Aghhh - why do people bid if they can’t buy

Redwino222

I have now accepted an offer on my house twice, only to find out the bidder has no intention of following through.

On both occasions, the bidder participated in a bidding war, came out top, I accepted their offer but when the estate agent followed up for solicitor details etc they stalled then pulled out.

this has happened twice!

Is my estate agent crap?  Why does this happen.  I have lost weeks on my sale, and might lose my dream home.

sorry, just a rant.  Why are people so awful 

Salemicus

Some thoughts:
* It's your estate agent's job to qualify the buyer. Once can be chalked up to bad luck. Twice is a pattern.
* A "bidding war" situation is likely to encourage this kind of instant regret. Nothing says you have to pick the highest offer, you could go with who seems most committed. 
* People often blame our system of conveyancing for the uncertainty, as either side can pull out at any point before exchange. But this doesn't have to be the case. There are companies that offer off-the-shelf legal packs that mean pulling out before exchange is highly penalized. I won't advertise any, but do some googling. Next time, get the winning bidder to sign up for such a scheme as part of making their bid.

RelievedSheff

Your estate agent should really be vetting potential buyers before accepting offers from them.

Redwino222

Okay thanks.

I think my estate agent under valued it, I know it’s a trick to get people interested, but it attracted far too many people and caused too much hype.  I am raging it has happened twice - both times first time buyers

when you say pattern, do you think there is something my estate agent is doing that is causing this?

My house is only ten years old, detached, good area.  It’s quite nicely decorated, low key stylish, and was featured in a local paper As a first time Buyers dream.  I think that caused too much hype.

i just want to move!

SpiderLegs

Yes your EA is crap.

deannagone

Following Salemicus' comment:

This article gives details towards the bottom https://www.thisismoney.co.uk/money/mortgageshome/article-5731047/How-stop-buyers-pulling-house-sale.html of one company.  You get two weeks after an offer is accepted to find something wrong with the property and pull out.  I see huge problems with this.  Even booking a survey and having it done within 2 weeks is difficult, let alone other important searches - the results of which may make a property a really bad purchase. 

However the company mentioned does prepare a pack supposedly to cut the time between offer and completion (but its the vendor filling it out, its not a legal pack as implied above), exactly what that includes isn't detailed.  The buyer and seller make some sort of agreement that the sale won't fall through (few details given.., contact if any questions etc).  I'm not convinced. 

Sounds like a way to make buyer and seller have another fee to pay for a slightly more detailed Property Information Form with no assurance its any more reliable than what is available already with present system (with the supposed surety the sale won't fall through and completely waste legal fees). 

Oh dear, just looked at the pics of their staff. I know its superficial but its the last place I'd go to for a trusted service.  

This is just one company though.  Perhaps there's something better out there.  But I did as Salemicus suggested and googled.

[Deleted User]

Redwino222 said:

Is my estate crap?  

Not sure. How many staff do you have maintaining it?

The gardeners may be slacking off.

Redwino222

SpiderLegs said:

Yes your EA is crap.

I am speaking to them on Monday,  I don’t want to change agents at this stage, but I want them to do a bit more vetting of bidders.

I also don’t understand why people bid if they have no intention of following through. They seem to have no understanding that they are messing with other people’s lives, they are jeopardising my purchase, and impacting people who would otherwise have bought my house.  

Thrugelmir

Redwino222 said:

SpiderLegs said:

Yes your EA is crap.

I also don’t understand why people bid if they have no intention of following through. They seem to have no understanding that they are messing with other people’s lives, they are jeopardising my purchase, and impacting people who would otherwise have bought my house.  

FTB's says it all. Probably seen an alternative better property. 

comeandgo

You say both first time buyers?  There is your problem.  

Greatgimp

Redwino222 said:

Okay thanks.

I think my estate agent under valued it

Then tell the EA what you think the price should be - it's your house, your money, stay in control of the person working for you.