When to Engage Solicitor

J

JMR

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We are currently at the stage of awaiting an offer on our house and will then make an offer on the house we want to purchase.
We expect to receive an offer this week.
When should we engage the services of a solicitor?
Do we need a solicitor to make our offer?

Also, there is another party interested in the house we would like to purchase. When an offer is made by either party is this first put to the vendor to accept or decline and then the other interested party is made aware or is a phone call usually made straight away to the second interested party to allow a counter offer?

Thanks
 
Two choices
1. Get solicitor now. Get them working on taking up your Deeds and preparing contracts so that , if and when, it all starts happening, you are ready to go.

2. Wait until it is quite clear that everything is ready to move before getting onto solicitor.

All solicitors are advising clients not to get their hopes up. My own view is that a deal is not done until the money is in the bank and any deal, contracts or no contracts, can collapse at any stage given (a) many vendors and purchasers naivety ( still) and (b) the banks increasing unwillingness to lend to anyone.

In addition, most vendors will clearly say that, actually, they will only sell if they can buy at the same time which is making a lot of transactions even harder to complete.

You don't need a solicitor to make your offer.

As regards other interested parties, the house will be sold to the highest bidder if they are in a position to complete ( i.e. they have their funds organised and do not need to sell their own). If a lower bidder is in a position to complete, they are in a much stronger position.

mf
 
mf1 said:
As regards other interested parties, the house will be sold to the highest bidder if they are in a position to complete ( i.e. they have their funds organised and do not need to sell their own). If a lower bidder is in a position to complete, they are in a much stronger position.
Click to expand...

Thanks for that mf1.
If an offer is placed by interested party A, does the EA then contact interested party B and make him aware of this initial offer or is the offer put to vendor and a decision arrived at by vendor before contacting interested party B?

I know this sounds a bit convaluted but rather than regularly contacting EA to ask has an offer been made and making myself look increasingly desperate, I would hope that he would contact me in the first instance so that I could hopefully react quicker
 
It depends on the EA but a good EA would keep the vendor informed i.e. let them know if an offer has been made and then advise as to whether s/he should accept or hold out for another offer. This is the reason an estate agent is hired for in the first place to help the vendor get the best price possible.
 
In todays market, any reasonable offer will be contemplated ie if the vendors are being realistic and as buyers are now offering under the asking price, the EA should revert to advise if additional offers are on the table.
 
Contact from EA

Thanks for the replies but the question is............
When an offer is made will the EA contact the second interested party at the same time as advising his client of the offer or will the vendor consider the offer fully and possibly accept before the second interested party is made aware of the offer?

I am the second interested party in this case and am not yet in a position to make an offer.
I am wondering if I will receive a phone call from EA or will see a 'Sale Agreed' sign.

I don't want to keep contacting EA to see if offer has been made as this will make me appear too interested and possibly dilute my ability to bargain.

Thanks
 
Re: Contact from EA

JMR said:
Thanks for the replies but the question is............
When an offer is made will the EA contact the second interested party at the same time as advising his client of the offer or will the vendor consider the offer fully and possibly accept before the second interested party is made aware of the offer?
Click to expand...
If you had an offer on the table the EA would contact you, but the EA is not obliged to contact you unless you have an offer pending. The best thing to do is to say to the EA that you want an opportunity to bid on it, but can't at the moment, and ask him not to let it go without giving you the opportunity to bid. Any half decent EA would not let the opportunity of a higher commission pass for the sake of a phone call.

You're making it clear you're interested, and don't have to ring up all the time.
 
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