Buyers Etiquette

ABFG · 12 May 2022 at 3:20PM

Having bought recently there was no choice but to offer on multiple properties simultaneously. Sellers had been getting lots of offers and pushing for immediate 'best and final' or not honouring viewings booked even only a day or two ahead. So there was no choice.

What I wouldn't be happy with in your case is a buyer who is slow to respond. That's a different issue and if you are getting offers quick and easy, then if you are in a position to find a better prospect, then that may be better for you.

jonnydeppiwish! · 12 May 2022 at 3:46PM

Maximus5 said:

simon_or said:

OP, to me it sounds like your Estate Agent is making it too easy to put in a offer. The least they should be doing is getting ID documents, checking for a bank AIP, verifying deposit amount and confirming chain status.

Simply requiring the above will help reduce offers coming through that haven't been properly thought out.

They did come back after Saturday with verifying deposit and AIP Check, since then gone quite. Fair enough if someone has changed there mind but decency would be to pick up the phone

What else would you expect them to. E doing? They’ll be instructing their solicitor, trying to arrange a survey, sorting the mortgage out.

Add to that, there’s a high likelihood they work during normal office hours.

It’s only been 4 working days - patience.

movilogo · 13 May 2022 at 9:29AM

What's happening lately is that many buyers are offering absurdly high prices just to lock the property for sometime. Typically sellers go with highest offer. This gives the buyers few weeks because no one expect survey, solicitor etc. arrangement straight away. By asking taking property off the market, buyers know that they have some breathing space.

Expect more like this as price now started to fall. Lenders are often down valuing and some buyers can't get a mortgage for high prices they offered.

Sellers/EAs should select the most able buyer than whoever offered the highest price!

Thrugelmir · 13 May 2022 at 9:41AM

movilogo said:

Expect more like this as price now started to fall. Lenders are often down valuing and some buyers can't get a mortgage for high prices they offered.

Lenders aren't down valuing. Buyers are plucking numbers out of the air.

movilogo · 13 May 2022 at 9:47AM

Lenders aren't down valuing. Buyers are plucking numbers out of the air.

... by plucking even higher numbers in order to beat other buyers who plucked high numbers out of thin air.

It is a complete madness out there.

RogerBareford · 13 May 2022 at 10:35AM

Maximus5 said:

We put our house on the market in March and sold for over asking price in 4 days. 6 weeks later the buyers pulled out not being able to get a mortgage they could afford.
Back on the market and we had an offer for asking price on Saturday, which we verbally accepted since then the estate agents have not been able to get in touch with that person, however they have apparently also made an offer on another property before they even viewed it. Anyone else had problems like this? We’re worried about loosing the house we’ve offered on now due to ours not being sold

Just remember the house isn't "sold" until the day of completion and their offer isn't even legally binding until contracts have been exchanged. So when you get an offer don't get into the mindset the house is "sold" until contracts are exchanged so always best to proceed with caution up until this point when it comes to taking it off the market.

youth_leader · 13 May 2022 at 10:49AM

I learnt this lesson in 2019 that the house isn't sold until exchange. First buyer in May had withdrawn as he wasn't cash and living in rented, he had a £750K house to sell.

In September I then had another very enthusiastic 'cash' buyer, texting me at ridiculous times of the night asking questions (I'd left the viewing agent an info sheet - he gave it to him in error). Everyone told me to get organised quickly as he'd probably want a fast exchange/completion. As I was downsizing I sold my big furniture quickly for peanuts, raced round viewing everything available. Even had to go by taxi once as my car was in the garage. Three weeks later he withdrew at 7 pm by email, my EA happened to be working late that night. He didn't have the cash, his ex wife in Sweden had it, and he wasn't getting any of it. It's hard to accept and I wish the English system would change.

lookstraightahead · 13 May 2022 at 12:40PM

Thrugelmir said:

movilogo said:

Expect more like this as price now started to fall. Lenders are often down valuing and some buyers can't get a mortgage for high prices they offered.

Lenders aren't down valuing. Buyers are plucking numbers out of the air.

They are. And Vendors are accepting them without realising the lender will not lend at that amount. And then the buyer gets a reality check. Ad infinitim.

Maximus5 · 13 May 2022 at 1:28PM

I’m learning fast with all this. I have said to the EA I want the most suitable buyer now (as much as you can ever really tell) not necessarily the highest bidder

t1redmonkey · 13 May 2022 at 1:41PM

There is also the option of selling via auction if you get really fed up with people pulling out. I did that recently and sold my house for £250k, whole process was done within a month. Buyer has to put down 10% non refundable deposit initially as well so very unlikely they'll pull out before completion. I did check with regular estate agents beforehand and they were predicting i'd get between £220k-£230k for my house if I sold with them, so actually got more through auction.