Offer made at asking price...Not sure of seller/EA's game

greatcrested

DonRoddy said:

eddddy said:

Is the EA a 'traditional one' that's paid on completion, or one that's paid up front? If they're paid on completion, the EA would typically be pushing the seller to accept an offer and get things moving.

Typically, the EA would have told you that other offers were on the table, and probably invited you to give your 'best and final' offer.

.... When I pushed last week, they said "it's up to the seller, we can't do anything". Which doesn't sound right to me? Again I'm still very new to this, my first property went a lot smoother.

Of course that's right! The property belongs to the seller. It's the seller's money. It's the seller who decides when to sell, to whom, and for how much!

Sure, the agent may advise the seller, and act as go-between, but if the seller takes a month to decide, the agent, like the buyer, just has to wait (poor agent, worrying if he'll ever get his commission paid.....)

DonRoddy

Maybe I am just being impatient - the market seems very fast moving these days hence why I'm a little worried. Other houses nearby and around the areas we have been looking at have gone from advertisement to Sold STC in the matter of weeks, some even just days!

davidmcn

I don't see any point in setting a deadline unless you really are wanting to withdraw your offer (e.g. because you're offering on a different property). Just leave it on the table for the meantime and carry on looking. Not necessarily to your advantage to appear overly-keen.

eddddy

DonRoddy said:

As far as I'm aware it's a traditional, locally headquartered EA. Which is why I'm surprised that there is little to no progression. When I pushed last week, they said "it's up to the seller, we can't do anything". Which doesn't sound right to me? Again I'm still very new to this, my first property went a lot smoother.

TBH, I might be a bit worried. If the sellers are an elderly couple and can't decide whether to accept a full price offer, it may be because they can't decide whether they really want to move or not.

I guess that might mean there's an ongoing risk that they'll get 'cold feet' and back out later. It may be worth having another chat with the EA, not necessarily to push for an answer from the sellers, but more to understand why the sellers are taking so long to decide.

DonRoddy

Have just had a call from the EA saying they accepted another offer.
They said it was a couple of first time buyers (not married) who are in a better position to proceed. When I pressed further, highlighting the fact that I have already secured a buyer on my house, and have an agreement in principle, he stumbled his words backtracked and said well they already have a mortgage agreed with their buyers on their property - I thought they were first time buyers???
I am beyond angry and upset right now. My wife and I have an excellent credit history and good employment, and what I thought would be the perfect position to purchase. I can't help but think race played a factor in it, but I won't debate it any further in this forum as the struggles of a person of colour can't really be communicated unless someone has been through it themselves.

Thanks for all of your advice in this thread. The search continues.

DonRoddy

DonRoddy said:

Have just had a call from the EA saying they accepted another offer.
They said it was a couple of first time buyers (not married) who are in a better position to proceed. When I pressed further, highlighting the fact that I have already secured a buyer on my house, and have an agreement in principle, he stumbled his words backtracked and said well they already have a mortgage agreed with their buyers on their property - I thought they were first time buyers???
I am beyond angry and upset right now. My wife and I have an excellent credit history and good employment, and what I thought would be the perfect position to purchase. I can't help but think race played a factor in it, but I won't debate it any further in this forum as the struggles of a person of colour can't really be communicated unless someone has been through it themselves.

Thanks for all of your advice in this thread. The search continues.

Just to add, the offer they accepted was at asking price. Estate agent had no answer to the fact that the entire time I've been told they "are in no rush" and then proceeded to go with someone who can get completed the fastest??

Jumblebumble

DonRoddy said:

DonRoddy said:

Have just had a call from the EA saying they accepted another offer.
They said it was a couple of first time buyers (not married) who are in a better position to proceed. When I pressed further, highlighting the fact that I have already secured a buyer on my house, and have an agreement in principle, he stumbled his words backtracked and said well they already have a mortgage agreed with their buyers on their property - I thought they were first time buyers???
I am beyond angry and upset right now. My wife and I have an excellent credit history and good employment, and what I thought would be the perfect position to purchase. I can't help but think race played a factor in it, but I won't debate it any further in this forum as the struggles of a person of colour can't really be communicated unless someone has been through it themselves.

Thanks for all of your advice in this thread. The search continues.

Just to add, the offer they accepted was at asking price. Estate agent had no answer to the fact that the entire time I've been told they "are in no rush" and then proceeded to go with someone who can get completed the fastest??

Unfortunately this is just part of lifes rich tapestry
Bear in mind  that what ever the vendors did someone was going end up being angry and upset
You have no idea what the vendors thought processes are, and you know nothing beyond what an estate agent who does not know either is telling you and we all know about estate agents relationship with the truth.
I hope you find your new home soon.
Just for context we  had a house pulled from us by an idiot vendor who behaved much as yours are doing. However 2 months later our  forever home popped up from nowhere and we are far far better off here than we would ever have been in the house that we lost. 

eddddy

Did the EA ever push you to use their mortgage services or their conveyancing services (and presumably you refused)? 

If so, perhaps the other buyer agreed to use the EA's recommended services. Some dodgy EAs will steer sellers towards offers made by people who will earn the EA extra fees. Perhaps more so where the sellers are elderly and gullible, but it's very difficult to prove.

TBH, it's unusual for an EA not to ask for 'best and final' offers if they have multiple full price offers. You can ask the EA why they didn't do that.

If you really want to push it, you can complain to the EA  that they haven't treated you fairly, and unless they can demonstrate that they have, you will complain to the Property Ombudsman (assuming the EA is a member of the Property Ombudsman Scheme - but most are).

If they have done something dodgy, the threat of a complaint to the ombudsman might make them reconsider.

Mickygg

Some people genuinely go with people they think may be a smoother process. It isn't always down to money and if part of their offer was they had a buyer that's a big factor to anyone looking to sell. 

Also some people would simply rather sell to people they think will fit their home better. We apparently had that where we offered the same as someone else but they chose us as they thought on seeing us they would like our family to enjoy the house more. No idea if it's true but then apparently the others upped their offer over ours but the vendors still wanted to go with us even though I said I wouldn't go higher.

Lokolo

If this is your perfect purchase, and the fact you are willing to offer more than asking price, why don't you ask the EA to find out what price would they accept in order to take it off the market today?