House on with 3 agents, any advice for buyer?

Charliezoo

I've found a house I like but it's on with 3 different estate agents. This makes me very wary as I worry that someone might step in with an offer that even the agent I'm dealing with doesn't know about.

Does anyone have any advice on how to approach buying this house and what pros and cons there are for a buyer when a house has multiple agents? I thought the seller must be desperate to sell but the agent says he's turned down lots of what he considers very reasonable offers, this has been confirmed by the next door neighbour, both agent and neighbour say he's a very difficult person to deal with!

Would appreciate some advice please!

ellie27

Alarm bells ringing to me, desperate to sell but not accepting reasonable offers - sounds like a nightmare!

Offer what it is worth to you and no more.

Cakeguts

He isn't accepting offers for what his house is worth at the moment. His house is only worth what someone will pay for it and several offers show what that is. You won't get anywhere with this. Find a different house.

Charliezoo

I think you're all correct, we could indeed be setting ourselves up for a huge headache and I would ordinarily walk away. I'm still tempted to at least have a go because it's in a good area where properties within our budget are hard to come by and it's actually priced quite fairly. The figure we have in mind to offer is less than 2% under the asking price and is a figure that the agent mentioned would possibly be accepted. Obviously we have no idea what's been offered in the past with the other 2 agents who have had the property on their books for much longer.

If we were to have our offer accepted I'd be interested to know what would happen in regards to the other agents, could they still continue to market the property in the hope they might get a buyer themselves? I'm concerned that even if we were successful we could end up gazumped by competitive agents.

Silvertabby

If you are that set on this house, offer the full asking price on the condition that the house is immediately taken off the market by all 3 estate agents.

If the vendor won't agree, then walk away rather than be gazumped once you've paid for a survey etc.

eddddy

Charliezoo wrote: »

If we were to have our offer accepted I'd be interested to know what would happen in regards to the other agents, could they still continue to market the property in the hope they might get a buyer themselves? I'm concerned that even if we were successful we could end up gazumped by competitive agents.

The seller might (or might not) give you their word that they will take it off the market; won't accept future viewings; and won't consider future offers.

But if they break their word, there's not much you can do about it.


Although, in theory, you can sign a 'lock-out agreement' with the seller which prevents them selling to somebody else during a specified time. But the cost and complexities mean that most people don't bother.

alexpg_2

If you really, really like the property do a bit of research inot the fees the different estate agents charge. The owner is more likely to accept a bid if they have to fork out less of it to the EA!

Crashy_Time

ellie27 wrote: »

Alarm bells ringing to me, desperate to sell but not accepting reasonable offers - sounds like a nightmare!

Offer what it is worth to you and no more.

Good advice, offer a bit less even?

Crashy_Time

http://www.bridgingandcommercial.co.uk/article-desc-12003_the-slow-moving-train-wreck-has-entered-the-station


How overseas investors behave will have a big impact on the UK housing market over the next few years.

eddddy

Crashy_Time wrote: »

http://www.bridgingandcommercial.co.uk/article-desc-12003_the-slow-moving-train-wreck-has-entered-the-station


How overseas investors behave will have a big impact on the UK housing market over the next few years.

Ummm... have you replied in the correct thread?

The OP is asking about negotiation strategies with a difficult seller.

You've provided a link to an article about the risks of buying 'off-plan' in prime central London.

(I don't think the OP has mentioned buying 'off plan' or prime central London.)

golly99

Unless the vendor is wanting to buy a new build - I know if you use Wainhomes mover scheme where you get your agency fees paid they put it up with multiple agents too...but yes normally I can't understand more than 1 agent.