Anyone on here an Estate Agent by any chance???

[lexis200]

I have a little question if you are.

 

There is a house we love but which has currently got an offer on it which has been accepted (yesterday:(. The house has been on the market since at least September, but the moment we get close to possibly being able to get a mortgage it gets an offer:mad:). We can't put in an offer yet as we haven't got the go ahead on a mortgage, but if we do get it the agent told us he'd put the offer through to the vendor.

 

I was just wondering what ethics an agent would have if we put in an offer of x, but with the instruction that if the vendor says no they can offer to go to y? Would they actually put the offer of x through, or would they either just put the offer of y through straight away, or even say 'we have got x but say no and they'll offer y'.

 

We don't want to be to-ing and fro-ing with offers as I guess they'll not want to do that what with the offer having been accepted already, which is why we were wondering about telling the agent our maximum but asking them to start a little lower.

 

Any thoughts appreciated:)

[Mr lex]

I best answer I can give is don't put a better offer in 'till you have a better mortgage offer in place. You can suggest to the vendors agent that you are awaiting an offer but don't let them know what your max is.

 

Remember their duty is to their vendor first, not the buyer. After all the vendor is paying their commission.

 

Lex

Edited July 23, 2010 by Mr lex

[SOD'EM]

I'm sorry Lexis, I don't know what would happen if y was more than x and then transferred back to y.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I was always rubbish at maths.

[lexis200]

I'm sorry Lexis, I don't know what would happen if y was more than x and then transferred back to y.

 

 

 

 

 

 

 

 

 

 

 

I was always rubbish at maths.

 

You're always so helpful Sod'em, thanks:D:p

 

Cheers Mr Lex - I spoke to a friend today who's sold her fair share of houses and she basically said they will just put the higher offer straight in:rolleyes:

 

We'll just have to wait and see I guess.

[Guest Jason King]

Being an estate agent must be the biggest non-job ever.

 

I've bought and sold numerous houses and have never used one, hence, the proof they are not needed.

[caro]

Do you know the circumstances of the person who has made an offer?

 

Often the vendor will look at who is in the best position to move, ie is it a cash sale, is there a chain, is the mortgage in place etc.

[Castlebest]

I'm a quantity surveyor so have the same qualifications as an estate agent, did the basics at college but have never stooped that low

 

EA's are agents for the vendor so assume its the same as talking to the vendor... its their job to get as much money for the house they are selling as they can plus they normaly base the main part of their charge to their client on a percentage of the sale price... so the more they sell for the more they get too so decide how much your willing to pay... has the agent told you how much the offer thats been accepted is?... and make your offer.

 

There is no way around negotiation, if the agent thinks he can get more he will tell his client and they will try to get it out of you.

 

As Caro said the agent/vendor will also look at who is in the best position to buy, ie is it a cash sale, is there a chain, is the mortgage in place etc. so if you dont have to sell and can move quickly you may steal a jump on the other purchaser.

 

pete

[Guest wino]

It is up to the vendor which offer they accept. If they have already accepted an offer then decide to accept yours then you would of 'Gazumped' the first offer. As previously said though just because your offer maybe higher the vendor will weigh up both offers and decide who to go with. Good luck:)