Highest offer or most secure recommended buyer?

eddddy

ruby2sday wrote: »

Their mortgage broker also told the seller this and apparently sang our praises, but I'm not sure whether the EA is just saying this because the other offers are from his colleagues clients and he wants our commission or he genuinely does still think we have a good chance...

ruby2sday wrote: »

I think most or all of the other offers though are the other estate agent's buyers not our EA, so obviously that's why he's pushing for us.

You say "his colleagues clients", then you mention another EA.

• Are you talking about two negotiators employed by the same EA firm?

• Or do you mean two separate EA firms?

• Or maybe two branches of the same EA firm?

It would seem very unprofessional for two negotiators at the same firm to each be recommending different buyers to a single seller.

ruby2sday

eddddy wrote: »

You say "his colleagues clients", then you mention another EA.

• Are you talking about two negotiators employed by the same EA firm?

• Or do you mean two separate EA firms?

• Or maybe two branches of the same EA firm?

It would seem very unprofessional for two negotiators at the same firm to each be recommending different buyers to a single seller.

Ah sorry I meant two negotiators from the same firm. Yeah that will be a bit odd for the seller. They said the seller's coming in tomorrow morning and they're each going to put all their offers on the table and explain the circumstances of each potential buyer

bertiewhite

Cakeguts wrote: »

What the estate agent tells you isn't worth anything. He is being paid by the vendors and the vendors will decide which offer to accept.



It might be a very good idea to start looking for other flats.

I received 2 offers on a previous sale, and the EA did tell me that the person which made the higher offer had previously pulled out of a couple of sales, so I thought about it and decided to go with the "safer" sale. I'm guessing that the EA preferred a more guaranteed lower commission than an unlikely higher one?

kinger101

letitbe90 wrote: »

This advice is often given but remember, it is in the interest of the EA that you make completion so they have little interest in giving you rubbish solicitors or mortgage brokers.

Probably not, but how else would the likes of Premier Property Lawyers exist without the recommendation of some greased-back hair, mini-driving dimwit in a blue pin stripes suit and brown pointy shoes otherwise exist?

ruby2sday

We lost it to someone paying 220k in cash ☹️

robatwork

This is the first time you mentioned the actual price.

What did you offer?

(And put yourself in the seller's shoes. Wouldn't you prefer a cash offer if you were selling - avoids all the nonsense with mortgages and brokers?)

ruby2sday

I offered 215k. Had no idea there was a cash buyer, obviously I understand why the seller went with them.

Albala

If you really love the flat, tell the agent you remain interested. You never know. Isn't it about 30% of sales that fail between offer and completion? It's a fairish proportion, anyway. All sorts of reasons- bad survey, redundancy or other changes in circs, a failure to agree a renegotiation after survey, all sorts of things.



Another thing in your case is that a lot of 'cash buyers' do seem, from reports here and elsewhere, to turn out not to be. Some need a mortgage and think that just not having a property to sell makes them a cash buyer (it doesn't) and others are just plain lying to get an advantage, and actually have property to sell. People claim to be cash buyers either to get a better price, or to be preferred over other buyers. They bank on it being too far down the line before they get found out for the seller to feel able to tell them to go and do one. But if the seller knows there are other people interested and ready to buy, they may be more likely to tell a deceitful buyer to take a hike and give you a chance. It's enough of a problem that I have heard some sellers actually are suspicious of cash buyers!

ruby2sday

Albala wrote: »

If you really love the flat, tell the agent you remain interested. You never know. Isn't it about 30% of sales that fail between offer and completion? It's a fairish proportion, anyway. All sorts of reasons- bad survey, redundancy or other changes in circs, a failure to agree a renegotiation after survey, all sorts of things.



Another thing in your case is that a lot of 'cash buyers' do seem, from reports here and elsewhere, to turn out not to be. Some need a mortgage and think that just not having a property to sell makes them a cash buyer (it doesn't) and others are just plain lying to get an advantage, and actually have property to sell. People claim to be cash buyers either to get a better price, or to be preferred over other buyers. They bank on it being too far down the line before they get found out for the seller to feel able to tell them to go and do one. But if the seller knows there are other people interested and ready to buy, they may be more likely to tell a deceitful buyer to take a hike and give you a chance. It's enough of a problem that I have heard some sellers actually are suspicious of cash buyers!

Thanks, that’s good to know! I’ve not seen anything like it in the 6 months I’ve been searching, so I’ll definitely ask the Estate Agents to let the seller know we’re still interested just in case.

System

elsien wrote: »

Personal I would never agree to speak to the mortgage broker associated with the estate agent - don't forget that the estate agent is not working for yiu they are working for the vendor and they will do whatever they can to get the highest offer for them.
You can show you're serious buyers without needing to show them your top limit. Always go to an independent broker.

Nothing wrong with speaking to the agents broker, you don't have to use them but at least the agent can then say they have qualified you financially.