Offer on a house already sold?
Discussion
mcg_ said:
Do you have idea of what houses are worth within your area?
You don't need to be an estate agent to know the rough value of a house if you have the area very well researched.
Really? You said yourself it was rare - so what in your area is truly comparable? Do you know precisely what needs doing to it? Have you read the title documents? There can be all sorts of nasties in those. You don't need to be an estate agent to know the rough value of a house if you have the area very well researched.
Edited by mcg_ on Friday 1st December 12:04
rah1888 said:
alfie2244 said:
Do EA's not have a duty to inform the sellers of all offers made?
Yes.Unless the vendor has informed the EA in writing not to report offers below a certain level.
From the information given so far I would not have said that the OP has made a formal offer.
mcg_ said:
Ok, in my head
Someone elderly has died in it and the estate is being sold. There is no chain.
Estate agent has been round, undervalued it (significantly IMO), sold it to his mate for cash (it is a cash sale he's already said) before it hits the market.
I can't imagine the estate agent is being completely ethical, so why should I be?
If the said EA was undervaluing why on earth would he have told you the house was sold to his friend ? Someone elderly has died in it and the estate is being sold. There is no chain.
Estate agent has been round, undervalued it (significantly IMO), sold it to his mate for cash (it is a cash sale he's already said) before it hits the market.
I can't imagine the estate agent is being completely ethical, so why should I be?
Anyone with an ounce of common sense would not have divulged that little bit of information unless he was really stupid ?
tighnamara said:
mcg_ said:
Ok, in my head
Someone elderly has died in it and the estate is being sold. There is no chain.
Estate agent has been round, undervalued it (significantly IMO), sold it to his mate for cash (it is a cash sale he's already said) before it hits the market.
I can't imagine the estate agent is being completely ethical, so why should I be?
If the said EA was undervaluing why on earth would he have told you the house was sold to his friend ? Someone elderly has died in it and the estate is being sold. There is no chain.
Estate agent has been round, undervalued it (significantly IMO), sold it to his mate for cash (it is a cash sale he's already said) before it hits the market.
I can't imagine the estate agent is being completely ethical, so why should I be?
Anyone with an ounce of common sense would not have divulged that little bit of information unless he was really stupid ?
tighnamara said:
mcg_ said:
Ok, in my head
Someone elderly has died in it and the estate is being sold. There is no chain.
Estate agent has been round, undervalued it (significantly IMO), sold it to his mate for cash (it is a cash sale he's already said) before it hits the market.
I can't imagine the estate agent is being completely ethical, so why should I be?
If the said EA was undervaluing why on earth would he have told you the house was sold to his friend ? Someone elderly has died in it and the estate is being sold. There is no chain.
Estate agent has been round, undervalued it (significantly IMO), sold it to his mate for cash (it is a cash sale he's already said) before it hits the market.
I can't imagine the estate agent is being completely ethical, so why should I be?
Anyone with an ounce of common sense would not have divulged that little bit of information unless he was really stupid ?
It's pretty unlikely that deceased estate went through that quickly - from my experience you get either very greedy relatives after as much as they feel entitled to, or even greedier charities after even more.
Maybe someone is just after a quick and simple sale and told the EA to get something "over £X and we'll take it"
Maybe someone is just after a quick and simple sale and told the EA to get something "over £X and we'll take it"
AlmostUseful said:
It's pretty unlikely that deceased estate went through that quickly - from my experience you get either very greedy relatives after as much as they feel entitled to, or even greedier charities after even more.
Very much this. We were bidding on a deceased estate. Each offer would take 3-4 days to be rejected while the family met. We f
ked it off as the greedy bds were taking the piss. In hindsight a good move as we could not have afforded to do what we now have done. Post a link to it on RM OP, you've nothing to lose!We recently sold our house accepting a full asking price offer after around 7 days of it going for sale.
Around a week after we had accepted the offer we got a letter through the door from someone who stated they had been trying to view but the estate agent had simply ignored them. The letter offered 10k more than whatever we had accepted.
I called the sender of the letter and it turned out the agent had pulled a fast one as the purchaser of our house was also selling via them.
Around a week after we had accepted the offer we got a letter through the door from someone who stated they had been trying to view but the estate agent had simply ignored them. The letter offered 10k more than whatever we had accepted.
I called the sender of the letter and it turned out the agent had pulled a fast one as the purchaser of our house was also selling via them.
alfie2244 said:
Jobbo said:
Are you in a position to buy, OP? Cash purchaser or already sold your house so a complete chain? If you aren't proceedable then it's irrelevant how much you offer.
Assuming they already have a "cash" buyer as stated by the EA.Jobbo said:
alfie2244 said:
Jobbo said:
Are you in a position to buy, OP? Cash purchaser or already sold your house so a complete chain? If you aren't proceedable then it's irrelevant how much you offer.
Assuming they already have a "cash" buyer as stated by the EA.alfie2244 said:
From personal experience, where EA's are involved, I wouldn't assume anything. What if he is in the same position as the original purchaser but offers £20k more?
We can't know more about the original buyer's position, but the OP can tell us more about his own position, so perhaps a bit more info would be useful. If he's not proceedable, he could offer £1m more and it probably wouldn't achieve anything.Jobbo said:
alfie2244 said:
From personal experience, where EA's are involved, I wouldn't assume anything. What if he is in the same position as the original purchaser but offers £20k more?
We can't know more about the original buyer's position, but the OP can tell us more about his own position, so perhaps a bit more info would be useful. If he's not proceedable, he could offer £1m more and it probably wouldn't achieve anything.
He has nothing to lose if he makes an offer, but any offer he makes is going to need to be backed up by evidence he can proceed. That's irrespective of the position of the other buyer.
I bought from a deceased estate earlier this year. 14 bidders, took 3 weeks for my offer to be accepted (the beneficiaries included half a dozen charities) during which time I increased the offer. Anyone with a chain lost out, though the estate took 2 months to get everything signed anyway. And until we completed, the estate would not stop marketing the property. I spoke to the agents regularly and they said they were putting buyers off but that they were regularly getting calls. I paid more than 20% over the price listed, so it's certainly not reasonable to assume the seller has accepted the price shown on Rightmove.
ETA: @Kermit, the SDLT rules changed a couple of years ago so the thresholds no longer cause a large jump in SDLT. You just pay the higher rate on the portion over the threshold now. So it's the absolute level of SDLT which causes transaction numbers to fall, rather than odd little quirks at £250k and £500k.
I bought from a deceased estate earlier this year. 14 bidders, took 3 weeks for my offer to be accepted (the beneficiaries included half a dozen charities) during which time I increased the offer. Anyone with a chain lost out, though the estate took 2 months to get everything signed anyway. And until we completed, the estate would not stop marketing the property. I spoke to the agents regularly and they said they were putting buyers off but that they were regularly getting calls. I paid more than 20% over the price listed, so it's certainly not reasonable to assume the seller has accepted the price shown on Rightmove.
ETA: @Kermit, the SDLT rules changed a couple of years ago so the thresholds no longer cause a large jump in SDLT. You just pay the higher rate on the portion over the threshold now. So it's the absolute level of SDLT which causes transaction numbers to fall, rather than odd little quirks at £250k and £500k.
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