Estate agent will they advise if your offer has been outbid.

ddonq1412

Went  and viewed a house start of week. My in laws know the person selling the house. I had a brief discussion with the seller to see if there was a gentlemans agreement we could come up with to secure the house and remove from a bidding war. At present i have put a cash offer of 70k on the house as it was advertised at 65k already had a offer of 67k offer was put in to EA. The seller took my number and had a said they would think of a number to close it up early for me. but never got back to me. As the estate agent would they contact me if the seller was going to close up early or if was was another offer on the property to see if i would better the offer. My sale on my house should be completing soon and i need to know do i need to move in with family for a few weeks or look at rentals for 6 months.

pbartlett

Not clear from your post - are you negotiating with the seller behind the estate agent's back?

Irishpearce26

If you haven't put a formal offer in via the EA its not official. The vendor may think that you will go through the EA so if i were you i would get that offer in asap otherwise it could be agreed with someone else already.

ddonq1412

Sorry i have the offer in with estate agent before i spoke with the seller. I wouldn't think of screwing the estate agent i would keep it above board.  I only found out the seller knew the inlaws when i was talking about the viewing of the house. then it became apparent the inlaws have known the seller for many years and were close neighbours at one point living a few doors away. 

Irishpearce26

I would forget about the gentlemen's agreement, the seller is going to go for the highest offer unless he has a great relationship with your in-laws and isn't too fixed on a high price. The EA will notify if another offer has been accepted however if they are similar it may come down to a sealed best and final offer. You would need to determine what is your highest price in relation to what you can afford and whether you think the house is worth it.

ddonq1412

Willing to take a chance on it as long as the EA will keep me in the loop of any more offer come in on it. If the seller would have said they will accept for 75k i would have agreed to it. As they have not come back to me ill let it stay with EA to see what it goes for.

eddddy

There is no law or regulation that says the EA must come back to you, if somebody else offers more than you.

But a 'good' EA should come back to you, because they should be aiming to get the best offer possible for their client.  (But a 'bad' EA might have their own motives for not coming back to you.)

Although, to avoid a long-winded auction or bidding war  (i.e. the EA having to repeatedly phone around 2 or 3 prospective buyers with each person offering £500 or £1000 more each time), the EA might ask for 'best and final offers'.

But once an offer is accepted, the EA won't tell you what that offer is, and they will discourage you from trying to submit a further higher offer.


And it's possible that the sellers were uncomfortable negotiating directly with you (perhaps because they were suspicious of your motives) - so were just fobbing you off. 

ddonq1412

Thanks for the responses. ill see where the house sale goes to, no point in wrecking my head. as i can always pull out of my own house sale then offer to pay my buyers solictor fees as comp