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Offer accepted but the property won’t be taken off the market – is this fair?!
LookingforHouse
Posts: 9 Forumite
We very much need an advice on our situation with purchasing a property please.
We have made an offer for a house – asking price. It appears there were several matching offers and we have been asked to give our ‘best price’. We have further increased our offer above the asking price. Within several days the agent advised that the house is being actively viewed and we have been asked again to submit our next ‘best offer’. We have been advised that the vendor will have a look at all offers and will pick the ‘best’.
However the property will not be taken off the market , viewings will carry on, and should the higher offer arise, the selected purchaser will be advised on ‘an opportunity’ to over-bid the new offer and thus proceed with the purchase or to withdraw, losing money spent on survey, solicitors, disbursements etc., depending on how far the process has advanced. Sounds like a ‘hidden auction’.
We feel that it is extremely unfair with regard to all potential buyers. We are seriously interested in this property, but we are highly concerned with:
- Our interest in the property being manipulated and abused
- Being forced to pay a higher price that the house worth
- Losing money on surveyors and solicitors.
We would be very grateful if someone could give us an advice on the best course of action and/or share your experience in a similar situation.
[FONT="]Many thanks[/FONT]
We have made an offer for a house – asking price. It appears there were several matching offers and we have been asked to give our ‘best price’. We have further increased our offer above the asking price. Within several days the agent advised that the house is being actively viewed and we have been asked again to submit our next ‘best offer’. We have been advised that the vendor will have a look at all offers and will pick the ‘best’.
However the property will not be taken off the market , viewings will carry on, and should the higher offer arise, the selected purchaser will be advised on ‘an opportunity’ to over-bid the new offer and thus proceed with the purchase or to withdraw, losing money spent on survey, solicitors, disbursements etc., depending on how far the process has advanced. Sounds like a ‘hidden auction’.
We feel that it is extremely unfair with regard to all potential buyers. We are seriously interested in this property, but we are highly concerned with:
- Our interest in the property being manipulated and abused
- Being forced to pay a higher price that the house worth
- Losing money on surveyors and solicitors.
We would be very grateful if someone could give us an advice on the best course of action and/or share your experience in a similar situation.
[FONT="]Many thanks[/FONT]
0
Comments
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Give a final offer- whether it's what you've given already or something higher, and say it is subject to the property being removed from the market and no one else is to see it. If not then walk away because it seems there is a lot of interest so you could end up losing a lot of money.0
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Sounds as if you've chosen a mass appeal property, which is good news .....for the vendor.
If you really, really want this place, bid up to the max you're absolutely prepared to pay and then say "that's it, we look for somewhere else."
As for paying a higher price than the house is worth, remember that a house is worth what someone is prepared to pay for it.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
lincroft1710 wrote: »Sounds as if you've chosen a mass appeal property, which is good news .....for the vendor.
Or all the other buyers are imaginary and you're bidding against yourself.0 -
All sounds a but silly to me, I'd walk away if I were you.
If nothing else it seems as though the ea doesn't know what he's talking about, they do little but they are supposed to value a property and can't appear to do even that in this case.
If there is that much interest and/ or uncertainty then the property should be going to either sealed bids or auction.0 -
lincroft1710 wrote: »Sounds as if you've chosen a mass appeal property, which is good news .....for the vendor.
If you really, really want this place, bid up to the max you're absolutely prepared to pay and then say "that's it, we look for somewhere else."
As for paying a higher price than the house is worth, remember that a house is worth what someone is prepared to pay for it.
Though logically the house is actually worth what the runner up is prepared to pay in many cases.0 -
Best offer subject to it being taken off the market, or walk.0
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Submit your best and final offer, with it state the conditions of your offer, your finacial situation, your timescales and any other info you want to give.
Submit this and it's up to the vendor of this popular property to decide!0 -
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Or all the other buyers are imaginary and you're bidding against yourself.
A possibility, which OP will only discover if he walks away and the EA then says the other party(ies) have dropped out.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
ConfusedofYorkshire, lincroft1710, Mojisola, bigadaj, ognum - thank you all very much for your feedback and opinions!
Interestingly most of your suggestions reflect our own thoughts, but I guess we need to sleep on them a bit more to make the final decision.
BTW, do you know if performing a "hidden auction" is legal?0
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