Is this normal?

cs90

Hi everyone.

Me and my partner are in the process of looking for our first house to buy. We are first time buyers (extremely flexible with regards to moving dates, chain free etc.) We went to an open day Saturday just gone. We were there for around 30 minutes during which time we saw possibly 10-12 other couples/families etc. looking which makes me think throughout the day there were possible hundreds of people viewing the property.

I rang up the estate agents today putting in an offer of the asking price of £225,000. The house meets my and partners needs with some possible work needing doing (but not much!).

So the estate agent took our offer and gave some advice and we left it at that. Not even 20 minutes later, the same estate agent but from a different office rang my partner asking us for our final offer. Is this just a tactic trying to pressure us into putting up a few grand within minutes of our initial offer? Or do you think the house is really that popular? Just looking for other peoples experiences with estate agents.

They did say they had 12 offers on the house this morning, and by the time I rang that went up to 15. Can I trust these figures? Are they just being pushy?

I said we would like to stick to our first offer of £225,000 (which is the asking price) and that we are very flexible in regards to moving dates and being chain free and even possibly going with the seller's solicitors to make to process smoother.

Am I being unreasonable in not offering over the asking price?

Thanks everyone

GadgetGuru

Personally I think you are being completely reasonable. If I were in your position I would do exactly the same and stick to that price. You have no evidence to suggest the agent has another higher offer, other then their word. As first time buyers providing a full asking price offer, the sellers would really have to have a good reason to refuse it...... IMO of course......

marksoton

cs90 wrote: »

I said we would like to stick to our first offer of £225,000 (which is the asking price) and that we are very flexible in regards to moving dates and being chain free and even possibly going with the seller's solicitors to make to process smoother.

Am I being unreasonable in not offering over the asking price?

See the bold, it won't make it so!

You're perfectly reasonable to stick where you are.

As a cynic open days have two functions for EA's

They minimise their labour costs.

They condense buyers into a controlled environment and create the impression there are a lot more bidders. The reality may be very different.

SmlSave

even possibly going with the seller's solicitors to make to process smoother

A solicitor shouldn't act for a buyer and seller unless they are existing clients or a conflict check has been done. There are firms that do act for both seller and buyer but it's frowned upon so just keep that it in mind that firms who 'sell' the idea that because they act for both parties it may be quicker, are not the most above board companies out there.

bouicca21

If the market is moving as fast in your area as it is in mine, yes, all that is totally normal.

blueblazer

Depends on how much you like the house but sounds like there is plenty of interest and therefore probably someone who is willing to pay over the asking price. Depends on whether you would kick yourself if you didn't put your "best" offer and someone else got it - or are there plenty more fish in the sea.

casper_g

Depending on the area properties may well go over asking price. We sold in the South East last year (but outside London) and had several offers above asking price, eventually selling 10k over to an FTB.

Whether there are as many offers as the agent says doesn't really matter much, does it? Either way, offer the most you feel comfortable with depending on the value you attach to this property.

chelseablue

We went to an open house on Saturday, there was at least 10 other couples/families there too.


I spoke to the estate agent yesterday to ask if we could look at it again and she said they've had 3 offers already, all over the asking price! :-O


We cant go that high so the search continues.


Good luck, I hope you get it

princeofpounds

Estate agents run open houses to keep costs down and to give an impression of competition. It is designed to do precisely what it has done to you.


By desperately saying you will use the same solicitor (which, as pointed out, is not exactly possible although using the same firm is), you have FTB mug stamped all over your face.


Don't typically use their suggested solicitors, especially on new build developments. Their loyalties are conflicted and they will be more tempted to gloss over the issue, as they will have paid to be in that position.


Maybe they have higher offers, maybe they don't. It would be unusual for asking prices to be so competitive as to induce a bidding competition - normally the opposite is true, they try for high prices first (as you only need one person to turn up and pay) and then discount.


Also, just asking for more money costs them a phone call but could make them a few extra thousand, so why not try. Note that they haven't actually refused your offer...

benjus

I don't understand this attitude to solicitors. Everyone just wants the cheapest, quickest option. But when you're buying something that costs so much money, and (unless you're something of an expert in property law) that you probably don't fully understand, don't you want someone that's going to do what is best for YOU, their client?

Personally I'd rather stick a pin in a list of conveyancing solicitors than go for one recommended by another party with an interest in the transaction.

cs90

Thank you everyone for the great info in your replies. I am sure I do have FTB mug stamped on my head, probably my own fault for not researching everything as thoroughly as I should have before making an offer.

So, an update, the offer still hasn't been rejected. We did have a call from the estate agents today telling us that they have received several offers over the asking price - one particular offer apparently from a cash buyer "significantly" over the asking price. They asked if we'd like to up our offer but we need time to think. They didn't rush us into it by saying we need to ring back right away or anything like that, so I assume our initial offer is still being considered by the seller.

We are in the South East and from what I've seen, there are few properties and they get snapped up pretty quickly.

I didn't exactly agree 100% to use their solicitor company, and have since received quotes from others which I'm far more likely to use.

We did actually go to see a property a few weeks ago - asking price was £215,000 and after a week they adjusted the price to £235,100 because of all the offers they had received. It is just hard knowing what to believe and if we're being "picked on" by the estate agents because we are probably big FTB mugs!

Just another question - Would people wait for a rejection before upping their offer? Or have estate agents "bullied" you into upping it before any actual decision?

Thanks again guys for all the comments!!