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Negotiating with the EA
LEEFTB
Posts: 18 Forumite
I have been reading the forum for a couple of weeks and it has been a great help with some really knowledgable posts.
I am a first time buyer and I have been negotiating with the estate agent about a house I have viewed twice. It is listed at £129,950. My original offer was £123,000. I based this on the house being in excellent condition with a lot of money spent on improvements, being on the market for three weeks and a number of properties in the area being sold for around the £125k mark. I made an improved offer of £124,250 this morning, The EA got back me to this lunchtime stating there had been a viewing this morning and an offer of £125k had been tabled an hour after mine was made however if I matched this then my offer would be accepted.
Well I do not believe what the EA has said is the truth. I would be prepared to pay upto £125k and will make my final decision in the morning. However is it a practice for EA's to invent rival offers. If it is a genuine offer from a third party then I fear they will make a counter offer. If there was no such offer then I would have preferred the EA to be upfront. I would be prepared to rise to £125k anyway. Now I have a fear that a third party will be prepared to outbid me and I cannot afford to pay above £125k.
Any opinions greatly appreciated!
I am a first time buyer and I have been negotiating with the estate agent about a house I have viewed twice. It is listed at £129,950. My original offer was £123,000. I based this on the house being in excellent condition with a lot of money spent on improvements, being on the market for three weeks and a number of properties in the area being sold for around the £125k mark. I made an improved offer of £124,250 this morning, The EA got back me to this lunchtime stating there had been a viewing this morning and an offer of £125k had been tabled an hour after mine was made however if I matched this then my offer would be accepted.
Well I do not believe what the EA has said is the truth. I would be prepared to pay upto £125k and will make my final decision in the morning. However is it a practice for EA's to invent rival offers. If it is a genuine offer from a third party then I fear they will make a counter offer. If there was no such offer then I would have preferred the EA to be upfront. I would be prepared to rise to £125k anyway. Now I have a fear that a third party will be prepared to outbid me and I cannot afford to pay above £125k.
Any opinions greatly appreciated!
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Comments
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Do you really think the EA would try it on for the sake of additional commission of approximately 1.5% of £750, which is £11.25?
In any case, it doesn't really matter. If you're willing to pay £125K and no more, then make the offer. If it gets accepted, great. If you get outbid, then just walk away and look at another house.0 -
I would walk away and buy it for £115,000 in a couple of months.
Prices are falling, don't trust ramping estate agents:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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They get taught to lie at Estate Agents school.
I see this is the same reply to another poster.
So you have proven you can use 'cut and paste' but can you be useful to posters on this forum or just here to have a go at agents.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
If the seller won't accept 124,250 then it doesn't matter whether there is another offer or not.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Yes, they do sometimes make up rival bids, but you don't have to play ball.
Why would they accept your offer at £125K if its the same as another, are you are you in a better position? If so, you might still be in with a chance - £750 isn't a lot of money and if the seller wants to move quickly (e.g the other party may be in a chain).
If the other offer is genuine and you increase your offer yes I'm afraid they may then simply bid above £125K.
Really depends on how much you want that house.0 -
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ad44downey wrote: »Wow. So estate agents go to school now? That's progress at least.
Surprised at such an avid MSE supporter resorting to cheap swipesA retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
I would walk away and buy it for £115,000 in a couple of months.
Prices are falling, don't trust ramping estate agents
how do you know where this person lives and if her area has had massive falls or even small drops in prices?
by looking at your footer - your predictions don't look the best...
50% falls by Christmas 2009?? that would be over 30% drops at -5% per month... you really expect that to happen?
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Do you really think the EA would try it on for the sake of additional commission of approximately 1.5% of £750, which is £11.25?
In any case, it doesn't really matter. If you're willing to pay £125K and no more, then make the offer. If it gets accepted, great. If you get outbid, then just walk away and look at another house.
No I dont believe the EA has tried it on for the sake of £11.25 commission. More likely is that the vendor is willing to drop to £125k and the 'offer' from a third party is a tactic for me to up my offer to secure a deal.
It is by far the best property I have viewed in my area and I have agreed a fee of £125k :j
You cannot compare being a first time buyer to another situation. I have had many car salesmen try to spin me a story in the past. You see through them, laugh in their face and walk away.0
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