Buying houses, does everyone lie?
Discussion
We have had our house up for sale for a while and have had around 25 viewings. Of these viewings I reckon 20 are people who 'have no chain' or 'don't need to sell their place'
We have now had an offer we are happy with which is actually from someone I know, he does need to sell his house though but should quite quickly.
Anyway, we have seen a house we like, been on for a while, bit pricey, we are going to offer about 9% less. Their agent is in frequent contact with us, asking how our sale is going as he knows we are interested and knows out max figure to bid.
However he is strongly recommending not telling the vendor until ours has sold (I.e when our buyers house has sold). He says because we are offering less and it's been on a while we have more chance of getting it for the lower bid if it goes on a bit longer.
Anyway, my wife was speaking to our friend the other day and she was telling her that the house we want doesn't even know our offer and as such we currently have no chance of it coming off the market. Her friend was gobsmacked that we didn't just lie, just tell the agent we have a complete chain, she said that when her and her husband buy a place they lie through their front teeth to get it.
Which leads me back to all our viewings and other places which have been up for sale recently which we would have been interested in had it not been for 'cash buyers'
So does everyone lie then? I won't be doing it either way as I don't think it's very fair. But I reckon this woman we know may well be right.
We have now had an offer we are happy with which is actually from someone I know, he does need to sell his house though but should quite quickly.
Anyway, we have seen a house we like, been on for a while, bit pricey, we are going to offer about 9% less. Their agent is in frequent contact with us, asking how our sale is going as he knows we are interested and knows out max figure to bid.
However he is strongly recommending not telling the vendor until ours has sold (I.e when our buyers house has sold). He says because we are offering less and it's been on a while we have more chance of getting it for the lower bid if it goes on a bit longer.
Anyway, my wife was speaking to our friend the other day and she was telling her that the house we want doesn't even know our offer and as such we currently have no chance of it coming off the market. Her friend was gobsmacked that we didn't just lie, just tell the agent we have a complete chain, she said that when her and her husband buy a place they lie through their front teeth to get it.
Which leads me back to all our viewings and other places which have been up for sale recently which we would have been interested in had it not been for 'cash buyers'
So does everyone lie then? I won't be doing it either way as I don't think it's very fair. But I reckon this woman we know may well be right.
m3jappa said:
Surely though if you lie and say your house is sold then you start going through the actual buying process which costs money. Say you can't then sell your house what then happens? I suppose everyone is just let down and it falls apart.
A lot of people will feel that one they've gone so far down the process they just keep going.This is why I have always refused to relive my properties from the market until exchange of contracts.
garyhun said:
A lot of people will feel that one they've gone so far down the process they just keep going.
This is why I have always refused to relive my properties from the market until exchange of contracts.
The problem with that though is then more unscrupulous sellers would then take a better offer - which is why people insist it being removed from the market. Not saying you would of course, you seem to have morals. But gazumping is also not uncommon either.This is why I have always refused to relive my properties from the market until exchange of contracts.
Moominho said:
garyhun said:
A lot of people will feel that one they've gone so far down the process they just keep going.
This is why I have always refused to relive my properties from the market until exchange of contracts.
The problem with that though is then more unscrupulous sellers would then take a better offer - which is why people insist it being removed from the market. Not saying you would of course, you seem to have morals. But gazumping is also not uncommon either.This is why I have always refused to relive my properties from the market until exchange of contracts.
The main problem is that the process is completely broken, at least outside of Scotland. We've had our chain fall apart twice and it has cost us about six months and put us back on the market at a fairly slow part of the year, all without penalty to the parties who have decided to change their minds.
I've made a decent living over the years turning houses over for profit , not buying and living in them and selling after a few years , buying solely for renovation and profit as quickly as possible .
I've had the " I'm a cash buyer " who hasn't even finished his own renovation let alone put it on the market , the " what will you take for a cash offer " who has a house to sell , the " my mortgage is approved and I'm ready to complete " who has spoken to someone in the bank and because they said there wouldn't be a problem they believe it and not even signed any paperwork , the " I'm not in a chain " not realising they are because their buyer has only said they have already sold but hasn't completed ,and many other dreamers .
If your buyer is in rented your on your way to a possible sale , otherwise dont believe a word anyone says until you've got the money in your account and you've handed the keys over .
I've had the " I'm a cash buyer " who hasn't even finished his own renovation let alone put it on the market , the " what will you take for a cash offer " who has a house to sell , the " my mortgage is approved and I'm ready to complete " who has spoken to someone in the bank and because they said there wouldn't be a problem they believe it and not even signed any paperwork , the " I'm not in a chain " not realising they are because their buyer has only said they have already sold but hasn't completed ,and many other dreamers .
If your buyer is in rented your on your way to a possible sale , otherwise dont believe a word anyone says until you've got the money in your account and you've handed the keys over .
SuperVM said:
The main problem is that the process is completely broken, at least outside of Scotland. We've had our chain fall apart twice and it has cost us about six months and put us back on the market at a fairly slow part of the year, all without penalty to the parties who have decided to change their minds.
A reason why selling and going into rented can be a good idea. I've been in one chain my entire life, never again.m3jappa said:
However he is strongly recommending not telling the vendor until ours has sold (I.e when our buyers house has sold).
I would assume he's doing that as thinks you'll ask for the house to be taken off the market, whereas he would like it to stay on the market in case a more ready buyer comes along.If you've made an offer he should pass it on though - I think they're legally obliged to.
garyhun said:
SuperVM said:
The main problem is that the process is completely broken, at least outside of Scotland. We've had our chain fall apart twice and it has cost us about six months and put us back on the market at a fairly slow part of the year, all without penalty to the parties who have decided to change their minds.
A reason why selling and going into rented can be a good idea. I've been in one chain my entire life, never again.One point to the OP, any decent agent will phone all the way down the chain to ensure it is complete.
SuperVM said:
The main problem is that the process is completely broken, at least outside of Scotland. We've had our chain fall apart twice and it has cost us about six months and put us back on the market at a fairly slow part of the year, all without penalty to the parties who have decided to change their minds.
Agreed.When I am president of the UK there will be an initial contract formed when the sale price is agreed. Either party can only back out if there are very specific circumstances which can't be resolved.
Why is THEIR estate agent suggesting that you dont submit an offer yet. That is rather odd, it is their job and moral obligation to pass on ANY offer from prospective buyers. Maybe he thinks that the sellers will be tempted and accept thus reducing their commission (if the house was on longer and received a better offer).
Seems quite strange.
Seems quite strange.
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