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Buying a house and making an offer

Pond digger

Never Forgotten
Honorary Member
Location
East Yorkshire
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
 

Dry Rot

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My thoughts may be out of date as the law is regularly changed, but I believe it is a pretty good system overall.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

Member
Arable Farmer
Location
Cambridgeshire
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.
 

Repeat

Member
Location
Cumbria
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.
 

Pond digger

Never Forgotten
Honorary Member
Location
East Yorkshire
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

Never Forgotten
Honorary Member
Location
East Yorkshire
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.
 

multi power

Member
Location
pembrokeshire
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
 

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Webinar: Expanded Sustainable Farming Incentive offer 2024 -26th Sept

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On Thursday 26th September, we’re holding a webinar for farmers to go through the guidance, actions and detail for the expanded Sustainable Farming Incentive (SFI) offer. This was planned for end of May, but had to be delayed due to the general election. We apologise about that.

Farming and Countryside Programme Director, Janet Hughes will be joined by policy leads working on SFI, and colleagues from the Rural Payment Agency and Catchment Sensitive Farming.

This webinar will be...
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