Estate agent still selling after offer accepted

dominoman

I have a serious problem and am looking for advice.

After a bit of a bidding war on the house I want to buy, the seller accepted our offer. However the other buyers came back later the same day, furious that they hadn’t been given a chance to increase further. They were told, sorry it’s sold, and it was taken off the market.

Then today, two days later, they have come back again and persuaded the agent to put forward another offer 5k higher. For now the seller hasn’t responded, but I am very worried that this back and forth could continue, and I get gazumped.

I feel like all I can do is move forward as quickly as possible, with survey, solicitor etc, so he can see I am not waiting around. But I am spending money now so am worried.

What can I do?

monty-doggy

I would put my foot down. I'd point out anything that puts you in a strong position for example no chain and can move quickly, and I'd say my offer is subject to the house being removed from the market and no more viewings or offers.
If they are not prepared to do this I would walk away.

StuC75

The estate agent is only passing on offers that they have received - something they are duty bound to do - especially as other party was involved at the same as you.. its only 'fair' that they pass on such an offer.

Had it been a complete new viewing \ introduction - then yes would count that against the estate agent...

The problem is that until you exchange - no party is bound to the agreement.. much in the same way that you could pull out.. someone could offer more..

You also get the scenario of what happens if you up the offer and the valuation comes in lower,, there could be little scope to renegotiate since the seller knows of other interest..

I_have_spoken

What can I do?

Not a great deal if £ signs have appeared before the seller's eyes. The EA is paid their comission to maximise the sale price and will use all the tricks to do so.

You could ask the agent for detail of other properties to indicate you're not bothered about walking away.

If there's a lot of interest in the house the lEA could ask for BAFOs

G_M

dominoman wrote: »

What can I do?

Increase your offer significantly.

Progress slowly till
a) the other buyers find an alternative property and
b) the sellers get desperate to Exchange

then reduce your offer to what it originally was and say you'll Exchange at that price in 24 hours, or you'll go elsewhere.

(meanwhile keep looking so if they call your bluff you have another property ready to fall back on).

amnblog

This is why the legal system in England and Wales stinks.

The vendor and his agent can mess with you and your life right until until the day you exchange, and you can do the same to them.

MarkBargain

amnblog wrote: »

This is why the legal system in England and Wales stinks.

The vendor and his agent can mess with you and your life right until until the day you exchange, and you can do the same to them.

Yep. There are few other scenarios in life where you can lose approaching £2K in legal fees and survey fees just because another person changes their mind or messes you about. I feel sorry for anyone who loses out in the property market game.