Buying a house and making an offer

[Pond digger]

Thought I’d post this here as well.

If you put an offer in to the estate agents, would you expect them to let you know if a better offer is made, in order to give you a chance to improve on your’s? Or, should you specifically ask to be kept informed? Just not sure of the protocol.

Thanks

 

[grainboy]

Surely that’s called an auction then, put your price in and don’t get carried away.

 

[Dry Rot]

As I understand it, under the Scottish system (which seems to work well) the seller announces an 'upset price', i.e. a suggested valuation over which he will consider offers. He is not bound to accept the highest or any offer. In fact, although frowned on, it may be used to get a property valued and no offer is accepted.

And, yes, a seller may indicate that an offer is too low in the hope that the purchaser may raise his offer. But once an offer has been accepted (usually made through a solicitor), that's a contract. So no gazumping or backing out.

My thoughts may be out of date as the law is regularly changed, but I believe it is a pretty good system overall.

 

[AJTG]

They don't normally let you know in England if you've been knocked off the top spot. The estate agents sometimes go to best and final offers when decision time comes around. If you can, buddy up with the estate agent and they'll normally give good tips or let you know where you stand.

 

[Lincsman]

When I have given an offer its my final offer and lasts 2 days only, usually concentrates their mind.

 

[Repeat]

remember who the estate agent works for and how they make their money,
one I know loves it when someone rings to make an offer and tells her on the quiet they could go higher.

 

[multi power]

You should know where you stand within a day or two, agent should inform vendor of the offer and either accept or decline, what could be simpler?

 

[Pond digger]

Well, I asked the agent and was told I’d be informed if a potentially acceptable offer has been made.

Thanks for the replies, this is all new to me. I’m fortunate enough to have never had to buy a house, thus far.

 

[Pond digger]

You should know where you stand within a day or two, agent should inform vendor of the offer and either accept or decline, what could be simpler?

Not quite that simple though. Just because an offer isn’t initially accepted that doesn’t mean it won’t be accepted later, if no better offers have been made and the vendor is desperate to sell.

 

[bobk]

Any half decent agent will put you in the picture quickly if they think you're serious

 

[multi power]

Not quite that simple though. Just because an offer isn’t initially accepted that doesn’t mean it won’t be accepted later, if no better offers have been made and the vendor is desperate to sell.

I don't know about other but if I make an offer i state that it's valid for 48hours or 7 days or whatever I feel is appropriate
I knew within 3 days that my offer had been accepted, and I was aware there was several family members involved and it would take some time

 

[michellekirby]

This is a great post & very informative!
I used transcend homes to value my land and was pleased with their service. They even paid for the planning fees
http://transcendhomes.co.uk