Offers over...

user1977

Slithery said:

newsgroupmonkey_ said:
Legally, anyone who offers, that offer must be put to the vendor by law.

Unless of course the vendor has instructed the EA that they don't want any more offers.

And in any event, the vendor is likely to be strongly recommended to stick with the initial successful bidder rather than start messing everybody about by re-opening the bidding. You are safer to assume that final means final.

lookstraightahead

Gavin83 said:

Are you a FTB?

I agree with the others, you need to offer what it's worth to you and what you can afford. You don't want to lose out wishing you'd offered more but similarly you don't want to have your offer accepted wishing you'd offered less either.

Unfortunately if it's a nice house in a nice area it's likely to go for significantly over asking in the current market. I've seen some houses round here for for 10%-15% over asking and when you're talking about houses that are already £400k+ it's a huge amount of money. It might drop off, it might not but it's certainly not an easy time to be a buyer at the moment.

I've just bought a nice house in a nice area for 10% under asking, running just short of £40k so it can happen both ways (I was ready to move with no chain and they were in a hurry for an onwards purchase).

Op, what's the situation of the seller? Do they want to move quickly ?

also remember that lenders are far more practical than greedy vendors and panicky buyers, so there's a possibility they could down value the property.

newsgroupmonkey_

Slithery said:

newsgroupmonkey_ said:
Legally, anyone who offers, that offer must be put to the vendor by law.

Unless of course the vendor has instructed the EA that they don't want any more offers.

I quote again....

"Estate agents are also legally obliged to pass on any other offers for the property right up to when contracts are exchanged."

That's the law. There's nothing in the law that says the vendor can instruct the EA to automatically reject the offer.

https://www.gov.uk/buy-sell-your-home/estate-agents

comeandgo

newsgroupmonkey_ said:

Slithery said:

newsgroupmonkey_ said:
Legally, anyone who offers, that offer must be put to the vendor by law.

Unless of course the vendor has instructed the EA that they don't want any more offers.

I quote again....

"Estate agents are also legally obliged to pass on any other offers for the property right up to when contracts are exchanged."

That's the law. There's nothing in the law that says the vendor can instruct the EA to automatically reject the offer.

https://www.gov.uk/buy-sell-your-home/estate-agents

And here was me thinking the English property market actually had some scruples.

newsgroupmonkey_

comeandgo said:

newsgroupmonkey_ said:

Slithery said:

newsgroupmonkey_ said:
Legally, anyone who offers, that offer must be put to the vendor by law.

Unless of course the vendor has instructed the EA that they don't want any more offers.

I quote again....

"Estate agents are also legally obliged to pass on any other offers for the property right up to when contracts are exchanged."

That's the law. There's nothing in the law that says the vendor can instruct the EA to automatically reject the offer.

https://www.gov.uk/buy-sell-your-home/estate-agents

And here was me thinking the English property market actually had some scruples.

You are joking aren't you?

There are absolutely no scruples in the English property market. This is the Government's website.
The Scots do it properly.

user1977

newsgroupmonkey_ said:

Slithery said:

newsgroupmonkey_ said:
Legally, anyone who offers, that offer must be put to the vendor by law.

Unless of course the vendor has instructed the EA that they don't want any more offers.

I quote again....

"Estate agents are also legally obliged to pass on any other offers for the property right up to when contracts are exchanged."

That's the law. There's nothing in the law that says the vendor can instruct the EA to automatically reject the offer.

Yes there is. The law is para 2 of schedule 3 to the delightfully-named Estate Agents (Undesirable Practices)(No. 2) Order 1991:

"The failure by an estate agent to forward to his client promptly and in writing accurate details (other than those of a description which the client has indicated in writing he does not wish to receive) of any offer the estate agent has received from a prospective purchaser in respect of an interest in the land."

Scotbot

Say a house is worth between 500k and 525k. I could advertise it as offers over 500 or offers over 525 or even  550k. It depends on the vendor psychology and how keen they are to sell as to which they choose. Me I would advertise at 525 see what interest there was and adjust accordingly including going to best and final if appropriate.  Some people would stick it on at the highest price they think they can get then  be surprised when no one bites. All depends on the seller and there is no way of knowing what they are thinking

TheJP

newsgroupmonkey_ said:

Slithery said:

newsgroupmonkey_ said:
Legally, anyone who offers, that offer must be put to the vendor by law.

Unless of course the vendor has instructed the EA that they don't want any more offers.

I quote again....

"Estate agents are also legally obliged to pass on any other offers for the property right up to when contracts are exchanged."

That's the law. There's nothing in the law that says the vendor can instruct the EA to automatically reject the offer.

https://www.gov.uk/buy-sell-your-home/estate-agents

You are half right i guess.

When selling my house, i had two offers the day after it went to market, both just over asking price so we were happy. I asked the EA not to send me any new offers and to proceed with BAFO with these two.

They didn't contact me with any new offers however i did in the post receive the offers the two BAFO parties submitted plus and offer from someone i didn't know offered, their offer was lower.

The EA will act on the clients instruction and in this case still submitted the offer.