Estate Agents

[dougair]

Weird situation (from my POV). Went to see a bungalow down by the beach on Saturday. Liked the location and plot, agent had usual spiel, very popular, etc etc. We call today to try and get a second viewing tomorrow or anytime this week (we live 2hrs away) and the agent has just told us the vendor has accepted the offer they had on the table…this makes little sense to me, surely the vendor would want all offers on the table before accepting one…I suppose it’s their house at the end of the day.

Has anyone experienced something similar?

[Christian]

Yes...happened a few times. I assume the vendor has been happy with the offer price, and the buyer has made an offer on condition the vendor removes the property from market. From the vendors point of view, maybe they have a cash buyer and the prospect of a solid buyer is worth more than a few extra thousand in the sale.

[mjc1216]

As above probably cash buyer.

Sold mine last year to a cash buyer and probably could have got 5-10k more but no stress and an easy deal for all parties.

[Christian]

Sold my flat last year. Had two interested parties, one offered £5k above the other, the lower offer was a cash buyer. Went with the higher offer at the estate agents recommendation. Two months later, the week before completion, the buyers mortage offer was refused because the bank had changed lending criteria in between the mortgage in principle and final offer. He ended up having to pull out and, being in a chain, I had to go to the other buyer who then offered £5000 less than their previous offer, knowing I was time pressured.

This is the kind of scenario that the vendor is probably trying to avoid. I think with a lot of buyers at their limit of affordability, probably common too.

[dougair]

We could be a cash buyer too…they don’t know. Also, the bungalow is chain free and the old chap is in a home. His daughter is selling and the bungalow is not currently on the land registry so it’s going to take the daughter a while to resolve that issue before any sale can complete…all seems a bit odd to me.

[TimeThoughts]

One of the houses I bought about 20years ago I offered the asking price on condition that the property was immediately taken off the market and no further viewings were allowed. The seller accepted as they were under pressure to move.

It worked out well for me as on other occasions ive got caught in bidding situations and that only goes one way

[jmitch]

We could be a cash buyer too…they don’t know. .

I'm genuinely surprised they dont know and if I was the seller I would not be happy with the agents not knowing before a 1st viewing.

We have just sold our place, one of the cheaper houses in town, 2 bed ex social and even then all of the potential buyers were vetted for source of funds etc before they even got a viewing and anyone without cash or an AiP was refused a viewing.

I thought it was the norm these days. There was no way I wanted random neighbors / tyre kickers wandering around my house in a pandemic, only serious buyers and noone who was already in a chain.

I have also just sold a Birmingham property, that one was vacant but still I said yes/no to all of the 25 viewings after being told about their funds/chain/mortgage etc, and again I didn't allow anyone who wasn't already sold, FTB or investor to view. By doing that we got 37% over our expected price and a totally hassle free sale.

So unless you actually wanted to make an offer, I definitely wouldn't expect an agent to give a second viewing when there are offers in the table already.

[julian2002]

We could be a cash buyer too…they don’t know. Also, the bungalow is chain free and the old chap is in a home. His daughter is selling and the bungalow is not currently on the land registry so it’s going to take the daughter a while to resolve that issue before any sale can complete…all seems a bit odd to me.

When my mum passed we sold her Bungalow which also wasn't on the computerized land registry (bought new by my parents in 1968 for £2500 with no remortgaging etc.) Found the deeds in a bank safety deposit box and that was all that was necessary. If there are no deeds available then it's a world of hurt, requiring proof of residence for x years and sellers insurance to cover the lawsuit if there are future disputes.

I'm so glad we have no plans to move for the foreseeable future, the housing market seems to have gone utterly mad.

[wileeeeeey]

Quite normal but not necessarily in the interest of the agent's client.

You're entitled to make an offer and the agent is legally required to submit it but they're not required to give you a second viewing.

Annoying.

[lew07]

Properties are selling quicker than You can blink round My way currently (South Coast)If you see it advertised you had Best view that day and put in an offer. Waiting to view at the weekend or such like and it will be gone.

[dougair]

Properties are selling quicker than You can blink round My way currently (South Coast)If you see it advertised you had Best view that day and put in an offer. Waiting to view at the weekend or such like and it will be gone.

We’re looking on south coast (Kent and E Sussex) and it is bonkers.

[Dave+63]

We’re looking on south coast (Kent and E Sussex) and it is bonkers.

I’ve a friend who has just sold his three bed terrace in Eastbourne within a week but some of the other properties are taking a little while to sell.

There certainly seem to be few more For Sale boards around rather than boards going up as sold straight away.

Properties are not hanging around for long but the market found here seems to be a little slower than previously.

[subseastu]

I may have a possible career change happening in the next month or so which would involve us moving to Grimsby / NE Lincs area. I've had four local estate agents in so I can see where we are on the ladder so I know what I can look at for our new house price wise. Three of the agents where within £20k of each other but the fourth was approx £60k shy! Essentially he'd gone on Zoopla and compared my (unique on my street) house with some completely dissimilar ones that had sold about 12 - 18 months ago. He just couldn't get his head round the fact you can't compare a smaller mid 3 bed terrace with street parking for one car with mine. I know who I won't be using.

[lewie]

We’re looking on south coast (Kent and E Sussex) and it is bonkers.

Yeh I know - I’m in SE Kent - both places I sold this year went on the 1st day

[JonRA]

Houses near me (Suffolk coast) are not even reaching Rightmove. The agent with a strong local record has a list of interested parties that are notified once a property comes up for sale. They go in days.

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[snowman]

It's not unknown, of course, for Estate Agents to be cherry-picking deals for themselves/friends.

They (or an acquaintance) may have made a lower offer and are now screening better offers.

I know a few people who have suffered from this on either side of a sale.

I'm not saying ALL Estate Agents are untrustworthy, but some definitely are and I suspect the current market situation is exacerbating such behaviour.

M

[Maysie]

It's not unknown, of course, for Estate Agents to be cherry-picking deals for themselves/friends.

They (or an acquaintance) may have made a lower offer and are now screening better offers.

I know a few people who have suffered from this on either side of a sale.

I'm not saying ALL Estate Agents are untrustworthy, but some definitely are and I suspect the current market situation is exacerbating such behaviour.

M

A property developer client of mine has this 'deal' with several local estate agents. The agent offer him properties before they are fully marketed, they know he can pay for them with cash, develop and then flip them again, using them as the agent so they effectively get to sell the same property twice and attract double bubble fees, plus the uplift in value.

[dougair]

It's not unknown, of course, for Estate Agents to be cherry-picking deals for themselves/friends.

They (or an acquaintance) may have made a lower offer and are now screening better offers.

I know a few people who have suffered from this on either side of a sale.

I'm not saying ALL Estate Agents are untrustworthy, but some definitely are and I suspect the current market situation is exacerbating such behaviour.

M

I try not to go straight to the negative but it has crossed my mind. The plot is 5 mins from the beach and big so is ripe for a new build. The agent also has a development arm. I’m hoping it’s nothing quite so underhand though!

[Michael 38]

It took my mate 6 months to buy a house he said they were selling in 2 days but instead of taking the afternoon off work and getting in quick he kept waiting till the weekend and they were gone, as for cash offers I have just accepted an offer on my mums house it was 14k under the highest but was cash and they didn’t need a survey my mrs wanted the higher offer good job it wasn’t hers someone on here and our estate agent said they have known chains to collapse, as mums house is 100 years old the bank could insist on a full survey bringing up who knows what, and the bank could refuse to lend as they don’t think the house is worth what the buyer has offered so I think I have made the right desision

[wileeeeeey]

It took my mate 6 months to buy a house he said they were selling in 2 days but instead of taking the afternoon off work and getting in quick he kept waiting till the weekend and they were gone, as for cash offers I have just accepted an offer on my mums house it was 14k under the highest but was cash and they didn’t need a survey my mrs wanted the higher offer good job it wasn’t hers someone on here and our estate agent said they have known chains to collapse, as mums house is 100 years old the bank could insist on a full survey bringing up who knows what, and the bank could refuse to lend as they don’t think the house is worth what the buyer has offered so I think I have made the right desision

Right call. Amazes me how short sighted people can be.

Cash = 90% chance of having £X in your bank.

Mortgage = 60% chance of having £X +£14k in your bank (or your house moving actually happening).

Which odds do you prefer and is the £14k theoretical?

There are things buyers can do though. HSBC underwrite subject to survey so you're already underwritten for the money meaning the mortgage offer is out within 2 or 3 days of the survey taking place . When we put our offer in around Feb we sent our AIP to the agent along with proof of funds to verify our deposit level, it gave the vendor a lot more confidence and we ended up with the keys.

[Michael 38]

Right call. Amazes me how short sighted people can be.

Cash = 90% chance of having £X in your bank.

Mortgage = 60% chance of having £X +£14k in your bank (or your house moving actually happening).

Which odds do you prefer and is the £14k theoretical?

There are things buyers can do though. HSBC underwrite subject to survey so you're already underwritten for the money meaning the mortgage offer is out within 2 or 3 days of the survey taking place . When we put our offer in around Feb we sent our AIP to the agent along with proof of funds to verify our deposit level, it gave the vendor a lot more confidence and we ended up with the keys.

The 14k wasn’t theoretical but I would properly have to pay capital gains on it if I went with what my mrs wanted and it went tits up it would be me sorting it all out

[wileeeeeey]

The 14k wasn’t theoretical but I would properly have to pay capital gains on it if I went with what my mrs wanted and it went tits up it would be me sorting it all out

It is before a mortgage offer and exchange

[Passenger]

Think you're right...lot to be said for an all cash offer depending on circumstances.