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bluffing estate agent or not?!
lou201090_2
Posts: 12 Forumite
Hi there me and my partner are in a bit of a pickle.
We viewed a house on Saturday that is up for £90000. We instantly fell in love with it. The vendor was in the house during the viewing and I asked her and also the agent if there had been any offers on the house. They both said there has been no offers. The vendor said only one person has had a second viewing. The house has been up on the market for about 6 weeks.
We then went to the estate agents and put an offer in of 85000 that afternoon.
I then rang the estate agent this morning at 9.30 to return a voicemail left by them.. This was to tell me they had passed the offer onto the vendor for their decision.
Only an hour later, they rang me to tell me someone has put a higher offer on the house so we needed to increase our offer. I firstly said £87000 but they said it would need to be higher, so I went for £88000. They said they would get back to me.
They rang me again at 3.45pm saying that more people have booked viewings for the house this week and Another higher offer has been put in. They said it has now come that we have to put in our final best offer in before midday this Thursday. They also said how it would now need to be above the asking price?!? We have got an appointment with the same estate agents this Wednesday to discuss a mortgage so we are unsure whether to put in another offer or unsure if they are actually bluffing. Are they aloud to ask us to put final offer in before a certain date?
We are first time buyers with a good deposit ready.
Find it strange how there can be no offers what so ever then after an hour, an offer and a bidding war with all of sudden a lot of interest. Help!!
We viewed a house on Saturday that is up for £90000. We instantly fell in love with it. The vendor was in the house during the viewing and I asked her and also the agent if there had been any offers on the house. They both said there has been no offers. The vendor said only one person has had a second viewing. The house has been up on the market for about 6 weeks.
We then went to the estate agents and put an offer in of 85000 that afternoon.
I then rang the estate agent this morning at 9.30 to return a voicemail left by them.. This was to tell me they had passed the offer onto the vendor for their decision.
Only an hour later, they rang me to tell me someone has put a higher offer on the house so we needed to increase our offer. I firstly said £87000 but they said it would need to be higher, so I went for £88000. They said they would get back to me.
They rang me again at 3.45pm saying that more people have booked viewings for the house this week and Another higher offer has been put in. They said it has now come that we have to put in our final best offer in before midday this Thursday. They also said how it would now need to be above the asking price?!? We have got an appointment with the same estate agents this Wednesday to discuss a mortgage so we are unsure whether to put in another offer or unsure if they are actually bluffing. Are they aloud to ask us to put final offer in before a certain date?
We are first time buyers with a good deposit ready.
Find it strange how there can be no offers what so ever then after an hour, an offer and a bidding war with all of sudden a lot of interest. Help!!
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Comments
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Do not discuss mortgage arrangements with the same estate agents under any circumstances.
It is a common trick for agents to invent other interest to talk the price up. But it is also not unheard of for other interest to be real! You need to offer what *you* think it is worth and then walk away.
Don't be talked into a bidding war imaginary or otherwise. There will be others if you dot get this one.0 -
They could be bluffing, but if you are worried you'll lose it and you love it that much consider everything. Don't go above your budget and only offer what it is worth to you, there will be other houses out there - we're proof of that having found one we loved to have it taken off the market when we went to offer and have now found another property we love more than the other! They can ask you to do it, it happens mainly when a lot of buyers are going for one property but being FTB's with deposit you're in a good position but don't over stretch yourselves.
Also have you spoke to an independent broker and sought out quotes from them or a bank yourself? EA brokers aren't always the best and it's generally not a good thing to go with them, they're not whole of market and aren't the cheapest0 -
Do not discuss mortgage arrangements with the same estate agents under any circumstances.
It is a common trick for agents to invent other interest to talk the price up. But it is also not unheard of for other interest to be real! You need to offer what *you* think it is worth and then walk away.
Don't be talked into a bidding war imaginary or otherwise. There will be others if you dot get this one.
No idea why you are advising people not to discuss their mortgage details with estate agents. This couldnt be worse advice if you tried!
Any seller is going to want to know if a potential buyer is able to proceed. Of course they will try and sell their products. They may, or may not be of interest to that buyer, but that is for the buyer to make an informed decision.
If you catagorically refuse to provide information to the EA about your affordability, they will relay that to the seller - that is what they are paid to do.
Good luck to you taking such an !!!! about face attitude - i doubt you will get anywhere productive with it£2 Savers Club #156!
Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j0 -
LisaLou1982 wrote: »No idea why you are advising people not to discuss their mortgage details with estate agents. This couldnt be worse advice if you tried!
Because he is right that you do not want to go into the details of your finances with the agent.
If the agent knows what is in fact your maximum budget then he's got a good opportunity to try to inflate the offer.
You just tell the agent that you have the financing in place with mortgage agreement in principle for no less than the offer, and if queried can add that for the level of the offer your deposit would be in excess of x%. That's it.0 -
LisaLou1982 wrote: »No idea why you are advising people not to discuss their mortgage details with estate agents. This couldnt be worse advice if you tried!
Any seller is going to want to know if a potential buyer is able to proceed. Of course they will try and sell their products. They may, or may not be of interest to that buyer, but that is for the buyer to make an informed decision.
If you catagorically refuse to provide information to the EA about your affordability, they will relay that to the seller - that is what they are paid to do.
Good luck to you taking such an !!!! about face attitude - i doubt you will get anywhere productive with it
They are unlikely to be full market. Better off doing your own legwork or use an IFA to arrange a mortgage.0 -
we have been to other banks, but the estate agents is a big company, one half agents and other is legal advice.. they cover a lot of the market for mortgages...0
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we have been to other banks, but the estate agents is a big company, one half agents and other is legal advice.. they cover a lot of the market for mortgages...
Not Countrywide, by any chance?
The others are right. EA advisers are not whole of market so cannot investigate / advise you on the widest range of possible products for your circumstances.
I wouldn't speak to an EA mortgage adviser before my offer was agreed. You cannot be certain that information about your maximum affordability will not be passed on to the EA itself and thus to the seller.0 -
no not Countrywide..0
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they have an ifa that we have booked with for Wednesday0
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