Pushy EA (first time buyer)

[lockdownlucylu]

Hi all, would be great to have some advice on this.

Looking to buy a property in a big UK city as a FTB. Property originally priced at £Xk, I offered over but was declined in favour of someone else who offered slightly more. Now their offer shows no sign of materialising so I am next down the list - have deposit of c.80% compared to theirs of 10% which I am hoping will be helpful atm.

Have a viewing booked this week but EA playing hardball and saying they need an idea of my offer before the viewing. Am I ok to say not more than the original offer & not give figures yet - and that I will be in a better place to give these after viewing? I imagine they want to lock me in at my last offer which was over asking price which I won't be doing in this current climate...

Can anyone advise? Thanks!

@lockdownlucylu

The other estate agents I am dealing with have been significantly easier to communicate with and dealt with me in a more reliable and professional way.

I'd highlight the lack of professionalism, but otherwise, a good email.

Could the other buyer have reduced offer and not dropped out. Hence why they are desperate for a quick offer from you so they can push original buyer to stick to their original by saying another offer on the table?

Agree that this sounds plausible, and the EA may be under pressure to try to find somebody willing to offer more before sellers feel forced to accept lower offer. When they said property was 'back on the market' have you evidenced this? Guessing if it's not being advertised, it's not back on, and they're just fishing for a higher offer, but obviously have a short time-frame, hence why he's been so unreasonable with you.

In any case, I still think you'll find something quite good at auction for a lower price. I looked in similar areas, eventually settling on FH but there were lots of properties coming up. Noticed lots on auction too. Don't worry!!!

Estate agents are not bad people but they run a business not a charity.
This sounds like it might not work.
Look for another property. It could be one of a hundred reasons it is not working out- sellers divorcing, deciding not to move, estate agent is keeping if for someone else etc etc.
It might be an idea to wait if this purchase means you have a big mortgage commitment, who knows how things will go with CV Fter lockdown.

It will definitely be a buyers market post corona and with a big deposit you should be able to pick up a bargain quite easily OP.

Don't be too fussed over this one, you really don't need to bother with aggressive and unhelpful EAs.

"Estate agents ...run a business not a charity. Look for another property. It could be one of a hundred reasons it is not working out- sellers divorcing, deciding not to move, estate agent is keeping if for someone else etc etc."

Sounds to me like they want to keep the business 'in house' and would prefer a buyer that is also selling with them and maybe get them to arrange a mortgage too?!

If you send the email I think you will burn your bridge with that agency. What happens if your dream house comes up with them? I agree they have been unprofessional....they sound like a nightmare but I'd make it milder and just say as you haven't heard back you assume house now off market.

They sound like arses. But I agree with pp. what if your ideal place came up with them? I think this burns your bridges with them.

But then maybe you'll never want to do business with them again anyway?! I'm not sure I could.

I would probably tone it down too. Say you haven't heard back so assume it's no longer on the table. Is it a small estate agents? A chain? Just trying to see how much cutting them off will actually affect you.

But the market should be at your feet right now. Sellers should be wooing you. Ps and that's a lovely area from a fellow ex-SE Londoner

@areallthenamesusedup Doubtful. EAs need people like OP more than OP needs them.

I had a shit situation with the agency I purchased from. I had a viewing scheduled for the property I ended up purchasing, and when I called on the day of viewing to check it was still going ahead, I was told that the seller had decided to take it off the market (It had been on the market for 6 months) and would instead be looking to rent. When I asked why nobody had bothered to contact me, given I'd kept my Saturday morning free for this purpose, they got really shitty with me.

Two days later I sent an email of complaint to a generic inbox, informing them of how unprofessional they had been, and emphasising the fact that I was a FTB (with a substantial deposit & MiP) and essentially ready to move. The branch manager contacted me direct, apologised and told me he'd reach out to the vendor on my behalf. Cut a long story short but after some toing and froing, I managed to secure the flat. I was so pissed off with the way the other EAs had behaved that I was willing to walk away, but out of principle, I felt it was right to complain. My complaint helped and for the duration of the sale, I only dealt with the branch manager direct and that made the process much easier for me. Complaining does help. I don't believe they would 'blacklist' somebody in OP's position because she's 'hurt their feeling'.

Thanks all for the help!

I spoke to another negotiator who has a lot more helpful and apologised.

Turns out an offer was accepted this morning?! What are the chances... Feel pretty sure I was being used as a bargaining chip to get party no2's offer up/get them back in the game again...

SO disappointed.

@Smallgoon Hi (future - hopefully) neighbour! Any local EAs you would recommend? I was dealing with Stanford Estates - all i can say is avoid like the plague!!!!

We had a brilliant experience with Pedder in forest hill, not sure what the rest of their branches were like.

Next time around make sure you do at least two viewings in a property before making an offer. I buy and sell for a living and two or three viewings are normal. If the agent gets funny about it they aren't doing their job. This is the most expensive purchase of your life after all.
By the way I'm surprised the agent was going to let you view with other members of your family unless they are part of your household. That is against current guidelines.

Turns out an offer was accepted this morning?! What are the chances... Feel pretty sure I was being used as a bargaining chip to get party no2's offer up/get them back in the game again...

How annoying, they were clearly trying to use you as leverage. Unprofessional but not unsurprising for EAs. Did the other EA mention what the offer price was?

My purchase was through Acorn who were very hit and miss. They seem to have very good online reviews though.

I've heard good things about Pedder. When I was actively looking for property, I found that KFH and Keating were quite good for south/south east london.

That's annoying. But even if an offer was accepted it's still a long way from a sale.

Op, welcome to the world of estate agents. They are quite unique.

The thing is OP - it doesn’t matter what agency you use - they work for the seller - that’s who they have a duty to - not the buyer.
While it sounds like this guy wasn’t professional in how he dealt with you, the fact is - you’re going to end up using the agent with the property that you want - it’s sellers who have a choice, not buyers really.

Oh and I’m fairly nearby, its a great area

That's annoying. But even if an offer was accepted it's still a long way from a sale

This is a good point too, and I'd say in the current market, it's more likely sales won't go through. Seems to me that buyers are agreeing to sales, knowing that in a month's time, they'll probably renege and try to lower their initial offer.

They often pull this sort of stunt when they have more than one interested purchaser, especially if one is not a FTB and has a property of their own for sale through the same agent. The agent gets commission twice then. They're not supposed to do it, but they do.

Or of course it might be being bought by one of their 'property management' mates as a buy to let.

Hi OP, I just had a quick squizz at Rightmove. If you filter ‘auction only’ there are a number of three bedders available in comparable/similar zones of London to the one you are looking at. More if you move further afield. I’d seriously consider this as an option as once furlough ends and lockdown lifts repossessions will be likely. Things to get you started: general (but not all) reasons a property is on the market via auction; Financial difficulty/repossession; probate; certainty in the sale/quick cash release. It may also be unmortagable owing to a stalled renovation so no kitchen:bathroom so not habitable. Flats - do your homework. Leases under 72 years are difficult to mortgage. A certain % of flats in one block also means a mortgage company may refuse. Check that all maintenance and ground rent is up to date (or you are liable for this once you own it) have they issued notice that a large maintenance is due? Roof/glazing/cladding issues etc? If yes, you’ll be liable for that too. Houses are more straightforward but check for flying freeholds, Japanese knotweed, flooding, fire Damage, subsidence etc. With any auction property, check it comes with vacant possession or you’ll have bought yourself a problem. Generally I have a good read of the auction pack if I think I can proceed I draw up a renovation spreadsheet to see what likely cost is involved then I ask my conveyancer to give the pack the once over for a fee. If she says yes, it goes on the list with an upper limit I will pay. Bear in mind a high street solicitor will be overly cautious (and may not be experienced with an auction pack) so try to find someone who can explain the risks to you clearly. I don’t need finance so I always use the auction as an efficient method of purchase. When the hammer goes down you exchange contracts there and then. Usually completion is 30 days after that but I have completed in some cases within 7 days.

Watch a few episodes of good old homes under the hammer to get a feel.

I do wish you all the best!

Reading back they did say there was another offer though.

The other offer was accepted.

However you were asked if you were going to offer and actually told they needed a best and final offer but you declined to put one forward.

As the SeasonFinale did put it.
it was risk you took and got disappointed.
if you like a property don't assume as a buyer you're in strong position.
very common, best and final, they had deadline.

one thing i can assure you, you will forget about it once you spot another property you like...hunt goes ON.

I'll tell you what happened.

You were too good a buyer. Someone else came out of the wings and he decided for whatever reason best to go with them. So effectively put you off.

Even though an offer has been accepted, they are still legally bound to put your offer forwards.

Personally this kind of playing God by agents really annoys me. I would put a note through the door of the vendor. Say you wanted to view again and make a serious offer but he made it difficult and then suddenly said best and final and gone. You may well have been a better bet for the vendor. They ought to know about this.

Ultimately the vendor should choose, and it's always better to have more offers to choose from. Something fishy here. I'd flag it up to the vendor.

Ponchek - the agent ahd already put her offer forward but they had gone with someone else who dropped out.

The agent came back and asked if they wanted to honour the original offer but OP would not commit - so at this point there was no offer in.

Agent then said there was another offer and they were going straight to best and final offers. OP declined to put in a best and final. From reading what she has posted she did not believe there was another offer and thought the agent was being dodgy.

The agent seems to have been doing what he is paid to do - acting on his client's instructions.

@SeasonFinale "The agent seems to have been doing what he is paid to do - acting on his client's instructions."

You are surmising. For sure he was selling their property but did he get the best price for them. We only have the OPs description but if I was the seller I'd have wanted my EA to have dealt with another 'buyer' better than it sounds like they did.

when i give best and final offer i stick to them, otherwise isn't best & final.
even when i was selling, went for best&final deadline, one unlucky buyer tried to revise his B&F i said no.
house buying/selling teaches you to be firm and precise.
doesn't matter what OP offer after the deadline.