Daughter buying her first house

[Bosswhite]

Welcome to the world of Gazumping !
The Daughter should set a figure on what she can comfortably pay, if the price exceeds that . Walk Away .

 

[JP_]

Sometimes people just want cash offers. Before getting this house I tried to buy another bungalow in the village, I offered £10k more than it was up for, and later discovered that it was sold for £25k less than it went on for - they accepted £35k less to have a developer buy it instead of me!

Some people just want a guarantee it will go through smoothly and quickly - although not sure being a cash buyer really makes much difference if there is no chain.

 

[Ian H]

Yep, no chain, large deposit, decision in principle done and showing she could borrow more. Stinks.

I think she should go and visit the 2 women who are handling the sale to explain that she is genuine.

Good idea about the extra £5000 offer.

 

[IT Minion]

Technically the estate agent had to pass the offer onto the current owner. I think it's a legal requirement.

But that sucks.

 

[sxturbo]

Technically the estate agent had to pass the offer onto the current owner. I think it's a legal requirement.

But that sucks.

*i quoted and posted in error sorry*

 

[Ian H]

Technically the estate agent had to pass the offer onto the current owner. I think it's a legal requirement.

But that sucks.

Yes, I just looked up gazumping and it’s legal.

She has offered another £2000 and asked the estate agent to really explain that she is keen to buy and has everything in place, ready to go.

If not, she is gutted but will take it on the chin.





And I’ll fill the drains with concrete

 

[JP_]

Technically the estate agent had to pass the offer onto the current owner. I think it's a legal requirement.

it is. but like many legal things, it is impossible to prove anything and estate agents are not exactly famed for their honesty and integrity.

 

[johnny2007]

Estate agent making up a cash offer the day after your offer was accepted.
Clear scam to get you to put down a better offer.
Tell them you've seen other properties from other agents and thank them for their services.
You'll get a call next day saying cash buyer died and your offer is back on the table.
At this point you lower it.
I did it a few years ago and, knowing it was risky, I went for it and worked.
It's risky though, the cash buyer could be real.

 

[ETAF]

i was a cash buyer and able to negotiate a deal very easily and as the seller had already exchanged on a property it was a very low offer, sad but thats the world of house buying.
Just be glad she had not had the mortgage arranged a survey , and instructed solicitors to start searches etc and complete the house sell documents , then it would have cost her quite a bit for nothing

Happened to me a couple of times in the 80's on houses.
I also pulled out of 2 houses because of rights of way and advice by solicitor.

good luck, another one will turn up and as said , may be much better , always did with me , I moved myself 7 times and my daughter 3 times

 

[motorbiking]

Don't tell me you are a divorcee?

Marriage been brilliant I earn she spends, she's happy and leaves me alone.

No. I'm talking about Finance only - not emotion. All good until Mrs G runs off with her personal trainer and takes half off everything including future earnings.

****s sake.

The estate agent just called her, said they have a cash offer to match hers and the seller would rather take that.

Yesterday they told her that her offer had been accepted, they marked it as sold STC, e-mailed her a ‘notification of sale’, she has instructed a conveyancer and arranged a meeting with the mortgage people.

Ae are both fuming. She is going to phone them now to try and change their mind.

Estate agent tactic - she's a first time buyer and they think they can squeeze her up a bit.

She tells them she will advise her lawyer to stop work and she sits and waits. Sorry mate but this is why you DONT buy houses this way.

3 houses - 3 offers. Don't play their games.

She has offered another £2000 and asked the estate agent to really explain that she is keen to buy and has everything in place, ready to go.

If not, she is gutted but will take it on the chin.
And I’ll fill the drains with concrete

bait taken then.

 

[motorbiking]

In England, nothing is settled until the final completion.

Either party can pull out at any time.

not quite - liability exists at exchange

 

[johnny2007]

not quite - liability exists at exchange

Correct.
30% of agreed value if I'm not mistaken.

 

[ETAF]

no, lose of deposit between 5/10% paid as cleared funds on exchange and any interest may need to be paid too.
May also be liable for breach of contract, and various other costs

 

[motorbiking]

10% + costs - even if 5% deposit paid.

Anyway - back on topic..

This cash offer thing is B***S***. The agent just covered their fee.

 

[Ian H]

Well we will see. If they accept the offer and the survey turns up anything known or unknown to us we will use it to knock the price back down.

They haven’t got back to her yet, they must be making her sweat on it overnight.