Advice - Like gazumping..

Gemandcraig

So we went to see a house for sale that is 145k - price. We went on wednesday and that same day put an offer in for the full asking price. The next day estate agents rung us up to say 3 other offers have come in and they are waiting for all proofs and deposit proofs so now I have to wait until next Tuesday to find out if they are accepting my offer - Is this really fair? Is there anything I can do to secure the house? I already know people have put higher offers in than the asking price but it didnt say offers over just a price on the advert - I guess the estate agent just want the most money.

Thanks
Gem

-taff

the estate agents don't accept your offer, the people selling do. I imagine they want to know who can proceed the quickest at the asking price they want.
There's nothing you can do but wait.

Mizenberg

One thing I am not sure of- how do you know people have offered higher than the asking price?

ashleypride

Gemandcraig wrote: »

So we went to see a house for sale that is 145k - price. We went on wednesday and that same day put an offer in for the full asking price. The next day estate agents rung us up to say 3 other offers have come in and they are waiting for all proofs and deposit proofs so now I have to wait until next Tuesday to find out if they are accepting my offer - Is this really fair?

Why would it not be fair? The seller has four offers, and will accept the highest offer than can proceed.

Gemandcraig wrote: »

I already know people have put higher offers in than the asking price but it didnt say offers over just a price on the advert -

It doesn't matter what the advert said, sellers will generally sell to the highest bidder who can proceed.

Gemandcraig wrote: »

I guess the estate agent just want the most money.

No, it is the seller that chooses who to sell to, and wants the most money.

I don't understand the reference to gazumping?

Penelope_Penguin

ashleypride wrote: »

I don't understand the reference to gazumping?

I think the OP is under the impression as they wer first to offer the FAP, they should be the buyer, and feel that they have been effectively gazumped.

Sorry, OP, doesn't work like that, and you haven't been gazumped as a seller, I'm happy to trade a discount on the asking price with a cash buyer who's happy to move quickly. Any seller would be crazy to accept the first offer if there are other people lined up to see the property.

Fosterdog

We offered asking price on a house a few years ago, we only had a 5% deposit at the time as we wanted to keep some back to get immediate work done. Someone else also offered asking price the next day but had a 30% deposit. The seller chose the other couple as they had a higher chance of getting the mortgage than we did.

Cakeguts

What you are experiencing is nothing to do with gazumping. You haven't had an offer accepted yet. Buying a house isn't anything to do putting in the 1st offer. Someone decides to sell their house. They put it on the market with a price. This price is open to offers. So you can offer less than the price or you can offer more than the price. In some areas you would offer less and in some you would offer more. The seller wants to get as many offers as possible so they need to have a lot of people view the house. When all the offers have been made the seller chooses the one that they feel is the best for them. It may not be the highest offer it may be the offer from someone who can move very fast. Or it may be from someone who doesn't need a mortgage. Only the seller knows what sort of offer will suit them.

When they have decided which offer to accept the estate agents tell all the other people who have offered that their offer was turned down. So the only way you are going to find out whether your offer has been accepted or not by the house seller is to wait until you are told.

Boatdweller

The seller could accept a lower offer if the buyer was in a better position to proceed. Hell, the seller can sell to the person they like best, money might not come into it.

Sedge123

We accepted a lower offer as they were ftb'rs and in a better position to proceed.

Mr.Generous

There is very little that is "fair" when it comes to buying or selling a house. Be prepared for a few setbacks, things don't always go smoothly. Seller will choose whose offer (if any) they accept. Sales can fall through a long way into the process after you have paid for a survey, valuation fee, mortgage arrangement fee etc, none of that feels very fair but it happens.

If you were selling I take it you'd accept the first offer that met your asking price even if the next offer was £10k higher from a cash buyer?

eddddy

Based on the title of the thread :

Gemandcraig wrote: »

Advice - Like gazumping..

...and this part of your post:

Gemandcraig wrote: »

...so now I have to wait until next Tuesday to find out if they are accepting my offer - Is this really fair? Is there anything I can do to secure the house? I already know people have put higher offers in than the asking price but it didnt say offers over just a price on the advert

I wonder if you are actually asking:

I've made an offer at full asking price. I think others have offered more (which surprised me because the advert didn't say 'offers over'). Can I gazump the others by making a higher offer?


If that is your question, then "Yes" you can offer more. At this stage in the process, it isn't really gazumping.

In fact, the EA might come back to you on Tuesday and ask you if you want to offer more anyway.