First time byer being messed around?

HelenRachel

Hello all! Just dropped by for some advice! I'm not sure if the estate agent is messing me about or not?

We're first time byers with a 20% deposit ready and waiting to go! I've got a bun in the over so we need to get moving ASAP! We've just put an offer in for a house which the vendor wanted to think about over night. Fair enough. The house already had another offer on it as it which hadn't been finalised so they were still accepting viewing and offers we weren't 'gazumping' (I hope) as the other offer has been in for weeks/months and the paper work hasn't gone in yet.

Only thing was when I rang the estate agent at 11am today (they hadn't got back to me) they said our offer had been accepted - great! but there was a catch. This other offer was still on the table and what they said was whom ever got their paper work in first would be officially accepted. I wasn't happy with this as it sounded really dodgy so rang up and told them I was going to withdraw my offer as I felt I was being messed around and didn't want to get involved in some kind of hideous paperwork race. The estate agent changed their tune completely and said that our offer had been accepted and that we were the fave for the vendor and were definitely a head of the other people. They just couldn't take it off the market till we got our paperwork in.

Does this sound odd to anyone else??

Helen

~Beanie~

What paperwork are they waiting for before accepting your offer?

Admittedly I have only ever bought one house but I don't recall having to hand in any paperwork before my offer was accepted.

I made my offer over the phone, they rang back later to say it had been accepted and it would be taken off the market once I gave them details of my solicitor/conveyancer. I did this and it all went smoothly from there. No paperwork changed hands until much later.

HelenRachel

They want a bank statement confirming our deposit and an e-mail from the mortgage adviser confirming that we can get a mortgage for the rest. I've spoken to the mortgage advisor and he said that that wouldn't actually be worth the paper its printed on so not sure why they want it.

ACG

Tell them to do one.

Turn this on its head, make it a condition of your offer that the property is taken off the market.

I would not waste my time buying a property where the agents are playing stupid games. You could spend hundreds to then get gazumped.

patricia..xx

We recently sold our house. We would not have accepted an offer until the offeror could prove they were in a position to buy it. This is pretty much standard practice as far as I am aware. Otherwise you could be anyone who just fancied a nose round their house!

ruggedtoast

HelenRachel wrote: »

They want a bank statement confirming our deposit and an e-mail from the mortgage adviser confirming that we can get a mortgage for the rest. I've spoken to the mortgage advisor and he said that that wouldn't actually be worth the paper its printed on so not sure why they want it.

All completely normal in my experience. They want to know you are able to proceed and have a duty to their clients to make preliminary checks to this effect before they take their house off the market and open the Cava.

They appear to have presented this badly though.

~Beanie~

patricia..xx wrote: »

Otherwise you could be anyone who just fancied a nose round their house!

If I just fancied a nose round someones house then I would just book a viewing, I wouldn't bother putting an offer in!

ACG

HelenRachel wrote: »

They want a bank statement confirming our deposit and an e-mail from the mortgage adviser confirming that we can get a mortgage for the rest. I've spoken to the mortgage advisor and he said that that wouldn't actually be worth the paper its printed on so not sure why they want it.

Ignore my original reply.

It is not uncommon or unreasonable for the agent to ask for a Decision in principle (DIP) and/or proof of deposit. Only provide it on the basis your offer is accepted AND the property is coming off the market. Otherwise they may see you can go higher and push for it.

Your broker is right, a DIP is not worth the paper is written on, but some EA still want it none the less and it is not unreasonable.

verulamium

In our previous two transactions (plus another by partner), we've never been asked for our bank statements or proof of deposits by all the various EAs we've done business with. The only people who have seen them are our solicitors and lenders.

If I was put in a similar position I would my withdraw offer and tell the vendor and EA to jog on. The last thing I want is to enter into a contract race against someone who has had a couple of weeks/months head start, and risk being out of pocket.

HelenRachel

Its not even a DIP that they want - they literally just want an e-mail from our mortgage adviser to say we're working with them and that they think we can get a mortgage. Once they have that the vendor will decided if they want to go with us or not. Seems odd to me but I've just spoken to the EA and she said that it would be the case with any of their sales not just ours. The mortgage adviser thought it was bizarre. We'd like to go ahead with the sale and wont be upping our offer as the house is not worth more than what we have offered for it so I think we might end up going for a gamble! Just think its a really odd practice. I thought all of that would be sorted out after the offer was accepted and after the property was taken of the market.

ACG

(Dont get me wrong as i hate estate agents) But the EA has a duty of care to their client (the vendor). They have to ensure whoever is putting in an offer is good for the money. If all it takes is an email from your broker then that is actually quite good... unusual, but good.

Some INSIST on you speaking to their own broker (Despite them not being allowed to do it).