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Thread: Estate Agents

  1. #1

    Estate Agents

    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?

  2. #2
    Master Christian's Avatar
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    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.

  3. #3
    Master
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    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.

  4. #4
    Grand Master wileeeeeey's Avatar
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    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.

  5. #5
    Master Christian's Avatar
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    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.
    Last edited by Christian; 2nd August 2021 at 17:24.

  6. #6
    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.

  7. #7
    Master TimeThoughts's Avatar
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    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

  8. #8
    I bought 6 months ago and, if the market is anything like what it was then, anything good was selling almost instantly and anything average or bad proved really sticky. We missed out on the first place we liked so we were decisive on the second place and secured it.

  9. #9
    Master
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    This happens all the time lately and as much as I don’t like it, it’s a bit of ‘you snooze, You loose’. We’ve got half a dozen mortgage advisers working for us and hear this all the time from unhappy buyers. People are also putting in silly offers lately.

    That said the vendors may have had an offer that just suits them and don’t want to entertain more viewings - it’s could be price, cash buyers, people they know, no chain, someone that can move very quickly, or a combination of those things.

    Legally the agent has to put forward all offers so you could do that anyway.

    One scenario that I’ve seen numerous times over the years - they may have just really liked the 1st viewers and got on so well that they wanted them to have it. One of my colleagues has two young children and she viewed a bungalow that an elderly widowed lady had owned for 50 odd years. She just really liked her and was so happy it was going to a young family and accepted her offer at full asking. A local solicitor tried offering quite a bit more and the lady just wouldn’t entertain it. She wanted her home to go to a young family. When she moved out she left a long letter saying she was so happy that she knew her place was in good hands.

  10. #10
    Thanks for the comments. I think we’ll offer full asking and see what they say. If it’s not meant to be so be it!

  11. #11
    Quote Originally Posted by Devonian View Post
    One scenario that I’ve seen numerous times over the years - they may have just really liked the 1st viewers and got on so well that they wanted them to have it. One of my colleagues has two young children and she viewed a bungalow that an elderly widowed lady had owned for 50 odd years. She just really liked her and was so happy it was going to a young family and accepted her offer at full asking. A local solicitor tried offering quite a bit more and the lady just wouldn’t entertain it. She wanted her home to go to a young family. When she moved out she left a long letter saying she was so happy that she knew her place was in good hands.
    To be fair that’s how we got our family home. Three kids selling their family home after their mother passed. We met them and talked to them about our plans to restore the house and bring up our family here and we got it despite competition from several others inc developers.

  12. #12
    Master
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    I would be wary of making an offer to someone who has already accepted an offer. What’s to stop them doing the same to you further through the process?

  13. #13
    Grand Master
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    Quote Originally Posted by phil h View Post
    I would be wary of making an offer to someone who has already accepted an offer. What’s to stop them doing the same to you further through the process?
    Agreed. House buying and selling can be a messy business, I was in a similar position as a seller last year, I’d agreed to accept an offer but subsequently received a better offer from someone who had already backed out of one deal. I turned it down because I stand by my word, if I make an agreement I don’t break it. I actually had two buyers trying to do this and I had no wish to deal with them, I take a dim view of being asked to go back on an agreement.

    God loves a trier but once an offer has been accepted and the property is sold I think you have to accept it. As a potential buyer you have to sell yourself and make it clear if you’re a cash buyer with nothing to sell, if you’re in a position to proceed without delay be sure to emphasise that point.

  14. #14
    Quote Originally Posted by walkerwek1958 View Post
    Agreed. House buying and selling can be a messy business, I was in a similar position as a seller last year, I’d agreed to accept an offer but subsequently received a better offer from someone who had already backed out of one deal. I turned it down because I stand by my word, if I make an agreement I don’t break it. I actually had two buyers trying to do this and I had no wish to deal with them, I take a dim view of being asked to go back on an agreement.

    God loves a trier but once an offer has been accepted and the property is sold I think you have to accept it. As a potential buyer you have to sell yourself and make it clear if you’re a cash buyer with nothing to sell, if you’re in a position to proceed without delay be sure to emphasise that point.
    Thanks, all good points. I think we will make clear that this is our offer and leave it on the table. If their deal fall through they know we’re here.

    FYI I have no idea what the offer is they have accepted and we’re not willing to enter into a bidding war.

  15. #15
    Craftsman
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    Quote Originally Posted by dougair View Post
    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.
    Last edited by jmitch; 2nd August 2021 at 22:26.

  16. #16
    Master Onelasttime's Avatar
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    Down here in the old smoke you have 5 minutes to view a house costing nearly a million quid, while a queue of hopeful hipsters waits outside, and you’re then expected to make an offer far in excess of asking price two days later.

    Obviously the sickness is spreading but the agents haven’t yet caught on about how to spread it more effectively.

    They should have been phoning you within 10 minutes of your viewing to say the house had received loads of interest and the seller had already received multiple offers and would you like to offer 10% more than the asking?

    It won’t be long.

    We’re currently looking for a new home and it’s soul destroying.

  17. #17
    Master
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    I recently sold my family home - 8 viewings on the 1st day with 4 offers roughly the same
    I got a good feel from one couple with a young family - I accept their offer (which I felt was fair) and removed it from sale the next day

  18. #18
    Sometimes it is more about keeping things as hassle free and stress free as possible (especially if nagging women are involved).

  19. #19
    Craftsman
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    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.

  20. #20
    Master
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    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.

    Sent from my Pixel 4a using Tapatalk

  21. #21
    Quote Originally Posted by lew07 View Post
    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.

  22. #22
    Grand Master snowman's Avatar
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    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
    Breitling Cosmonaute 809 - What's not to like?

  23. #23
    Master Maysie's Avatar
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    Quote Originally Posted by snowman View Post
    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.

  24. #24
    Quote Originally Posted by snowman View Post
    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!

  25. #25
    Master
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    Quote Originally Posted by dougair View Post
    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.

  26. #26
    Grand Master jwg663's Avatar
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    Quote Originally Posted by lewie View Post
    ...I got a good feel from one couple...
    That'd have swayed it for me too!
    ______

    ​Jim.

  27. #27
    Grand Master Dave+63's Avatar
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    Quote Originally Posted by dougair View Post
    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.

  28. #28
    Master subseastu's Avatar
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    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.

  29. #29
    Master
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    Quote Originally Posted by dougair View Post
    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

  30. #30
    Master
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    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

  31. #31
    Master Onelasttime's Avatar
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    Quote Originally Posted by jwg663 View Post
    That'd have swayed it for me too!
    Happy ending for all concerned

  32. #32
    Grand Master
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    Think you're right...lot to be said for an all cash offer depending on circumstances.

  33. #33
    Master PhilipK's Avatar
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    Quote Originally Posted by Devonian View Post
    One scenario that I’ve seen numerous times over the years - they may have just really liked the 1st viewers and got on so well that they wanted them to have it. One of my colleagues has two young children and she viewed a bungalow that an elderly widowed lady had owned for 50 odd years. She just really liked her and was so happy it was going to a young family and accepted her offer at full asking. A local solicitor tried offering quite a bit more and the lady just wouldn’t entertain it. She wanted her home to go to a young family. When she moved out she left a long letter saying she was so happy that she knew her place was in good hands.
    I was on the opposite side of such a transaction a few years ago. The elderly seller had taken to a young couple who had helped her to open a stuck cupboard door, and even though I was willing to offer over asking, the estate agent said that it would be rejected.

    Fast forward a few weeks, and I got a call from the estate agents to say that the nice young couple had pulled out, and was I still interested. By then, I had already exchanged on another house.

  34. #34
    Grand Master wileeeeeey's Avatar
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    Quote Originally Posted by Michael 38 View Post
    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.

  35. #35
    Master
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    Quote Originally Posted by wileeeeeey View Post
    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

  36. #36
    Grand Master wileeeeeey's Avatar
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    Quote Originally Posted by Michael 38 View Post
    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

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