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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10655
Experience:  30 years as a practising solicitor.
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We viewed a house and the estate agent (Oakleaf Homes Barrett)

Customer Question

We viewed a house and the estate agent (Oakleaf Homes Barrett) advised that their was another party interested. They explained that the other party was offering well below the asking price and that they were still haggling at that point over the price The estate agent advised that they were tired of this other parties behaviour and they had therefore decided to allow us to view the property and put in an offer. We have advised the Estate Agent that we would like to put in an offer and are awaiting confirmation of our mortgage loan before asking our solicitor to make a formal offer. However on the Estate Agents listings of the property this week they are showing the property as 'Under Offer'. We called to ask if we could still make an offer to buy and we were told yes but it may be complicated by a 28 day waiting period.Feel really confused are the estate agents just using us to make the first party come up with more money?
Submitted: 3 years ago.
Category: Scots Law
Expert:  Josh-2010 replied 3 years ago.

Joshua :

Thanks for your question. Please kindly RATE my answer when you are satisfied

Joshua :

Is this a new house please or a "second hand" house?

Customer:

second hand house 10 years old. Believe the original owners had sold to Barrett as part of the Builders Part Exchange Scheme

Joshua :

Thanks. Have you asked for more information about the 28 day period they are referring to?

Customer:

Yes they said this would be to allow the dust to settle?

Joshua :

Thanks. Unless the seller has given the buyer a lockout agreement (this is an agreement that normally in return for a deposit, gives the buyer exclusivity for an agreed period) then there is no requirement for a 28 day waiting period.

Joshua :

Unfortunately the English house buying process is not referred to as the most stressful transaction of most peoples lives without reason. It can be truly cutthroat at times and is a question of negotiation prior to exchange of contracts where almost anything can go.

Customer:

Their was something about a deposit being paid by the buyer as they said they would not take any deposit to hold the property for us.

Joshua :

Agents can and will use all tricks in the book to try to generate interest, and chief amongst them are to play one buyer off against another telling each that there is another interest party etc. They are not allowed to lie - i.e. tell someone that there is another buyer if there isn't - but this leaves a lot of middle ground on which for them to operate nevertheless.

Customer:

We are talking about Scots law here I did put this in my request for an answer???

Joshua :

My apolgies - in deed you did. Sorry this has been posted in the UK (non scots) forum and I failed to spot your reference to Scots law. Please ignore the above as it relates to English law. I will ask that this is transferred to the Scots law legal section. This can take an hour or two. One of my colleagues will respond shortly if that it OK with you.

Customer:

Thank You

Joshua :

Apologies for the confusion. I hope you are successful in your offer.

Expert:  JGM replied 3 years ago.
Thank you for your question.

Under Scots law there is no requirement for a 28 day waiting period for any reason. They are either going to accept the other party's offer or they are not.

Once you are in a position to make a clean offer, if that is the only offer on the table at that point in time and they are happy with the price, then they should accept your offer.

However, a seller is not bound to accept any offer at all. In addition it's not unheard for an agent to play one purchaser off against another and it's not unheard of for an under offer status to be bestowed on a property even where the offer has not been accepted in principal although it would be unusual to do so where the price has not been agreed.

All you can do is get your offer of loan agreed as quickly as possible and put in the offer you wish to make.

None of this is really a matter of law; it is a question of tactics on the part of the agents to get the property under contract at a price the seller wants to sell at.

Happy to discuss further.

I hope this helps. Please leave a positive response so that I am credited for my time.
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10655
Experience: 30 years as a practising solicitor.
JGM and other Scots Law Specialists are ready to help you
Customer: replied 3 years ago.
First answer rated low because the expert failed to pick up that the question was on scots law. Second expert answered using scot law
Expert:  JGM replied 3 years ago.
Noted, if you are looking for a Scots law expert in the future ask for JGM.

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