Gazumped :(

Pixie5740

I think they are playing you. They've already fibbed about the tenants. I'm not sure there were multiple offers and now there's this mystery offer that might gazump you. Personally, unless this house was perfect I'd tell them to poke it.

Do you have a joint tenancy with other tenants? Is that why your tenancy is coming to an end soon, because one of the other joint tenants has served notice?

Even if your new offer is accepted then the tenants might not be out, or be close to being out by the time your own tenancy ends. I think regardless of whether you pursue this property or another you'll still be renting for a while longer yet.

Brock_and_Roll

charliewocka wrote: »

We were tempted to, trust me, but knew the demand for the house was high and there are personal reasons for wanting this house. We figured we were happy to pay what we originally offered.


Vendor EA is awful, rude, hasn't got a clue about the property, hates talking to the 'lady' (that's me!) as I put him in his place. Had a call today asking why exchange wasn't happening next week, which is when we had said we would target for exchange/completion. I told him that we had to change our mortgage application to different lenders due to the incapacity of the EA recommended broker, but more importantly the contracts pack hasn't even been received by our solicitor. He was a bit shocked when I told him that we had been keeping the vendor up to date directly and he was happy with things - soon put the EA in his place.

The golden rule is to assume that everything an EA says is a lie unless you have documentary evidence to the contrary!

charliewocka

Brock_and_Roll wrote: »

The golden rule is to assume that everything an EA says is a lie unless you have documentary evidence to the contrary!

Ha ha, true!

Landofwood

You also really shouldn't be bidding on a property with tenants in situ unless you're planning to BTL. What a nightmare it could become.

class2ldn

We've yad similar this week. Viewed a house, put an offer in but because the owner had a bogus offer before she wanted us to see the EA broker to check our affordability. Told as long as all is ok then deal can go ahead.All done ok then we were told someone had offered over 10k more and had a much bigger deposit.
I understand about the broker as she had been stung before but would have been nice to stick to her word. Obviously the higher offer was considerably more so she's going to take that.
Me and my partner are different in that she would snap it back up if it came back up.
Personally I'd be reluctant as to me it just seems they are wasting people's time.
Just something we'll have to get used to I guess.

Kevie192

Landofwood wrote: »

You also really shouldn't be bidding on a property with tenants in situ unless you're planning to BTL. What a nightmare it could become.

I can't see any problems with this, as long as they are prepared for a potentially long wait. I don't think I'd get a survey etc. sorted until after the tenants are out though, just in case...

Wassa123

Pixie5740 wrote: »

Do you have a joint tenancy with other tenants? Is that why your tenancy is coming to an end soon, because one of the other joint tenants has served notice?

Yep this is our situation.

We're in a 12 month contract with a 6 month break clause. Within the 12 months it requires 2 months notice to end it. We're currently coming to the end of month 4. We've asked him if he could hang on an extra month or two so we can hopefully complete without forcing us to get locked in to another AST but he's being a bit of a pain about it. However, I'm not sure he knows/remembers that he has to give 2 months notice. He has to do it by Wednesday and doesn't seem to have acted so we might get an extra month.

My savings are 190k (savings, share plans, unforunate inheritance) and so a (25yr) mortgage would be about half the price of renting so we're quite keen to get somewhere. The situation with this house sucks and if there were any comparable properties I'd have no problem telling the agent that enough is enough and that we don't want to deal with the vendors anymore but that's not the situation .

MrRee_2

FTB's and been in lots of bidding wars?

Something odd there .....

I live near Newbury, the market is busy but surely not red hot?

I wouldn't entertain a bidding war, ever. You always pay too much ..... and if the property isn't REALLY special walk away.

chris_m

Brock_and_Roll wrote: »

The golden rule is to assume that everything an EA says is a lie unless you have documentary evidence to the contrary!

Documentary evidence supplied by someone other than, and not connected with, the EA, that is.

Wassa123

MrRee wrote: »

FTB's and been in lots of bidding wars?

Something odd there .....

I live near Newbury, the market is busy but surely not red hot?

The last few properties we've offered on:

280k asking, we were outbid offering 305k.
240 asking, we were outbid offering 248k.
280k asking, we were outbid offering 288k
320k asking, we offered 320k, they asked for more, we said we'll see our financial advisor in 2 days. They said ok, then had an offer 'way over' and didn't want to wait for us to find our limit.