Is the Agent in cahoots with a buyer?

bigpappa

So I put in an offer for a home, just under £700k and was accepted. I was then outbid by £10k. I said I would match the offer, it was then rejected. The agent said the seller would prefer a person not in a chain.

I said fine, the house was put on sold STC. Then a day later it was back on the market. I called up and agent said the buyer was just sorting out a mortgage and on Wed a valuer came to see the property.

I then said I will up my offer. The agent then replied am I sure I want to beat the current offer?

Why would the agent want me not to put in a higher offer, also why did he take the property off the market when the other buyer had not actually arranged any finance.

I found out that the seller had informed the agent to put the house back on the market until the buyer confirms his financing.

Though I have a house to sell I have all my finance arranged with letter sent to the agent but he seems reluctant to accept the higher offer from me.

Any ideas what could be happening?

davidmcn

bigpappa wrote: »

I have a house to sell

Meaning what? It's on the market but you've still to find a buyer? If so, that's the problem. A buyer who just needs to organise a mortgage is more proceedable than you.

AdrianC

bigpappa wrote: »

Why would the agent want me not to put in a higher offer, also why did he take the property off the market when the other buyer had not actually arranged any finance.

The agent doesn't decide whose offer is accepted. The vendor does.

I found out that the seller had informed the agent to put the house back on the market until the buyer confirms his financing.

Though I have a house to sell I have all my finance arranged with letter sent to the agent but he seems reluctant to accept the higher offer from me.

Because you're still in a chain.

Moneysaving222

Did they tell you your offer was outbid by £10k? Because they shouldn’t be doing that.

bigpappa

Moneysaving222 wrote: »

Did they tell you your offer was outbid by £10k? Because they shouldn’t be doing that.

Yes the Agent said that.

I assumed he wanted me to increase my bid more than that which I did.

supa34

It's not about increasing your bid. The seller might prefer 10k less if it means moving on asap. A chain can take months, time the seller doesn't have.

Unless you can buy it without chain, you don't have much luck.

But usually the agent is cahoot with the seller as they are the sellers agent. They know what the seller requirements are and know what will be accepted and what won't.

Doozergirl

You still haven't told us if you have accepted an offer on your house.

If you haven't, then no one will be accepting your offer. Even if you have, someone without a chain is preferable.

kingstreet

Do you have to sell a property before you can buy this one?

If yes, you are not proceedable and anyone already with a sale agreed, or non-dependent is going to be considered proceedable and a better prospect.

Doozergirl

supa34 wrote: »

But usually the agent is cahoot with the seller as they are the sellers agent. They know what the seller requirements are and know what will be accepted and what won't.

I've done this enough times to know that agent isn't in cahoots with anyone. The agent will work both sides equally hard to get it sold. That will involve making the vendor feel as insecure in the process as the purchaser.

If you've got a bidding war going on then the vendor can relax a bit. The agent works for themselves, no one else.

hazyjo

Even if you offered £50k over, if it was dependent on you selling a property (and not knowing how long the chain beneath you might be!), there's no way on earth I'd be accepting your offer.


Get a buyer before making offers.


If you don't need to sell to buy this house, ignore the above.

Surrey_EA

Doozergirl wrote: »

The agent works for themselves, no one else.

A trifle harsh!

An agent can tell when they've done a good job when both parties go away feeling hard done by.