Is the sellers estate agent BS'ing me?

ReadySteadyPop

[Deleted User] said:

Section62 said:

[Deleted User] said:

I made an offer for £125,000 because the seller has previously accepted 2 offers for that exact amount, proof from this PatMa extension 
...

[Deleted User] said:

DE_612183 said:

he could be - but the commission of the difference £5k is not going to be a huge amount for him - at 3% which is high he'd only get an extra £150.

Depends on how much you want the property whether you call his bluff or fold...

Hoenir said:

Vendor makes the decision. EA simply sits in the middle and attempts to bring the parties together. 

That's not really what I'm asking, I'm asking if the PatMa extension could be wrong and the offers really were higher than £125,000... But from my understanding PatMa pulls data from public sources and an agent can't just lie about the previous offer when public data shows otherwise? 

Unless the extension is wrong... What are the chances it's wrong and what are the chances the agent is trying to push me higher just to get more money?

Where does the extension claim to have access to the (confidential) figure offered by a potential buyer to the vendor, and whether or not it was accepted by the vendor?

Ah I see the issue. PatMa is pulling info from the land registry and then when a property is listed for £125,000 for example on zoopla and it gets taken down as sold or subject to contract whatever PatMa must assume the offer that was accepted as the listed price. 

So it's true the seller could have genuinely been offered more than the listed price. To be honest it's a nice flat so if he rejects £125k I'll probably agree to £130k. Over the length of the mortgage it's like an extra £20 a month or something.

Unless interest rates go up, but this sounds like a cheap flat, presumably not London?

ReadySteadyPop

born_again said:

Think I would focus on why 2 buyers have pulled out so quickly...

Yes, surely "a nice flat" for 125k would have hundreds of offers with the housing shortage that we keep hearing about?

Section62

ReadySteadyPop said:

born_again said:

Think I would focus on why 2 buyers have pulled out so quickly...

Yes, surely "a nice flat" for 125k would have hundreds of offers with the housing shortage that we keep hearing about?

Location, location, location.

ReadySteadyPop

Section62 said:

ReadySteadyPop said:

born_again said:

Think I would focus on why 2 buyers have pulled out so quickly...

Yes, surely "a nice flat" for 125k would have hundreds of offers with the housing shortage that we keep hearing about?

Location, location, location.

Section62 said:

ReadySteadyPop said:

born_again said:

Think I would focus on why 2 buyers have pulled out so quickly...

Yes, surely "a nice flat" for 125k would have hundreds of offers with the housing shortage that we keep hearing about?

Location, location, location.

Are you saying there isn`t really a shortage and people can afford to be choosy where they live?

newsgroupmonkey_

ReadySteadyPop said:

Section62 said:

ReadySteadyPop said:

born_again said:

Think I would focus on why 2 buyers have pulled out so quickly...

Yes, surely "a nice flat" for 125k would have hundreds of offers with the housing shortage that we keep hearing about?

Location, location, location.

Section62 said:

ReadySteadyPop said:

born_again said:

Think I would focus on why 2 buyers have pulled out so quickly...

Yes, surely "a nice flat" for 125k would have hundreds of offers with the housing shortage that we keep hearing about?

Location, location, location.

Are you saying there isn`t really a shortage and people can afford to be choosy where they live?

Actually Crashy, yes!

There are areas of the UK where housing is very cheap and plenty of it.
It's how supply and demand works.

A quick search says that within 40 miles of Newcastle, there are 206 2 or more bedroom houses (not shared ownership) for under £100k.

There are currently 0 (ZERO) houses for under £100k in London.
The problem is, people are being choosy and then complain they have nowhere to live.

There are places in the UK where a couple could easily afford a mortgage on a 3 bed detached on the minimum wage.
It's just they choose not to.

[Deleted User]

born_again said:

Think I would focus on why 2 buyers have pulled out so quickly...

I'm will certainly ask but can't the agent just lie to me? Maybe they fell through because there's something seriously wrong with it upon surveying or something.

Or maybe they genuinely fell through for some legitimate reason like failed mortgages or something? But how can I know the agent is telling the truth? 

lfc321

[Deleted User] said:

born_again said:

Think I would focus on why 2 buyers have pulled out so quickly...

I'm will certainly ask but can't the agent just lie to me? Maybe they fell through because there's something seriously wrong with it upon surveying or something.

Or maybe they genuinely fell through for some legitimate reason like failed mortgages or something? But how can I know the agent is telling the truth? 

It is possible that the agent could lie, of course. I would think that’s less likely if it was, for example, something seriously wrong on the surveys: it is very likely that your survey would find the same (indeed, a reasonable chance it would be the same surveyor), so a good agent would want to manage your concerns about that in advance. 

Bigphil1474

The EA won't lie to you. They might not tell you the truth though. The EA works for the people selling the property, not you, but they are trying to sell the property to get their commission so no reason for them to lie in this case I think. See if the previous buyers had a survey done and if they'll be willing to share a copy - the EA should know. No point paying for another one until you are thinking of proceeding, especially if you can get that one to look at. We had 2different buyers have surveys done on the house we sold - the fist guy pulled out but shared their survey with our EA who shared with us, and we shared with the second buyer - nothing to hide.

caprikid1

ReadySteadyPop said:

born_again said:

Think I would focus on why 2 buyers have pulled out so quickly...

Yes, surely "a nice flat" for 125k would have hundreds of offers with the housing shortage that we keep hearing about?

I won't comment !

[Deleted User]

Update

The estate agent told me the first buyer didn't give a reason and the second buyers mortgage was refused due to the EWS1. A quick google search indicates this is about fire hazards and wall structure, most likely cladding.