Estate Agent getting in the way or a deal

itsamystery_2

This is a bit of a rant but I also need advice.

I went to look at a property yesterday (Bank Holiday) that went on the market last Friday. We were the first to view and we decided we wanted to buy it.

Anyhow, to cut a long story short, we agreed with the seller to pay the asking price on the basis that it was taken off the market.

I called the EA this morning to submit the offer and was told I would need to speak to their Sales Manager.

He told me that the seller shouldn't not have agreed to sell it to me and that, due to tons of interest this morning, they would make it 'fair' on everyone and accept sealed bids with proof of finance by Thursday at 3pm.

He also recommended I offered more than the asking price.

Can the EA do this if the seller agreed? The seller told us that they do not go back on deals but it seems the EA wants to scupper this.

Any advice/views are welcome.

G_M

Until contracts are Exchanged anyone can changr their mind.

You had a 'gentleman's agreement' but I'm afraid that is not binding.

If the EA has persuaded the seller to look at other offers, tough.

Contact the seller direct?

itsamystery_2

I've got the sellers phone number but I'm not sure what discussion to have with them.

I guess they can't sell outside of the EA now so I don't know what to suggest.

TrickyDicky101

As G_M suggested, you talk to the seller, remind them of the deal you struck and ask if they will continue with the deal you thought you had agreed. It is utterly irrelevant what the EA wants as at the end of the day he works for the seller and, importantly, will do what the seller tells him to do (ie deal with you, take property off the market etc etc).

bebewoo

The estate agent is trying to get you to raise your offer.
Are you in love with the property? Then play along with their games.
I would tell them my offer remains on the table and I'm not interested in their shenanigans, but that's just me.

hazyjo

The EA will always try to get the best price. If they have other viewers lined up, they can now start going on about how this property is hugely desirable, has had an offer on the table from the very first viewer, and they should BUY BUY BUY because it's a fantastic deal, very desirable, will always sell like hotcakes, how people are queueing up to view it, blah blah blah.

No point in shutting the gate now that the horse has bolted... but never negotiate with the seller (even if you're offering the asking price), still play it cool, always try to get something off (maybe different in this situation where you were the first ones through the door)

No, the EA has no concern of 'making it fair for everyone', they just want to get the maximum price possible and are now sensing they should either have valued it higher, or are using you as a bit of a pawn to get a higher value.

It's all about playing their games, unfortunately.

Let's hope they shoot themselves in the foot and nobody else offers.

Personally, I would speak with the vendors and say you're very disappointed to learn from the EA today that your agreement no longer stands and that you will be having a rethink about it as you can't afford to offer any more, and thought you were being fair by offering the asking price. They might not even know what the EA's up to.

Bear in mind, at this stage, with no other offers on the table, you'll be bidding against yourself anyway if you do up your offer!

Jx

itsamystery_2

The property is ideal and why OH has fallen it love with it/it's potential.

I certainly didn't sound enthusiastic when I spoke to the Sales Manager as I didn't want him to think I was too keen.

I'm annoyed that they have changed the bidding process overnight. There was no mention of sealed bids until the level of interest increased.

hazyjo

But has it increased?

Surely if it went on the market on Friday, most of the interest would've surely been over the bank holiday weekend. Can't believe all these hoards of new viewers were away on holidays, etc!

Sounds like tactics to me.

Jx

G_M

Call seller. Remind them of deal. if they agree to honur the deal, great - ask them to tell their EA to take it off the market.

If they repeat what the EA told you, tell them your offer stands but that you will start looking at other properties.

itsamystery_2

Thanks everyone. I know my wife will be gutted when I tell her. We've been looking to move for three years!

greatgimpo

If the seller is happy with the deal, the buyer can prove the funds, the seller should tell the estate agent where to get off!

Do not give the estate agent the power - stay in control of them! You (the seller, of course) pay them, you set the rules, you stay on top of them.