# House buying why so complicated



## Soapybubbles (Feb 10, 2014)

I really think the government needs some new laws introduced regarding this area. 

People selling houses constantly going to closing dates in the hope someone fires in a bid of X or Y amount over asking
Price. 

People putting decent bids over the asking price only to be told the seller is looking for 30k over asking price!

Home reports with no consistency,one property valued at X and a similar property valued miles differently. 

Anyone else care to input?

Buying houses ever been this difficult or complicated?


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## GleemSpray (Jan 26, 2014)

Yes it has always been this way.

The only way to stop gazumping is to introduce a system like the Scottish one of sealed, final bids, with a closing date.. but then it becomes a tediously slow process.

In terms of valuations, surveyors will always look at actual sales in the area and go conservative on pricing. Used to be the case with RICS, that you could only take action against a surveyor if the valuation was more than 20% out, against historical values in that area ( as i remember ).


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## Soapybubbles (Feb 10, 2014)

I live in Scotland. 

Closing dates in my opinion are a sellers dream,buyers are forced to bid the most they can afford without knowing any details( you could end up paying £20k more than the next highest bidder)


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## Steve Burnett (Apr 21, 2009)

I recently sold my house. Marketed and had 5 viewings over 2 weeks. Had 1 offer on the first week, second offer (new party) in the second week and went to a closing date at the end of the third week (3 offers given). Best offer won, house sold.
Not what I would call a "tediously slow process".


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## pxr5 (Feb 13, 2012)

I bought and then sold a house in Scotland and it wasn't tediously slow at all. In fact the system up there is a lot clearer and fairer, which actually helps move things along rather quickly.

I agree about buying houses being a PITA nowadays. My son and his girlfriend tried to buy a house a couple of months back. All the money saved and everything ready to go. A couple of technicalities made the whole thing an ordeal and they had to pull out of a purchase as it all became too overwhelming and stressful.


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## Nanoman (Jan 17, 2009)

I live in Scotland. 
Went to buy a house in 2014 with 1 other interested party. They told us on Saturday they were going to a closing date which was the following Thursday. We put an offer in Monday AM, valid until Monday PM, and said we wouldn't partake in a closing date. We told them there was another house we were interested in and would just buy that one instead. 

Our offer was accepted Monday PM. We'd easily have gone another £10k and would have bid for the closing date. 

It's all a game, you just need to get smart. If you were on the other side of the fence trying to sell you might have a different opinion.


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## Soapybubbles (Feb 10, 2014)

Nanoman said:


> I live in Scotland.
> Went to buy a house in 2014 with 1 other interested party. They told us on Saturday they were going to a closing date which was the following Thursday. We put an offer in Monday AM, valid until Monday PM, and said we wouldn't partake in a closing date. We told them there was another house we were interested in and would just buy that one instead.
> 
> Our offer was accepted Monday PM. We'd easily have gone another £10k and would have bid for the closing date.
> ...


Thanks for the advice

I'd like to know how the solicitors get away with it to be honest, dirty tricks,lies,deceit all to make extra money.


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## AndyN01 (Feb 16, 2016)

I understand that house buying in America takes takes 3 days, start to finish.

I guess there isn't a nice custom and practise of going backwards and forwards loads of times to delay things and push the bills up.

As with most things these days financial services and lawyers show themselves in their true (greedy, back covering, slovenly) colours.

Andy.


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## Nanoman (Jan 17, 2009)

Soapybubbles said:


> Thanks for the advice
> 
> I'd like to know how the solicitors get away with it to be honest, dirty tricks,lies,deceit all to make extra money.


I totally disagree. There's a process in place and rules to follow.

More than 1 interested party and they're perfectly entitled to go to a closing date, wouldn't you if you were selling?

As a buyer I'm perfectly entitled to put in a time limited offer and refuse to partake in a closing date. The selling agent has to pass that to the seller and they can decide what to do.

You need to look at it from a seller's point of view.


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## GleemSpray (Jan 26, 2014)

It's not the solicitors to blame -, they are following the rules and in addition they are following their clients specific instructions.

If you are being buggered about deliberately then blame the buyer for instructing his solicitor to do that. 



Sent from my HTC 10 using Tapatalk


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## Soapybubbles (Feb 10, 2014)

Nanoman said:


> I totally disagree. There's a process in place and rules to follow.
> 
> More than 1 interested party and they're perfectly entitled to go to a closing date, wouldn't you if you were selling?
> 
> ...


Think you've missed my point, telling potential viewers lies about how many people are interested etc, like you said it's all a game to get as much for the client as possible.


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## Nanoman (Jan 17, 2009)

Soapybubbles said:


> Think you've missed my point, telling potential viewers lies about how many people are interested etc, like you said it's all a game to get as much for the client as possible.


They're not allowed to do that. I believe that's illegal.


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## Soapybubbles (Feb 10, 2014)

Nanoman said:


> They're not allowed to do that. I believe that's illegal.


Exactly my point initially mate


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## ollienoclue (Jan 30, 2017)

There are some dubious estate agents about, wife and I have viewed upwards of 20 properties in the last 18 months. Took 9 months to flog our place, sold to young couple who gave a lower offer but they had no chain.

Now sat in rented looking for a house. Market in this part of the world is slovenly and reluctant, a 3 bed semi on an estate will sell within 2 weeks. Anything else takes months to sell. Buyers delight!

I Hate sealed bids, makes it very difficult to buy and you could end up paying more than the thing is worth. We put an offer on a place last month, was plenty enough money I can tell you, yet muppets from the East, Kent or somewhere, offered 'substantially more'. More fool them, you can't compete with money>sense.

It's no easier for anyone. Sealed bids I would automatically be against.


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## Nanoman (Jan 17, 2009)

Soapybubbles said:


> Exactly my point initially mate


I'm confused. Have you got any examples of solicitors or estate agents acting illegally?


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## Soapybubbles (Feb 10, 2014)

Soapybubbles said:


> Thanks for the advice
> 
> I'd like to know how the solicitors get away with it to be honest, dirty tricks,lies,deceit all to make extra money.


Have you missed this post maybe?


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## Nanoman (Jan 17, 2009)

Soapybubbles said:


> Have you missed this post maybe?


Clearly, where is it?


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## Soapybubbles (Feb 10, 2014)

Nanoman said:


> I'm confused. Have you got any examples of solicitors or estate agents acting illegally?


I wouldn't have said so otherwise


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## Darlofan (Nov 24, 2010)

We moved 3 yrs ago now and went for a repossession first, agents for bank selling it said we had to be prepared to complete within 4 weeks if our offer was to be accepted which was fine by us. The house was by in laws so we knew how long it had been on for, plus it was with 2 estate agents because it had been on that long. Within 24hrs of our offer being accepted we were outbid by someone dealing with the other estate agent. We upped our offer several times over next 2 weeks, had survey done etc. A few days later and another higher offer and the survey came back saying there was suspected asbestos in the house. Next day we were outbid so we pulled out. Surprise surprise we then spent the next few weeks getting phone calls saying the other party had pulled out and it was ours if we wanted it!! We went back to our original find and the repossession stayed on market for quite a while after.

I swear the agents were making the other buyers up to get a higher offer from us.


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## Soapybubbles (Feb 10, 2014)

Darlofan said:


> We moved 3 yrs ago now and went for a repossession first, agents for bank selling it said we had to be prepared to complete within 4 weeks if our offer was to be accepted which was fine by us. The house was by in laws so we knew how long it had been on for, plus it was with 2 estate agents because it had been on that long. Within 24hrs of our offer being accepted we were outbid by someone dealing with the other estate agent. We upped our offer several times over next 2 weeks, had survey done etc. A few days later and another higher offer and the survey came back saying there was suspected asbestos in the house. Next day we were outbid so we pulled out. Surprise surprise we then spent the next few weeks getting phone calls saying the other party had pulled out and it was ours if we wanted it!! We went back to our original find and the repossession stayed on market for quite a while after.
> 
> I swear the agents were making the other buyers up to get a higher offer from us.


Surprise surprise. An all to familiar story. Dirty tricks to get people to put in a panic offer and pay over the odds.


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## kingswood (Jun 23, 2016)

dont worry, interest rates raising again so youll be picking houses up at 10 a penny


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## Darlofan (Nov 24, 2010)

Soapybubbles said:


> Surprise surprise. An all to familiar story. Dirty tricks to get people to put in a panic offer and pay over the odds.


True and sadly I have to admit at the time we fell for it and the more you spend on surveys and get so far through the mortgage process you feel more compelled to not be outbid!


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## Nanoman (Jan 17, 2009)

Soapybubbles said:


> I wouldn't have said so otherwise


I'm confused did you just quote my own post as an example of solicitors and estate agents acting illegally?

There was nothing illegal about anything done by any solicitor or estate agent in my post. What do you think was illegal about the example I gave?


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## FJ1000 (Jun 20, 2015)

I still find it amazing estate agents in the U.K. aren't more tightly regulated, like they are in the US.

I loathe estate agents and letting agents. Literally the only value they add in the process is doing the viewings. I'd much prefer to do my own advert and use an online "agency" to get it online on the big property sites, and do my own viewings and negotiations.


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## Soapybubbles (Feb 10, 2014)

Nanoman said:


> I'm confused did you just quote my own post as an example of solicitors and estate agents acting illegally?
> 
> There was nothing illegal about anything done by any solicitor or estate agent in my post. What do you think was illegal about the example I gave?


Yes I have experienced estate agents and solicitors acting inappropriately

And no I haven't listed them here.

Hope that clears things up


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## AndyN01 (Feb 16, 2016)

Maybe in this era of disclosure and transparency all offers/bids should be recorded and timestamped on an open website maintained by, say, Land Registry.

It would take seconds for an agent to upload the offer and there could be a system of virtually instant notification to all parties - including the seller - that have registered an interest. 

Perhaps an offer could be uploaded directly from a potential buyer rather than this "round the houses" (pun intended) where the buyer phones the agent, the agent phones the seller, the seller ponders and responds and the agent phones the buyer and round and round we go.....

Land Registry could do a random audit trail of the offers and any agent found "creating" offers should then be closed down and the directors imprisoned.

How do you currently go about "proving" that an agent has acted illegally? The information is not public and I'll wager that the enforcement authorities are vastly under resourced and overstretched.

Andy.


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## Soapybubbles (Feb 10, 2014)

AndyN01 said:


> Maybe in this era of disclosure and transparency all offers/bids should be recorded and timestamped on an open website maintained by, say, Land Registry.
> 
> It would take seconds for an agent to upload the offer and there could be a system of virtually instant notification to all parties - including the seller - that have registered an interest.
> 
> ...


Thoroughly agree with your suggestion.

There definitely needs to be more transparency in the bidding system,doesn't have to disclose personal info of bidders but currently when going to closing date everyone is forced to bid there highest amount totally blind as to how much the next highest bidder has bid.


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## Nanoman (Jan 17, 2009)

Soapybubbles said:


> Thoroughly agree with your suggestion.
> 
> There definitely needs to be more transparency in the bidding system,doesn't have to disclose personal info of bidders but currently when going to closing date everyone is forced to bid there highest amount totally blind as to how much the next highest bidder has bid.


But that's the whole point of closing dates. Like I say, look at it from a seller's point of view, not a buyers point of view.

When you're selling you want the best price possible. More than 1 interested party and the ball is in your court so you pile the pressure on and get them to give their highest offer.

The only way to do this is to have blind bids, they'll never outlaw it, ever. Anyone who is a homeowner would go mental if they tried to outlaw it.

Also note it's a bit silly to accept the highest offer based on offer amount alone.

You might accept a lower offer because they're not in a chain. 
You might accept a lower offer because they've got a mortgage approval already in place. 
You might accept a lower offer because they know your friend, or they came up with a sob story, or because they didn't rifle through your wardrobe like the other couple. 
You might accept a lower offer because the higher offer was from a central heating engineer and you know the central heating is likely to breakdown at any minute...


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## Soapybubbles (Feb 10, 2014)

Nanoman said:


> But that's the whole point of closing dates. Like I say, look at it from a seller's point of view, not a buyers point of view.
> 
> Also note it's a bit silly to accept the highest offer based on offer amount alone.
> 
> ...


It's obvious the seller Is going to take these different circumstances into consideration before choosing, I don't think anyone is disputing that.

Also I just feel it has to be fairer for buyers as well, currently it favours the sellers more.

Just my opinion.


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## AndyN01 (Feb 16, 2016)

Nanoman said:


> When you're selling you want the best price possible. More than 1 interested party and the ball is in your court so you pile the pressure on and get them to give their highest offer.


So what's acceptable in terms of "piling the pressure on?"

How about

"There's another buyer interested....they are due to view in a couple of days/are going to make an offer/have made a higher offer....if you increase your offer to £XXXX we'll take the house off the market and the house will be yours...." - unless we accept another offer and your offer is gazumped!!

How is the buyer being asked to up their offer going know if this is true or complete fabrication? And how could they prove it's fabrication?

If the process was transparent then everyone would be able to see exactly what was being offered and make their choice based on fact, not people being "economical with the truth" or just outright lying.

Oh, and once an offer was accepted, that's it. Gazumping should be outlawed - it's just plain greed.

Andy.


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## ollienoclue (Jan 30, 2017)

I would not allow any agent to play games with me, I'd walk away.

Even if we had won the house I spoke of earlier, it would have been subject to a full survey (£1200!). If I wasn't happy with the outcome of that, I would insist on them lowering the price to suit or I would walk away.

Don't let emotion get in the way of it is my advice.

Lastly, I can't see interest rates rising any sense in the near or even moderate future? 1% max, maybe?


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## Taxboy (Aug 23, 2006)

AndyN01 said:


> So what's acceptable in terms of "piling the pressure on?"
> 
> How about
> 
> ...


I know it's difficult in the heat of a house buying battle but we've always looked at it by asking ourselves what is the maximum I would pay for that property. If an agent tried those tactics then you can just say you know our maximum offer. If another buyer wants to pay more then fine. This normally flushes out dodgy tactics.

Also just remember there are other properties and NO house is 100% perfect. Good luck with the buying

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## AndyN01 (Feb 16, 2016)

Taxboy said:


> I know it's difficult in the heat of a house buying battle but we've always looked at it by asking ourselves what is the maximum I would pay for that property. If an agent tried those tactics then you can just say you know our maximum offer. If another buyer wants to pay more then fine. This normally flushes out dodgy tactics.
> 
> Also just remember there are other properties and NO house is 100% perfect. Good luck with the buying
> 
> Sent from my SM-T800 using Tapatalk


Very good advice.

Remember anything being "sold" is only "worth" what someone else will pay for it.

We know what we think our immaculate, shiny and beautifully detailed cars are "worth" but I doubt your normal "buyer" will agree. .

So if you want/need to sell her..........

Cheers.

Andy.


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