Who's playing a game

Marchbride

Hi all, would welcome any feedback.
So we bid on a property that came to market start feb. we bid 10k under without seeing property then when seeing offered asking price. Following day estate agent rang saying outbid by 1k so we upped it by 9k. Which was 10k over asking price. That was two wk ago. House belongs to the bank so EA told us he would have to show the house on market for 2more wks with 5 viewings. So last mon (17th feb) he rang saying we were still highest bidders and will make submission to bank mon gone with higher bid. Then on sat at what the EA said was the final viewing be told my other half that it would be Wednesday (today) that he would be making submission to bank, allowing 2 days for any interest from last viewing.
Roll on yesterday, EA emails saying that we are still highest bidders but house would need if not one more then 2 viewings & then submission mon wk. I was very annoyed over this as he has said the opposite to us and we have been highest bidders all along and are 10k over asking price with no other bidders. My other half got onto him after that email to say we weren't waiting any longer and he needs to inform bank that we will walk from sale. EA then rings me shortly after to say the bank have asked that EA ring all parties interested (even those that just viewed and didn't bid) and see if they want to bid on property. If not he would be closing sale today. So today he rings to say there's 3 more interested parties that want a 2nd viewing?! He would be showing them Saturday. My other half rang him again to give ultimatum of today at 5pm as the EA/bank have dragged it on long enough and are now begging people to bid. But when he rang EA, EA said he has 2of 3 people coming to view tomorrow. So other half has given ultimatum of Tomo at 5.
Its a little annoying that they're begging for a bidding war.. There were enough viewings for people to make their interest known but the bank/EA are not happy with 10k more than asking, 1st time mortgage approved ready to go buyers.. Worst thing is we can go 20k more but really feel like walkin away now even if there is a bid (real/phantom) tomorrow. Hate the feeling that we're being messed about. Would welcome any feedback, thank you

flintash

are u pissed off because its taking so long or that the house beeing shown to other parties one again?

Marchbride

flintash wrote: »

are u pissed off because its taking so long or that the house beeing shown to other parties one again?

Annoyed that he told us that highest bid would be submitted mon last, then told Wednesday and now.... Also he said no more viewings after last sat & bank were happy with our bid as past asking... So it's the lies I'm annoyed about not the viewings. If there were no dates given and other bids I'd accept and get on with it.. But after 5 viewings over 2&half wks with a number of viewers, we're still the highest bidders, so yes the length of time is a little annoying alright.

flintash

how much do you want this house? surely if you planning living next 100 years in it couple of weeks of waiting worthwhile i'd say. consider lucky if EA wont invent phantom bidder.
if you dont mind which part of the country yes does t have frenzy bidding wars?

Marchbride

flintash wrote: »

how much do you want this house? surely if you planning living next 100 years in it couple of weeks of waiting worthwhile i'd say. consider lucky if EA wont invent phantom bidder.
if you dont mind which part of the country yes does t have frenzy bidding wars?

To be honest I'm not sure how much I want it now. The whole process has completely thrown me off and thrown me off buying at the moment altogether. It's SCD.. Bidding all around Dublin is just mad at the moment. We've bid on a number of houses and have had two houses we were very interested in, where we were outbid and they went for 20k and 26k past asking price! I've spoke to some friends who are also house hunting but feel as I do and are going to just walk away and wait another yr or two. It seems to be that investors and cash buyers are forcing first time buyers out of market via they're high priced purchases and also the big egos they're instilling in EAs that are now overpricing properties as a result of cash sales which will end soon.

Marchbride

"consider lucky if EA wont invent phantom bidder."

I think this will happen tomorrow but is there any way around it??

P. Breathnach

It's easy for me to say what you and your OH should do; I don't have to live with the consequences of making a wrong call.

And on the seller's side of your negotiation there is somebody who is almost equally insulated from the hard realities of buying and selling property. It's a good bet that it's not the EA who is messing you about - after all, he would like to make a deal and earn his commission. There is somebody in the bank calling the shots, and feeling as if he or she is a property magnate, playing the market like a virtuoso. And if the consequence is that the house eventually sells for less than might have been achieved, there is no penalty to be suffered by the bank official.

I think your OH was a little too easy; he should have stuck to his first ultimatum. But he didn't, so you have to play the cards you are now holding. You might (with justification) be as annoyed as hell, but perhaps you should now stick with your latest ultimatum, and if they won't go sale agreed at 5.01 pm tomorrow, then walk. I think you would also be right to walk if they say that there is a higher bid; you know there is somebody in the bank feeling clever and trying to game you.

It's tough for you! I hope things work out well.

spockety

The house came on the market at the start of Feb, that's only 3 weeks ago. The EA's job is to take act on his client's behalf and get the most money he can for the property. Your underlying fear is that someone else will come in and bid higher than you, which is a fair enough fear but there's not a lot you can do about it.

The EA might only be sending you down the garden path because the bank are sending him down the garden path to get the most money they can for the house.

I'm also amazed that you went in with a bit 9K above the previous bid, I'd say he loves you!

Marchbride

spockety wrote: »

The house came on the market at the start of Feb, that's only 3 weeks ago. The EA's job is to take act on his client's behalf and get the most money he can for the property. Your underlying fear is that someone else will come in and bid higher than you, which is a fair enough fear but there's not a lot you can do about it.

The EA might only be sending you down the garden path because the bank are sending him down the garden path to get the most money they can for the house.

I'm also amazed that you went in with a bit 9K above the previous bid, I'd say he loves you!

Thanks for replies guys
Yes I know the banks are pulling strings and trying to be their usual greedy selves.. But the longer the house is on market the more interest and fees they accrue.. Yes I was a little ambitious to bid 9k over but that was with a view of scaring others off which it seems to have done as no one else has bid.. And I would bid another 9, had things gone differently but the feeling of being played is awful. Yes it's on the market 3 wks, but its had 5 viewings, is 10k past 'asking price' and no other bids!!!! That's frustrating.

Marchbride

P. Breathnach wrote: »

It's easy for me to say what you and your OH should do; I don't have to live with the consequences of making a wrong call.

And on the seller's side of your negotiation there is somebody who is almost equally insulated from the hard realities of buying and selling property. It's a good bet that it's not the EA who is messing you about - after all, he would like to make a deal and earn his commission. There is somebody in the bank calling the shots, and feeling as if he or she is a property magnate, playing the market like a virtuoso. And if the consequence is that the house eventually sells for less than might have been achieved, there is no penalty to be suffered by the bank official.

I think your OH was a little too easy; he should have stuck to his first ultimatum. But he didn't, so you have to play the cards you are now holding. You might (with justification) be as annoyed as hell, but perhaps you should now stick with your latest ultimatum, and if they won't go sale agreed at 5.01 pm tomorrow, then walk. I think you would also be right to walk if they say that there is a higher bid; you know there is somebody in the bank feeling clever and trying to game you.

It's tough for you! I hope things work out well.

Thank you breathnach, your reply was very nice. Your dead right re my hubby sticking his heels in on ultimatum but he wasn't expecting the EA to say straight away that there's a viewing tomo so he felt he couldn't argue against it now that he had arranged viewings. He said he will tell those viewing that they have to decide immediately if interested as sale is close to closing.. So don't even know of that's allowed? So I would say we will be walking away as he's going to tell us that the viewers want 24hrs to decide. Another day gone!! Thank you again for your reply are you looking at the moment too? Are you finding it frustrating, if you are?

spockety

Marchbride wrote: »

Thanks for replies guys
Yes I know the banks are pulling strings and trying to be their usual greedy selves.. But the longer the house is on market the more interest and fees they accrue.. Yes I was a little ambitious to bid 9k over but that was with a view of scaring others off which it seems to have done as no one else has bid.. And I would bid another 9, had things gone differently but the feeling of being played is awful. Yes it's on the market 3 wks, but its had 5 viewings, is 10k past 'asking price' and no other bids!!!! That's frustrating.

I dunno, there are open viewings happening across Dublin with over 100 people showing up to them so your situation doesn't sound as stressful

What is the asking price? (e.g. 10K over a 100K asking is significant, 10K over a 600K asking is not..)

dines08

Marchbride wrote: »

Thanks for replies guys
Yes I know the banks are pulling strings and trying to be their usual greedy selves.. But the longer the house is on market the more interest and fees they accrue.. Yes I was a little ambitious to bid 9k over but that was with a view of scaring others off which it seems to have done as no one else has bid.. And I would bid another 9, had things gone differently but the feeling of being played is awful. Yes it's on the market 3 wks, but its had 5 viewings, is 10k past 'asking price' and no other bids!!!! That's frustrating.

Frustrated now? Wait until the bank accept your bid and take 8-9 months to close the sale

Marchbride

spockety wrote: »

I dunno, there are open viewings happening across Dublin with over 100 people showing up to them so your situation doesn't sound as stressful

What is the asking price? (e.g. 10K over a 100K asking is significant, 10K over a 600K asking is not..)

Lol I've been at those viewings and bid on the property too so yes I know what that's like. I've also been told the house was ours only to get a call few days before Xmas to say no its not ours, it's been sold to a cash buyer 10k less.. So yes I know what stress is. This is NoT stressful, this is annoying as EA has said so much and gone back on it. Not going to say price of house but it is priced fairly according to previous sales in area.

Marchbride

dines08 wrote: »

Frustrated now? Wait until the bank accept your bid and take 8-9 months to close the sale

Dines I feel so so sorry for people whom that has happened to its terrible. It beyond frustrating. I'm hoping that wont be the issue with this house as its gone past all the negative equity paperwork, consent from parties etc.. All the stuff I believe holds up bank sales. EA assured me that everything is in place and ready to go. That house sale should be same as any standard sale.. emmmm we'll see about that!! But look I'm no professional when it comes to housing market and length of house sale so it could be a house you'd be waiting a yr to get into.. Surely maybe il never know at this stage.

P. Breathnach

Marchbride wrote: »

Thank you breathnach, your reply was very nice. Your dead right re my hubby sticking his heels in on ultimatum but he wasn't expecting the EA to say straight away that there's a viewing tomo so he felt he couldn't argue against it now that he had arranged viewings. He said he will tell those viewing that they have to decide immediately if interested as sale is close to closing.. So don't even know of that's allowed? So I would say we will be walking away as he's going to tell us that the viewers want 24hrs to decide. Another day gone!! Thank you again for your reply are you looking at the moment too? Are you finding it frustrating, if you are?

It had crossed my mind that people viewing tomorrow would not be comfortable making a bid immediately, but I didn't want to complicate my post too much. But that's why I suggested that you be prepared to walk at 5.01 pm. The thing could be dragged out further. You could ask the EA to phone the bank tomorrow afternoon to tell them that the process they are following is on the brink of losing them their best offer.

I think it is good for you that you are not madly in love with the house. It makes it easier for you to be hard-headed and practical.

Yes, I'm in the market to purchase. But I'm lucky in that I am not under any time pressure, and can wait for the right property at the right price. Herself and I decided as recently as yesterday that prices are going too high, and so we are stepping back. We think there is a mini-bubble at the moment, and that prices might come back to more reasonable levels in the not-too-distant future (I wouldn't like to quantify "not-too-distant!).

Marchbride

P. Breathnach wrote: »

It had crossed my mind that people viewing tomorrow would not be comfortable making a bid immediately, but I didn't want to complicate my post too much. But that's why I suggested that you be prepared to walk at 5.01 pm. The thing could be dragged out further. You could ask the EA to phone the bank tomorrow afternoon to tell them that the process they are following is on the brink of losing them their best offer.

I think it is good for you that you are not madly in love with the house. It makes it easier for you to be hard-headed and practical.

Yes, I'm in the market to purchase. But I'm lucky in that I am not under any time pressure, and can wait for the right property at the right price. Herself and I decided as recently as yesterday that prices are going too high, and so we are stepping back. We think there is a mini-bubble at the moment, and that prices might come back to more reasonable levels in the not-too-distant future (I wouldn't like to quantify "not-too-distant!).

I think you & the miss's could be doing the sensible thing and we could be joining you. I couldn't get onto EA tomorrow about walking away before viewing as its not fair on the viewers giving up their time to view. Wish they didn't give up their time lol yes I do and really did love the house but this messing about is changing that. We have a lot more we can bid but don't know if we would go there now as we're going to doubt any bid tomorrow even if it is real?!

johndaman66

flintash wrote: »

surely if you planning living next 100 years in it couple of weeks of waiting worthwhile i'd say. consider lucky if EA wont invent phantom bidder.

I appreciate were living longer now and that but jeepers, assuming the couple are in their 20's low water that means you expect they'll live to the ripe old age of 120 odd at least:cool:

Think you might be correct on the phantom bid though. In fact I'm very surprised it hasn't happened already. Could possibly forsee it after the next few "viewings".

Marchbride wrote: »

To be honest I'm not sure how much I want it now. The whole process has completely thrown me off and thrown me off buying at the moment altogether. It's SCD.. Bidding all around Dublin is just mad at the moment. We've bid on a number of houses and have had two houses we were very interested in, where we were outbid and they went for 20k and 26k past asking price! I've spoke to some friends who are also house hunting but feel as I do and are going to just walk away and wait another yr or two. It seems to be that investors and cash buyers are forcing first time buyers out of market via they're high priced purchases and also the big egos they're instilling in EAs that are now overpricing properties as a result of cash sales which will end soon.

Being honest if thats your sentiment now at this I think you might be as well off folding and walking away. No disrespect to you and I appreciate you've been through a bit of an ordeal so far but I do know that buying a bank owned property can often be a pretty slow and painful process. I have a friend, a work colleague who bought a bank owned property about a year ago. I think he was pretty tortured from it all by the time he got the keys.

South County Dublin is one of the more vibrant property markets in the country at the moment if not the most vibrant I'm sure. If the property is priced well I'm sure there has being a bit of interest in it. Business is business I suppose. Like an individual the bank is going to try and hold out for as much as possible I'm sure. It can probably be a dangerous enough game too as they may p!ss off a potential buyer like yourself...so much so that a potential buyer may slip through their fingers. A game their willing to play all the same it seems though.

At the end of the day a 10k difference in selling price probably makes very little difference to the EA so I genuinely think it is the bank calling the shots here. If it were the EA I would think the phantom bid would have being invented a day or even a couple of hours after you upped your bid to 10k above asking price.

Best of luck with it whatever happens. Hope it works out for you...

KCC

P. Breathnach wrote: »

...I suggested that you be prepared to walk at 5.01 pm

This is good advice. If you do walk and EA contacts you again in a few weeks, lower your offer.

Also, have a read of this article: http://www.independent.ie/lifestyle/property-homes/when-for-sale-is-the-sign-of-charade-29986897.html.

By the way, I think it's very worrying how quickly things seem to be getting out of control again in the Dublin property market.

Good luck.

Marchbride

johndaman66 wrote: »

I appreciate were living longer now and that but jeepers, assuming the couple are in their 20's low water that means you expect they'll live to the ripe old age of 120 odd at least:cool:

Think you might be correct on the phantom bid though. In fact I'm very surprised it hasn't happened already. Could possibly forsee it after the next few "viewings".



Being honest if thats your sentiment now at this I think you might be as well off folding and walking away. No disrespect to you and I appreciate you've been through a bit of an ordeal so far but I do know that buying a bank owned property can often be a pretty slow and painful process. I have a friend, a work colleague who bought a bank owned property about a year ago. I think he was pretty tortured from it all by the time he got the keys.

South County Dublin is one of the more vibrant property markets in the country at the moment if not the most vibrant I'm sure. If the property is priced well I'm sure there has being a bit of interest in it. Business is business I suppose. Like an individual the bank is going to try and hold out for as much as possible I'm sure. It can probably be a dangerous enough game too as they may p!ss off a potential buyer like yourself...so much so that a potential buyer may slip through their fingers. A game their willing to play all the same it seems though.

At the end of the day a 10k difference in selling price probably makes very little difference to the EA so I genuinely think it is the bank calling the shots here. If it were the EA I would think the phantom bid would have being invented a day or even a couple of hours after you upped your bid to 10k above asking price.

Best of luck with it whatever happens. Hope it works out for you...

Thank you johndaman
God wouldn't it be supercool living past 100.. & in your 'dream home'
Yes I am now expecting the phantom bidder.. Or that we will be told that one of the viewers are interested and they need 24hrs.. So we'll walk away and most likely will not get a house for a long time! But lessons will be learnt eah
I know 10k you think doesn't sound 'a lot' but it is and if its not that much why are they trying to scrape the barrel to get an extra 10k. To EA it's worth an extra 100e sure I'd give him that myself also, do ya know another huge loss for him? I recommended him to two separate friends selling houses (out of my price range) but will be taken that back if this crap continues! Recommended him as he seem(ed) decent not the usual snake like ways about him as every other EA I've met. And friends asked for my recommendation and there it was!!!

Marchbride

KCC wrote: »

This is good advice. If you do walk and EA contacts you again in a few weeks, lower your offer.

Also, have a read of this article: http://www.independent.ie/lifestyle/property-homes/when-for-sale-is-the-sign-of-charade-29986897.html.

By the way, I think it's very worrying how quickly things seem to be getting out of control again in the Dublin property market.

Good luck.

Thank you KCC for the reply and article. Makes for interested but not surprising reading. It's terrible what they (EA. & bank) get away with. Regulation is needed & ASAP. But can't see government doing a thing, they're dingbats!!! A waste of space. It is very very interesting as from what I see on my home now, any potential buyer under 295 is being priced out of the market! Just can't wait for things to flop again and be like Julia Roberts in pretty woman going back to the posh b*tch who wouldn't serve her.. I could say "you didn't sell me a house, big mistake, HUGE HUGE mistake" lol.. Ah well one can dream

spockety

Marchbride wrote: »

Thank you KCC for the reply and article. Makes for interested but not surprising reading. It's terrible what they (EA. & bank) get away with. Regulation is needed & ASAP. But can't see government doing a thing, they're dingbats!!! A waste of space. It is very very interesting as from what I see on my home now, any potential buyer under 295 is being priced out of the market! Just can't wait for things to flop again and be like Julia Roberts in pretty woman going back to the posh b*tch who wouldn't serve her.. I could say "you didn't sell me a house, big mistake, HUGE HUGE mistake" lol.. Ah well one can dream

There is still a market under 295… it's just that you may not like what you get for it..

Marchbride

spockety wrote: »

There is still a market under 295… it's just that you may not like what you get for it..

You're right spockety, I don't see value in the ones under 295! A house is only worth what you're willing to pay for it as one would say

ted1

Marchbride wrote: »

Hi all, would welcome any feedback.
So we bid on a property that came to market start feb. we bid 10k under without seeing property then when seeing offered asking price. Following day estate agent rang saying outbid by 1k so we upped it by 9k. Which was 10k over asking price. That was two wk ago. House belongs to the bank so EA told us he would have to show the house on market for 2more wks with 5 viewings. So last mon (17th feb) he rang saying we were still highest bidders and will make submission to bank mon gone with higher bid. Then on sat at what the EA said was the final viewing be told my other half that it would be Wednesday (today) that he would be making submission to bank, allowing 2 days for any interest from last viewing.
Roll on yesterday, EA emails saying that we are still highest bidders but house would need if not one more then 2 viewings & then submission mon wk. I was very annoyed over this as he has said the opposite to us and we have been highest bidders all along and are 10k over asking price with no other bidders. My other half got onto him after that email to say we weren't waiting any longer and he needs to inform bank that we will walk from sale. EA then rings me shortly after to say the bank have asked that EA ring all parties interested (even those that just viewed and didn't bid) and see if they want to bid on property. If not he would be closing sale today. So today he rings to say there's 3 more interested parties that want a 2nd viewing?! He would be showing them Saturday. My other half rang him again to give ultimatum of today at 5pm as the EA/bank have dragged it on long enough and are now begging people to bid. But when he rang EA, EA said he has 2of 3 people coming to view tomorrow. So other half has given ultimatum of Tomo at 5.
Its a little annoying that they're begging for a bidding war.. There were enough viewings for people to make their interest known but the bank/EA are not happy with 10k more than asking, 1st time mortgage approved ready to go buyers.. Worst thing is we can go 20k more but really feel like walkin away now even if there is a bid (real/phantom) tomorrow. Hate the feeling that we're being messed about. Would welcome any feedback, thank you

So 17:00 has come and gone, any news?

johndaman66

Marchbride wrote: »

I know 10k you think doesn't sound 'a lot' but it is and if its not that much why are they trying to scrape the barrel to get an extra 10k. To EA it's worth an extra 100e sure I'd give him that myself also, do ya know another huge loss for him? I recommended him to two separate friends selling houses (out of my price range) but will be taken that back if this crap continues! Recommended him as he seem(ed) decent not the usual snake like ways about him as every other EA I've met. And friends asked for my recommendation and there it was!!!

Hi Marchbride, Wasn't implying that 10k wasn't a lot of money as it certainly is. What I was trying to point out that at the end of the day its possibly not a lot to the estate agent in terms of the additional commission he will get form that extra 10k selling price. In my experience I've seen that EA are typically lazy people. They are supposed to act on behalf of the seller and achieve the best price possible for them but I reckon they are way too focused on their own bottom line to care about that. If a great deal of extra work were required to get that extra couple of hundred in commission I reckon most of them wont bother and end up taking the softer option;)

Its all relative to the asking price and that of comparable properties I suppose but I actually thought offering 10k over the asking price was quite a lot extra, too much perhaps. So much so that it possibly shows that you might be a bit too eager to get the house...playing into the EA's hands.

I wouldn't worry too much about advising people on the EA. You can always tell them he is a pheony if it works out that way. My cousin built a house almost 10 years back and during the build recommended the builder to a friends a few of whom went with him for the build of their house. Turned out after there were some quite serious issues with build of the house itself and the drainage. Now, wouldn't that be a worse scenario!

Marchbride

ted1 wrote: »

So 17:00 has come and gone, any news?

Ted1.. 5 went and held another viewin the following day.. One couple bid 1k up we went 2 up and the next day (yest) we got good news delighted but petrified something's going to fall through now. Especially after reading a post here that a guy went sale agreed with a bank signed contract and bank went and pulled out of sale as they gave it to a higher bidder!!! Bad form!

flamegrill

Myself and the Wife just bought last August. It took until December 6th to get the keys. This was what I can only describe as the worst few months I've ever been through. However once we got the keys we moved in right away and it's been brilliant since.

If it only takes 3-4 months to finalise the sale you're in business. Just be prepared for delays. Despite our EA being quite good and responsive the solicitors acting on behalf of the seller were slow as ****e. In the end my solicitor drove to their office demanding the contract and other documents he'd requested 5000 times.

Keep the faith, it's a great but scary time.

Marchbride

flamegrill wrote: »

Myself and the Wife just bought last August. It took until December 6th to get the keys. This was what I can only describe as the worst few months I've ever been through. However once we got the keys we moved in right away and it's been brilliant since.

If it only takes 3-4 months to finalise the sale you're in business. Just be prepared for delays. Despite our EA being quite good and responsive the solicitors acting on behalf of the seller were slow as ****e. In the end my solicitor drove to their office demanding the contract and other documents he'd requested 5000 times.

Keep the faith, it's a great but scary time.

Oh my god that must have been very stressful. I've heard so many horror stories about buying from the banks just praying that doesn't happen us. I'm not afraid to buy anything for house just incase! Did you have to wait long for the bank to accept your offer? The EA made the submission yest and said we'd get the formal acceptance mon tues at latest! Do you mind me asking what bank it was?
Our broker is great and works well with our solicitor so hopefully things will go ok :-/

P. Breathnach

Marchbride wrote: »

Ted1.. 5 went and held another viewin the following day.. One couple bid 1k up we went 2 up and the next day (yest) we got good news delighted but petrified something's going to fall through now. Especially after reading a post here that a guy went sale agreed with a bank signed contract and bank went and pulled out of sale as they gave it to a higher bidder!!! Bad form!

So you went up €3k, if I read things correctly. And you had the capacity to go up €20k.

You have just had a stressful few days, but the end result is not too bad.

I hope you have plain sailing from now on. In most cases where a property goes sale agreed and then things come unstuck, it is not the seller who causes the problem; it's usually that the purchaser can't get the finance organised. So the odds are in your favour.

Herself and I looked at a property today. It's been on the market less than a week, and there is already an offer at €15k over asking price. We think it will go higher, the only question being by how much. That's the way things are in the more desirable parts of Dublin.

ted1

Marchbride wrote: »

Ted1.. 5 went and held another viewin the following day.. One couple bid 1k up we went 2 up and the next day (yest) we got good news delighted but petrified something's going to fall through now. Especially after reading a post here that a guy went sale agreed with a bank signed contract and bank went and pulled out of sale as they gave it to a higher bidder!!! Bad form!

Read that thread the OP seemed to act to fast.
The bank may be selling the house but they have a duty of care to ensure they get the bast price. Remember the mortgage owner owes the balance

The_Conductor

Once contracts are signed by both parties- it is a legally binding agreement. If only one side signed the contracts- it can be voided by the non-signature of the second party.

OP- if both parties signed the contract- go to your solicitor and demand action. If only you signed it- unfortunately- all you're entitled to is your holding deposit back.

Akin to the comments above- it is the banks duty to attempt to get the best possible price for the property. Keep in mind- there is another party in this equation- the original owner, who will be left hanging for any balance o/s on the original mortgage, less the difference in the sale price.

If a legally binding contract is in place- it is in place, and enforceable. If not- the bank are (and acting in the best interests of their client) to try and achieve a higher price.

Marchbride

Thanks all for replies aw yes incompletely understand about the banks position and wanting to get the best price but if they have agreed a price with a buyer and deposit is put down, I just thought there were be some ethics put in place. But I know the bank are looking for best price and they are blood suckers out for the most they can get. Just feel very sorry for that OP who was sale agreed over a month, bought furniture, signed his side of contract and then boom bank gives to a higher bidder without any void for the OP to bid. Sounds like the seller had a 'buddy' s/he wanted to be kind to!! Poor OP