Should I require that competing offers to mine are rejected?

heraldic

Hello there

An update to my situation. House on the market for £210k, offered £190k, the estate agent implying that there was another offer on for just under £200k. However, I am a FTB and can actually come up with the cash.

The estate agent called me back after I said that I would walk away, saying that he had talked to the estate agent for the vendor, saying that if I offered £195, it could work out, as they would 'pass the hit up the chain'.

OK, so if I go and offer 195, I should presumably ask for the property to be taken off the market. But should I state that I wish the vendor to reject any other offers that they have on the property?

Thanks!

frugal_dougal_3

You are very desirable as a cash buyer with nothing to sell so don't feel pressured into offering £195 if you don't think the house is worth it or if you don't really believe what you are being told.

It is a fact when buying and selling houses that you need to take 99% of what you are told with a pinch of salt and ignore the rest!

There is also nothing to stop the vendor from accepting another offer after he has apparently accepted yours.

In your position I would hold on 190 unless you have really, really fallen in love with it and cannot bear not to have it.

mrcow

heraldic wrote:

The estate agent called me back after I said that I would walk away, saying that he had talked to the estate agent for the vendor, saying that if I offered £195, it could work out, as they would 'pass the hit up the chain'.

So the estate agent has taken it upon themselves to renegotiate with an extra £5k of your money without your input?

How lovely it must be to spend other people's money for them!

£5k is a lot of money. How do you know that there was another offer and this isn't just a ploy to screw another £5k out of you?

If you want to pay the extra, then absolutely they should take the house off the market, but if they've done this once, who's to say that they don't do it again further down the purchase process.

In my opinion, an offer on a house should either be accepted, or not, (assuming that the buyer is either a FTB or has a complete chain behind them, so that they have the money to make the offer). If a vendor were to start messing around after this stage, I'd be asking serious questions about their integrity.

zag2me

I would offer 192k its a comprimise, and if you loose out you know you tried, if you get it then you've save 3000 quid

heraldic

heraldic wrote:

Hello there

An update to my situation. House on the market for £210k, offered £190k, the estate agent implying that there was another offer on for just under £200k. However, I am a FTB and can actually come up with the cash.

The estate agent called me back after I said that I would walk away, saying that he had talked to the estate agent for the vendor, saying that if I offered £195, it could work out, as they would 'pass the hit up the chain'.

OK, so if I go and offer 195, I should presumably ask for the property to be taken off the market. But should I state that I wish the vendor to reject any other offers that they have on the property?

Thanks!

What I meant to say was that the vendor's estate agent had talked to the estate agent from the people the vendor is buying from. So at least they're talking...

Perhaps I should go for 192500 and see what happens?

H

snoop150

hi I've never posted before so apologies first if a) its in the wrong place or b) everything is wrong!
I am a first time buyer with a large deposit (£70k), I have viewed and put an offer on a property which has been on the market for 6 months (maybe even longer) the property being vacant as the owner has died and left it to her daughter who is 78 yeaars old, I had initially been told that a property investor had had his offer accepted months previously but had been dragging his feet, all of a sudden once I had made an offer he started to "move" and instructed searches to be carried out, however the owner hasn't rejected my offer, but not accepted it either, has instructed the estate agents to still actively market the property, carry out viewings etc. I obviously don't want to instruct my solicitor to do anything but really do want the house as I have been looking for a year and it is ideal, it requires total refurbishment but still has the majority of its original features. Has anyone any ideas of what I should do, any questions I could ask, or is it just me that thinks something is a bit strange!!!!
Many Thanks
Emma :beer:

deemy2004

Put your offer in... (I think you already have)... put a time limit on it, say the offer is only good for 2 weeks. If they accept they accept if not then you need to find another house as they are wasting your time..

donsaini

snoop150 wrote:

Has anyone any ideas of what I should do, any questions I could ask, or is it just me that thinks something is a bit strange!!!!
Many Thanks
Emma :beer:

i think you are right to be suspicious, property developer, suddenly getting active, still carry on marketing the property.

BE WARY, i think you might get your fingers burnt.

i would 1. give them the offer in writing, conditional to time frame eg. 1 week. AND exclusivity.

to make sure ask for an escrow account to be set up with say £5-10 grand each in it. then if any walks away after offer stage, the other keeps it. however you have to be sure thaT YOU'LL COMPLETE AND NOT PULL OUT YOURSELF.

i would never buy a house if i was in a contracrs race

frugal_dougal_3

Snoop
Make self-preservation your priority ! Check that your offer has been passed on to the vendor, then wait and see for a bit. If you don't hear anything within a couple of weeks call the EA to see if there's any progress, but don't lay out any money on it being a success.

Lastly don't get involved in a contract race. It is the best way of emptying your bank account and breaking your heart.

meanmachine_2

Estate agents and their pathetic little games.

If you'll believe their tall stories, then I'm afraid you deserve to be fleeced.

I know it's tricky when you are taken with a property, but trust me, there'll be another one along any second now. Rightmove has more than half a million properties on their books, many of which aren't shifting in today's stagnant market, so you really aren't under any pressure.

To the OP, I would say that if you've offered £190K, make that your final offer with a deadline attached, and also actively start looking at other properties - making all parties aware that you're doing so. Chances are, with prices on the slide, you'll find another for the same price, or lower.

snoop150

Thanks for your advice, at least I know others agree with my suspictions!! I will keep you posted. Does any know if the Estate Agent can (without breaching the Data Protection Act) advise me of the sellers contact details and the "Property Developer"
details, also can they reveal at what price the vendor has accepted from him?
Many Thanks
Emma