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    • mrsdaviddickinson
    • By mrsdaviddickinson 8th Aug 18, 7:16 AM
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    mrsdaviddickinson
    Suspect EA put forward their own buyer on basis they can gazump
    • #1
    • 8th Aug 18, 7:16 AM
    Suspect EA put forward their own buyer on basis they can gazump 8th Aug 18 at 7:16 AM
    We spotted a house before it even went on the market before it went on Rightmove. We begged to view it before the open day and fell in love.

    We've been keeping an eye out for character properties in our area in our price band and they are few and far between. The north of our town is about 100k cheaper than the south but we actually quite like the north.

    Anyway, the seller apparently loved us (the wife) but I think the husband wanted the best price. They aren't in a rush as they need to move into rented anyway as they've taken on a project just down the road.

    They had an open day on Saturday and almost everyone bid (we'd already offered 15k over the 'offers over 400k price). Tgey said 'fantastic' but the agebty emphasised we weren't proceedable but now on with them too)). The estate agents forced a best and final deadline of 3pm Monday. However, they delayed putting our house on the market with them all that week leading up to the open day.

    We have a couple of viewings this week with our original agent. I knew about one before the deadline and asked them to pass it on.

    They said they did but it's clear from the feedback that we missed out to someone proceedable who bid less. (We ended up going up to 440k as we'd never find a house for less than that in our town.)

    It seems a bit strange that they wouldn't be prepared to wait until Wednesday if we were their preferred buyer.

    They also kept trying to put us off offering more due to the mortgage valuation (in reality it's worth 425k apparently).

    However, we have a LTV of 75% so could still proceed.

    I suspect that they pushed their own buyer and didn't even communicate our LTV or appointment. Why else push an immediate deadline when the buyer is not even in a rush?

    I am hoping that the buyer potentially will try to gazunder and offer 425k on the mortgage valuation. But if they are too far along then I imagine they may just continue.

    What should we do if we have a buyer? The lady is nice and wouldn't want a gazump and I don't agree with that either. (We could if our house goes for a fair price rather than a desperate 10k under.)

    However, if we get a buyer I do want to make it clear we are now proceedable with a 75% LTV and so can still proceed even if mortgage valuation comes in lower, so please bear us in mind if they get gazundered after the survey.

    Any tips on how to deal?
Page 1
    • getmore4less
    • By getmore4less 8th Aug 18, 7:31 AM
    • 33,250 Posts
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    getmore4less
    • #2
    • 8th Aug 18, 7:31 AM
    • #2
    • 8th Aug 18, 7:31 AM
    Go talk to the sellers.

    Why have you changed agents?
    • Doozergirl
    • By Doozergirl 8th Aug 18, 7:32 AM
    • 25,941 Posts
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    Doozergirl
    • #3
    • 8th Aug 18, 7:32 AM
    • #3
    • 8th Aug 18, 7:32 AM
    I think you've misunderstood this house buying malarky.

    In order to get anyone to take you seriously, you need to be proceedable. People don't entertain offers from people who haven't sold, and it does take time to get a house up and running on the market.

    No one was going to take you seriously until you were proceedable. Given that this is a saught after property, you never stood a chance.

    The agent is doing their job and the vendor is trying to sell a house. I've never been an estate agent, but they really do get a rough deal from people. They did nothing wrong. You have not sold your house.

    We're all proceeedable once we've accepted an offer. You weren't.

    If you want to offer again when you're proceedable, you do what you like. There's no law against it, but I guess that buyer might think the EA was being underhand by encouraging it - ie. putting it forward, which they are obliged to do? What would you be saying to us about the EA if the shoe were on the other foot? They wouldn't be able to win with you at all, would they?
    Everything that is supposed to be in heaven is already here on earth.
    • quantumlobster
    • By quantumlobster 8th Aug 18, 7:39 AM
    • 232 Posts
    • 505 Thanks
    quantumlobster
    • #4
    • 8th Aug 18, 7:39 AM
    • #4
    • 8th Aug 18, 7:39 AM
    FWIW, OP, when we recently sold our house, I asked our EA to filter out any offers from anyone who wasn't proceedable. I wasn't prepared to even entertain the idea of getting involved with a buyer who wasn't ready to roll.
    • jbainbridge
    • By jbainbridge 8th Aug 18, 7:43 AM
    • 1,795 Posts
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    jbainbridge
    • #5
    • 8th Aug 18, 7:43 AM
    • #5
    • 8th Aug 18, 7:43 AM
    You're not proceedable... it's that simple. And your house isn't even on the market!
    • mrsdaviddickinson
    • By mrsdaviddickinson 8th Aug 18, 7:50 AM
    • 10 Posts
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    mrsdaviddickinson
    • #6
    • 8th Aug 18, 7:50 AM
    • #6
    • 8th Aug 18, 7:50 AM
    I do understand that it is our 'own fault' i.e. bad luck that this desirable house came on a week after we'd put ours on the market.

    I also get that the estate agent has a job to do. Yet as the current number one reason for sales falling through is due to surveys and buyers trying to renegotiate (according to a recent survey report), the LTV looks to be just as important as the whole proceedable thing.

    They kept trying to dissuade us from going too high due to the survey. And they gave buyers half a day to get their offers in despite the seller not being in a mad rush. They wanted to sell to us. The lady told me so that day, all things being equal.

    Hence I suspect some agenda. Or maybe I'm naive.

    I said I don't want to gazump. However, if the buyer tries to gazunder in any way I'd like them to consider us. I've read it's very common for people to bid high on best and finals and then do so. There's a difference.
    • mrsdaviddickinson
    • By mrsdaviddickinson 8th Aug 18, 7:52 AM
    • 10 Posts
    • 1 Thanks
    mrsdaviddickinson
    • #7
    • 8th Aug 18, 7:52 AM
    • #7
    • 8th Aug 18, 7:52 AM
    And we went multi-agent on the advice of our current agent and the seller's agent's reassurance that they'd proactively market ours and get it up with professional photos too. They then delayed the photos and it's not even on yet.
    • mrsdaviddickinson
    • By mrsdaviddickinson 8th Aug 18, 7:54 AM
    • 10 Posts
    • 1 Thanks
    mrsdaviddickinson
    • #8
    • 8th Aug 18, 7:54 AM
    • #8
    • 8th Aug 18, 7:54 AM
    Our house is on the market. I said we were persuaded to list with them too but they then delayed.
    • Doozergirl
    • By Doozergirl 8th Aug 18, 8:07 AM
    • 25,941 Posts
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    Doozergirl
    • #9
    • 8th Aug 18, 8:07 AM
    • #9
    • 8th Aug 18, 8:07 AM
    Whilst they discouraged you from bidding higher, they can't stop people from doing it. You did, yourself. So why then accuse the agent of encouraging something that they actively discouraged you from doing, which you ignored?

    You have no idea what LTVs other people have, nor do you know what they offered.

    You said yourself that the vendors wanted to sell to you 'all things being equal'. They weren't equal.

    You're on the market with one agent. Being on the market with another within a week wasn't going to stop the ideal buyer from snapping your house up in the same way that this one was.

    What benefit is there to an agent of getting people to bid so high that they then disappoint the vendor? None. They do want things to run smoothly.

    Even if they had a preferred buyer that had a track record of being likely to complete and *was proceedable*, why wouldn't they present that buyer as being the best match, if they were?

    If I were a vendor, I'd not consider you. You say they're in no rush but they're having to move into rented which means their project needs funding. A bird in the hand is worth two in the bush.

    Try and employ some common sense instead of making things up based on what you've read somewhere, not very reliable. It isn't fair to mistrust people for no reason other than your own mind and it's also detrimental to our own mental health.

    The problem is that you have not sold your house. It is disappointing, but it is your problem and no one else's. Such is the nature of waiting for the right house before putting a house for sale, others will be in the right position at the right time. It's just the way the cookie crumbles.
    Last edited by Doozergirl; 08-08-2018 at 8:13 AM.
    Everything that is supposed to be in heaven is already here on earth.
    • Red-Squirrel
    • By Red-Squirrel 8th Aug 18, 8:08 AM
    • 3,454 Posts
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    Red-Squirrel
    It would be better to let the idea of this house go, you weren!!!8217;t in a position to offer on it at the time it came on the market. It!!!8217;s difficult when you only want a very specific type of house, but maybe now you have your own on the market you could sell up and move into rented to be ready to go when one you want next comes on the market?
    • mrsdaviddickinson
    • By mrsdaviddickinson 8th Aug 18, 8:08 AM
    • 10 Posts
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    mrsdaviddickinson
    And I now feel bad selling ours as the likelihood is we won't find another property we like quickly.
    • mrsdaviddickinson
    • By mrsdaviddickinson 8th Aug 18, 8:11 AM
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    mrsdaviddickinson
    I suppose we could move into rented. A VTL investor is looking at ours - maybe if she offers she'll let us rent?!!!
    • Red-Squirrel
    • By Red-Squirrel 8th Aug 18, 8:12 AM
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    Red-Squirrel
    They wanted to sell to us. The lady told me so that day, all things being equal.
    Originally posted by mrsdaviddickinson
    If they wanted to sell to you, they wouldn’t now be selling to somebody else. They might have been happier to sell to you if it were possible, but not many sellers will wait an undetermined amount of time when they have acceptable proceedable offers on the table just because they’ve taken a shine to a viewer!
    • eddddy
    • By eddddy 8th Aug 18, 8:15 AM
    • 7,059 Posts
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    eddddy
    Perhaps the EA was a bit 'sneaky' in using this situation to persuade you to let them market your property.

    But as others have said, it's understandable that the vendors would only accept an offer from somebody who is proceedable.

    When you do get an offer on your house, contact the EA and say something like "We are now proceedable and our offer of £x stands, so we are happy to step in if the current sale stalls".
    • AnotherJoe
    • By AnotherJoe 8th Aug 18, 8:16 AM
    • 10,930 Posts
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    AnotherJoe
    They "delayed" or "it took time"? One assumes a conspiracy, the other assumes rational behaviour that you aren't proceedable, that an offer on your place would take time and might not happen, and that the sellers just wanted to get on with it.
    You might also turn out to be a fantasist making offers that you can't stand behind even If only because you are offering lot more than your mortage Co will go for. From what you've reported the seller wished to get a sale going and wasn't prepared to wait indefinitely. I've seen this before with an open house where the seller accepted the first AP offer on open house day without waiting a couple of days for the other viewers to make an offer and possibly go to highest bids. Yours at least did that. You would never have bee; proceedable in their timescale.
    No conspiracy, just you not being prepared.
    • bazzyb
    • By bazzyb 8th Aug 18, 8:20 AM
    • 1,213 Posts
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    bazzyb
    the LTV looks to be just as important as the whole proceedable thing.
    Originally posted by mrsdaviddickinson
    How do you know your LTV if you haven't sold yet? What if you get significantly less for yours than you are assuming you will get? Presumably you would then wait for a better offer, which means the vendors of the house you've offered on could be waiting indefinitely for you to become proceedable.
    • Doozergirl
    • By Doozergirl 8th Aug 18, 8:27 AM
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    Doozergirl
    Not that I think LTV is the issue here, it's affordability that is important. LTV helps, but needing a £330k mortgage for a house, based on a hoped selling price, isn't an insignificant sum.
    Everything that is supposed to be in heaven is already here on earth.
    • mrsdaviddickinson
    • By mrsdaviddickinson 8th Aug 18, 8:40 AM
    • 10 Posts
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    mrsdaviddickinson
    Thank you Edddy.

    Sorry, maybe my emotions are getting the better of me and I'm reading into things and being led on by the EA to market with them too.

    Of course proceedable is best. I hadn't realised as a second-time buyer that you essentially always need to have sold.

    We're bin this position as I was too soft in not wanting to less anyone on. It's made me realise renting may be the only way to proceed next time.

    However, don't assume about our finances either. I'm now freelancing and tripled my salary effectively with a lot of demand as well as a fully flexible perm job that allows me to freelance too. We're working on basis of my husband's salary, who has also had a very large pay rise.
    • Hoploz
    • By Hoploz 8th Aug 18, 8:43 AM
    • 3,842 Posts
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    Hoploz
    Perhaps the people whose offer they've accepted are not in a chain at all - ie less chance of it falling through. They may not even be buying with a mortgage, in which case there won't be any valuation to worry about.

    It's horrible but we have been in your position, in the end we sold our house first and our buyers waited it out for 6 months until we found our house. At which point everything was done and dusted within about 6 weeks. You have to get yourself in a proceedable position so that next time you will be able to be taken seriously.
    • mrsdaviddickinson
    • By mrsdaviddickinson 8th Aug 18, 8:44 AM
    • 10 Posts
    • 1 Thanks
    mrsdaviddickinson
    And isn't it for mortgage companies to decide affordability with AIPs?!
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