First Time Buyer - Process

rititayal

I saw a property and made an offer of 2500 less than the asking price.

Estate agent called me and said that they have mentioned OFFERS OVER in addition to the asking price. However, the vendor will be happy to accept the amount mentioned.

I said if I offer the amount mentioned (and not above) will you remove the property listing from websites and also cancel planned viewings. Estate agent said Ok and I made the offer at asking price.

However it turns out that the property was not removed from the market and vendor insisted to proceed with other viewings. As per estate agent, vendor wants to wait another 1 week before communicating decision on the offers.

Is this a usual process for buying the first house?

Surrey_EA

It sounds like your offer was never accepted by the vendor, and as such the property was not removed from the market and viewings are continuing as the vendor is hoping that someone else may offer them a higher price.

Is it usual? There's not really a usual when it comes to buying a property. Every situation is different, every seller is different and has their own personal set of motivations and objectives.

All you can do is offer what you feel the property is worth to you and see what the seller says.

They may receive a higher offer, or it may turn out that yours is the highest offer.

Adam182

Agree with the above.

You could always play your cards by phoning up again and saying that your offer only stands if they agree with it right away and you are not willing to wait a further week.

Even if you would be bluffing you don't have anything to lose as this stage.

Cakeguts

When your offer is accepted you get a letter telling you what you have offered and that the seller has accepted it. If you haven't heard from the seller that they have accepted your offer then nothing has changed.
The estate agent is working for the seller but it isn't the estate agent who decides which offers will be accepted that is the seller.

The vendor is quite within their rights not to accept your offer and to wait to see if they get any other offers.

At the moment you have a couple of choices. Either you can increase your offer to over the asking price or you can decide to wait to see what happens. Waiting to see what happens is probably the best idea but it would also be possible for you to look for other houses in case you don't get this one.

hazyjo

What's the timescales here? Are we talking hours, a day or two, or weeks? They may want to be sure they can take you seriously and wait until you instruct a solicitor, book a survey in, etc...


Jx

juniordoc

They are messing you around, wanting to have their cake and eat it too! Tell them your offer stands for 24 more hours and expires if the property continues to be marketed beyond that.
That should focus their mind. Good luck!