, the other offers are irrelevant and the agent does not work for you. Research land registry sold prices for the street and area and submit your offer in your own sweet time DO NOT be dictated to by an estate agent when making the biggest purchase of your life.

Submit your offer in writing stating your strong position as a buyer and the conditions of your offer. Ask for a written response from the vendor or their Power of Attorney: this bypasses the agent telling you lies on the telephone.