First time buyer - found dream home but it's sealed bids!

getmore4less

Mrcawdell wrote: »

I appreciate that completely but surely it would be really unprofessionable for an estate agent to put a house up for offers over 220 if its valued at 210?

Its value is what people will pay.

There will always be someone that falls for a place and does no research offers there full affordability thinking things are done fairly.

Are you sure you are in sales?

Davesnave

Mrcawdell wrote: »

surely it would be really unprofessionable for an estate agent to put a house up for offers over 220 if its valued at 210?

Estate agents don't necessarily set prices; ultimately vendors have that privilege.

In any event, a 5% difference is not that great. A valuation is only an opinion based on comparables and accounting for any special features. It's not science.

A mortgage might not be required. There are many people capable of paying cash somewhat over the going rate, in order to secure the right house.

But don't focus on any of that. If you want the house, bid your max, include relevant info and cross your fingers.

I bought my first house by sealed bid, pushing myself close to the limit because it was special. That made me poorer for a while, but in the longer term it was the right thing to do.

[Deleted User]

Estate Agents unprofessional.., heaven forbid!

Mrcawdell_2

Thanks all for your responses.

The EA opened at 9am this morning, i've phoned them and placed my bid of 227.5k

The EA sounded really suprised by my bid but he wouldnt disclose any information instead he was adamant i continue to go ahead and meet their in house mortgage advisor later on today as already booked.

I explained if i was not to win the property their would be no need to meet there MA as i already have an Agreement in Principal with my own MA.

The only reason why i would use their in house service if it was the deciding factor in winning the property.

It sounds like things are looking good, as the EA had been pretty adamant he will fill me in when I arrive for the meeting later.

Is this standard practice to upsell their services despite not winning the property?

Mrcawdell_2

deannatrois wrote: »

Estate Agents unprofessional.., heaven forbid!

This one is extremely shady, i now believe everything i have read against them! I may be being stereotypical but i certainly don't trust them!

marksoton

Mrcawdell wrote: »

Thanks all for your responses.

The EA opened at 9am this morning, i've phoned them and placed my bid of 227.5k

The EA sounded really suprised by my bid but he wouldnt disclose any information instead he was adamant i continue to go ahead and meet their in house mortgage advisor later on today as already booked.

I explained if i was not to win the property their would be no need to meet there MA as i already have an Agreement in Principal with my own MA.

The only reason why i would use their in house service if it was the deciding factor in winning the property.

It sounds like things are looking good, as the EA had been pretty adamant he will fill me in when I arrive for the meeting later.

Is this standard practice to upsell their services despite not winning the property?

NO.NO,NO

By all means go but do not agree to use their services. They're after a fee.

ognum

Mrcawdell wrote: »

Thanks all for your responses.

The EA opened at 9am this morning, i've phoned them and placed my bid of 227.5k

The EA sounded really suprised by my bid but he wouldnt disclose any information instead he was adamant i continue to go ahead and meet their in house mortgage advisor later on today as already booked.

I explained if i was not to win the property their would be no need to meet there MA as i already have an Agreement in Principal with my own MA.

The only reason why i would use their in house service if it was the deciding factor in winning the property.

It sounds like things are looking good, as the EA had been pretty adamant he will fill me in when I arrive for the meeting later.

Is this standard practice to upsell their services despite not winning the property?

EAs like buyers who

Can proceed quickly
That they can sell their current home
That they can sell the mortgage products
That they can sell legal products

When will buyers stop believing they are in it for charity, it's buisness, big buisness. Learn to present yourself in the best light and side step the carp.

danslenoir

Mrcawdell wrote: »

Thanks all for your responses.

The EA opened at 9am this morning, i've phoned them and placed my bid of 227.5k

The EA sounded really suprised by my bid but he wouldnt disclose any information instead he was adamant i continue to go ahead and meet their in house mortgage advisor later on today as already booked.

I explained if i was not to win the property their would be no need to meet there MA as i already have an Agreement in Principal with my own MA.

The only reason why i would use their in house service if it was the deciding factor in winning the property.

It sounds like things are looking good, as the EA had been pretty adamant he will fill me in when I arrive for the meeting later.

Is this standard practice to upsell their services despite not winning the property?

Yes, it is standard practice. They stand to gain commission for successful referrals.

In future, I suggest you politely decline any invitation to meet with in-house financial advisors. If you want/need further advice, far better to get it from an independent source than someone who is tied to an estate agent who would like to screw you for as much money as possible for your house purchase.

Hoploz

You go for the appointment, give them as little specific info as you can get away with, whilst appearing extremely keen, ready to go, and transparent! You want them to think you are good for buying the house, but you will hopefully already have spoken to an independent advisor to get your max for the offer anyway.

If you have a AIP you tell them this when you offer, and give them all the info about why the house is perfect for you. You are totally committed to this particular house for X reason, so you will defo go through with it. You tell them you've got a good deposit and a AIP and you are a genuinely nice and honest chap, and this info will all get put forward to the seller in your favour. Sellers do not always accept the highest offer. No point offering way over if you're going to change your mind and pull out half way through, or if you are in a long chain, or your house isn't even on the market. All sorts of people might offer, you must sound the most proceedable.

Mrcawdell_2

Thank you all again for the responses.

We had a phonecall today to say our bid was not the highest however we are in the best position to proceed and that the buyer is happy to choose us.

They also stipulated that seller has strictly stated the exchange must be done in house as they are the same people moving them into their new property and that this way itll be done as quickly and efficiently as possible.

I much prefer my own MA as he's been very helpful and has spent a lot of time with us and so far for no fee at all.

Do you think calling their bluff and saying that we are going to use our own advisor would jeopardise our position on the house?

Thanks