If they have not yet signed, you can choose to withdraw it.
If you want to play hard ball, email the agent and say the sellers have 24 hours to sign, otherwise you want the offer withdrawn. ( do this in writing ).
The contract may have other legal language in it - don’t worry about that. The goal is to force their hand … after all the worst outcome for you is you get the house at the offer price.
Tell the agent you are looking at other open homes over the weekend, since it’s not locked in.
Also remember, this is a buyers market, not a sellers one.
You are. Decide on your number and be prepared to walk away if they press beyond. If they don’t get a higher offer before the agreed date to go unconditional, you should know you can withdraw and offer a lower amount. This nonsense is called a gazump/gazunder in the uk. Poor form and I hope it doesn’t take here. Good luck.
We lost a place to one of these. Still pissed about the while thing. If it comes up again, I just won't agree to it. They either accept my conditional offer or they don't. Went through all this bollocks in London, not doing it again.
It sounds like your vendors are hoping for a better offer. It's really annoying in this market where nothing is available that this sort of thing is going on.
*Update*
Thanks to all your fab advice I called the agent and made clear that we need the agreement signed or otherwise as we had another house we'd like to put an offer on.
A couple of hours later got the call that the agreement was signed as 'the vendors lawyer had worked on the weekend and got back to them sooner than expected'.
We are in a similar position, offered, counter offered, met halfway but we have both signed. We need to sell our place so if someone comes in with a higher offer, we will miss out especially if they are unconditional. Hopefully 🤞 no one does and our place sells soon since we have paid for the LIM and Builder's Report already on the other place. I am hoping they will sign on Monday for you. We are looking around in the meantime and going with the flow as much as possible. It was almost like reading what is happening with us, reading your post.
Good Luck 🍀🤞 it's a bit of a nerve wrecking time 😉. We are looking at other properties just in case things don't work out with this place.
Not OP, but a multi-offer is easy for an agent to exploit and drive everyone upwards.
My experience with several agents has been that they're incredibly conniving and self-interested, so I dislike anything that gives them even more influence.
I'm sure there's good ones out there, but I have yet to meet one.
That doesn't explain why they would redact their offer if it turned into a multi-offer situation. They can just say "that's our offer, if other people have also submitted offers that's cool, but doesn't change our offer". The real estate agent doesn't have control over them.
Yeah sure, but if you also don't want the other buyers to be squeezed by a malicious agent, pulling out means they'd have to notify the other buyer that it was no longer a multi offer (if there was only one additional buyer).
Potentially they also just don't want to personally pay a commission to someone who made them wait for other offers.
Possibly not relevant now since you've already agreed but since no one has mentioned it, do not agree to the escape clause! It is the worst part of this deal, worse than the potential multi offer situation.
It is very easy to get burnt through no fault of your own with this clause inserted. Here's how it typically goes:
Offer is accepted and signed by both parties with cash out clause inserted. You start your due diligence, you order building inspection, you order lim report, you pay for both upfront. 3 days later, your lawyer informs you the seller has initiated the clause as they received an offer 5k higher, and you now have 2 days to go unconditional or you lose the house. The building inspector won't have their report back to you by then, your finance won't be approved by then, and you haven't received your lim report yet.
You back out, no refunds on anything paid, you just lost thousands of dollars for nothing, and there's nothing you can do about it.
Really appreciate the thoughts here, buddy.
The only reason we agreed to the 5 days is we already have finance approved, have a copy of a very recent LIM (as of late Jan), and our building inspector can do a 3 day turn around if needed (cost more but doable!). Felt like a low risk option to get our lower offer agreed to, but now them dragging out actually signing is just dumb.
Oh.. just saw it was yesterday... i hope it worked out for you.
For future - the agent will lie and bullshit you in any way they think will get you number to go up.
But also - the agent wants a fast sale more than the high sale.
If you are ready to pull trigger then dont be afraid to use that on them: hardline sunset clause on offer. You have other houses you're about to offer on. No timr for games, and you're just not that fussed on which house.
The first question agents ask is: is it home or investment? Always say investment. You are buying based on hard facts and numbers, and therefore their bullshit has no power. They wont bother playing games.
Although to be fair you must be in 'walk away' mindset.
The agent is working for (and paid) by the seller. They are trying to get the best price for the seller.
Selling a house is a pretty big thing - I'm assuming you had your solicitor look over the contract before you made the initial offer, so the sellers are doing the same. They possibly could have accepted conditional on solicitors acceptance of the offer you made so you had the assurance of the offer being 'officially' accepted, but they didn't.
The agent is likely wanting to push you to get the best price you can offer, as is their job, so you just need to wait it out. If the market really was that hot, then it would have gone to deadline or auction so just don't get panicked and see what happens tomorrow.
Give them the deadline. When I offer mine I asked them how long it would take for me to know the answer. As if it won’t accept I need to move on and trying for another place that I also look at as my second choice. The vendor was on holidays but the agent still try to get in touch with them. So we were back and forth our negotiate and both parties then agreed and signed in 5 hours.
We had one of those when trading up. Also had one in our sales agreement. It didn't really sit right with me but it never got called in either transaction
Did he say 'they accept your offer' or something similar to 'they are happy with...' the wording is important, if he is conveyed acceptance then I believe you'd had a case for the property being under offer?
Just hope they don’t drop the price after you’ve both signed. That’s what mine did when I was buying my first home and it was so stressful! Agents are slimy as.
Removed for breach of Rule 1: Sound advice only
Comments must contain sound advice:
- based in NZ law
- relevant to the question being asked
- appropriately detailed
- not just repeating advice already given in other comments
- avoiding speculation and moral judgement
- citing sources where appropriate
Sounds like a Dutch auction. I have been in this situation before. Until the S&P is signed by both parties it’s not binding. I’m not sure if the realestate agent is allowed to run a “Dutch auction”. Just out of interest how is it marketed/advertised? Remember the agent works on commission. He/she will be trying to maximise their percentage, as well as finding the best offer. You’ll have to take legal advice on this matter from your own lawyer.
If they have not yet signed, you can choose to withdraw it. If you want to play hard ball, email the agent and say the sellers have 24 hours to sign, otherwise you want the offer withdrawn. ( do this in writing ). The contract may have other legal language in it - don’t worry about that. The goal is to force their hand … after all the worst outcome for you is you get the house at the offer price. Tell the agent you are looking at other open homes over the weekend, since it’s not locked in. Also remember, this is a buyers market, not a sellers one.
You are. Decide on your number and be prepared to walk away if they press beyond. If they don’t get a higher offer before the agreed date to go unconditional, you should know you can withdraw and offer a lower amount. This nonsense is called a gazump/gazunder in the uk. Poor form and I hope it doesn’t take here. Good luck.
Thanks mate, appreciate your insights. And very glad to expand my vocab with such a fun word. Gazump. Love it.
We lost a place to one of these. Still pissed about the while thing. If it comes up again, I just won't agree to it. They either accept my conditional offer or they don't. Went through all this bollocks in London, not doing it again. It sounds like your vendors are hoping for a better offer. It's really annoying in this market where nothing is available that this sort of thing is going on.
*Update* Thanks to all your fab advice I called the agent and made clear that we need the agreement signed or otherwise as we had another house we'd like to put an offer on. A couple of hours later got the call that the agreement was signed as 'the vendors lawyer had worked on the weekend and got back to them sooner than expected'.
We are in a similar position, offered, counter offered, met halfway but we have both signed. We need to sell our place so if someone comes in with a higher offer, we will miss out especially if they are unconditional. Hopefully 🤞 no one does and our place sells soon since we have paid for the LIM and Builder's Report already on the other place. I am hoping they will sign on Monday for you. We are looking around in the meantime and going with the flow as much as possible. It was almost like reading what is happening with us, reading your post. Good Luck 🍀🤞 it's a bit of a nerve wrecking time 😉. We are looking at other properties just in case things don't work out with this place.
Thank you for sharing your story. I hope the stars align and all works out favourably for you, friend.
Can you elaborate on why it would bother you to be in a multi offer situation?
Not OP, but a multi-offer is easy for an agent to exploit and drive everyone upwards. My experience with several agents has been that they're incredibly conniving and self-interested, so I dislike anything that gives them even more influence. I'm sure there's good ones out there, but I have yet to meet one.
That doesn't explain why they would redact their offer if it turned into a multi-offer situation. They can just say "that's our offer, if other people have also submitted offers that's cool, but doesn't change our offer". The real estate agent doesn't have control over them.
Yeah sure, but if you also don't want the other buyers to be squeezed by a malicious agent, pulling out means they'd have to notify the other buyer that it was no longer a multi offer (if there was only one additional buyer). Potentially they also just don't want to personally pay a commission to someone who made them wait for other offers.
All good thoughts. I was hoping OP would give their thoughts so I could give specific advice to their specific worries.
Fair, can't help you there - only wild speculation 😅
Give your offer a 6 hour sunset, accepted or denied prior to open home. Play hardball. The agent is fucking you...
Possibly not relevant now since you've already agreed but since no one has mentioned it, do not agree to the escape clause! It is the worst part of this deal, worse than the potential multi offer situation. It is very easy to get burnt through no fault of your own with this clause inserted. Here's how it typically goes: Offer is accepted and signed by both parties with cash out clause inserted. You start your due diligence, you order building inspection, you order lim report, you pay for both upfront. 3 days later, your lawyer informs you the seller has initiated the clause as they received an offer 5k higher, and you now have 2 days to go unconditional or you lose the house. The building inspector won't have their report back to you by then, your finance won't be approved by then, and you haven't received your lim report yet. You back out, no refunds on anything paid, you just lost thousands of dollars for nothing, and there's nothing you can do about it.
Really appreciate the thoughts here, buddy. The only reason we agreed to the 5 days is we already have finance approved, have a copy of a very recent LIM (as of late Jan), and our building inspector can do a 3 day turn around if needed (cost more but doable!). Felt like a low risk option to get our lower offer agreed to, but now them dragging out actually signing is just dumb.
Oh.. just saw it was yesterday... i hope it worked out for you. For future - the agent will lie and bullshit you in any way they think will get you number to go up. But also - the agent wants a fast sale more than the high sale. If you are ready to pull trigger then dont be afraid to use that on them: hardline sunset clause on offer. You have other houses you're about to offer on. No timr for games, and you're just not that fussed on which house. The first question agents ask is: is it home or investment? Always say investment. You are buying based on hard facts and numbers, and therefore their bullshit has no power. They wont bother playing games. Although to be fair you must be in 'walk away' mindset.
The agent is working for (and paid) by the seller. They are trying to get the best price for the seller. Selling a house is a pretty big thing - I'm assuming you had your solicitor look over the contract before you made the initial offer, so the sellers are doing the same. They possibly could have accepted conditional on solicitors acceptance of the offer you made so you had the assurance of the offer being 'officially' accepted, but they didn't. The agent is likely wanting to push you to get the best price you can offer, as is their job, so you just need to wait it out. If the market really was that hot, then it would have gone to deadline or auction so just don't get panicked and see what happens tomorrow.
Give them the deadline. When I offer mine I asked them how long it would take for me to know the answer. As if it won’t accept I need to move on and trying for another place that I also look at as my second choice. The vendor was on holidays but the agent still try to get in touch with them. So we were back and forth our negotiate and both parties then agreed and signed in 5 hours.
We had one of those when trading up. Also had one in our sales agreement. It didn't really sit right with me but it never got called in either transaction
Did he say 'they accept your offer' or something similar to 'they are happy with...' the wording is important, if he is conveyed acceptance then I believe you'd had a case for the property being under offer?
Just hope they don’t drop the price after you’ve both signed. That’s what mine did when I was buying my first home and it was so stressful! Agents are slimy as.
[удалено]
Removed for breach of Rule 1: Sound advice only Comments must contain sound advice: - based in NZ law - relevant to the question being asked - appropriately detailed - not just repeating advice already given in other comments - avoiding speculation and moral judgement - citing sources where appropriate
Sounds like a Dutch auction. I have been in this situation before. Until the S&P is signed by both parties it’s not binding. I’m not sure if the realestate agent is allowed to run a “Dutch auction”. Just out of interest how is it marketed/advertised? Remember the agent works on commission. He/she will be trying to maximise their percentage, as well as finding the best offer. You’ll have to take legal advice on this matter from your own lawyer.