Estate Agent, This sound right?
Discussion
Just called an estate agent about a property on their files that I fancied having a veiwing of, told them which one it was and they said that the place has had an offer on it. Seemed to get no further than that which I thought kind of strange, all she would say was that it was a 'pretty solid offer'. Would that be reason enough to not allow me to get a look at the property?
I'd have thought that they would have been keen to get someone else through the door who might have made a higher offer if I liked the place enough? Would the seller of the property not be kinda pissed off if they knew this if they hadnt yet officially accepted the other offer?
I'd have thought that they would have been keen to get someone else through the door who might have made a higher offer if I liked the place enough? Would the seller of the property not be kinda pissed off if they knew this if they hadnt yet officially accepted the other offer?
Edited by Scrubs on Wednesday 15th April 13:52
Maybe the offer has been, or is about to be, accepted and that a condition of the offer is that the property is no longer marketed by the agent. A period of exclusivity is not unusual.
However given the way the property market is, you would think agents would be working the market a bit harder.
Yeh, fair points I supose. Just the way she spoke it sounded like it hadnt been accepted yet. I take it that it would make me a bad person to try and contact the seller myself to see if they would like another party with another offer? I'm in Scotland BTW with the 'offers over' system.
This all seems very hazy to me - we were involved in selling FIL's house recently and people were turning up at the door saying the EA had told them it was sold. We had accepted an offer but to my mind it's not sold until completion.
I would have thought it would be good to have a few people in reserve, but by the time the sale got towards exchange, the buyer was able to dick about without fear as the house had effectively been off the market for three months.
I would have thought it would be good to have a few people in reserve, but by the time the sale got towards exchange, the buyer was able to dick about without fear as the house had effectively been off the market for three months.
TedMaul said:
Might just be a useless, lazy and dim EA. They are not all hard working paragons of personal and professional integrity you know.
Yup, if they are on a straight % deal, then having somebody come in and offer (say) an extra £10k on a £300k house will not be worth the extra hassle it will cause them.Ozone said:
Isn't there a no gazumping policy in Scotland? If an agreement has been reached it's binding, as i understand it from my view from the south 
Yes, I believe that an offer, once accepted, is binding in Scotland. Unlike in England where anything goes until Exchange of contracts. So it could be that the vendor has signalled acceptance of the offer but this has not yet been communicated or something...
Thanks for the replies. Might just put a note through the door of the place then with my contact number asking if the offer has been accepted and see if they call me. Have been talked into seeing the estate agents mortgage advisors tomorrow afternoon now (Allen And Harris), so I can imagine I'd be mister popular if the client tells the estate agent what I done..
Edited by Scrubs on Wednesday 15th April 14:21
Scrubs said:
Have been talked into seeing the estate agents mortgage advisors tomorrow afternoon now (Allen And Harris)[/footnote]
Why? Sequnce Mortgages said:
A fee of up to 1.5% of the mortgage amount will be charged. A typical fee is £299.
Either sort it yourself or go to a broker who wont charge you. My two penneth.
I think the advisor/agency paid commission by the lender. This is normal. The typical £299 is an arrangement fee, some charge less some more.
It's often worth speaking to an agencies in house advisor as it not only shows willing/eagerness but you will find that they give to a heads up on new properties or forthcoming price reductions.
I think the advisor/agency paid commission by the lender. This is normal. The typical £299 is an arrangement fee, some charge less some more.
It's often worth speaking to an agencies in house advisor as it not only shows willing/eagerness but you will find that they give to a heads up on new properties or forthcoming price reductions.
Ed.M said:
My two penneth.
I think the advisor/agency paid commission by the lender. This is normal. The typical £299 is an arrangement fee, some charge less some more.
The fee is seperate from the arrangement fee on the mortgage, it is simply the advisor getting double bubble from the sale. They take up to 1.5% from the customer, and the commission from the lender. I think the advisor/agency paid commission by the lender. This is normal. The typical £299 is an arrangement fee, some charge less some more.
The FSA would like all mortgage advisors to charge a fee, currently a lot don't.
Ed.M said:
It's often worth speaking to an agencies in house advisor as it not only shows willing/eagerness but you will find that they give to a heads up on new properties or forthcoming price reductions.
1. It shows nothing of the sort. It simply gives the advisor a chance to make a sale. A cleint having done their homework prior to looking at a house is much better prepared than one sitting down with an in house advisor. 2. it also means the advisor could well give the agent, who is selling you a house, chapter and verse on how much you can really afford.
Scrotal, I can see where you are coming from in terms of a conflict of interests, but look at it from a different perspective.
Two applicants are looking for a property. Is the agent going to feel more inclined to call:
a) The buyer who has been open, non obstructive and the agent knows is really a safe buyer.
b) The buyer who simply states "I've got it sorted"
As the seller of a property I would like to think my agent was showing buyers who are willing and able, not just those who have spent 5 mins on a building society website to get some form of AIP.
Perhaps the balance is someone who has done their homework, then, sits with the advisor at an agency.
With regard to fees I'm unaware of Sequence charging a customer anything other than the £299 fee. The proc. fees as you know are paid by the lender.
I have(and still do) worked with both IFA's and in house advisors, but have pros and cons. To discount either entirely would be blinkered.
Scrubs - When in Allan & Harris tomorrow why not ask how far along the sale is? And if the vendor is happy for viewings to have stopped. If it is has passed a survey and is due to exchange then I would have thought that both vendor and agent would take the "bird in hand" opinion. IF, on the other hand a offer was only accepted yesterday then I would put your offer to them.
Two applicants are looking for a property. Is the agent going to feel more inclined to call:
a) The buyer who has been open, non obstructive and the agent knows is really a safe buyer.
b) The buyer who simply states "I've got it sorted"
As the seller of a property I would like to think my agent was showing buyers who are willing and able, not just those who have spent 5 mins on a building society website to get some form of AIP.
Perhaps the balance is someone who has done their homework, then, sits with the advisor at an agency.
With regard to fees I'm unaware of Sequence charging a customer anything other than the £299 fee. The proc. fees as you know are paid by the lender.
I have(and still do) worked with both IFA's and in house advisors, but have pros and cons. To discount either entirely would be blinkered.
Scrubs - When in Allan & Harris tomorrow why not ask how far along the sale is? And if the vendor is happy for viewings to have stopped. If it is has passed a survey and is due to exchange then I would have thought that both vendor and agent would take the "bird in hand" opinion. IF, on the other hand a offer was only accepted yesterday then I would put your offer to them.
If an offer has been excepted by the vendor that I do not believe its unreasonable for an agent to state 'its under offer'. An agreement has been reached by the vendor and applicant. Why jepodise a transaction in order to perhaps achieve another grand - it hardly makes any difference to the agent - £20 perhaps! Not worth the hassle. As said it if was an offer accepted yesterday then perhaps, but if its been under offer for a couple of weeks, a survey has been done etc then I think its fair enough for the agent to tell you its under offer. Of course it depends on their explicit instructions from the vendor, but most would accept the risk of loosing a proceedable purchaser in the current market by carrying out a viewing with a purchaser that is perhaps not in the same position/or hasn't got lending etc secured is a risk not worth taking IMHO.
Thanks for the replies again...
I got my solicitor to call them up to put in a note of interest today and all they said again was it's under offer. I have put a note through the letter box of the property just to say that if they are interested in any more offers to give me a call. No harm in trying.
Another option my solicitor said was if that he calls up and puts an offer in, then by law the EA will have to let the vendor know.
I got my solicitor to call them up to put in a note of interest today and all they said again was it's under offer. I have put a note through the letter box of the property just to say that if they are interested in any more offers to give me a call. No harm in trying.
Another option my solicitor said was if that he calls up and puts an offer in, then by law the EA will have to let the vendor know.
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