I've found a property that I'd like to buy with the price being OIEO £425k, I've put an offer in for £431k that was declined and now had one accepted at £438k. FYI - the property was on for £450k last year and didn't sell.
My property went on with Purple Bricks two weeks ago with surprisingly no interest as yet. However, the estate agent selling the property I want has come to me and said she will sell my property for £2k to be paid on completion, so no money upfront for me at this point.
She's now gone to the vendor and asked them if they will take their property off the market if I sell with the same estate agents.
They've come back saying they will take it off the market for two weeks but only if I go up to £440k.
This is the first property I've bought / sold so not sure what to go back with. Shall I ask for four weeks or ask for them to take it off completely if I pay go to £440k. This is the most I want to pay.
Any advice welcome please !
So they have accepted your offer at £438k. You need to sell your house to buy the new one, for an additional £2k they will take it off the market to allow you to sell your house within 2 weeks.
Sounds crazy and if you can't buy the new house without selling your current house you are in a bit of a spot.
I would go for as much time as you can get.
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All depends on how much you want that house.
Sounds like the vendors are trying to gouge you - and may even be in cahoots with the selling agent.
If you don't sell yours you are no worse off, the extra 3k won't hurt over the length of a mortgage. How much do you want the house?
Fair offer which holds the house for a pre-agreed period, allowing you to sell your own.
If you don't sell yours within the time agreed, yes you lose the house, but as it's not an upfront payment, it has cost you nothing.
I wouldn't have let you view my house without a sale on your own, so you're not doing too bad imho and the agent seems to be working with you both to get you both what you want - nothing more sinister as one poster purports.
I'd push for a month but otherwise seems an ok deal. If you don't sell yours you're no worse off.
Most agents will qualify a potential purchasers re position to buy but not letting you see it would be entirely counter productive, who kows what other alternatives may become an option if you really want it!
Check your contract with Purple Bricks to ensure you can sell via the new agent without paying anything to them or have you just paid them upfront in which case that cost is lost?
I agree it would be best to try for a month to sell your house.
The agents are trying to maximize their fees within the chain of transactions and that means a conflict of interest because what advice would they give their existing client (your seller) if it meant losing your sale to a buyer,if you follow me?
The agents will do their bestnto have 2 fees rather than one.
That might work in your interest...or not..depends on events.
House next door but one has just sold via purple bricks
After 2 years and numerous reductions mind....
We've just exchanged via an agent for a good price,rather quicker
Any good house well priced should sell though either way
I'd go for the 4 weeks, accept that the agent has a conflict of interest, but given potential loss of 2 fees if they don't sell your house you may find they market it a bit harder!
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Property is not selling fast at the moment, things have definitely slowed as we are coming up to the summer holidays. Vendors prices are still very top end, then usually reduced 6 weeks later.
More a buyers market at the moment in Herts/beds
I wouldn't necessarily trust that the vendor has said they want you to use the same estate agents. My impression is that a lot of agents will say things like that to try to get you to use them.
I thought you always pay the agent on completion?
Personally I can never understand why anyone would take their house off the market to a buyer who isn't yet sale agreed - reality is it means nothing. They have no idea if your house will sell easily or not, if it's over priced or loads of other things. It's hard enough trying to tie up a chain that's all agreed anyway with mortgages and search problems and people actually coming up with the money.
Also you could agree to any terms that they set you and change your mind at the last minute so it isn't binding. If I was selling my house I'd provisionally accept your offer but tell you I'd keep it open for viewings until you're sale agreed (and mortgage was approved too).
Also as previously stated you need to check what you've signed with PB as you could be liable.
Your agent is an absolute novice. You need to sell in order to buy and you don't even have an offer on your property. As it stands you are what is known as an unproceedable buyer.
There is a strong chance your offer will change depending on what you get (or don't get) for the place you are selling. Therefore your offer is labelled as a reckless offer and the agent hasn't done their job properly and could even be reported to their redress scheme because of it.
"Hi, I have someone who needs to sell in order to buy, has no interest in the place they're trying to sell let alone an offer but they would like to make a totally unproceedable offer on your place and even have the stones to ask that you take it off the market completely. Hello? Hello...?"
Thinking about this further it all sounds a bit fishy to me. The seller can put their house back on the market at any time and there's nothing the OP can do about but in the meantime they would've signed a contract with the agent committing them to paying £2k commission if the house sells (probably with a 3 month exclusivity clause).
A few months ago we had an offer accepted on a property before we had sold our house. The seller supposedly said they wanted us to instruct a solicitor but a week later they put the property back on the market. A week or 2 later we did sell and the property was still availble but the sellers were an absolute nightmare and after 6 months of problems the sellers pulled out days before exchange (luckily we then found a much nicer property and it went through in 3 weeks!).
I would never put an offer in for house now if I hadn't sold (and vice versa if I was selling), even if the seller excepts it doesn't really mean anything.
It became apparent last time we moved that despite scouring the classifieds for suitable properties for months we really only had the choice of stuff on the market for a couple of weeks after we had accepted an offer on ours. Otherwise a chain just got far to long winded.
However all sorts of deals and arrangements get made to allow sales. One couple I know wanted a house so much they paid £2000 a month to a vendor (there was a contract) for a maximum of 12 weeks for keeping his house off the market to allow then to sell. If they did the monies paid came off the agreed price. If not they lost it. They sold in 6 weeks and all was well.
This case depends on how many offers the vendor has had. Yes it only takes one but if its been around for a while then this sort of deal makes sense. Its in everyone's best interests, vendors/buyers and EA.
Yes it could all fall apart but then again it might not and noone has paid anything yet.
Certainly something I'd consider with due diligence, either as a buyer or seller.
Thanks for all the advice.
I've said to them I'll go no more than the agreed £438k and they've said they will keep it off the market for two weeks.
EA coming over tomorrow afternoon to value my property and see where we go from there. I will ask for something in writing re keeping it off the market.
Ha ha! You're funneeee........... !Originally Posted by sarky
(Sorry - I meant 'gullible' )
You lot up there get your hand held whilst buying property, so your comments are, well, wrong.
In the context the OP has outlined, he's been offered an option. He can excercise said option, or run the gauntlet and hope his sells before the one he wants, plus save two grand.
The agent will do their best to sell and earn one commission, or possibly two. Nothing more.
Anyone keeping their house off the market for two weeks when yours hasn't even had an offer is insane. This isn't normal. At all.
Agreed, what do they expect to happen in two weeks? Maybe two months but that would be pushing it.
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If its brand new to the market (it isn't even listed currently as I understand) plenty can happen in 2 weeks. A popular house in a good area could easily be gone in 2 weeks allowing the chain to move forward. It might not but it isn't long to wait. Again sounds a reasonable deal for all concerned.
reply and tell the seller, that you will now only offer £2K below the accepted price, if they choke at that, tell them to go do one.
watch them crawl back for your previous offer, pair of chancers.
Seems very odd to me why anyone would even accept an offer on their property from someone who doesn't yet have their property on the market.
Albeit I have never understood why people make offers on houses when they are not in a position to move forward either, so it cuts both ways I guess.
Buying and selling houses is a total PITA as there are so many time-wasting tyre kickers. We had one couple view our house 3 times, with both sets of parents in tow etc, then proceeded to announce that they had to sell their two flats so could not move forward anyway.
The whole house buying process in England needs a reform to stop the silly games that people can still play right up until the final hour, which just should not be allowed to take place.
The property market is cooling off IMHO and that may be why they are prepared to wait for you to get yous sale in order.
Hope it sells quickly for you.
You might get an offer in two weeks. But that in itself is meaningless. For example someone might play silly buggers and ask for an extra 2k after agreeing a price!!!
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Yep, there's always that risk but then there is on any sale. Offers are entirely meaningless right up to the point of exchange, people can and do change their minds, deliberately or otherwise.
Not with a lot of online agents, they charge an up front fee whether you sell or not (or you can pay on completion but the fee is higher). As one previous poster said check the T&C with Purple Bricks to make sure you can move agents.
If they've charged up front where is the incentive to get the best deal for you as a seller??? Sounds like a disaster to me!
There isn't and that's the biggest complaint about them from high street agents.
Lots of good comments here, especially the ones re motivation to sell by PB. This was the first thing the EA said, they effectively have their money up front so are just waiting for people to hit the websites. Whereas an EA will be working their way through through their contacts and colleagues contacts to shift the property to earn their commission.
After thinking about this and digesting the comments here I've come to the conclusion the seller can increase their asking price at any time as I've not signed anything to suggest my offer is final.
The EA came out yesterday to me and gave me confidence they will put every effort in to sell my property. I've negotiated a decent price with them to use their services so I'm effectively advertising with two agents for less than the typical 1.8% +VAT if using a high street EA...one of them just needs to get some viewings now !
And to make matters worse a load of travellers turned up last night and have made camp around the corner of where I live !!! Cue an email to Warwick DC last night.
Last edited by gavsw20; 18th July 2017 at 07:52.
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