Estate Agent's words when putting offer

HomeBuy3780

Ok, when we say in writing, is an email ok or a signed for letter?

Doozergirl

chickmug wrote: »

Also I have rarely been given an offer with a dealine after which it will be withdrawn.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.

And I really don't understand why someone would do that either?

If someone came to me and said they'd withdraw an offer after 24 hours I'd be exceptionally wary even if it were acceptable to me. That is not the normal way to buy a house. If you want it for a certain price then surely you're keen enough that you'd still want it at the same price in a couple of days time, shock horror even a week later? It's a business transaction built on a great degree of trust, behaviour like that jeopardises things before they've even started.

Bullying tactics are not appropriate. If there is a motivation on the EAs part to lie about a higher offer (if indeed they area) it might be that they know the vendor will not accept the offer. To be fair, it's entirely possible and reasonable that they have received and rejected higher offers than £20k off a £140k house, isn't it?

It is a misconception that EAs work for vendors. They work for themselves. A percentage of any sale is better than a percentage of no sale. The motivation beyond any doubt has to be a negotiated sale because that is where the commission comes; not putting buyers off trying to get another £5000 for all of £50 more commission.

Soot2006

We recently made offer verbally, got received a response in writing. We were also told there were "two significantly higher offers on the property". Have left it a few days. Will make a new offer today if the house is still on the market, and then leave it at that. Have now viewed 12 houses of which I love about 5 .

chickmug

HomeBuy3780 wrote: »

Ok, when we say in writing, is an email ok or a signed for letter?

Either is OK but letters take too long.

It is not often agents get it in writing. Agents are supposed to confirm offers in writing to the seller but between you and me many dont bother. Don't tell anyone I said so;)

chickmug

swaptogo wrote: »

I was an estate agent for several years and know all the tricks

Will you be writing a book on this - I would love to read it?

Did you work for as chain?

chickmug

Doozergirl wrote: »

It is a misconception that EAs work for vendors. They work for themselves.

I fully agree with you but would add most people I know whatever their job work for themselves;)

googler

"If someone came to me and said they'd withdraw an offer after 24 hours I'd be exceptionally wary even if it were acceptable to me. That is not the normal way to buy a house. If you want it for a certain price then surely you're keen enough that you'd still want it at the same price in a couple of days time, shock horror even a week later? It's a business transaction built on a great degree of trust, behaviour like that jeopardises things before they've even started."

That wasn't what I said - I suggested that the offer should request acceptance or rejection by the seller within a certain timeframe. Not that the buyer would withdraw the offer within that timeframe.

If I want it at a certain price, I'll make an offer on it - but why should I have to wait a week for the seller to tell me yes or no? What's unreasonable about asking them to accept or decline my offer in 1 or 2 days?

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.

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

Which bit is rubbish?

The bit about legal duty?

http://news.bbc.co.uk/1/hi/business/2946170.stm

First question points that out, as will many sources with a quick google search. The reason you would put it in writing is that it is the only way to have evidence that you actually made an offer so that if you need to complain you can.

Or the bit about the scam?

http://www.telegraph.co.uk/property/propertyadvice/propertymarket/3293652/Spot-the-scam-behind-the-smile.html

Here is a telegraph article outlining some of the scams - reserve properties for yourself or a friend, reserve properties for a brown envelope

http://www.thisislondon.co.uk/news/article-10565096-details/Estate+agent+in+valuation+scam/article.do

A real-life example for you - googling will uncover any number of similar stories.

So if you don't believe stuff like this happens you are very naive.

In any case, I wasn't making the point that I think this is happening in this case. It seems unlikely based on the facts so far as the agent has not been especially evasive (You probably wouldn't even get to review 'reserved' property unless you pushed for it).

I was merely pointing out why you might conceivably want to put offers in writing, and this is exactly why when you are not getting access to the vendor through the agent.

Or were you just being sarcastic?

HomeBuy3780

swaptogo wrote: »

The EA is working for the vendor and is paid on commission, all sorts of tactics will be used to get you to put in a higher offer. I was an estate agent for several years and know all the tricks, (Not that I used them). If you have any doubts about the offer being put forward or that there really was a previous offer, speak directly to the vendor and do your own negotiations.

Leave an offer on the table for 24 hours and tell the EA it will be withdrawn if it is not accepted within that time frame. Having replies in writing means absolutely nothing, Either party can still withdraw from a sale right up to the point of Exchange of Contracts. If you are serious about the property and want it taken off the market you could offer a deposit to be held by the solicitor in return for the vendor removing it from the market. This would demonstrate that you are serious and could be used as a good negotiating tool. Good luck

"If you have any doubts about the offer being put forward or that there really was a previous offer, speak directly to the vendor and do your own negotiations."


This is really surprising!!! Can I speak directly to property owner? I thought its illegal? Obviously I know the address of property and the seller stays in the property, so I can just go and speak? I don't think so...

Doozergirl

googler wrote: »

That wasn't what I said - I suggested that the offer should request acceptance or rejection by the seller within a certain timeframe. Not that the buyer would withdraw the offer within that timeframe.

You didn't. Someone else did