Agent has told me to increase my (accepted) offer to avoid being gazumped!

chris_m

nubbins wrote: »

Lesson number 1, never show an EA your financial position.

Indeed - when I made an offer recently, I had all my money in several bank accounts, principally for maximising interest and keeping below the FSCS compensation level, etc. but also so that I could show the EA just enough of the bank statements to cover my offer and not the rest

d4n13773

Thanks everyone

I'll definitely look at moving my deposit into a separate account for future!

I'm going to just play the "wait and see game" today. I'm not prepared to cough up an extra £2.5k just because they have asked for it!
- If I am actually gazumped I presume they have to un-accept my offer in writing (as it was accepted in writing) and there is then nothing stopping me increasing my mortgage to meet the new price or shopping around (feel the area I am looking is very much a buyer's market right now & and if I wanted to spend my time bidding back and forth I could just go to auction!)

Cheers again for the advice x

makeitstop

d4n13773 wrote: »

Thanks everyone

I'll definitely look at moving my deposit into a separate account for future!

I'm going to just play the "wait and see game" today. I'm not prepared to cough up an extra £2.5k just because they have asked for it!
- If I am actually gazumped I presume they have to un-accept my offer in writing (as it was accepted in writing) and there is then nothing stopping me increasing my mortgage to meet the new price or shopping around (feel the area I am looking is very much a buyer's market right now & and if I wanted to spend my time bidding back and forth I could just go to auction!)

Cheers again for the advice x

If this is true, then you are definitely making the right choice to hold on a while and see how it pans out. The ball is back in their court then isn't it, and you can soon see how serious this "other" buyer is.

marksoton

I wouldn't increase the offer one bit.

And the one lesson learnt here is never,ever disclose your finances to an EA when purchasing.

It's like opening the door to Cadbury's factory to a fat greedy kid.

thesaint

Increase the offer, and then lower it later on in the process.

Cisco001

Since it is second home, there will be increase in stamp duty next year.
I don't know how fast you can make up your mind for another property.

If you decided to increase the offer, make sure it is completed by April 2016.

chappers

Just say to them sorry I'm not that bothered , all I'm looking for is a crash pad, I like the place , but not going to increase my offer, it still stands and I'm chain free and ready to proceed. If they want to gazump me then fair enough.
Maybe arrange a viewing at another property to show them that you will walk if neceesary

bebewoo

I would walk. I would tell them I did not want to proceed with a company with so little integrity that an accepted offer would not be honoured.
You need to think about this if the weasels are talking about gazumping now who knows if they will actually take the property off the market? You may waste money on surveys etc all for nothing.

Gonzo1987

moneyistooshorttomention wrote: »

I'd incline towards doing this.

That was a mistake, in hindsight, to show them your building society book. Sounds like someone has just got greedy and thought "Oooh...they'll have £5k over after paying that deposit and I can grab some of that to repay my PERSONAL debts". They've ignored the fact you need money for fees, etc - they've seen it and they're making an excuse to grab for it.

So - yep hint (strongly) about another property and how much money you reckon you'll need to spend on any property you get (give some indication of work anyone would do on this particular property and that you feel is necessary to do "immediately").

the extra commission a sales neg would get for for a difference for an extra £2.5k in a sale honestly isn't worth the phone calls to get the increased offer. It would be like, £20/30 .

marksoton

Gonzo1987 wrote: »

the extra commission a sales neg would get for for a difference for an extra £2.5k in a sale honestly isn't worth the phone calls to get the increased offer. It would be like, £20/30 .

Maybe so. But that doesn't mean they won't do it to curry favour with the vendor and get them a sizeable increase.

It seems to be so often forgotten that the EA work for the vendor,and them alone.