First time buyer made an offer - Is it wise to hassle the estate agent?

tmwild

Hi,

I made an offer on a house recently which I felt was listed at a very good price for the street and area. The house was on sale for £127.5k and I made an offer of £125k. That might immediately make me seem like poor negotiator for not going in lower but the house is already a steal at £127.5k in my opinion and I was hoping for my offer to be quickly accepted.

After making my offer I was never contacted by the estate agent. Every time I've spoken to them since, it's been me initiating contact.

The first time I called a woman informed me that my offer had been put forward but no decision made yet, she told me that another offer had been made but it was much lower than mine and also that if a higher offer was made then I would be contacted immediately as I had put the first offer in on the property.

The day of the last booked viewings that I knew of, I was told that there were some more viewings booked in and that they were collecting offers ready to be sent to the seller (a company, not individual - this is a vacant property) and that I should make my best possible offer and send my AIP over. I questioned this whole tactic as it made it seem a bit like a blind auction and contradicted what I was told in the earlier conversation. I assumed that they were just trying to push my offer up. I decided this was actually fair enough. The agent works for the seller, not the buyer and so I made an offer of the asking price and asked my mortgage advisor to send my AIP to the agent. This happened last Friday and I was told that a decision would be made on Monday and I'd be contacted once they had news.

I called on Monday to confirm that my offer and AIP had been received. I was told that my offer had been received but not the AIP and again told that they'd call when they had news. I got the impression I was being fobbed off, which seems strange considering I've now met the asking price!

Is it wise for me to call again for an update? I don't want to play into their hands and be forced to up my offer yet again but being kept in the dark over such an important matter is making me anxious since there's obviously the worry that my offer will be bettered and I really want this house!

Does anybody have any advice on this? I'd appreciate it massively.

Kynthia

Have you put the offer in writing with a date to repond by? That's what I'd do as Estate Agents are bound to pass on written offers.

tmwild

I sent an offer by email but didn't give any sort of deadline.

geoffky

Ask to view other houses from the same agent..This will get things moving..

Shiny_button

It sounds like a repossessed property. So it is effectively a bank selling who have an obligation to sell for as much as possible. They tend therefore to put the asking price very low, hence your eagerness, to gain loads of interest but will ultimately sell to the highest bidder. It may well sell for more than the asking price if someone else (or you) will pay more.
I don't think you need to offer more now though. If it receives a high number of bids it will prob go to sealed bids, which is indeed a blind auction. Highest bidder wins.
I don't think the agent is acting underhand you will just have to be patient, but do keep in touch.

londonTiger

what shiny button said, the bank is in no real rush to sell unlike a homeowner who may need to ger rid of their home to finance the next.

so they'll take their time

Essex22011

I thought if it was a repossed house they pass the offer on to the bank if it is accepted they will put a public notice in newspapers/rightmove and then unfortunately if someone puts in a higher offer before exchange the bank will then accept the offer. I would give the estate agent a time limit and as someone else said ask to view some of their other properties!

Shiny_button

Yes a repo does usually require a public notice (local paper) but the bank does not have to accept a higher offer unless it is significant.
The reason it usually takes a few days for a decision is because they do not work weekends and also are usually busy so it takes longer. Unlike a person selling only one property who can be contacted at the weekend. A time limit wouldn't work I'm afraid these repo sellers have seen it all before they know it is priced to sell.

hazyjo

If it's such a good deal, the chances are they have someone lined up (such as in investor) or someone there wants it for themselves!

If it is a repossession, it does change things and you won't know for sure it's yours (if your offer is accepted) until exchange. Try to find out all you can. Is it a probate sale - did someone die? Is it showing under offer at all on rightmove or the estate agent's site?

How long has it been on the market?

Good luck.

Jx

tmwild

I believe the previous owner passed away. Rightmove does not show that the house is under offer.

I guess I have to wait it out. It's just frustrating that I can't move forward with the process.

AlexMac

Sympathies- I can't improve on the advice above, but it won't hurt to gee up the agent- especially in the light of my experience six years ago.

I made an offer to buy on a Monday, upped it to my 'best and final' on Tuesday and bit my nails for the rest of the week. Assuming it had been refused, I rang the agent late that Friday prior to making an offer on my second choice via another agent who had a Saturday deadline for written offers; to learn that the sale was agreed and it was mone, but they'd forgotten to bother to tell me. The vendor was equally useless and took four weeks to appoint a solicitor, but we made it in the end! Hope you get an equally good result.