Offer accepted now what?

DinoFan

Tom99 wrote: »

[FONT=Verdana, sans-serif]What does In Buyers Favour mean? Either they have accepted your offer and taken the house off the market or they have not.[/FONT]

No clue what it means either!!


My partner took the phone call with the estate agent and my partner seems to think it means that we have the offer in our favour so no one can out bid us?


BUT I am very sceptical and think it is there to highlight we have offered in our favour meaning below the guide price and therefore marking the property for higher offers from other buyers.

Surrey_EA

DinoFan wrote: »

No clue what it means either!!


My partner took the phone call with the estate agent and my partner seems to think it means that we have the offer in our favour so no one can out bid us?

In theory, anyone is free to put forward any offer they like up until exchange of contracts, and the EA is legally obliged to put any offers to the vendor, irrespective of whether an offer has previously been accepted.

DinoFan wrote: »

BUT I am very sceptical and think it is there to highlight we have offered in our favour meaning below the guide price and therefore marking the property for higher offers from other buyers.

You're right to be sceptical, but it sounds to me like the EA is just using their own silly term in place of 'under offer/sstc' for some strange reason. There was a company near me who used to put 'spoken for' on their boards, when the really meant 'under offer/sstc.'

pinklady21

There seems to be much misunderstanding about the Scottish system of buying and selling houses being any more secure than the English system. In Scotland, right up until conclusion of missives either party can pull out with no penalty, same as the English "exchange of contracts".
Having had two buyers pull out of purchasing my house in Scotland after offering, but prior to conclusion of missives - and with one making us wait for 4 months before telling us they had changed their minds - it seems to me that the Scottish system has just as many issues as south of the border. Buyers and sellers can be equally unreliable!

Tom99

DinoFan wrote: »

No clue what it means either!!


My partner took the phone call with the estate agent and my partner seems to think it means that we have the offer in our favour so no one can out bid us?


BUT I am very sceptical and think it is there to highlight we have offered in our favour meaning below the guide price and therefore marking the property for higher offers from other buyers.

What does it say on RightMove? If its not flagged as Under Offer then keep looking elsewhere.

hazyjo

If they're putting offers in, it'll prob only be days before you hear. As soon as the chain is complete, make sure it's off the market. In the meantime, definitely keep a close eye on what comes up and view anything you think you'll prefer. It may be that they're flinging low offers around and nobody will bite.


I tried to buy from a deluded buyer once. They eventually took their house (which I was trying to buy) off the market. Very frustrating.

DinoFan

I asked my sister to ring the Estate Agents and ask if she could make a viewing. They said no because the house is off the Market and just haven't got around to taking it off Rightmove!

dunroving

pinklady21 wrote: »

There seems to be much misunderstanding about the Scottish system of buying and selling houses being any more secure than the English system. In Scotland, right up until conclusion of missives either party can pull out with no penalty, same as the English "exchange of contracts".
Having had two buyers pull out of purchasing my house in Scotland after offering, but prior to conclusion of missives - and with one making us wait for 4 months before telling us they had changed their minds - it seems to me that the Scottish system has just as many issues as south of the border. Buyers and sellers can be equally unreliable!

There seems to be a lot more variation these days in how the English and the Scottish systems work (albeit the laws may be different(?))

I see "offers over", "sealed bids", "asking price", "for sale by modern method of auction" (which is essentially sealed bids) in both England and Scotland these days.

I used to read that in Scotland, solicitors sell houses, but I don't think that is the case these days (i.e., an estate agent and solicitor can be quite separate in a given house sale).

A friend has just sold their house via sealed bids. 3 people offered below the Home Report valuation, 2 offered over. I wonder if the online estate agents will facilitate a sealed bid sale in Scotland ...?

pinklady21

Agree - my solicitor has remarked that the lag between the offer being accepted, and conclusion of missives seems to be getting longer. She knows of one couple who in expectation of a date of entry on the following week spent the weekend packing up to move..... without having concluded missives. Luckily for them it turned out OK in the end. But the way the market works does seem to be changing up here too, and not necessarily for the better.

dunroving

I just contacted one of the online EAs that I am considering going with, and was surprised to hear that they are familiar with the closed bid system and can facilitate that. (I am in Scotland).

I live in an area where there is high demand, low supply, but prices do not seem to increase (long story, nice ex-council area in a village with beautiful views of the Campsies, but poor public transport links to Glasgow) ... I'm thinking that a closed bid process might well work.