Under offer with another agent?

Jimbo29

Bluebirdman_of_Alcathays wrote: »

You were introduced to the property by Agent 1. They are fully entitled to pursue you.

So does that mean I'm not entitled to decide for myself who I use? It's absolutely ludicrous

robardsfan

Jimbo I think there is an exclusion period of who you were introduced to it by, you can only use them to buy through. At least for a limited period. But I am not sure.

Surrey_EA

Jimbo29 wrote: »

So does that mean I'm not entitled to decide for myself who I use? It's absolutely ludicrous

I do understand why it seems irritating, but it's the vendor who will be affected by potentially being liable for two fees.

It is possible to keep the involvement with the EA to a minimum after your offer has been accepted, so shouldn't affect any purchase too much.

eddddy

robardsfan wrote: »

I have seen a house I really like, it is listed with 2 agents. I rang 1 agent to arrange a viewing and they informed me that it's under offer with the other agent but the owner is still doing viewings. I asked why this was and she said because the people interested were possible time wasters. Property isnt listed as under offer on either of them.

robardsfan wrote: »

I had my friend call just now, she was told by the [other] agent it was under offer and "progressing well" - what the??

(This thread is getting confusing because it's dealing with robardsfan's and jimbo29's questions simultaneously!)

@robardsfan

So this is probably what's happening.

- Agent 2 has introduced a potential buyer. The process is progressing well. Agent 2 is looking forward to getting their fee soon.

- Agent 1 hasn't introduced a potential buyer, so they have no prospect of getting a fee.


So...

- Agent 2 doesn't want to do any more viewings. They just want the current buyer to complete asap, so they get their fee. They don't want a 'gazumper' because that's likely to delay completion.

- Agent 1 would like to introduce a 'gazumper', because then they would get a fee (and agent 2 wouldn't)


So that's probably why agent 1 is doing viewings but agent 2 isn't.

robardsfan

I hadnt thought of that. Would Agent 1 really be so underhand though? Is this common? They have gone as far as to call Agent 2's buyer "unreliable" and a "likely timewaster" and said this is what the vendor thinks of them, in fact Agent 1 even said she would be surprised in her opinion if they did complete, and the vendor shares that sentiment!!!

Also to 'gazump' do you need to offer more by law? Can you offer slightly less but be in a better position? My position is a lot stronger than the other buyer who has a long chain whereas I have a cash buyer. To offer a bit less - is it out of the question? I.e. it's OIEO £400k, so to offer £390 when the other person has offer £400k.

eddddy

Gazumping isn't subject to any laws. (And a buyer being dumped in favour of another buyer because the first buyer is a timewaster isn't really gazumping anyway.)

You can offer whatever you like, it's entirely up to the seller whether they accept or reject it.

It sounds like their choice might be:
- A 'weak' buyer offering £400k
- A 'strong' buyer offering £390k

It probably depends on many things like: How quickly they want to move; how important £10k is to them; how much they like/dislike their current buyers; how well the current transaction is progressing etc etc.

jimpix12

I'm not sure if they would accept a lower offer if the offer is already on the table/progressing.

They might accept it when/if the other one falls through though, which it sounds like it might. If that's the case, then I'd offer less than £390, try £380 and then if it falls through the vendor will be more likely to accept yours.