EA asking for a deposit

cherry76

The EA is bullying me to increase my offer. I made an offer of £280,000 for a house selling for £290,000. The house has been reduced twice by 10% and has been on the market for 8 weeks. The EA has had no firm offer despite 6 viewings and told me there is a couple very keen to do a second viewing, they have also have a small mortgage. I am a cash buyer and did not like the fact that the EA was calling the shot telling me to make an offer of £295,000, the house will stay on the market until he sees my funds which I do not mind, he also said I have to put a deposit which I find odd. Has it ever happened to anybody? Of course, I was so upset and walked away. For a house who had 6 viewings and no firm offer, it does not look good. May be somebody with more experience can explain the EA's behaviour especially in a falling market. I will only agree to show the funds to my solicitor who will confirm it to the EA. I think this is fair. As it is I am just leaving it as it is and will not increase my offer. Thanks

AJ1982

Tell them you will get ur Deposit on exchange, this seems to be the norm. And offer whatever u want, its always common in this current market. Remember the EA works for the vendor, not you, so he will want as much of ur dollar as poss.

lynzpower

tell them it sounds very fishy and youll be seeking advice from Arla.

cherry76

AJ1982 wrote: »

Tell them you will get ur Deposit on exchange, this seems to be the norm. And offer whatever u want, its always common in this current market. Remember the EA works for the vendor, not you, so he will want as much of ur dollar as poss.

He wants a deposit when he accepts the offer. This is not norm, I know about the 10% deposit on exchange but not at the beginning. I have only seen it advertised once on right move that they want a deposit at the beginning.

ginvzt

Get your solicitor to give a call to the EA.
Also, put your offer in writing and explain that you will not pay deposit until exchange and request that it was passed to the vendor (or drop it through the door). The vendor might not know about this idea!!!

Bf109

Tell the ea in no uncertain terms to shove it up his nought.

Plenty more fish in the sea.

mikthe20

Remind the EA that Halifax today announced house prices went down 2% in the month and he's lucky to have an offer at all.

Remind yourself that 2% of £280,000 is £5,600 lost in one month alone. Ask yourself whether you think it's going to go up or down next month or the months that follow.

AJ1982

I paid a "Reservation Fee" of £1000 when I made an offer on a new build property, which a kind of tie in.. .tho that was a builder, not a vendor. Even if you make a deposit before exchange im sure there is little comeback from either side if you want to pull out... the comeback for pullout is officially settled on Exchange. Sounds a joke to me...

pinkshoes

Go back in with evidence that you're a cash buyer, then tell them that you'd like to drop your offer to £270k to coincide with the falling market.

Cash buyers are like diamonds for EAs at the moment, so if you've seen other properties you like, then I'd recommend that you take your cash elsewhere.

The EA is probably short of money, so trying to do some dodgy deal. Under no circumstances whatsoever should you part with any money before exchange!

How much do you love this property?

LisbonLaura

I can hardly believe there are folk like the OP left!!

OP, please wake up & get out of there fast.

Then look around you. Can you not see the correcting storm approaching???

Ian_Griffiths_Halifax

Go direct to the vendor and tell them that the EA is asking for a deposit and was this the vendors suggestion? It's not normal, though I have known for an Estate Agency to charge a fee, something like £300, to the buyer, to secure a property and stop marketing it to others.

It amazes me that Estate Agents take it upon them selves to investigate a buyers financial affairs and pry into rather personal issues, when they are working for the vendor!

If you bought a car through your local newspapers 'Cars For Sale' collumn, you wouldn't expect somebody fromt he newspaper asking you to provide proof of car finance, Car Insurance and a Licence!