To want to do more about house that EA says is STC

[AliceRR]

DH and I viewed a house about four weeks ago. We really liked it, we said it could be our dream house, perfect area, nice street, nice house but needs everything doing (windows and doors, bathroom, kitchen, decorating etc)

On the market for £295 which is a good for a 3 bed detached in that area but would be worth more when done up.

DH offerer £260k and was told by vendor agent no point putting an offer until we have sold our house but they work note our interest and update us if any developments.

No updates.

On the weekend I looked for the house online out of curiosity and saw it was no longer on Rightmove. Called EA and he said house was sold STC as of Monday last week. He apologised they had not told us. I asked price and he just told me it was less than asking.

I was annoyed as DH and I said it wa worth asking price and we would pay that.

DH called and they changed their story a couple of times about why they didn’t tell us (whereas they just apologised and said it was an oversight when I called).

DH offered £280k. EA said vendor wants to stay with current buyer. We don’t kno what current buyer offered but I cannot help but think EA would have said if it was more than £280K. DH then offered asking and was promptly told vendor said no.

I find it odd. Either they deliberately didn’t call us last week and give us the opportunity to put in a higher bid or it was an oversight but their client has potentially lost out on £20k (we don’t know what they have sold for).

I’m really disappointed as we both really loved that house. Have baby due in Jan and no other houses compare for me with the house and the area.

I should say we haven’t sold ours but we are looking at keeping current house to rent and buy the new one.

Is there anything we can do?

You haven't sold your house. What's odd about the EA not calling your or the vendor accepting your offer? "We're looking at keeping our current house to rent..." doesn't sound like a firm plan - has your current mortgage lender agreed to switch you to a buy to let mortgage? Have you got a mortgage in principle agreed?

But you are not in a position to procced with your ofer, as you don't have a buyer... Not very kind to try to gazump either, OP!

It's not unknown for EAs to fail to pass on offers, because they have a mate who wants it cheaply, or someone else who wants it will give them a cut of the discount. I have personal experience of this sort of carry on, so would be inclined to be a bit suspicious.

However, regardless of other issues, like being more ready, finances, etc., it does happen that a vendor simply prefers one buyer to another. A dd bought a house where someone else (a BTL investor) had made a higher offer, but dd was a FTB and the vendor (it was a probate sale by daughter of the previous owner) preferred a FTB to have it.

What more exactly do you want to do?

I am asking whether we have recourse against the estate agent but not sure we do

look I know you are disappointed but this is ridiculous.

This situation is entirely of your own making. Don't start trying to fling blame at the EAs because you didn't act quickly enough.

You need to let it go, move on and learn from your mistakes.

You could drop a note through the door of the property for the owners saying you'd offer the asking price etc, and that the estate agents have your details, but I don't think much will happen. It sounds as if there were better offers made earlier, yours was low and so probably took you out of the running. Quite likely other people with no chain could move more quickly. Could have even had a cash buyer lined up if it's a do-er upper (investors love those). Very little can come before a buyer with the money ready to go. Sometimes the vendor will need a quick sale as opposed to the best price.

When you hire an estate agent you're getting them to do the work for you and that does include vetting offers etc. For example they won't necessarily show everyone around if a property is in demand, there just aren't enough hours in the day. If they had several offers close to the asking price they might have just presented the one closest.

It's disappointing but I'd let it go.

If you loved the house that much and were in a position to buy it then you should have, not put in an insultingly low offer and then sat on it hoping no one else would buy it, you snooze you loose. Maybe next time you see a house you like you'll put in a sensible offer and actually buy it.

I would drop a note round... nothing to loose..

And as for recourse with the estate agents, what do you actually want?

£20,000 towards another house?
Kick the existing sensible buyers into touch?
Pay for counselling to help you get over losing your property of a lifetime? Even though you put in a stupidly low offer

I mean really what do you want?

@ForgivenessIsDivine I really hope that the vendor tears up that note and doesn't mess about their current buyers.

I think it's an awful thing to do, gasump someone!

The offer that the vendors have accepted on the house may well have been negotiated on the basis that the house would be taken off the market.

DH offered £260k and was told by vendor agent no point putting an offer until we have sold our house If, as you say, you are planning to keep your house and rent it out, then why didn't your DH tell the estate agent that at the time? Also, the EA puts the offers forward to the vendor and the vendor declines or accepts. When a vendor accepts an offer, it really isn't the job of the EA to then contact those who had made lower offers to let them know a higher offer has been made!

It sounds like you put in a low ball offer hoping to get lucky and the real estate agent did not take you seriously and at the time it seems like you gave them the impression you needed to sell your house to pay for it. The real estate agent then presumably got a cash offer, and when you realised you had lost the house, you decided to pay the full asking price (which you said it was worth) and you were prepared to also pay cash.
If in the beginning, the real estate agent thought you needed to sell your house and then they got a cash offer that was presumably what the seller wanted...why would they go back to you?
I'm sorry but unfortunately it sounds like if you wanted the house you needed to have offered more/offered cash after you saw it.

The best you can do is ask EA to let you know if the sale falls through. The bit about EA keeping you informed: did you expect them to contact you every time someone else made an offer? And keep all their other possible buyers informed? They probably meant they would keep you informed if the vendor lowered the price. Their priority is the vendor, as that is who pays them. You offered well below the asking price and it was rejected. You then made an offer despite a sale being agreed with another buyer: the EA won't tell you the sale price, it's not standard practise as it tends to lead to gazumping.

All you can do is drop a note round to the vendors with your details and position, asking to be considered if the current sale doesn’t proceed. Wouldn’t hold your breath though.

I agree with other posters, for your dream house you should have been pulling out all the stops. Hard nosed negotiating only works if your emotions aren’t engaged and you can walk away without a backward glance.

You do seem to have changed your mind during the process (or the thread) about whether the house was worth the asking price or not.

It was worth it to us. We first viewed it and thought it was overpriced due to the state of it. Then we decided we would want it anyway because of where it was and it’s potential.

If you were keen and are in a position to buy I would pop a note through the letter box with your offer, explanation of your circumstances and of conversation with the ea

Why didn’t you tell the estate agent at the time of your original offer that you were proceedable as you were planning to rent yours our rather than sell, and had proof of funds?

You decided that despite the state of it, it was still worth the asking price.

Clearly so did the buyers. This means the property was not overpriced and the vendors were asking a fair and reasonable amount.

A house is only worth what someone is willing to pay for it and in this instance more than one buyer was willing to go full asking price. Therefore your original 12% lower offer was cheeky.

you haven't sold, they'd be mad to take your offer in the current climate!

@AliceRR so why didn't you call back and increase your offer? I really don't understand?

You put in a low offer, saying you had to sell your property?

Vendor rejects offer.

You then decided that you were prepared to increase your offer and do a let to buy.

But none of this you relayed to the estate agent? What recourse do you think you should get?

Or have I got it wrong?

@maddening potentially gazumping the current buyers? Nice!

Thanks for the genuinely helpful responses

I won’t be checking back in as some of you just need to reign it in a bit

Just to clarify the offer we made was fair at the time and reflected work required but after seeing other houses we decided we liked this one. The EA had said he would keep us informed if there were any other offers and this was confirmed when I called the other day as he apologised for not keeping us up to date and telling us about the offer and said he didn’t know why

When my husband spoken to them he was given two different accounts of what had happened and why they were not interested in us

We never said we had to sell our house to buy that one although that was the original intention. We just decided recently that we would pay full asking and do so whilenkeeping current house if need be but we believed the EA when he said he would tell us if there were other offers so that we would have opportunity to up our offer (as we were told there was one other party in a similar position to ours and that the previous offer was £150k!)

The idea that we were unreasonable to put in an offer lower than asking or even to change our view of the house is ridiculous

But at what point did you decide it was worth it? When someone else had offered on it (by which time you were unfortunately too late) or did you decide earlier in the process but not tell the vendor or EA?!