Please help - serious answers please! If a UK property is repossessed and is on the market for £160'000, and
my friend offers the asking price, surely the estate agents have to accept the offer. I know gazumping in Scotland is illegal, what is the policy in Wales. Surely the estate agent cant hold out for more money when he has already established the price for sale and got the askng price...............my friend is desperate so really needs all you knowledgeable heads out there to help.
More Questions From This User See All
Answers & Comments
Verified answer
Unfortunately not.
An asking price is exactly that...'asking'. The agents will try and get the nest possible price, and if there are lots of offers, they will advise the vendors to expect a higher than asking price. How does your friend know that nobody else has offered the asking price?
Only when the offer has been accepted can it be gazumpted with a higher offer which is not illegal in the uk, but unethical.
The estate agent will only pass your offer on to the seller.
The seller does not have to accept any offer, he/she's not a shop that must sell to you.
The estate agent is only an agent, and is not allowed to make any decision.
The seller can choose the buyer, or can refuse to sell.
There can be many factors that could sway the sellers decision.
Unfortunately you should not get too excited about the situation, because it is out of your control, you cannot force the seller to do anything.
The usual method of buyer influencing seller to choose him/her is by the buyer making the offer so attractive that the seller would not (not could not) refuse.
A good offer is not only the size of the money, but also being able to accomodate the sellers urgency, and showing there are no "strings", such as you are not involved in a chain.
I think Estate Agents don't HAVE to accept an offer, even if it is for the asking price.
It would be more favourable for your friend to be in a good position (ie, mortgage agreement in place, solicitors ready etc..) then they may accept the offer of the asking price on the provision he is 'ready to go' straight away. If he still has to sort out a mortgage and appoint solicitors etc and someone else offers a good price but has everything in place ready to start the purchase process they will be considered to be in a better position by the Estate Agents.
Even if your friend has offered the full asking price, Estate agents sometimes have a cut off date.this means they will wait until a certain date pre set to await all written offers on the property, they will then accept the highest offer. My friend went through exactly the same with a house she bought in England, she had to wait 3 weeks before she was told her offer had been accepted.
Gazumping is NOT illegal in England or Wales. Gazumping involves accepting a higher offer before any contracts have been signed.
This house has been offered for sale, someone may have offered more than £160,000.
Hi.when we decided to purchase this property we put in an offer veer our solicitor he passed it on to the estate agent who contacted the vender's then got back in touch with our solicitor to accept.Your friend should ask the estate agent if the offer has been accepted.Good Luck
An Estate agents job is to get the best price.The asking price is a guide.
they should go and see the building society involved because they like a quick sale so they can get their money