brett1985 Posted November 5, 2014 Report Share Posted November 5, 2014 may not hurt to contact the seller and explain that although you may not be able to offer the higher price, you are in a position to move quickly as a first time buyer. speed of sale can sometimes be worth more than an extra grand or two. i bought my place as a mortgage repo, but 1 week in to the deal another buyer tried to gazzump us to the tune of an extra £5k. i contacted the bank that was selling the house and explained that we had the deposit sat waiting, we were first time buyers so had no chain and that my conveyancing solicitor was actually my cousin and she was happy to make this sale a priority. the bank took exactly 40 minutes to come back to us and say that they had refused the other offer as they wanted the money quickly. the whole proccess of buying our house, from the first viewing to picking up the keys, took 28 days. Quote Link to comment Share on other sites More sharing options...
Mungler Posted November 5, 2014 Report Share Posted November 5, 2014 (edited) What sellers want more than anything in a property transaction is certainty. As Teal rightly says, there is no legally binding deal until an exchange of contracts and you you're a way off that and a lot can happen in the meantime - there's a conveyancing process to come, searches and mortgage offers / conditions and so on. Your strongest play is "no chain and ready to go". The more people in a chain the more can go wrong and if your vendor has been in the market trying to sell for 4 weeks they will be getting the wobbles about now. I'd be minded to cut the estate agent out of the conversation - when we sold our house in April, the first thing we did was get the full contact details of the prospective buyer and got into "bright and breezy" email dialogue to open the door. There were some problems on the staging of exchange and completion and these problems weren't helped by the agents - one big game of Chinese whispers so in the end we cut the agent out and were emailing the buyers direct. It went like a dream after that. Edited November 5, 2014 by Mungler Quote Link to comment Share on other sites More sharing options...
Dan. Posted November 5, 2014 Report Share Posted November 5, 2014 Just been through this system buying my first house, it took an aweful lot of pressure and becoming a nuisance for everyone involved to get what I wanted out of the system. There is A LOT of dirty tricks going on, such as super low valuations for the owner to make them sell to a mate who then re-sells, in the mean time they don't event offer it up on the market. Quote Link to comment Share on other sites More sharing options...
keg Posted November 5, 2014 Report Share Posted November 5, 2014 Gazumping is where one buyer puts in a offer over that of someone who has already agreed a price for a property with a agent / seller. Aha, i sit corrected, wasn't sure. Quote Link to comment Share on other sites More sharing options...
fella Posted November 5, 2014 Report Share Posted November 5, 2014 Do what I did, contact the vendor on facebook and tell them the price you've agreed. They weren't even told that I had made an offer. Quote Link to comment Share on other sites More sharing options...
t_c_mitch Posted November 5, 2014 Report Share Posted November 5, 2014 Regarding whether the estate agent would be trying it on to increase their commission, I don't think it would be worth their while: the sale to them is more important than the price. Hypothetically if they earn 1% from a sale and they sell a house for 200k, they get 2k in commission, if they try and negotiate an extra 10k on the price of the house all the extra hassle is only worth another 100 pounds (and the risk that you pull out of the sale). I'd imagine they would just want the 2k asap and to move on to the next sale... Quote Link to comment Share on other sites More sharing options...
Reeceknight Posted November 5, 2014 Author Report Share Posted November 5, 2014 Had a real thorough read through this chaps, pigeon watch helping again. Thank u all. Answered a few other questions I had there as well . Quote Link to comment Share on other sites More sharing options...
Fisherman Mike Posted November 5, 2014 Report Share Posted November 5, 2014 In the process of trying to buy my first house, quick question as the Internet is bringing up all kind of answers, once a bid is in place from myself, the agent ring back and says iv been out bid fairly sharpish. I get its in there best interest to sell a house as much as they can but can they lie and make up "fake higher" offers to bid me up?I viewed a house that's been on market for a while in the area I have been waiting for for ages, and they said it's priced very high because it's location blah blah blah and hasn't had any offers in 4 weeks but plenty of views, so I thought sod it il go for it, so my offer goes in, house owner declines it and let's me know what he would take for the house, (less than the asking price,) then a few hours later someone offers nearly full wack.obviously this happens I'm just curious Is this a estate agent tactic? Internet seems to say people have caught them doing it?Any advice would be appreciated All estate agents are the lowest form of human life ( even lower than double glazing salesmen) unless proved otherwise... They will stitch the buyer up if it means a few more quid in their pocket. Make an offer once and final and don't be prepared to budge even if it means losing the property...there will be others. Quote Link to comment Share on other sites More sharing options...
Thunderbird Posted November 5, 2014 Report Share Posted November 5, 2014 I'd be minded to cut the estate agent out of the conversation - when we sold our house in April, the first thing we did was get the full contact details of the prospective buyer and got into "bright and breezy" email dialogue to open the door. There were some problems on the staging of exchange and completion and these problems weren't helped by the agents - one big game of Chinese whispers so in the end we cut the agent out and were emailing the buyers direct. It went like a dream after that. What he said. Whilst some estate agents are great and "get" what's going on, and will help both buyer and seller a great deal, if you're on the wrong end of the phone from some spiky-haired-big-tie kid who wouldn't look out of place in a mobile phone shop or rocking up to your front door selling double glazing then you might be struggling with the intricacies of communication. I have saved more than one transaction from certain doom by taking the initiative and talking direct to the buyer/seller. It's not about 'cutting out the agent' - and no disrespect to the good ones (and there are good ones) - but this is too important a transaction to be left to the lowest common denominator. Quote Link to comment Share on other sites More sharing options...
Dougy Posted November 5, 2014 Report Share Posted November 5, 2014 (edited) All estate agents are the lowest form of human life ( even lower than double glazing salesmen) unless proved otherwise... They will stitch the buyer up if it means a few more quid in their pocket. Make an offer once and final and don't be prepared to budge even if it means losing the property...there will be others. So we can assume you have been ill treated by an Estate agent then. I can assure you my wife is highly thought of by most if not nearly all of the sellers and buyers of property's she has finalized sales on over her 20 year career. She receives gifts from both party's, from bouquet's of flower's to time offered in holiday homes up and down the country. She deals with some very nice people and on the flip side some obnoxious,arrogant people that think they own the planet because they are selling a little 500k house in the country and expect the red carpet treatment. But !!! she is pleasant to them all, But hey don't worry i don't take your insults personally Edited November 5, 2014 by Dougy Quote Link to comment Share on other sites More sharing options...
Thunderbird Posted November 5, 2014 Report Share Posted November 5, 2014 She receives gifts from both party's, ....... to time offered in holiday homes up and down the country. So they do take bribes then? Quote Link to comment Share on other sites More sharing options...
Dougy Posted November 5, 2014 Report Share Posted November 5, 2014 So they do take bribes then? Sorry should have said offered. Lol Quote Link to comment Share on other sites More sharing options...
Fisherman Mike Posted November 5, 2014 Report Share Posted November 5, 2014 (edited) So we can assume you have been ill treated by an Estate agent then. I can assure you my wife is highly thought of by most if not nearly all of the sellers and buyers of property's she has finalized sales on over her 20 year career. She receives gifts from both party's, from bouquet's of flower's to time offered in holiday homes up and down the country. She deals with some very nice people and on the flip side some obnoxious,arrogant people that think they own the planet because they are selling a little 500k house in the country and expect the red carpet treatment. But !!! she is pleasant to them all, But hey don't worry i don't take your insults personally Good for her ..obviously an exception to the rule.. My wife under took training 10 years ago when working for a main EA and Property chain it should have been a 12 months course. She left after the 2 week induction because they were essentially grooming her to lie, be deceitful, dishonest and manipulative...it was all about profit, profit, profit. I had some dipstick with a Thomas Pink shirt, yellow corduroy trousers, blazer and faux MCC tie come round to value my property last week...what an utter toss pot... absolutely bloody clueless, asked me what I thought it was worth and then suggested a valuation £100k higher. I sent him away in his Golf Gti with a flea in his ear. Edited November 5, 2014 by Fisherman Mike Quote Link to comment Share on other sites More sharing options...
chady Posted November 5, 2014 Report Share Posted November 5, 2014 A 100k higher?? I would have told him you liked him that much he could of had it with 20k discount lol and he can keep the 20k when he sold it....... 😛 Good for her ..obviously an exception to the rule.. My wife under took training 10 years ago when working for a main EA and Property chain it should have been a 12 months course. She left after the 2 week induction because they were essentially grooming her to lie, be deceitful, dishonest and manipulative...it was all about profit, profit, profit. I had some dipstick with a Thomas Pink shirt, yellow corduroy trousers, blazer and faux MCC tie come round to value my property last week...what an utter toss pot... absolutely bloody clueless, asked me what I thought it was worth and then suggested a valuation £100k higher. I sent him away in his Golf Gti with a flea in his ear. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.