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  • FIRST POST
    • AmieR
    • By AmieR 10th Apr 18, 1:08 PM
    • 5Posts
    • 2Thanks
    AmieR
    Mortgage offer- advice with estate agents sneaky tactics
    • #1
    • 10th Apr 18, 1:08 PM
    Mortgage offer- advice with estate agents sneaky tactics 10th Apr 18 at 1:08 PM
    Hi

    Little bit of background we are first time buyers and viewed a property at a open house at the weekend. We fell in love with t and that evening emailed the estate agents to put in our offer
    Now we have probably done this all wrong as we put in asking price (before anyone says oh my god the property we feel is priced correctly for the area , type of house and going off the previously sold house prices in the area)
    We also did this because we have put In offers on other houses in the past and been gazumped playing what we can only describe as a bidding war going round in circles
    So full asking price is offered we have our AIP which we sent over , no chain , 10% deposit possibly more and sorted out a solicitors quote
    In my eyes we are in a great position ..... however the estate agents have come back and are chasing a family up who showed interest but are seeking advice before putting in a offer first(they waited all day for this family to phone but they didn't!)
    I get it has to be fair if they want to put in a offer but at what point do they stop chasing this family
    Also why hasnt our asking price offer been snapped up with our position

    I'm beginning to wonder are they thinking they can get more for this property and we have ruined it by going in at asking price
    Any advice appreciated shall we chase the estate agents can we ask for proof there's another family if we feel we're being tricked into increasing an already asking price offer ??
Page 2
    • david1951
    • By david1951 10th Apr 18, 4:39 PM
    • 411 Posts
    • 522 Thanks
    david1951
    With respect, you seem to also be over-thinking the entire process.

    Asking price is arbitrary guess-work, and doesn't bind the seller at all. Offering it doesn't mean they will accept it, let alone accept it immediately. Just make your offer and see what happens.

    Nothing is set in stone until exchange of contracts. You can be gazumped whatever happens, even if you offered asking price.

    The estate agent is a salesman acting for the seller. There is no point trying to work out if they are telling the truth. Safe to say it's rare they actually risk losing a sale for the sake of a 5% increase in price.

    If your confidence is rocked at this stage, by what has happened so far, then buckle up!
    • kingstreet
    • By kingstreet 10th Apr 18, 5:18 PM
    • 33,893 Posts
    • 18,394 Thanks
    kingstreet
    Mortgage offer- advice with estate agents sneaky tactics
    Mortgage offer...?

    Someone ask about mortgage offer...?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • hazyjo
    • By hazyjo 10th Apr 18, 5:40 PM
    • 10,777 Posts
    • 14,142 Thanks
    hazyjo
    Mortgage offer...?

    Someone ask about mortgage offer...?
    Originally posted by kingstreet
    Just spotted that in the title too - has it been changed or did I miss it before? Or have we misinterpreted or missed something?
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • Quizzical Squirrel
    • By Quizzical Squirrel 10th Apr 18, 5:58 PM
    • 220 Posts
    • 4,769 Thanks
    Quizzical Squirrel
    First lie was they told us they had put our offered forward on Saturday , spoke to another person in their office and turns out they didn't put out offer forward until Monday late
    Then they told us no other offers had been submitted and it looked great for us they were just waiting for seller to accept
    Then within 20 minutes we got a call saying they were waiting for this other family to ring them to put in an offer and that 2 other offers had been declined
    They also told us that the seller was extremely genuine and if the rift offer was put to them they would take it off the market straight away
    The stories we keep getting are not matching up and they said we would have a phone call latest this morning .... still sat here waiting to hear
    Originally posted by AmieR
    People often ask where apparent mystery competitive buyers come from.
    It's often because it's a common practice for estate agents, on receiving an offer, to ring previous viewers who wanted to be kept informed. These people were sitting on the fence but once they hear they may lose the property, it now forces them into a decision one way or the other.
    That's why when you put in an offer, seeingly out of the blue, these other offers can suddenly come in.

    People like to think these offers are invented but it's more likely that they were fence-sitters. I've seen it myself when selling a property; the agents have told me they're going to ring the other interested parties and doing this has presented me with competitive offers.

    Sometimes people need a push to decide and sometimes people only want something if they they think someone else wants it too. They need motivation or validation.

    In your case, these other people may have viewed the property a while back but didn't come to the open house (as the agents say).
    However once they've been informed of your offer, well, here they are.
    • hunnibee
    • By hunnibee 13th Apr 18, 7:07 PM
    • 35 Posts
    • 8 Thanks
    hunnibee
    Any news on your offer?
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