house buying problems

sloth

A bit of advice pls?

I am looking to buy in SW London

I put an offer in on a property of 245k against asking of 250k. the reason I did this was because I had lost out on other properties by bidding too low and not increasing enough. This property had just come on to the market and I liked it and so wanted to secure it. I thought my offer was good as only 2% off asking and I have nothing to sell (although not technically a FTB)

Unfortunately the sellers are elderly and have not moved in 55 years, therefore they have no experience of moving house and are being ‘guided/advised’ by their estate agent!

It took them 5 days to finally accept the offer and only then, when I gave them a deadline as I felt things where dragging on ( I know it is the estate agent dragging, not the sellers) I stated my offer was conditional on property being taken off market. The sellers then stated they where going to start their search on property to buy, I said no problem, we have agreed a price I can give them a bit of time

The estate agent has tried every trick in the book to get me to come in to speak to their mortgage broker, incl telling me the property is not off the market until I spk to them, I have said no, I already have an AIP and have no interest in talking to them. They have seen my AIP. They also said I need to arrange the survey on the property im trying to buy. I said I will as soon as the sellers have found somewhere and had an offer accepted and the chain is complete. I would not apply for the survey before then because in my mind the sellers can easily pull out if they haven’t even found a place they like yet

I have just spoken to the estate agent now who tells me their seller’s search is pretty much done and they have offered and been accepted on a property however now they have a higher offer on their property that I’m trying to buy! I said I’m extremely disappointed that they are going against their word (in accepting my offer) and allowing me to wait for them to find somewhere , although obviously I realise they can do this

I guess Im not sure what ive done wrong other than not allowing myself to pander to the estate agent!

btw i'm pretty confident the agent is lying about the other offer but i have no prrof obviously and not sure the best way to call their bluff. they are not nice estate agents to deal with
Any advice appreciated

fishpond

Try talking directly to the sellers.

sloth

fishpond wrote: »

Try talking directly to the sellers.

that was my plan tbh, will be writing a note and put through their letter box but as i say they are very nervous and are believing everything the estate agent tells them

bouicca21

Wouldn't surprise me at all if they had a higher offer. I am also trying to buy in London and the market is crazy. Nothing sold last year but this year there are more buyers than sellers and prices are going up all the time. I have found that sellers are getting full asking price - and sometimes a lot more.

harz99

sloth wrote: »

A bit of advice pls?

btw i'm pretty confident the agent is lying about the other offer but i have no prrof obviously and not sure the best way to call their bluff. they are not nice estate agents to deal with
Any advice appreciated

Call their bluff. Tell the EA to take the higher offer and be prepared to walk away. The last thing you want to do is get into a blind bidding war, especially as you don't trust the EA's word.

By the way, who are the EA's?

sloth

harz99 wrote: »

Call their bluff. Tell the EA to take the higher offer and be prepared to walk away. The last thing you want to do is get into a blind bidding war, especially as you don't trust the EA's word.

By the way, who are the EA's?

I know you are right, its just easier said than done when you like somewhere. i know thats what they play on tho. i think i will have to do that


ea are barnard marcus

DRP

sloth wrote: »

I know you are right, its just easier said than done when you like somewhere. i know thats what they play on tho. i think i will have to do that


ea are barnard marcus

It is possible the EA is trying to get you up to 250k. As you say it is only 1.6% more than you bid originally and this time hardly anyone will go higher over the SDLT threshold. Payign 250 hardly adds anything to your monthly payment.

So:
1) If you like the house secure it with 250. Tell EA if there any more silly nonsense you'll pull out.
or
2) Stick with your bid. Take the risk.

harz99

sloth wrote: »

ea are barnard marcus

Oh dear, have a look at their reviews on www.allagents.co.uk .

easilydistracted

Top tip for next time if it doesn't work out? Don't show them your AIP. They know what you can afford to go to. We were horrified out ours, over £25k more available than we felt comfortable to borrow. Our 'mortgage man' at the bank said that agent could confirm our position by calling him, no need to show AIP as it lets people know what you can go to.

sloth

easilydistracted wrote: »

Top tip for next time if it doesn't work out? Don't show them your AIP. They know what you can afford to go to. We were horrified out ours, over £25k more available than we felt comfortable to borrow. Our 'mortgage man' at the bank said that agent could confirm our position by calling him, no need to show AIP as it lets people know what you can go to.

thanks, i did actually blank out the amount cos i know that would encourage them to come back asking for more. funnily enough they phoned back this morning saying that the sellers have decided to stick with me despite the higher offer as they where people of their word :rotfl:

Kiran

harz99 wrote: »

Oh dear, have a look at their reviews on www.allagents.co.uk .

Wow, looking at those reviews I wouldn't trust them to sell a newspaper, let alone a house!