Mar 06,2012
By: 'elenaedwards'
Mar 06,2012
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this helpful
We placed an offer on the property and signed for it and were then told a couple had already placed an offer and so had first refusal but that we would be kept informed of what was happening (I imagine the agent already knew this but waited until we had signed and paid before saying anything because if we'd known, we probably wouldn't have made an offer ourselves - I apologise if this wasn't the case though). The next we heard (the Monday after that weekend) was that our offer had been accepted, yet this turned out to be a higher offer than the one we had signed for. We were told that as we had verbally said that we could potentially go to the full asking price, the agent had gone ahead and made the offer for us. It would have been nice to have been kept in the loop about the situation and had the chance to raise the offer ourselves after knowing what got rejected. After much deliberation myself and my housemate came to the conclusion that we actually couldn't afford the property, even at the lower asking price we had first proposed. We had got carried away because the property was so nicely done up on the inside, which was silly of us, we admit. I contacted the agent and explained this and was told we would therefore not receive the £500 we had already put down 'as stated in the confirmation to let, the money would be forfeited if we pulled out of the deal.' At this stage the client was helpful and made suggestions on how we could make it work. After some conversation, we proposed a much lower offer at a shorter term and were told this would not be accepted so the offer would be 'cancelled immediately.' This was fine, as we did not expect the landlord would have accepted anywhere near that offer anyway. We then read the confirmation to let in fine detail paying particular attention to the terms and conditions which we read many times. Nowhere did it say that our money would be forfeited if we pulled out of the deal. We said this to the agent and explained we wanted the holding deposit money back. He did not argue and simply said he would return the monies. I must admit the agent and one other did continue to try and help us and we are very very grateful and appreciative of this. It felt as if he had gone out of his way to find a solution for us. Unfortunately we felt that we would be entering into a contract which would put a huge financial strain on us and potentially our guarantors so had to withdraw all offers. I must say at no time were either agents rude to us and continued to help despite us obviously causing inconvenience. He was also contactable late into the evening which was a huge benefit. Overall, although the situation did not work out as ideal, all correspondence with the agents was swift, helpful and fair and I cannot say a bad word in terms of this. The only thing I would say is to fully explain the terms and conditions to clients (especially young clients like us) and not to rush, as we did feel a little pressured at times. Also it would have been good to have known the situation before a final offer was put down on our behalf, yet I understand why this may have been done. I would use ludlow and thompson again and recommend to friends/family.
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