Roaring Chubby
Winger
Exactly. An online, locked portal should be used so the seller and bidders know that they arent the mercy of what info agents choose to share or not share
Best and final offers - houses
- Thread starter rentaghost
- Start date
Exactly. An online, locked portal should be used so the seller and bidders know that they arent the mercy of what info agents choose to share or not share
42
Striker
Pretty much my thoughts. Thought this carry on was a London thing?
My current house was a part ex new build, but did try & sell it initially, and had none of this carry on.
Charlestonian
Winger
Yes, the Mrs wanted a house in January, contacted the agent, they already had an offer, we viewed it 5 days later (soonest appointment, apparently) and offered the same day, at the asking price.
Agent came back the next day to advise the other buyer had offered £15k over asking, we let it go.
We’ve found something else in the mean time that we like more, the agent came back to me last week and it was with great delight I told him we were sorted, because they were shite to deal with.
Standard practice in any hot market it seems. It's definitely the case around here in Manchester anyway as we bought ours this way a few months ago. We were in no position to fuck around so just went in at the top end of what we thought it was worth.
Ended up negotiating the price down once we'd had the building survey undertaken anyway as a few (not really essential) bits needed sorting out.
It's a shit system like and it's mad how much estate agents inflate the market with it.
Ended up negotiating the price down once we'd had the building survey undertaken anyway as a few (not really essential) bits needed sorting out.
It's a shit system like and it's mad how much estate agents inflate the market with it.
It happened to a friend of mine , the person that bought it worked for the estate agent……
pfoz88
Midfield
When we bought our house 10 years back, I had to make several offers before a price was agreed. A couple that were below, then asking price, we then ended up 7g over asking. I later found out the woman we were buying from worked in the estate agents. Maybe dodgy maybe not, but I did get the feeling we were played regarding whether there were other bids or not. Fact is your over a barrel when it's something you really want.
When buying my last house, we knew the seller, viewed the house agreed the price and she asked the Estate Agents to take it of the market. They agreed but as they had other interested parties, kept ringing the seller with better offers even though we had agreed everything. It went on for weeks with the other parties adding a few K to their offer through the agents. Vermin the lot of them.
The Great Soprendo
Striker
Best way as a seller to keep the estate agent honest is to agree a fixed fee with them, rather than a % of sale.
DisillusionedOldGit
Winger
Same here. It was their valuer. They were telling prospective viewers it was sold .
Charmless Man
Striker
Usually the mortgage valuation that knocks it back down isn’t it?
Which interesting as I understand most mortgage valuations consist of driving past the house and confirming there is a house there these days
Yeah if it’s the buyers surveyor.
If the lender says it’s not worth the money through…
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DisillusionedOldGit
Winger
What if there's no mortgage involved ? A drinking mate of mine used that valuation method 40 years ago . If a similar house was nearby he just used the price it was up for .Usually the mortgage valuation that knocks it back down isn’t it?
Which interesting as I understand most mortgage valuations consist of driving past the house and confirming there is a house there these days
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Charmless Man
Striker
If there’s no mortgage involved then it’s just a negotiation between the two parties surely.
A surveyor can say x, y and z need doing but the vendor has no obligation to accept less.
Of course depending on what it is they might need to be realistic if they want to sell.
I’ve had a buyer try to knock 10k off over some completely minor things. I just said no.
DisillusionedOldGit
Winger
Agents sell loads of properties where no mortgages are in involved . I had a 5k reduction demanded for "evidence of damp" it was a cup ring . I was still stitched up like a kipper on that deal . I was desperate to get away and wasn't thinking straight at the time . I know an estate agent in Durham who every house that comes up in student land under the guise of being property developer . Which of course , he is . He is also a massive twat .
BILLY BUS PASS
Midfield
Pretty sure I remember a mate of mine saying at the time houses in Aberdeen were around 10% over asking price and you would struggle getting a mortgage to cover the extra 10% so had to pump it in yourself.
DoctorMick
Striker
Some of them used to be "desktop surveys" which is basically Google Maps Street View! Not sure if that still happens, I bet it does.Usually the mortgage valuation that knocks it back down isn’t it?
Which interesting as I understand most mortgage valuations consist of driving past the house and confirming there is a house there these days
Charmless Man
Striker
Wouldn’t surprise me at all to be fair.
There’s no way it’s cost effective for them to actually go and inspect probably 99% of houses.
DisillusionedOldGit
Winger
When every house in the country had to be valued for the council tax it was usually estate agents who did it . Very often in areas they knew nothing about . They would drive into somewhere like Hasting Hill and value all the semis at the same price all the detached the same and all the bungalows . Thousands of people must still be in the wrong band .
Usually the mortgage valuation that knocks it back down isn’t it?
Which interesting as I understand most mortgage valuations consist of driving past the house and confirming there is a house there these days
Yeah if it’s the buyers surveyor.
If the lender says it’s not worth the money through…
We had to get them to come back and do a proper valuation for a remortgage as the drive-by hadn't factored in the three-room loft conversion we'd added.
Neb_Safc
Striker
Can't speak for others it's what we do, I've had vendors accept lower offers before on best and final offers. (Loads of factors, finance etc)
It's a legal requirement to put offers to the vendor even though it was 'taken off the market' they were doing their job exactly how they should be.
Usually the mortgage valuation that knocks it back down isn’t it?
Which interesting as I understand most mortgage valuations consist of driving past the house and confirming there is a house there these days
Yeah if it’s the buyers surveyor.
If the lender says it’s not worth the money through…
Happens loads that, shortage of surveyors ain't there
Mainly for remortgages. Get about 5 a week.
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