How to deal with estate agents?

Competsoph

@GDB2222 your comment has really got me thinking! My only concern is is this morally right? To pull out if the property isn’t what we thought. I know an offer isn’t contractual until you exchange but it seems a big risk to make an offer based purely on the photos (although I have also done a decent amount of digging myself!). 

Am I at risk of losing anything if I make an offer and then pull out? Will this impact on my mortgage? I am very tempted!! 🤓🤓

Slinky

I tried to offer on a house we hadn't viewed but the agent wouldn't put it forward due to having had people pull out and mess them about with other properties in the past.. I had to drop everything and do a 200 mile round trip at a day's notice. We did buy the house.  I say this so you are aware that your offer may not be taken as a serious one as you havent viewed. You can see their point really.

Competsoph

Slinky said:

I tried to offer on a house we hadn't viewed but the agent wouldn't put it forward due to having had people pull out and mess them about with other properties in the past.. I had to drop everything and do a 200 mile round trip at a day's notice. We did buy the house.  I say this so you are aware that your offer may not be taken as a serious one as you havent viewed. You can see their point really.

Very much appreciate your opinion and voice. I understand and do have to agree. It is however difficult when I am so keen to view as everything right now tells us it’s the right property. I am totally prepared to go and it be nothing like what we expect but at the moment I feel my hands are tied and I’m worried we won’t even have the opportunity if others get there first. 

Thanks for your opinion. I’ll bear this in mind.

GDB2222

I think I’d put the offer in. Then, at the very least, you’ll be on the seller's radar. You’ll also get a feel for whether they are happy to go ahead at the price. 

Let them raise the point that you need to see the house first, before they will accept the offer, and you point out that you have been round the outside and it’s up to them to arrange a viewing.

Estate agents are not selling much at the moment, so this would be an easy opportunity for them to make some much needed commission. I’d rather expect them to recommend your offer to the sellers. 

I do think that you should get your foot in the door, and making an offer is the way to do it.

GDB2222

Competsoph said:

@GDB2222 your comment has really got me thinking! My only concern is is this morally right? To pull out if the property isn’t what we thought. I know an offer isn’t contractual until you exchange but it seems a big risk to make an offer based purely on the photos (although I have also done a decent amount of digging myself!). 

Am I at risk of losing anything if I make an offer and then pull out? Will this impact on my mortgage? I am very tempted!! 🤓🤓

Is it moral? Yes, as you’re seriously interested and they haven’t got another buyer anywhere in sight at the moment. 

Is there a big risk? No, just whatever fees you pay. But, I am hoping that your making an offer will spur them on to organise a viewing  before either party spends much on fees. 

Will this jeopardise your mortgage in principle offer? No. 

Mutton_Geoff

All offers are generally "subject to survey" anyway. So put in a full asking offer "subject to survey" and make sure that survey is not just a bank valuation but your own survey of condition and more detailed inspection of the plumbing/heating/electrics etc. Until contracts are exchanged, there is no legal obligation on either side.

Competsoph

Hi all, i offered this AM at 140k.
When i rang they have sent me some videos that the vendor had taken, unsure why these weren't sent initially? Anyway, the EA told me there was 13 people interested and today he's said another offer has been made which was higher than ours ar 140k (asking price 150k). I've clearly stated my offer and that due to our good position as a FTB we are committed and keen to go ahead.
Feedback from the vendor was she doesn't want to commit to one individual and she wants people to see the property physically. Likely she is aware of said interest and wants the largest offer possible, which I understand of course but doesn't leave me in a very good position. I've told the EA i am worried I'll miss out on viewings because of my work however they have suggested Saturday for viewings. Seems to be all very sudden regarding viewing but hey ho. At least we may get to see the property. Any advice moving forward? My max offer would be 145k as thats all i feel it is worth as it needs work doing..

Thanks so far, glad i listened to your advice, you guys are so helpful!! 😊😊

blue_max_3

Competsoph said:

Hi all, i offered this AM at 140k.
When i rang they have sent me some videos that the vendor had taken, unsure why these weren't sent initially? Anyway, the EA told me there was 13 people interested and today he's said another offer has been made which was higher than ours ar 140k (asking price 150k). I've clearly stated my offer and that due to our good position as a FTB we are committed and keen to go ahead.
Feedback from the vendor was she doesn't want to commit to one individual and she wants people to see the property physically. Likely she is aware of said interest and wants the largest offer possible, which I understand of course but doesn't leave me in a very good position. I've told the EA i am worried I'll miss out on viewings because of my work however they have suggested Saturday for viewings. Seems to be all very sudden regarding viewing but hey ho. At least we may get to see the property. Any advice moving forward? My max offer would be 145k as thats all i feel it is worth as it needs work doing..

Thanks so far, glad i listened to your advice, you guys are so helpful!! 😊😊

This is what EA's do. It leaves you stewing and rushing back with a higher offer. If someone really has offered more, you are into a bidding war and that is never a good place to be. 
You need to get back control. I'd tell the agent that you can't go any higher and are interested in another property and confirm that your offer has been rejected.
The good thing is that we are in a sinking market, rather than a rising one. The longer you leave it, the more likely you are to get a better deal. IMO of course.

Competsoph

blue_max_3 said:

Competsoph said:

Hi all, i offered this AM at 140k.
When i rang they have sent me some videos that the vendor had taken, unsure why these weren't sent initially? Anyway, the EA told me there was 13 people interested and today he's said another offer has been made which was higher than ours ar 140k (asking price 150k). I've clearly stated my offer and that due to our good position as a FTB we are committed and keen to go ahead.
Feedback from the vendor was she doesn't want to commit to one individual and she wants people to see the property physically. Likely she is aware of said interest and wants the largest offer possible, which I understand of course but doesn't leave me in a very good position. I've told the EA i am worried I'll miss out on viewings because of my work however they have suggested Saturday for viewings. Seems to be all very sudden regarding viewing but hey ho. At least we may get to see the property. Any advice moving forward? My max offer would be 145k as thats all i feel it is worth as it needs work doing..

Thanks so far, glad i listened to your advice, you guys are so helpful!! 😊😊

This is what EA's do. It leaves you stewing and rushing back with a higher offer. If someone really has offered more, you are into a bidding war and that is never a good place to be. 
You need to get back control. I'd tell the agent that you can't go any higher and are interested in another property and confirm that your offer has been rejected.
The good thing is that we are in a sinking market, rather than a rising one. The longer you leave it, the more likely you are to get a better deal. IMO of course.

Agreed however im really staying calm and not doing anything rash. It looks like the vendor wont accept an offer at all because she wants viewings to potentially result in more, higher offers. Im not rushing in to offer more at this stage but do i say i will pull my offer if shes leaving it on the table? Do i say my offer expires Friday, pre Saturday viewings.. Its very difficult. 

GDB2222

@Competsoph Well done. You've stirred things up, and you're in the running. 
If I were the vendor, I'd also like all potential buyers to see the property. So, stay cool, and go and see it on Saturday. Ask to 'distance socially'.

Also, as a vendor, I wouldn't take seriously a buyer who is still to find a buyer for their own property. So, for all you know, you're the only proceedable buyer they have. I wouldn't let the estate agent get you to bid against yourself, so to speak. 

This is, for the foreseeable future, a buyer's market. There may be loads of people window shopping for properties, but how many are actually able to proceed? And, how many will still have jobs in a couple of months time?  So, do try to look at as many properties as possible, including ones a bit above your price target, and keep an open mind.