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First time buyer vs. agent

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  • First time buyer vs. agent

    Hi, I am a first time buyer and have found a property I like, which is currently occupied by an elder lady. I put my offer and the agent said the lady's daughter, who probably is the one who make the decision, had accepted my offer on Monday (20 Aug). However, the agent came back on Tuesday and said that the vendor had accepted another offer. Indeed I was told on my first view that another party was interested in the property, but they had to sell their property first. But today, the agent called me again and asked what's my final offer, and said that the vendor was still open to my offer.

    I think it is fair for several parties to bid for the same thing. The problem is that I feel the agent is apparently biased to the other party, which is currently selling their property by the same agent, and probably is not honest to me (probably the vendor as well). Any suggestion for what I should do? Do I need to try to get the contact of the landlady's daughter, and speak directly to her?

  • #2
    Re: First time buyer vs. agent

    There is nothing to stop you contacting the seller direct, just be very careful not to come across too strong or appear bullying. You may not see it as that but people dealing on behalf of elderly relatives are very protective.
    Interesting you feel the agent is not telling the truth to you or the vendor. Did it occur to you that the other buyer may have approached the seller direct as well and made a deal unknown to the agent. If the agent wasn't being honest they would not have told you the offer was accepted.
    The agent is actually behaving correctly in saying there is another offer and asking for your final offer and it would seem they have persuaded the vendor this is the correct route. However, in the end it is up to the seller what offer they accept and it does not necessarily mean it will be the highest one.

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    • #3
      Re: First time buyer vs. agent

      Hi, Drhouse. Thanks a lot for the advice. I could be a little bit too speculated, but my feeling about the agent being a bit dishonest comes from the fact that he told me the vendor had already accepted another party's offer three days ago, which obviously was not the case given that the vendor still asked for my final offer yesterday.

      I feel one big challenge in home buying is asymmetric information, especially for the first time buyers. In particular, what worries me now is that the agent may tell the other party about my offer price so they can move correspondingly while he doesn't tell me the other party's offer, saying that he is not allowed to disclose it. I don't know whether there are any specific rules about this. But you are definitely right that at the end of the day, it is the vendor who makes the final decision and I have no doubt the agent is professional enough to forward my offer to the vendor.
      Last edited by Prost; 24-08-2012, 12:17 PM.

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      • #4
        Re: First time buyer vs. agent

        You can do a home inspection that is conducted before buyers make a purchase offer. In a home inspection is a contract contingency. A contract contingency means a buyer has the right to cancel the contract. You have to talk directly to the owner because some agents are losing patience because they run into the commission they can get from the property.

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        • #5
          Re: First time buyer vs. agent

          Originally posted by mauricecowell View Post
          You can do a home inspection that is conducted before buyers make a purchase offer. In a home inspection is a contract contingency. A contract contingency means a buyer has the right to cancel the contract. You have to talk directly to the owner because some agents are losing patience because they run into the commission they can get from the property.
          Not applicable to UK which i presume the OP was talking about

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          • #6
            Re: First time buyer vs. agent

            Contact the owner directly… This seems the only way out. The agents have to play tricky, because their commission is on stake, but its you who is putting in money, so take a step ahead to assure what’s profitable to you.
            Guaranteed Rent Scheme |Estate agents Canary Wharf

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