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Estate Agent game or are we just unlucky?

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  • Estate Agent game or are we just unlucky?


    I'm a second time buyer but this is my first time dealing with estate agents as I inherited my first property. We've recently just lost the bidding on a property and I was wondering if anybody has any opinion on what happened.

    On Thursday last week we viewed a property that needs a lot of work and was listed at 275k. We liked it but due to the amount of work decided to offer 10% below so on Friday put in an offer of 248k. This was immediately rejected so we asked to be kept in the loop if anything happened over the weekend. The agent said they would contact us on Tuesday but didn't so on Wednesday we phoned them and were told an acceptable offer had been made on the property over the weekend and the seller was looking for 'around 265k'. It had been accepted conditionally but was still on the market until the buyers had sold.

    We have sold our property to a buyer in rented, with no chain, we have our mortgage agreed and our solicitors in place so on Wednesday we offered
    262k thinking this would be a competitive offer.

    This was rejected the same day. So we then bit the bullet and Thursday morning put in a final offer of 265k. Three hours later the agent contacted us back saying 'the other buyers rang me straight after you to confirm they have now sold their property and the seller has agreed to go with them as they offered an acceptable amount first'. They made it clear all offers are now off the table. Apparently the other buyers are now in the same position as us as their buyers also have no chain.

    I have since put a note through the vendors door last night saying 'sorry you were unable to accept any of our three offers, we were hoping our strong position would have made us a good buyer but cannot afford to go higher. Please let us know if circumstances change' and included my phone number but have not received a reply.

    So what is everyone's opinion on this? I know property demand in our area is high at the moment but could we really have been that unlucky? Thanks for your advice, JB

  • #2
    Re: Estate Agent game or are we just unlucky?

    Guess I got my answer - property already shows as sold on Rightmove. It had been on since April but certain houses are just flying off the shelves at the moment. Must be the good weather.