Offer rejected/declined by Estate Agent

EM2905

Hello Eveyone,

I'm in need of some advice as both me and my partner are confused about why the estate agent has rejected to take an offer from us for a property we viewed.

I have contacted the Estate Agent to arrange for a viewing on this specific property we are interested in and during the telephone conversation I was asked what's our situation and explain to the estate agent that I'm a first time buyer, but my partner has to sell his property, which has not been put on the market as yet as he is waiting for his property to get valued. To cut a long story short, a viewing has been arranged to view this property. When we went to view the property the owner has told us that he hasn't found a property yet, but if needed they will go into rented accommodation for the time being if he sold this property, but is not in a hurry to do so. He also told us that he has 9 more viewings on the Saturday and will see what offers people are putting forward, but if he someone offers him an offer for £172,000 then he will take the property of the market. Currently it's on the market for £160,000 O.I.E.O.

When we contacted the estate agent to make an offer, they took the first offer, which max the offer price, then after looking onto zoopla about how much the properties are going for in that area, we contacted the estate agent again to up our offer to £170,000, but then were told that they can't accept our offer, because my partner hasn't sold his property yet and it needs to be cash only, which weren't stated in the advert or were mentioned to us in the first place. Not even the seller has mentioned to us that he accepts cash only. Also, we have enough money to buy this property via mortgage instead of cash. My partner has enough equaty in his current house and combined with my mortgage we could afford this property.

We are just confused why the estate agent has accepted the first offer from us, but when we wanted to up our offer the second time, they rejected/declined our offer and said they can't take it due to my partner's house that wasn't sold or on the market yet, and that it needs to be cash and my partner has to give/show them proof that he has got the cash to buy this property.

Any advice or help would be highly appreciated, so that we know what to do next if we come again across a scenario like this.

Many thanks

JP1978

Post a letter through the sellers door explaining the situation.

The EA should pass on all offers to the seller really, the seller has spoken to you and may find your offer and circumstances match their own plans

KRB2725

I don't know why it's cash only, but you are not in a proceedable position regardless. It is not really worth making offers on property until you are.

You will be very lucky to find a seller that will accept an offer from you at the moment.

Unless you have the means to pay for it (which until your partners house is sold you don't) then a vendor is not likely to take you seriously.

The vast majority of vendors will want a buyer that is able to proceed once their offer is accepted.

HouseBuyer77

Generally people want a 'proceedable' buyer one who has the means to buy already available. Sounds like you are relying on your partners house sale to finance the purchase? If so you'll find many people want to hear you have an offer accepted on that sale before accepting an offer from you.

There may have been some miscommunication here but the above is probably the reason they have rejected your offer.

Thrugelmir

You aren't a proceedable buyer. You need to find a buyer for your partners property before offers you make will be considered seriously.

eddddy

Your post is a little unclear... does your partner need to sell their current property, in order to buy this new one?

The EA (and Vendor) may be pushing you back because:

1) Your partner hasn't sold their current property

and/or

2) The new property is not mortgageable, and is only suitable for cash buyers.

You need to find out which of these is the case. Then you can decide how to proceed.

kinger101

I think there has been a misunderstanding somewhere. They probably mean they're only interested in buyers in a proceedable position.

You CANNOT proceed with the sale at the moment as your partner needs to sell their property (which isn't even on the market yet). On that basis, your offer is unlikely to be accepted. Chains have traditionally formed from the bottom up. Sometimes there are exceptions, but I think it would have to be a very strong offer to compete with someone who is in a position to proceed.

MyOnlyPost

I would not accept an offer from someone who hasn't sold their house yet, I wouldn't take my house off the market not knowing how long your house would take to sell. In my area at least no estate agent would recommend taking an offer from someone who wasn't ready to proceed, they would accept your offer in principle but not take the house off the market until you were in a position to move forward. I would rcommend if you are serious about buying a house then your partners house needs to get on the market a.s.a.p.

Were you suggesting your OH could release the equity from his house and you could afford to buy the house you want whilst maintaining his current house short term? If so have you tole the EA you can proceed without selling?

sparky130a

MyOnlyPost wrote: »

I would not accept an offer from someone who hasn't sold their house yet,

So you only accept cash buyers then ?

Because chain formation is something entirely different...

MyOnlyPost

sparky130a wrote: »

So you only accept cash buyers then ?

I'm pretty sure you know I mean sold subject to contract and not literally sold

ReadingTim

You offer was rejected because you're not a proceedable buyer. To become a proceedable buyer you need to either have accepted an offer on your partner's property, or, if your partner isn't going to sell, then have remortgaged their property, so the equity that was in his house is now in his bank account.