met the 'guide price' but being made to wait... is this fair?

gregfrain

Hey everyone – hoping someone can advise me on my current predicament!
I've made an offer on a flat. Now, 3 weeks ago a flat in the same block was on the market for 5k less than the one i'm currently looking at. I made an appointment to view it, but it was taken off the market before I got chance as an offer had been accepted. My viewing appointment was cancelled. This weekend I viewed the (current) flat on the Saturday, and again on the Sunday and made an offer that met the 'guide price' it is listed at, in the hope that it would be taken off the market. The seller said he wanted to honour other people's viewing appointments, so he'd give me an answer today. It turns out that one of those was a second viewing, and that he's now rearranged that for Saturday, as the people viewing can't make it today. Also, someone else viewing it today has made an offer just over the listed price - the seller thinks that they just wanted to make sure it wasn't taken off the market before they got to view it again, but even if that's true, they wouldn't have offered over the 'guide price' unless they'd been told about my offer.
So with the property 3 weeks ago I was too slow and missed out, and now that I've been super-prompt, I feel like I'm being taken advantage of. To be fair to the seller, he's been very prompt with all his communications and addressing any other questions I have. But I'm just not sure the process is being conducted the way it should be... thoughts, anyone? Ta

csgohan4

the vendor can do whatever he wants, wait for other offers, sealed bids e.t.c, it is different in Scotland.

Keep looking, you might find the home you buy is better than the ones you got rejected on, I certainly did.

gregfrain

Thanks csgohan4. Part of the frustration I think is that the rules seem to have been different in each of the two attempts I've made to get a property, first time I lost out for not being early enough, this time I've got in early but have to wait while others have time for more viewings and also know about my offer.

Glover1862

there are no rules! There is clearly interest in the property so the vendor will try for the best deal, as you said it was a guide price, not buy it now price.

gregfrain

Thanks Glover1862. The term 'guide price' seems a bit vague to me. 'no offers', 'offers over' etc are all quite clear, but 'guide price' seems to be there just to cause confusion! BTW I asked the seller what he meant by 'guide price' when I first viewed it on saturday, and he said he'd told the agents 'fixed price' but they'd listed it as 'guide price'. That conversation was another reason why I hoped meeting that figure would see my offer accepted.

Glover1862

gregfrain wrote: »

Thanks Glover1862. The term 'guide price' seems a bit vague to me. 'no offers', 'offers over' etc are all quite clear, but 'guide price' seems to be there just to cause confusion! BTW I asked the seller what he meant by 'guide price' when I first viewed it on saturday, and he said he'd told the agents 'fixed price' but they'd listed it as 'guide price'. That conversation was another reason why I hoped meeting that figure would see my offer accepted.

The agents have done their job, I think as you were first I'd be very surprised if they don't come back to you and at least give you a chance to up your offer.

I know it is really looked down on here but I'd start making noises to the agent that you'll take a mortgage from them, show them you have the funds in place, etc. When the agents sniff an easy deal and money from mortgage/ solicitors they'll soon make your offer top of the list. I know it's wrong but if I'm honest I've purchased a few BTL's and every time this works. If you know what you are doing with mortgages etc then you shouldn't have a problem, I now tell them what product I want, they simply process the application.

gregfrain

So far the seller has kept me informed of any developments, so I think I will be given another chance if a higher offer goes in. Obviously I was hoping to avoid this scenario by moving so quickly, having had the same thing happen to me before.
The agent is the online agent HouseSimple if you know them? Not sure they have a line of mortgages. The seller and agent know i'm a FTB, no chain, with a decision-in-principle in place, but I might remind them of that

Thrugelmir

gregfrain wrote: »

The seller and agent know i'm a FTB, no chain, with a decision-in-principle in place, but I might remind them of that

If I were the seller and had considerable interest. Then I would want to maximise my asset. If you aren't prepared to up your offer then look elsewhere.

AnotherJoe

gregfrain wrote: »

Thanks csgohan4. Part of the frustration I think is that the rules seem to have been different in each of the two attempts I've made to get a property, first time I lost out for not being early enough, this time I've got in early but have to wait while others have time for more viewings and also know about my offer.

Agree with the other poster who said this "there are no rules" !! (Not in England anyway)

There are situations and each one is different.

Your vendor seems to be acting rationally and fairly, looking to get the best offer and also perhaps best buyer but not hiding anything

If you are in a good position you could try making a last and final higher offer contingent upon the place not being marketed any more, no more viewings, pointing out your good position (no chain, cash buyer, agreed mortgage, whatever)
But the vendor may decide anyway to allow one more round of bidding or offers and then choose what ever you do.
Good luck.