Outbid or Estate Agents tricks?

bethymai

Hi everyone, 
Just wanted some opinions on our current situation and see if anyone's been in the same boat...

We are FTB with nearly 20% deposit (2k off, but able to save or borrow from family before completion) and AIP ready to go.
House we're interested in has been on the market for nearly 12 months, reduced once in November and EA says that not a lot of interest and no sale agreed yet (not sure why as it's not overpriced or needing repair but that may be another issue...). We go to view and it's perfect, 2 days later we phone to enquire about any wiggle room in the price as it's just at our budget. EA says an offer has been put in at asking price but hasn't been accepted and we say we'll match it saying we're FTB no chain etc. They then phone back and say BAFO by 12pm the next day and they'll let us know the outcome as soon as they know.

We put in an offer very slightly over asking, but we were already nearly at max budget so couldn't afford anything more than a couple grand more tops. They phone back right at the end of the day saying they went with the other offer but wouldn't tell me what it was they were accepted over us. 

We were upset but weren't prepared to pay more than our BAFO, so we've accepted it.

Nearly half a week later and the house is not marked as Sold STC or Under Offer and my mum had a booking to view (she would be moving with us) which hasn't been canceled... 

We are confused and wondering if they were just trying to low ball us to squeeze some more money out of us, or if it's just a coincidence that there were two offers on the same day after 11 months on the market and the EAs are being slow at updating things...

I'm holding out hope it's just tactics to get us to pay above asking (a reason it may not have sold yet? Why put it at a reduced price but want more?)

It's probably just my wishful thinking, but has this happened to anyone?

AdrianC

If they're telling the truth, then it's sold. Never mind the flags or not on RM, and when is your mother's viewing...?

If they're not telling the truth, then the vendor still hasn't sold their house, despite having an above-asking-price offer. The agent gets no commission until a sale reaches exchange.

So who benefits from that...?

[Deleted User]

bethymai said:

It's probably just my wishful thinking, but has this happened to anyone?

Yep. Other people have put in best and final offers and not been accepted.

bethymai

AdrianC said:

If they're telling the truth, then it's sold. Never mind the flags or not on RM, and when is your mother's viewing...?

If they're not telling the truth, then the vendor still hasn't sold their house, despite having an above-asking-price offer. The agent gets no commission until a sale reaches exchange.

So who benefits from that...?

Mum's viewing is tomorrow morning and they've not phoned her to cancel it, unless they're just leaving it til last minute. 

This is exactly why I'm confused as it wouldn't make sense, I'm just wondering if they were trying to inflate the price by more than our offer and weren't happy with the amount we offered and so just rejected it. 

I just loved the house and may be clutching at straws!

comeandgo

Maybe they don't want first time buyers, when I've sold I've tried to keep away from them.  Maybe the house is on the market but not really for sale, could be a divorcing couple.

cooltt

bethymai said:

AdrianC said:

If they're telling the truth, then it's sold. Never mind the flags or not on RM, and when is your mother's viewing...?

If they're not telling the truth, then the vendor still hasn't sold their house, despite having an above-asking-price offer. The agent gets no commission until a sale reaches exchange.

So who benefits from that...?

Mum's viewing is tomorrow morning and they've not phoned her to cancel it, unless they're just leaving it til last minute. 

This is exactly why I'm confused as it wouldn't make sense, I'm just wondering if they were trying to inflate the price by more than our offer and weren't happy with the amount we offered and so just rejected it. 

I just loved the house and may be clutching at straws!

Of course their playing dirty it's what they do best, estate agents are allergic to telling the truth, it's a requirement of the role when advertised.
Play them at their own game and ask a friend to arrange a viewing too, their answer will answer your question.  Then if possible go direct to the vendor with your offer. 

bethymai

comeandgo said:

Maybe they don't want first time buyers, when I've sold I've tried to keep away from them. 

Can I ask why you don't want FTB? I thought it would put us in a better position as no chain?

comeandgo said:

 Maybe the house is on the market but not really for sale, could be a divorcing couple.

Unless the owners were in on the 'lie' it seems to be for sale, it was an elderly couple wanting to downsize, we even discussed the potential of a house swap as we were renting a 3 bed from my family who are thinking of selling once we move and so there was potential there...

Slithery

bethymai said:
Can I ask why you don't want FTB? I thought it would put us in a better position as no chain?

They haven't been through the process before so have unrealistic expectations, they tend to panic over perfectly normal survey results, they usually have smaller deposits, etc.

Thrugelmir

EA is simply having to avoid explaining to you why an offer above the listed selling price hasn't been accepted. The vendors have deluded themselves as the value of the property. An EA's worst type of customer. Timewasters....

eidand

there is no simple answer to this I'm afraid. Based on what you described so far, I'd be tempted to call their bluff. Offer what you think is right and see what happens. If they decline, keep an eye on it, they might change their mind soon.

Buymeahoouse

It's so hard to tell whether EA's are playing games. We had one house we liked, we put in an offer at the asking price - it was rejected, put in an offer £5000 higher and was told it was outbid. We put an offer another £3000 higher, they came back again and said we'd been outbid. We said no. The house is still on the market. They contacted us to say the vendor was now willing to consider our offer but we'd already found somewhere else.
Another house, we were viewing it and were told that the people viewing just before us we're viewing it for the second time and very interested. We were told they'd put in an offer £10000 below the asking price and the vendor was considering it. We put one in £7500 below the asking price. They then said the others had bid more, so we bid £3000 below the asking price, they said the others' bid had been higher than that, we went up to £1000 above the asking price and they said the others' bid was higher than that. So, we said no. The house is still on the market.