Advice Needed - Email from EA

Chrisuk78

I recently viewed a property which I really liked but needed a lot of work.

I did a lot sums, and realised a probably couldn't offer the asking price (Offers in excess of 125K (not scotland)). I asked the EA about an offer, but vendor was looking for more than 125K. So I decided to not persue it.

I saw then over the weekend it had gone to 'under offer'. I was a little disappointed, but made my peace with it.

This morning though I had an email from EA saying they have stopped taking viewings as they have had a lot of interest and several subject to contract offers and asking to submit me best and final subject to contract offer (with proof of funds) by Thursday.

Is this normal? Is the EA just trying to start a bidding war? or maybe they havent had an offer they like yet?

I dont really know what to think. This whole house buying (and selling) is stressful.

moneyistooshorttomention

Personally, well a buyer hasn't been agreed yet...so its "up for grabs". That being the case...I'd figure I had nothing to lose by putting in what I could afford to offer. If I lost...I lost...but you never know...

lxpeanut

If they are going to best and final offers I'd say they have had a few offers but none at the price they were hoping for so have decided they'll accept less and are trying to decide between offers. Put together a bid at what you think its worth emphasis any positives about you as well. But if they come back and say your out bid in order to push for more walk away.

Gordon_Hose

Perfectly normal, happened to my Mum last year when she sold her house.

It won't start a bidding war because it's a "best and final" offer. Those who are interested will offer, those not interested, won't. The offers will be put to the vendor and they willselect which offer to go for.

Generally, it could the vendor a bit more money on the house and the EA a bit more comission.

DRP

Gordon_Hose wrote: »

Perfectly normal, happened to my Mum last year when she sold her house.

It won't start a bidding war because it's a "best and final" offer. Those who are interested will offer, those not interested, won't. The offers will be put to the vendor and they willselect which offer to go for.

Generally, it could the vendor a bit more money on the house and the EA a bit more comission.

Yes, this is how we sold our place.

There was a lot of interest and we didn't want rounds and rounds of bidding or messing about so got everyone's best offer and went with our favourite.

Chrisuk78

Thanks for all the speedy replies.

I think i will submit an offer. Worst they can do is say no.

Regarding the proof of Funds what would normally be required for this? I have an offer from the mortgage company, and have a decent deposit in instant access savings account. Would a copy of the offer from mortgage company and bank statement be sufficient?

Gordon_Hose

Ask the EA what they are willing to accept as proof of funds.

ognum

Sounds like the property has plenty of offers and interest. EA has decided to stop showing it hence Under Offer on the website so no new purchasers will be shown the property.

They have decided due to the level of interest to go to best and final and there will definitely be a decision after the offers have been seen.

Just submit your best offer and wait and see. This is quite common in my area. make sure your include in your offer your circumstances and anything else that will make you the ideal purchaser.

Chrisuk78

Thank you for all the responses. I really don't know what to do regarding making an offer.

Will only have about 15k left after purchase, and a lot of things need doing. Kitchen, garden, decorating top to bottom. Complete refurb really.

Houses on the same street tend to go for a lot more.

Anyone refurbed a Victorian terrace recently? I'm thinking that 15k is nowhere near enough? I don't suppose I have to do everything at the beginning.

Hoploz

Submit your offer, you already made peace with losing out, it's just another chance and doesn't matter whether you win it or not!

I would be cautious handing over actual copies of bank statements as this lays you open - this is personal info! Do you have a broker to give contact details to the agent? You can tell them you've got a DIP with x% deposit, are in no chain etc etc but I would not give them chapter and verse. if you've got a broker they can get in touch and they will verify what you've
told the EA is correct.