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Offer letter

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Comments

  • sancho
    sancho Posts: 486 Forumite
    Part of the Furniture Combo Breaker
    The house we have just bought was on at 142,000, our first offer was 128,000, we are FTB so didn't really know how much to offer. Then we went up to 132, 134, 136 and finally 137, which is what we got it for, we really wanted the house though!!

    All of that took place over the phone, couldn't be doing with waiting for letters to get there. Is there a benefit to doing it through letter?
    He who laughs last, thinks slowest
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If the EA doesn't cry when they read it, you didn't do it properly.
  • chickmug
    chickmug Posts: 3,279 Forumite
    PasturesNew wrote: »
    If the EA doesn't cry when they read it, you didn't do it properly.


    Now then are you trying to make the EA's on this forum cry:eek:
    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.
  • g_attrill
    g_attrill Posts: 691 Forumite
    sancho wrote: »
    All of that took place over the phone, couldn't be doing with waiting for letters to get there. Is there a benefit to doing it through letter?

    As far as I know, the estate agent is legally required to put any offer made in writing to the seller, unless the seller has instructed that offers below a certain amount need not be passed on. Therefore I guess the reason that offers in writing are recommended is so that the agent has to pass it on without being able to negotiate up the buyer's offer first (for example, by saying "oh I don't think they would accept an offer that low").
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    g_attrill wrote: »
    As far as I know, the estate agent is legally required to put any offer made in writing to the seller, unless the seller has instructed that offers below a certain amount need not be passed on. Therefore I guess the reason that offers in writing are recommended is so that the agent has to pass it on without being able to negotiate up the buyer's offer first (for example, by saying "oh I don't think they would accept an offer that low").
    ???? I did not think that the offer had to be made in writing, nor passed on in writing as a matter of law. Although I think there may be a NAEA guideline which recommends that the agent passes the offer on in writing.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • chickmug
    chickmug Posts: 3,279 Forumite
    DVardysShadow wrote: »
    ???? I did not think that the offer had to be made in writing, nor passed on in writing as a matter of law. Although I think there may be a NAEA guideline which recommends that the agent passes the offer on in writing.

    Here is the bit from the NAEA Code of Practise: -

    5. Offers
    a) By law you must tell clients as soon as is reasonably possible about all offers that you receive at any time until contracts have been exchanged (in Scotland, missives have been concluded) unless the offer is an amount or type which the client has specifically instructed you, in writing, not to pass on. You must confirm such offers in writing at the earliest opportunity and keep a written or computerised record of all offers you receive.
    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.
  • westv
    westv Posts: 6,473 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    So legally the EA must put all offers forward not just those in writing.
  • chickmug
    chickmug Posts: 3,279 Forumite
    westv wrote: »
    So legally the EA must put all offers forward not just those in writing.


    In a word yes!
    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.
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