Estate Agents holding out on accepting offer to do more viewings

elouber

Hi all,

First time buyer here who viewed a flat on Saturday, walked away for a coffee and a think and the marched straight into the EA’s office 30 mins later and put in an asking price offer (market in my area is super competitive currently and price is suitable to my budget)

The flat is part of a block of 4 that have recently been converted from a house by a developer so currently empty.

Was told they’d tried to speak to vendor that day but failing that it would be Monday - fine.

Monday comes, I speak with their broker as per their procedure (I have my own mortgage deal already in place a solid agreement in priniciple). 

EA calls. They’ve had another offer, but the vendor likes my position (good deposit, flexible on move dates, local etc). Can I budge on price? I can, and love the flat so I offer £2,500 over. EA says great, we reckon that will seal it. Vendor is difficult to get hold of, they’ll update me today.

Today had heard nothing all morning so ran at midday to be told, ‘Yeah, offer is agreeable but vendor needs to have a business meeting about the offers on Thursday so we’re hoping to hear from them after that date to see if they will agree offer’ ?

Personally, I think I’m being fobbed off. Saturday was the first day of viewings, I was the first person in to view. They let slip on the day though that they had some bookings in for this week. So having a feeling vendor and EA are holding out for a bigger offer.

is this all above board? Totally get that both vendor and EA want the biggest offer they can get but we’re going to be near on a week after I offered, and currently offering over asking.

any tips or advice for how to manage this situation greatly appreciated- first time doing this, and on my own so all a bit daunting!

thanks

Jenni_D

The EA can't accept or reject your offer ... the vendor does that. And the reference to "business meeting" suggests that the vendor is a company rather than a person/family?

And yes - it is all above board. In fact the listing could remain active until you exchange contracts, unless you make removal of the listing a condition of acceptance of your offer.

elouber

Thanks for your reply Jenni.

I did stipulate in my offer that I would want the property to be taken off the market straight away if offer accepted. EA’s reply was ‘Absolutely, that’s how we operate here anyway, once accepted they come off the market’

I know I’m going to be fed some lines by EA during this whole process, especially being a single first time buyer. However I do expect to be taken seriously, especially when I come in with the asking price on the day of viewing and then up the offer 1.5 days later. They EA is aware of my situation financially (have worked incredibly hard to get a very strong deposit together). 

But totally understand this is all part of the game, just wanted to check I’m not being playe d for a total fool!

elouber

Forgot to mention yes the vendor is a company also. 

Anything I should be aware of in regards to this?

Edi81

elouber said:

Forgot to mention yes the vendor is a company also. 

Anything I should be aware of in regards to this?

There may be more than one person that has to accept the offer so could be a legitimate delay. 

user1977

elouber said:

I did stipulate in my offer that I would want the property to be taken off the market straight away if offer accepted. EA’s reply was ‘Absolutely, that’s how we operate here anyway, once accepted they come off the market’

Great, but it hasn't been accepted yet.

Nothing adverse to be aware of about it being sold by a company - probably positive in that it's (presumably) chain-free and they know what they're doing.

ukri

Nothing out of the ordinary here. They’ve banked your early offer and are now waiting to see if it can be bettered.

Development projects are often done in a ltd. co. SPV so that’s not unusual. There may be more than one director and they’ll need to agree to accept an offer and take it off the market.

Remembet that a lot of lenders will classify this as a “new build” so make sure you tick all the necessary boxes.

Ramouth

I too think this is fairly standard practice. It’s quite irritating though.  I would always prefer the agent was honest and said that they want to wait for booked viewings to take place before choosing the best offer rather than doing the whole ‘we can’t get hold of the vendor’ thing.

AdrianC

elouber said:

Forgot to mention yes the vendor is a company also. 

Anything I should be aware of in regards to this?

And there's your answer.

There's zero sentiment. Doesn't matter if it's a business disposing of a let, if it's a repo, if it's a PX, if it's a charity selling a bequest... All corporate sales are hard-nosed.

They want to sell it, quickly, but they want to get as much as they can for it.

Proceed on the basis that they'll hold out, they'll gazump, they'll play whatever games they want. If they don't, great. If they do, don't be surprised.

Remember, the EA is merely the vendor's mouthpiece. It's not the EA, but the vendor who accepts offers.

tdawber

Offer pending no more viewings and if any booked they are to be cancelled, that’s how Iv done it in the past.
 But if the market in your area is competitive it can prove difficult……
its anxiety provoking playing the waiting game..

lookstraightahead

Say you're going to keep looking as well.

I know i'm in the minority but I withdraw have would have away by now.