Sale Agreed

wildt

I am new to posting here although I have been lurking for a while picking up tips:cool:

We went to view a house today (£159,950) via an estate agent and when we arrived noticed a second sign up with another agent saying 'Sale Agreed'. We rang them and they said it was two weeks away from completion and that they had no idea why the other agent was letting us view.

When our agent arrived he said the vendor has had an interest in the property but wants to continue with viewings and that if we like it we should make an offer.

Anyway we love the house and would like to do this but I'm not sure where we stand. If the other agent is saying it is 2 weeks from completion won't the buyer have spent money on surveys etc..?

They won't reveal the price they have accepted, do we actually have a chance to buy this property or are they keeping us as a back up plan?

We are FTB's and it's all a bit confusing:eek:

Doozergirl

It's not very ethical nor is it common practice. Many agents would simply refuse to continue marketing if a buyer had been found, even by another agent. If it's a repossession then they always continue to market, but they are not usually on with two agents.

If the vendor will dump their current buyer for a better price, they'll do the same to you.

What might happen is that they would use your offer to push the price up by starting a bidding war with the person who already buying it.

I'd look elsewhere really. You don't need the stress of people like that. If it strats that way, it continues that way.

cattie

I wouldn't trust a seller that accepts an offer on a property, gets almost to completion but still wants to show the property to potential purchasers, if this is indeed the case.

The problem is when there are 2 different agents marketing the property there can sometimes be underhand tactics used.

Perhaps the only way to find out if the property is indeed still available is to make an offer & see what the response is. No decent agent will ever divulge what an already accepted offer is, so you have to use your own judgement if you want to try to make a better offer.

From your post you sound like a principled person as you're concerned about the buyer wasting money on survey fees. And in these days when many posts are about sod everyone else & be totally unprincipled if you find a house somebody else has had an offer accepted on & you want it, it's a relief to know there are still people who give some consideration about another person wasting hard earned money on a survey on a house that they thought they were buying.

wildt

I know exactly what you mean DoozerGirl and the first thing I thought is that they would do the same to us. The house is a repossession and is quite cheap compared to similar ones in the area, so maybe that is why they are continuing with viewings.

It is just my luck to fall in love with a house that has more stress than usual!

Jorgan_2

The vendor is trying to cover all the bases. It does happen from time to time, but usually most vendors will remove the property from the market when a survey has been done. As has been said, be aware that if the vendor accepts an offer from yourself, they will most likely do the same to you some way down the line.

Don't be surprised to see repossessed properties being marketed with at least two agents in the near future. A number of people who have been repossessed are trying to claim compensation from their lender, claiming the property was undersold. To prevent this, the lenders are starting to instruct two agents, in an effort to show everything was done to get the best possible.

wildt

Thanks for your replies. When they said it was 2 weeks from completion I wanted to walk away but the agent doing the viewing arrived and made it seem normal for this to happen!

3 of these properties have been repossessed as they were owned by the same landlord and they all are marketed by 2 estate agents. The other 2 are definitely sold and for some reason the boiler has been taken out of all of them!

PasturesNew

wildt wrote: »

3 of these properties have been repossessed as they were owned by the same landlord

Ooops.....

Doozergirl

Ok. Then it is normal and of course, the agent who has it under offer will want to keep the sale. They are not two weeks from completion, they will possibly be two weeks from exchange.

You can make an offer. If it makes you feel bad then know that the people who were repossessed will either get that extra money if you offer higher, or, if it's that bad, they will have less debt.

A notice goes in the paper with the offer amount and inviting higher offers so, to be honest, your agent will know what the offer is. Ask them straight out and make your offer strong. You need to be prepared with a mortgage agreement in principle to be taken seriously and proof of funds for your deposit.

Be prepared for them to say no or for another higher offer to come in from the other party but actually, as it's a repossession you shouldn't feel too bad, especially if it is a good price

Jorgan_2

Most repo's have to exchange with 28 days so the buyers are about two weeks into the buying process.

The boilers have been removed to to be sold by the owner. Check that isn't the only item thats been taken. This was an interesting one to sell.

Doozergirl

Jorgan wrote: »

The boilers have been removed to to be sold by the owner. Check that isn't the only item thats been taken. This was an interesting one to sell.

Is it really bad when your heart starts racing at pictures like that!:think:

I'm dying to go and look at one near me.

PasturesNew

Doozergirl wrote: »

Is it really bad when your heart starts racing at pictures like that!:think:

I think it depends where your hands are.









.... er, I mean .... near your cheque book or not... of course