Offer Etiquette(19 Posts)
Just wondering what the process is. I put a (low) offer on a new build at the beginning of Dec. Agent told me they couldn't consider it as I hadn't sold. Called them later and said that I wanted to be notified if they received another offer, and they said they would out of courtesy. I put my house on the market asap, but xmas didn't really help. Checked with them that week that it hadn't been sold, and repeated that they were to notify me of any other offers.
Had a few friends keep checking on right move that it was still listed etc, as I was too afraid to look! Finally had an offer on my house today, so called them up to ask them to now look seriously at my offer. Only to find that they have accepted an offer and they are ready to go ahead, but they were going to let me know this after the survey comes back? Oh, and then another person at the same agency tells me that it was under offer before xmas? But it still says for sale, not under offer, sold stc etc. Is this normal? This is my first time really wading into the whole process, but am feeling pretty pissed off. I really wanted that house, and they knew that.
In the 'new home' industry there is no etiquette I'm afraid.
Having had 3 brand new off-plan homes (& never again) I can tell you without doubt that homes are built by a corporate industry with no emotional regard for purchasers. All they want is their end of year figures to be met.
Your experience is normal I'm afraid.
Turn it into experience & learn from it.
It doesn't feel like it now but your next home is out there.
Well done on getting yours under offer.
Unless you have a thing about new builds, they are always overpriced and tend to lose value in the first few years, like driving a new car off the garage forecourt. You'll find something better.
But what would have been different if they had let you know? Your own house wouldn't have been under offer so they still wouldn't have accepted.
Estate Agents are paid by the vendor and act for them. They will look for buyers who can buy, why would they turn down another offer in order to give you time to sell?
You are now in a strong position so get your there and find something else you like. Get registered with every single EA, they will all be very keen on you now!
Like @Blu said the agents work for the vendors not for you they were very clear that they wouldn't consider your offer as serious until you sold. You can ask them to keep you updated but there is no reason for them to do so, it's up to you to be in a position to make a serious offer then they will deal with you. This is fairly standard etiquette in house buying and selling.
I wasn't aware you could even make an offer on a new build. I just thought the price they said was the price you paid.
You can make an offer, they can tell you to get on your bike 🚴🏽 though. They state a price and you can offer less. I have had two new builds with considerable discounts.
What good would them telling you there was an offer have done unless you had sold. They won't wait they have a buyer who is ready to move so they will go with them. Keep looking and good luck
Thanks all. I guess you are right, unless I sold it couldn't go any further. I set myself up to fail really, I was up against a ticking clock. As a last resort, I offered the same figure but as a cash buyer, which was rejected as they obviously want to go for 20k more. I am a rookie, but I've learned a lot already.... I'm not sure what to do now- there's nothing really around me in my price range, so I'm going to have to reject my buyers offer.
You could sell then rent while waiting to find a property?
Do you need to reject your buyer's offer if you're still looking to move - are they looking to proceed imminently? If they're in a chain, or otherwise not in a hurry, why not just ask your EA to explain the situation and see if they want to leave their offer on the table?
My house is a one bed so buyer (and everybody who has viewed) is a first time buyer with a mortgage in principal. I know that you mean, I'm in two minds, but I don't want to mess him around- if I'm unlikely to find anything, then he might not get anything, even his 2nd choice. I could risk him walking, and hope to sell quickly if I see something. Cos that worked so well this time round ....;-)
Why not ask the EA to explain the situation and leave the ball in your buyer's court? As long as it's made clear you can't commit to selling until you find a new property, I don't think you're messing anyone around - the buyer can always withdraw the offer if they're not happy to wait.
In your position I would tell your buyer that you are actively looking. Stuff does come on later in January. As long as he is not spending actual money until you have found somewhere nobody loses.
Rightmove etc are not updated immediately after an offer has been made so I wouldn't rely on that as a method of making sure properties are still on the market.
Talk to your estate agent. Say you are looking. Tell every estate agent in the area and a bit beyond that your place is under offer.
Have you actually been in to the estate agents to look for properties? You can't just rely on Rightmove.
The last house I bought , the EA took us round before the vendors had even contracted them. They knew it was exactly the sort of house we wanted, and when the vendors were checking out EAs they used us to demonstrate that they could get a viewing straight away.
On the other hand you don't want to be rushed into buying something you don't 100% feel happy with just to keep your buyer.
You don't have to reject your buyer, just keep them waiting.
Don't reject the offer. Ring round or pop in to all your local estate agents and explain your situation and tell them what you're looking for. They will have things coming in that won't have made it onto Rightmove yet. Be proactive.
Thanks all- Still in two minds about what to do... At first I didn't want to reject the offer, but if I can't find anywhere then I don't want to waster buyers time by him hanging on if I might take it off the market down the line. But in the unlikely event that I find something, I'd still be in an un-proceedable position....
I have called another agent today to register, and had a call back from another. Damn this working lark- sure gets in the way of house hunting ;-)
It is for your vendor to decide whether to hang on while you find somewhere. This situation really is quite normal.
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