Buying a house in the Midlands

Torrestheman

Currently bid less than five percent under asking price for a property.
It was built during Boom and originally asking was almost twice current. Estate Agent advised he had another couple v interested and advised they were in process of applying for mortgage. Spoke to agent a couple of days after making bid and he said he hadn't conveyed bid to vendor as was waiting on othet couple. Is this even legal? I was under impression that EA was obliged to present all bids to the vendor! How should I proceed?
Willing to pay over asking if necessary to secure the property.
Advice greatly appreciated.

slimjimmc

Moved to Accommodation & Property.

househero

Torrestheman wrote: »

Currently bid less than five percent under asking price for a property.
It was built during Boom and originally asking was almost twice current. Estate Agent advised he had another couple v interested and advised they were in process of applying for mortgage. Spoke to agent a couple of days after making bid and he said he hadn't conveyed bid to vendor as was waiting on othet couple. Is this even legal? I was under impression that EA was obliged to present all bids to the vendor! How should I proceed?
Willing to pay over asking if necessary to secure the property.
Advice greatly appreciated.

Is it repossessed?

If it is, pay the asking price and it will be yours.

simpson80

Hi. I recently bought in the Midlands. Be very weary of ea's and keep onto them. They may have a price that they want to get for the property but your offer should have been submitted.
If it is a repossession be ready for a long sale. Ours took 8 months in total.

Torrestheman

simpson80 wrote: »

Hi. I recently bought in the Midlands. Be very weary of ea's and keep onto them. They may have a price that they want to get for the property but your offer should have been submitted.
If it is a repossession be ready for a long sale. Ours took 8 months in total.

It is not a repossession. Thanks. It is our understanding it is an investment property.
Appreciate any direction on next move.

Pawwed Rig

I doubt strongly there is another couple. The market in the midlands is still brutal so you should be in a good position to get a good price. There are plenty of other houses if this one doesn 't work out for you

galljga1

I have bought three times and sold twice but not since 2007. If I was the vendor, I would want to know immediately of any bid. If I was the vendee, I would want to know that my bid has been passed on

Ask the EA for confirmation that the bid has been passed on, in writing. If not, why not? I cannot be sure but I have recollection that they are obliged to keep some sort of 'bid book' recording all bids. My EA certainly does.

Torrestheman

Pawwed Rig wrote: »

I doubt strongly there is another couple. The market in the midlands is still brutal so you should be in a good position to get a good price. There are plenty of other houses if this one doesn 't work out for you

Thanks mate but few houses fit our criteria like this and have been looking for six months.

Torrestheman

galljga1 wrote: »

I have bought three times and sold twice but not since 2007. If I was the vendor, I would want to know immediately of any bid. If I was the vendee, I would want to know that my bid has been passed on

Ask the EA for confirmation that the bid has been passed on, in writing. If not, why not? I cannot be sure but I have recollection that they are obliged to keep some sort of 'bid book' recording all bids. My EA certainly does.

That is interesting. I understand what you are saying. Will email EA and reiterate our offer and ask for confirmation it has been passed on to vendor. Any advice on how to proceed with bidding if there turns out another party interested.

Pawwed Rig

Torrestheman wrote: »

Thanks mate but few houses fit our criteria like this and have been looking for six months.

Widen your criteria. Seriously if you have fallen for 1 house you are going to pay over the odds for it.

galljga1

Torrestheman wrote: »

That is interesting. I understand what you are saying. Will email EA and reiterate our offer and ask for confirmation it has been passed on to vendor. Any advice on how to proceed with bidding if there turns out another party interested.

Advice on bidding? That is a difficult one. We bought our last house when we were all millionaires and the world was nuts. We simply outbid the other bidders at the time because I had a good job and a stupid lender. A recipe for disaster at the time but it worked out. We even held on to the other house for a while and sold it in 2007, whew!

Anyway, I cannot advise you. Right house? Right price? Right location? Right age? (you and/or partner?) Answer a few yesses and a maybe to the previous, then maybe go for it.

goz83

Maybe a posted letter, addressed to the owner of the property, letting them know you have made a bid?

Torrestheman

Not option as house vacant. Don't know owner's name or address but thanks.