Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • mrsdaviddickinson
    • By mrsdaviddickinson 8th Aug 18, 7:16 AM
    • 10Posts
    • 1Thanks
    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 2
    • jennhg88
    • By jennhg88 8th Aug 18, 8:51 AM
    • 230 Posts
    • 163 Thanks
    jennhg88
    If the house is valued by mortgage companies at 425 and you've offered over 440 then you'd have to find an extra 15k of cash from somewhere no? So I can see why the EA warned about offering too high.
    • mrsdaviddickinson
    • By mrsdaviddickinson 8th Aug 18, 8:55 AM
    • 10 Posts
    • 1 Thanks
    mrsdaviddickinson
    We can lower our deposit and go for less LTV you see. And our offer was made based on us getting 10k less than the lowest valuation is put on for X but sell for y.

    Anyway, I've learned the hard way you just need to sell first and hope and pray you see a property you like or move into rented if not. It's just moving into rented then lessons what we can save each month.

    Now for flyering!!
    • zx81
    • By zx81 8th Aug 18, 8:59 AM
    • 19,676 Posts
    • 21,073 Thanks
    zx81
    We can lower our deposit and go for less LTV you see.
    Originally posted by mrsdaviddickinson
    If you lower your deposit, you will increase your LTV.
    • Doozergirl
    • By Doozergirl 8th Aug 18, 9:27 AM
    • 26,129 Posts
    • 70,556 Thanks
    Doozergirl

    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.
    Originally posted by mrsdaviddickinson
    I've done nothing of the sort. What you earn is none of anyone's business and I have no interest.

    I was pointing out that LTV is not the be-all-and-end-all, which is the only hook you were hanging your hat on, whilst forgetting that your coat was lying on the floor.

    You mustn't take things so personally. It isn't about slighting you, it is the proper way that things are done and you're learning from it. Have the AIP ready with the affordability, with the offer on the relevant house at the time that you sell. It's irrelevant right now.
    Last edited by Doozergirl; 08-08-2018 at 9:29 AM.
    Everything that is supposed to be in heaven is already here on earth.
    • jennhg88
    • By jennhg88 8th Aug 18, 9:28 AM
    • 230 Posts
    • 163 Thanks
    jennhg88
    We can lower our deposit and go for less LTV you see. And our offer was made based on us getting 10k less than the lowest valuation is put on for X but sell for y.

    Anyway, I've learned the hard way you just need to sell first and hope and pray you see a property you like or move into rented if not. It's just moving into rented then lessons what we can save each month.

    Now for flyering!!
    Originally posted by mrsdaviddickinson
    It's common sense.
    Better luck next time!
    • Thrugelmir
    • By Thrugelmir 8th Aug 18, 10:47 AM
    • 61,352 Posts
    • 54,597 Thanks
    Thrugelmir
    if we were their preferred buyer.
    Originally posted by mrsdaviddickinson
    Just because people are polite and welcoming doen't mean that you favour you above anybody else. Buying and selling houses is a business transaction. Leave your emotions at home.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Grezz24
    • By Grezz24 8th Aug 18, 12:53 PM
    • 191 Posts
    • 238 Thanks
    Grezz24

    Anyway, I've learned the hard way you just need to sell first and hope and pray you see a property you like or move into rented if not. It's just moving into rented then lessons what we can save each month.

    Now for flyering!!
    Originally posted by mrsdaviddickinson
    why would you have to move in to rented when you sell, surely thats how chains work, you sell with a proviso you will move out when you get an accepted offer. No need to go into rented.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,843Posts Today

7,326Users online

Martin's Twitter