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Join our Property forum for renovation, DIY, and house selling advice.

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Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

I feel sick ~ please talk sense into me

26 replies

coolpatterngirl · 12/05/2016 13:01

We've found a house we like, not perfect but we can renovate slowly but surely.

It's been on the market for a
Year. There was another interested party who needed to sell their house.

After much to'ing and fro'ing the agent told us the minimum acceptable number which we offered. On the same day as our offer being submitted I assume the agent has phoned all other interested parties and there are two more parties offering the same.

We won't get into a bidding war. Our only advantage is being chain free.

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PigletJohn · 12/05/2016 13:24

Do estate agents tell the truth?

Or do they tell you things with the objective of getting you to offer more?

caitlinohara · 12/05/2016 13:31

Being chain free is a BIG advantage. If it's been on for a year it seems a bit odd that all of a sudden there are three offers on it at the same time, so I would be suspicious though. Don't offer any more just yet.

JT05 · 12/05/2016 13:33

We got our new house in a similar situation. We were chain free, a definite advantage! We offered our best and final price, what we considered the value of the house, and refused to get into a bidding war.

We were the preferred purchasers, I suspect they were offered the asking price by others in chains.

coolpatterngirl · 12/05/2016 13:41

Thank you for replying, I'm driving myself mad.

My husband is sceptical too but I'm more of the opinion that the ea is trying to get the best price for the vendor.

We have a mutual friend with the vendor. I'm reluctant but do you think it's worth asking the mutual friend to put in a good word about us?

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bonnyscott · 12/05/2016 13:42

I'd just sit and wait. What is for you won't go past you. If you're the only one chain free they'd be lunatics not to take your offer......good luck - try to keep busy X

ajandjjmum · 12/05/2016 13:44

The Agent is employed by the vendor to get the best possible price - by whatever means! I suggest that you tell them that your offer is not open-ended, and that you need a definite answer by a certain date.

Let them know that you are still doing house viewings - and do so - something might come up. I'm a really believer in 'what will be' when it comes to property purchases.

avocadosweet · 12/05/2016 13:57

Suddenly two more offers after a year on the market? Hmm...

Titsywoo · 12/05/2016 14:01

They are lying. Stick to your guns.

StepAwayFromTheThesaurus · 12/05/2016 14:14

Remember that vendors don't always choose the highest offer. Being chain free is pretty valuable. Even if there are 2 more offers the same as yours (or someone comes in with a higher offer), yours is probably much more appealing. Let's face it, if the other interested parties were real and/or proceedable, they'd have bought the house at some point in the past year.

coolpatterngirl · 12/05/2016 14:33

It does all seem rather unlikely doesn't it? But, I do expect the agent called the others to express our interest and force those awaiting a buyer into taking lower offers (double commission for them).

Their sale fell through previously so I know who I'd chose but the vendor previously declined an offer from us as the unproceedables offered higher.

There has been no mention of us increasing our offer but the vendor has asked for proof of all 3 parties finances.

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nosuchnumber · 12/05/2016 18:55

I think what I would do is phone agent and ask to view XYZ also on their books. Sure they have two others... They are trying their luck and should know not to risk losing a good buyer.

coolpatterngirl · 12/05/2016 19:06

The EA called back at the close of business to advise it's going to best and final offers tomorrow.

I so don't want to play this game :(

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Peyia · 12/05/2016 19:13

Then don't! They are playing with you, it's so unfair but as an outsider it's as clear as day. Try and keep your cool.

I agree with a PP, what will be will be. Keep yourself busy and keep searching.

We were set on one house, offer not accepted but within the month the house next door (which is better of course!) came on the market and our offer was accepted. The house we initially wanted took several more months to sell - stick to your offer price, you've already said it needs work so you need every penny.

Good luck!

indigo88 · 12/05/2016 19:15

Careful. The estate agent is triggering exactly the reaction wanted - if someone else wants it then I want it more. Your trump card really is chain free; you'll be the first past the post and that's a 5% premium on your offer AND you've said 'a house we like'. Sounds like, if you were not being rattled by the estate agent, you could take or leave it. If you 'loved' it then it would be worth the angst.

bonnyscott · 12/05/2016 19:35

Stick to what you've put in and play the game. That's all it is!

coolpatterngirl · 12/05/2016 19:45

I can love it when it's finished, I see the potential it has but it's a forever home so it is emotional.

Unfortunately, there's nothing else on the market to view.

It's illegal to make up offers isn't it? Argh, what if we lose it over a token amount? I don't think it's worth the anymore at all but the others probably will.

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coolpatterngirl · 12/05/2016 19:46

Oops, anymore should read amount.

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PlumDumpling · 12/05/2016 20:27

I had a really similar thread going a few weeks ago! Crap situation, really feel for you. We're FTBs so I don't have much knowledge to impart, but if you're able to contact friend/vendor in time I would really exploit that connection - we did, and had we not we may have lost the property, as the EA was a liar!
It's not the done thing but sounds like the house is worth it to you.

If it helps, we ended up offering more than we felt we should, like you, couldn't face losing over a tiny amount, but the house was valued less at the survey and then the vendor agreed to drop the price, as he just wanted to get on with the sale - had he gone back to the other buyers their survey would have likely come back the same. Depends how keen the vendor is on a quick sale though - perhaps you can get a feel for that through your mutual friend.
Good luck!!!

newtscamander · 12/05/2016 20:31

As an estate agent I can assure you that we cannot lie about other offers to get more money out of people. Legally. Yes some may still do it but no one I have ever worked with in the industry has. A little disheartened reading all these posts suggesting otherwise!

PigletJohn · 13/05/2016 00:32

should not ≠ cannot

DustOffYourHighestHopes · 13/05/2016 07:00

We offered lower than the two other asking price offers. Won because we were chain free and flexible with moving dates.

coolpatterngirl · 13/05/2016 21:30

Thank you all, we held our nerve and our offer was accepted 🍾

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SquinkiesRule · 13/05/2016 22:30

Congratulations

coolpatterngirl · 13/05/2016 23:20

Downside is that he wants to exchange within 3 weeks cue nervous laughter

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RTKangaMummy · 14/05/2016 01:06

DEFFO BRILL NEWS - Congratulations

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