Spotted a place; a bit run down, great area/house/garden etc.

Thing is, spoke to agents this morning – they’re being a bit cagey (no surprise), apparently it’s company owner and an offer is in already. I asked whether this would be published and was told that this company wasn’t required to do so – A suggestion from someone else, is it could be that it’s in the hands of one of those “we buy any house type” places rather than direct repo from the bank?

Viewing arranged for tomorrow, with another person (I hate that arrangement!).

Question is; I’m toying with the idea of putting an offer in today to see if I can negotiate if accepted, all bets are off, viewings cancelled etc. “Subject to being structurally sound, serious offer of xyz and I have eveything in place to complete, can you confirm if acceptable by end of day” kind of thing?

Anyone done similar, or will it likely backfire, in that they don’t get back to me today, delay the reponse and go ahead with viewings tomorrow announcing with glee to all in attenance that’s there’s another offer in, to whip up frenzy?

No experience to draw upon here…

in my experience they wont accept your offer until you’ve done a viewing

We bought a house from M&S (really).

They’d relocated a manager and bought his house as a part of the deal.

Took *forever* to get the offer accepted (well about 10 days) as it had to go through a corporate signing off process.

Having said that they agreed a price 20% less than the asking price and stopped marketing/showing people around and we moved in 5 weeks later so it wasn’t too bad after the first wait.

If your seller is prepared to accept your offer after accepting one elsewhere you shoudl look to complete asap before they do the same with someone else offerign more…

if an offers in

its highly likely your going to pay over the odds in the end ime.

i declined to get engaged in a similar set up. liked the house alot but glad i didnt bother in the end.

winning party payed 80k more than asking (in january last year no less)

Have your viewing then submit your offer if you’re still keen. If it’s a “final and highest offer” type thang then that what’s you’ll need to bear in mind. Unlikely you’ll get any guidance from the agent, but no harm in asking.

ALso, if it’s as run down as you say, then your surveyors report may will uncover a whole load of hidden costs. Likewise the lender’s report may put a retention on some of this work if it’s structural or similar. Hence I’d be looking at a building survey and not a pi55y HBR. If you have a builder mate then take him round tomorrow too.

I didn’t realise this, but if someone has viewed a property and makes an offer even if another offer has been accepted; the agent is legally obliged to inform the vendor of your offer.
From a buyers POV, the less veiwings on a property the better.

Ok thanks, in that case I’ll just view tomorrow and stick very best offer in. It’s easily worth more than asking price so hopefully stick my max in, promote I’ve got eveything in place and fingers crossed 😕

*expecting to be disappointed*

I was hoping it was you that viewed my cottage at 11.30am…

Sadly… i’m thinking it wasn’t LOL.

promote I’ve got eveything in place

You at least have a mortgage offer in principle?

Yup.

Ok thanks, in that case I’ll just view tomorrow and stick very best offer in. It’s easily worth more than asking price so hopefully stick my max in, promote I’ve got eveything in place and fingers crossed

I would confirm with the agent that it is a maximum bid type affair before going in with a maximum offer. Just remember the agent is probably on a percentage commission so the more they talk you into going in high the better for them.

I would also get a good survey done on a property that is run down as well as that can highlight some costly issues.

Thanks, I’m walking away from this one though – a toxic little process in play.

Basically, it’s only been on the market 2 weeks and “a number” of offers have been accepted by the “company” seller, but their terms are that once an offer has been accepted, it still remains on the market!

As I understand, this would be relatively normal for a repossession, but a public notice would go out straight away with the offer price – 28 days to respond.

First member of staff said that this wouldn’t be subject to a public notice as the “company” didn’t want that, but second member of staff said (nervously) that a public notice will be made, but the last offer was 10 days ago and they still haven’t put it on the 28 day notice.

So people are queuing up (as it’s under-priced) and are making offers, without knowing what the current best offer is, and all the while the estate agents are not listing on public notice.

I was then asked whether I needed to be making an offer above asking price. “Yes” was the response. Seems borderline illegal to me, for a ‘normal’ sale, but I’m not getting involved. I saw a glance at the amount of viewings that had been booked and at a guess there was over 50, for a property that has been on market for 14 days.

Nasty.

Thanks for advice though 😀

btw what happened about that bike thing Mr Bear, the thread disappeared!

STW good news story:

http://singletrackworld.com/forum/topic/gold-klein-stolen-from-manchester-city-centre/page/2

I cannot be arsed to read all this above.
Suffice to say, estate agents are jeffing lying scum who will make up any old crap to put the frighteners on you.
My experience is from buying 4 of my own and 35 of my clients when I was a part time managing agent.
Lying, lying scum.
Do not believe anything they tell you.
(apologies if any of you have said this already)

Agreed. However, it is underpriced and the whole “offer but it’s going to remain on the market” just stinks.

I have no reason to not believe offers have been made, and above asking price as it’s worth 30% over asking price.

It seems like a 99p eBay action mentality, to build some frenzy where people imagine they may think they will be the owner, and as a result pay over worth.

to build some frenzy where people imagine they may think they will be the owner, and as a result pay over worth.

zactly

If you think it’s proper dodgy then speak to the Property Ombudsman.

On an offer, if it is made to the agent then they are legally bound to report it to their client. This is not conditional on you viewing the property.

As a Chartered Surveyor, I always make clear to a resi agent that I know this fact as I know what they are like!

If they do not report the offer then there is options available to you.

Always make an offer in writing, subject to contract and any other conditions that you feel are necessary.

Always make an offer in writing, subject to contract and any other conditions that you feel are necessary.

Oh, top tip thanks.