Estate Agent's words when putting offer

HomeBuy3780

How serious is an EA when he says, "We already had an higher offer for this property", when a buyer puts an offer?

And what is the next step when EA comes back saying the offer is rejected? How long to wait before putting next higher offer?

I know there would not be any fix answer for this but what are thoughts flkoating around, it will be good to discuss...

Ulfar

First thing to do is put your offer in writing and get confirmation of this and the vendors response in writing.

HomeBuy3780

Ulfar wrote: »

First thing to do is put your offer in writing and get confirmation of this and the vendors response in writing.

Don't think its always in writing? Most of them is verbal? isnt it?

besonders1

Its better in writing as you can set out terms such as taking it off the market, the reasons why your offered the amount etc. As for the other offer, how long ago was it since they rejected the previous buyers offer, 6 months ago? a year ago? the market has changed since then anyway. When I had offer rejected I was not 100% certain that the agent actually passed the offers on to the seller, sounds as if the agents will reject the offers if they don't think its worth passing them onto the seller e.g. too low etc.

googler

Put your offer to them in writing, stipulating that it is to be accepted or rejected IN WRITING within your chosen timescale (5pm same day, 5pm next day, whatever). Include any other conditions that your solicitor feels are appropriate regarding taking property off the market after your offer accepted, etc.

If accepted, all good and well. If rejected, decide how much you want the house and how much more you want to offer.

(In writing can be by fax, of course ...)

terrierlady

trying to negotiate at this moment in time too, we offered the agents rejected left it a week then re offered this was dispite the agent telling us there was no movement on price..... new offer accepted, but without the owner doing the few jobs she promised so went to see owner who verbally agreed new price later email from agent ,owner wont now accept new offer but would meet in middle with no other movement ,again went to see vendor who was unaware of new offer? agents just trying to push up offer again good or bad agent you decide:cool:

princeofpounds

It has to be in writing for the estate agent to have a legal duty to pass it on. If you don't do it in writing, they can (in theory) keep quiet and wait until the owners will sell to a mate on the cheap, amongst other scams.

Therefore if you don't get proper communication with the vendors it's a prudent step to take.

How serious is an EA when he says, "We already had an higher offer for this property", when a buyer puts an offer?

Sometimes very, sometimes not at all. In one way, it shouldn't matter. Offer what you are willing to pay, if you get beaten then you wouldn't have been willing to pay anyway.

And what is the next step when EA comes back saying the offer is rejected?

You assess if you want to raise your offer or not. That should, in theory, be entirely dependent on your circumstances and opinions on what the property is worth, and nothing to do with a silly game of chicken.

How long to wait before putting next higher offer?

Unless the house is irreplaceable or your first offer was a low test-the-water effort, you should wait anywhere between a couple of days to a couple of months.

It's very easy for vendors to try and squeeze a little bit more from a buyer by saying this as a first move, but not wasting too much time by coming back to the offer if the buyer doesn't bite.

If your offer is apparently refused, then you should ask about the other offer - how much, what sort of chain, what sort of financing arrangements etc. This may give you an idea of how genuine it is, but in the end you will never know unless they are bad at lying so you are almost forced to make your own decisions, and it's just as well.

ad44downey

HomeBuy3780 wrote: »

How serious is an EA when he says, "We already had an higher offer for this property", when a buyer puts an offer?

Beware! EA's tell alot of porkies so it is always best to assume that they haven't been honest with you.

chickmug

princeofpounds wrote: »

It has to be in writing for the estate agent to have a legal duty to pass it on. If you don't do it in writing, they can (in theory) keep quiet and wait until the owners will sell to a mate on the cheap, amongst other scams.

What absolute rubbish how often have you come across this and what evidence do you have for making this ludricrous suggestion?

chickmug

ad44downey wrote: »

Beware! EA's tell alot of porkies so it is always best to assume that they haven't been honest with you.

Can I correct you and say 'some' EA's?

chickmug

Ulfar wrote: »

First thing to do is put your offer in writing and get confirmation of this and the vendors response in writing.

How many days would this take and I have never know being asked to get any seller to put it in writing. I doubt any would be happy to do so. This is just not a reflection of the day to day reality of an agents work.

It is usually always telephone.

Also I have rarely been given an offer with a dealine after which it will be withdrawn. A theoretical possibilty perhaps but not based on the reality of what usually happens.