Strange estate agent behaviour

Anonymous12345

I’m in the middle of offering on a property which has received considerable interest which is understandable as it has never been available and highly desirable.

I have bought and sold before but never really taken much note of estate agent behaviours as previous sales and purchased have been relatively simple - at least at point of offer.

I offered earlier this week at the guide price and made it clear that this was to register my interest and not my final offer. There were already three offers on the table so I asked how the process was going to go and he said that they were clear it wouldn’t be a bidding war and that it’ll be a fair process for all those interested.

My position isn’t the best in that I have an offer on my property but no further along. I was told there and then that there were three cash offers ranging from guide to a couple of thousand over and also an offer from someone needing a mortgage and a sale but further down the line than me. He didn’t disclose the offer but said that this offer and mine would likely be rejected in favour of cash buyers.

I spent the rest of the day coming up with my penultimate best offer (in case I needed wiggle room) and called back later with my offer (£35k above the cash buyers). The agent told me he was just emailing the vendor and that he would update my offer. I was surprised as he hasn’t called me to check what I wanted to offer despite knowing that I was prepared to go higher.

The next day I called to check progress as he had mentioned that a decision would be made the previous evening. Possibly too eager but the property is worth it in my eyes. There was still no decision.

I left it a day or so and then called for an update and he said, again, that he had just spoken to the vendor and they planned to make a decision the next day after discussing the options.

Fast forward to this evening and I’d called again to see if there’s been any progress and was told that there were still cash offers on the table, one of the cash had increased but demanded a decision today and the vendors have now decided to wait until Monday to decide. He also mentioned the more proceedable mortgage/sale hindered buyers offer was £5k over mine. So I asked how I can make my position better (expecting him to say increase my offer) to which he replied with a jumble of words which implied that we’re all in the same boat and have to wait until Monday.

I have now decided to up my offer again by £5k (really want this house) and plan to email tomorrow so it’s in writing. However, I can’t understand his approach here.

I realise my eagerness is probably being played but he is not calling me, I call him. He is not asking me for my highest offer he’s almost being forced by me to take increases. I made it clear at the start that my offer would increase from the guide price but had I not called that afternoon, he would have just submitted my asking price offer which would have done nothing against cash offers at the same value.

I accept I’m probably being naive and played to some degree but I’m a buyer that has made it clear I will increase on an offer and he’s doing nothing to follow up.

Can someone please shed some light on what’s happening here? If nothing else, it will help me kill some time while I wait out the decision on Monday.

Thrugelmir

The vendor is weighing up their options. Is this a probate sale?

Might be further viewings over the weekend. Then go to final offers. Rather than deal with multiple bidders all incrementantly edging upwards.

AnotherJoe

I think you are putting too much emphasis on the EA and forgetting the vendors are likely controlling this.
You said you had an "offer" on your property. Does that mean you haven't accepted it?

Pixie5740

Anonymous12345 wrote: »

I’m in the middle of offering on a property which has received considerable interest which is understandable as it has never been available and highly desirable.

I have bought and sold before but never really taken much note of estate agent behaviours as previous sales and purchased have been relatively simple - at least at point of offer.

I offered earlier this week at the guide price and made it clear that this was to register my interest and not my final offer. There were already three offers on the table so I asked how the process was going to go and he said that they were clear it wouldn’t be a bidding war and that it’ll be a fair process for all those interested.

My position isn’t the best in that I have an offer on my property but no further along. I was told there and then that there were three cash offers ranging from guide to a couple of thousand over and also an offer from someone needing a mortgage and a sale but further down the line than me. He didn’t disclose the offer but said that this offer and mine would likely be rejected in favour of cash buyers.

I spent the rest of the day coming up with my penultimate best offer (in case I needed wiggle room) and called back later with my offer (£35k above the cash buyers). The agent told me he was just emailing the vendor and that he would update my offer. I was surprised as he hasn’t called me to check what I wanted to offer despite knowing that I was prepared to go higher.

The next day I called to check progress as he had mentioned that a decision would be made the previous evening. Possibly too eager but the property is worth it in my eyes. There was still no decision.

I left it a day or so and then called for an update and he said, again, that he had just spoken to the vendor and they planned to make a decision the next day after discussing the options.

Fast forward to this evening and I’d called again to see if there’s been any progress and was told that there were still cash offers on the table, one of the cash had increased but demanded a decision today and the vendors have now decided to wait until Monday to decide. He also mentioned the more proceedable mortgage/sale hindered buyers offer was £5k over mine. So I asked how I can make my position better (expecting him to say increase my offer) to which he replied with a jumble of words which implied that we’re all in the same boat and have to wait until Monday.

I have now decided to up my offer again by £5k (really want this house) and plan to email tomorrow so it’s in writing. However, I can’t understand his approach here.

I realise my eagerness is probably being played but he is not calling me, I call him. He is not asking me for my highest offer he’s almost being forced by me to take increases. I made it clear at the start that my offer would increase from the guide price but had I not called that afternoon, he would have just submitted my asking price offer which would have done nothing against cash offers at the same value.

I accept I’m probably being naive and played to some degree but I’m a buyer that has made it clear I will increase on an offer and he’s doing nothing to follow up.

Can someone please shed some light on what’s happening here? If nothing else, it will help me kill some time while I wait out the decision on Monday.

That makes no sense. You phoned the estate agent and increased your offer so he knew how much you were offering because you'd just told him.

The estate agent doesn't have to bother phoning you because you keep calling him. He knows you are keen. He might even find your behaviour a tad annoying.

How likely is it that these other offers exist? Is it a very popular type of property in a very popular area? If yes and you you really want the property stop messing around and put down your best and final offer instead of expecting the estate agent to chase you.

Anonymous12345

Thrugelmir wrote: »

The vendor is weighing up their options. Is this a probate sale?

Might be further viewings over the weekend. Then go to final offers. Rather than deal with multiple bidders all incrementantly edging upwards.

Not probate but similar situation. Will be a fast moving process.

So you think the agent would have eventually come back to everyone including me with best price scenario? I just feel I’ve been left by the wayside.

This is why I’m nervous to send another offer in case I can’t increase after that but then concerned I may not get the opportunity to increase but my offer would have been shared with others.

I feel like a total newb.

missile

You are in a very weak position. If I were seller I would accept the cash offer. A bird in the hand >
A buyer who can proceed is far better than a few thousand more from a buyer who is not in a position to proceed.

Anonymous12345

Thanks for the responses, I’m struggling to answer on my phone.

The agent may find it annoying but then surely that’s his role so the vendors don’t have to deal with the likes of me?

He appears to be sharing offer amounts so I can put full and final and then someone can go above that - assuming they have the funds. I’m at least trying to hold something back if they go to sealed bids which he has said won’t happen in this case - I don’t feel I can fully believe that.

I do have an offer but haven’t accepted yet as I only came in the market for this property and have further viewings lined up.

Thrugelmir

Anonymous12345 wrote: »

So you think the agent would have eventually come back to everyone including me with best price scenario? I just feel I’ve been left by the wayside.

If there's considerable interest in the property then yes. Agent works for the vendors in achieving the best possible price for them. Be in contact soon enough once there's news.

AdrianC

Anonymous12345 wrote: »

The agent may find it annoying but then surely that’s his role so the vendors don’t have to deal with the likes of me?

He appears to be sharing offer amounts so I can put full and final and then someone can go above that - assuming they have the funds. I’m at least trying to hold something back if they go to sealed bids which he has said won’t happen in this case - I don’t feel I can fully believe that.

What I think you might be missing is that it's not the EA who decides what offer to accept or not. It's the vendor.


The EA has to put all offers to the vendor.
He can advise the vendor on strategy, and on who he feels is he most proceedable, but at the end of the day the vendor is the only one who actually makes a decision.


It's clear that this property's in demand. Just put your full and final offer in, and if it goes to somebody else because they offered more, then you didn't want to pay that much anyway. If it goes to somebody else because they were more proceedable, then you couldn't compete anyway.

Anonymous12345

Thanks everyone. It’s been useful to see other perspectives. My head is far from clear at the moment

franklee

Anonymous12345 wrote: »

I do have an offer but haven’t accepted yet as I only came in the market for this property and have further viewings lined up.

So you are keeping that person waiting for an answer to their offer just as you are being kept waiting for a reply to your offer.

So there is someone else out there probably feeling just the same as you.

Point is as the vendor you are deciding to await further viewings and for news from the property you wish to buy. Perhaps the vendor of the house you wish to buy is doing exactly the same. etc. up the possible chain.

That's why a true cash buyer (that is cash ready to go, nothing to sell, no mortgage) is so valuable.

Personally as well as emailing my offer I'd put it in old fashioned paper and print writing. It's more formal, may look more committed and is harder to deny receipt (emails can so often get caught in a spam filter etc. even if that's an excuse). Might not make any difference of course but worth the cost of a stamp IMO.