Offers on multiple properties

[sianihedgehog]

So, we've had an unusually good weekend of house hunting and liked three of the five houses we saw enough to buy them. We're now absolutely desperate to get out of our rented flat, and just want to buy NOW. Around here the market is INSANELY overheated, we often attend open houses with 25 couples viewing within 2 hours, and almost everything goes to best and final offers.

We've ranked all three houses, we know how much we'd like to offer on them, and what we'd LIKE to do is just offer on the first, then the second, then the third, and see if we get them. BUT I'm very worried about the second choices possibly selling before we get to hear about the first.

Has anyone got any suggestions about how to handle this situation? Can we tell the estate agents for the second and third choices what we're doing in the hopes that they advise the sellers to hang about and not accept anything until we've offered?

[wowfudge]

If you are in good position as buyers why not offer on the one you like best, but let the agent know you have a fall back position as leverage. You could contact the agent on the next choice house and let them know you are really interested, try to find out whether they have had any offers/other interest and say you just need to get x in order before you can make an offer?

[MonkeysandParrots]

Agree with wowfudge, we did exactly that - although both properties were with the same agent which helped. Both went to sealed bids at same time, we effectively bid on them both with the proviso that bid on second was only valid should we be unsuccessful with first. We weren't the highest or even second highest bidder on first property so vendor didn't choose us, however, the second property was a bit less expensive which meant we had more flexibility with price on that one which we did then secure.

It's a tense, nail biting and frankly uber stressful process, good luck!

[sianihedgehog]

I've spoken to all three agents at the viewings, and made it clear that we're seriously interested, but also that we're seeing several other houses. It'd be wonderful if they were all with the same agent but annoyingly they are three different agents.
I've decided to offer immediately on our favourite, as that one also has the most interest from other people, but I think I might just ring the others up for a chat and see if they'd let me do what you did Monkeys. I guess the worst they can do is say no, and they'll at least be aware that I want to offer!

[Sunnyshores]

EAs may not mind if your not completely honest, but vendors will if they find out. So Id ring 2nd and 3rd and explain your offer for 1st and if that falls through you will be offering on 2 and 3.

Id definitely let no1 know they have competition - and that they need to decide quickly.

[Lucy61]

I'm inclined to disagree. I would put an offer in for each property without mentioning the others. Estate agents don't want buyers who come across as though they might drop out, they want to close the deal and move on. If the market is that heated, they can just pick another buyer. Agents don't care about price as much as they do about closing a deal and getting their fee.

[Lucy61]

Why would sellers hang around until you hear back from your first choice and risk other interested buyers withdrawing their offers?

[Sunnyshores]

and what if no3 accepts the offer first. Mess them around waiting for no1 and no2? If OP were to lose all 3 properties, those agents wouldnt trust her to deal with again.

[sianihedgehog]

I think we've struck a pretty good balance - first choice has our offer, and both second and third know that we intend to make offers if we do not win the inevitable bidding war on this one. I've made a point of having a proper chat with each agent so they know that we really just want to buy now, with no hassle or faffing about, and are just being limited by budget.

[Sunnyshores]

I say this as our time wasting, lying cow of a'buyer' did this to us and then waited 4 weeks before telling us she was buying another one. Meanwhile we'd spent £1k on a survey for a property we then lost, booked removals, paid for searches etc etc. not to mention the upset and stress. cow, sorry I am getting over it!!

[sianihedgehog]

It's helping a bit that there have been no other offers on number 2, and the only offer on 3 is very low and seems to be having mortgage trouble.!

[sianihedgehog]

Sunnyshores I genuinely couldn't live with myself if I did that to someone. :(

[Sunnyshores]

OP - I know the other house she has brought, their neighbours have very big noisy dogs that bark like mad every time someone walks down the public footpath at side of their house - karma.. and Ill be walking that way hourly!!

[sianihedgehog]

Hah! Glad she's at least not got away scot free!

[Lucy61]

I guess we all bring our own experiences to this. In my experience buying in a 'hot' market, our sellers pulled out just before exchange of contracts and twice we have been guzumped and the sellers accepted the higher offers. People just do what's best for them.

[sianihedgehog]

Lucy I think I might handle it differently if the sellers were property companies or landlords to be fair. all the ones we're interested in are either family homes being sold by someone's children after the owner has died, or just plain family hones.

[upthekhyber]

I'm confused. You say that you're in an "INSANELY hot" market but of the three properties you're looking at, one has no offers and the other has only one low offer.

Are you sure you're not just bidding against yourself....

[sianihedgehog]

Yep. We've so far offered at or over asking on seven properties without success. this weekend has been really unusual in that several suitable properties in the right price range came up again once. We seem to currently be bidding against everyone on choice number one!

[Lucy61]

Hope you get it, it can be really tough trying to get an offer accepted. If you not, hope fingers crossed choices two and three are still there for you. If that was me, I'd be placing more than one bid!

[Lucy61]

Correction: Don't

[sianihedgehog]

I think we'll hear tomorrow, got our fingers crossed and everything!

[Lucy61]

Did you hear back?

[sianihedgehog]

Heard back at 10, at which time our offer was the highest, but they were going to best and final offers at 12 noon, and I've not heard since. ARGH! The sheer frustration of waiting!

[Lucy61]

Nerve racking! Careful they don't take this negotiation closer to the weekend, in which case they might have more viewings lined up. Sometimes negotiations are dragged out to enable more viewings/ second viewings etc.

[Lucy61]

Also, if you haven't offered on the other houses yet, bare in mind that as we are getting closer to the weekend people will be arranging to view them and you might find that you will have competition where you had none.

I've been on this roller coaster for the last year!

[sianihedgehog]

We're done if they don't accept the current offer tomorrow, quite right. I think they're on the level, the seller is an old guy selling his dead mum's house and I think he needs to speak to his brother and sister before making his final choice.
Second house will be getting an immediate offer the instant I get off the phone if we don't get this one.