Does this sound dodgy ( estate agents)

DVardysShadow

new_home_owner wrote: »

Another dodgy thing is why would the estate agent tell me exactly what another offer was?

First ask yourself whether there is another offer.

new_home_owner_3

It could all just be me being paranoid after the last fiasco, but maybe the last offer as just been made up i think i will just forget about it now and see what happens.

Ill report back when i find out whats happening or if they contact me with some more information, whether its tue or not i will never know.

Bufger

Fire_Fox wrote: »

I'd look at other houses with the same estate agent, that usually makes them realise they have let the sale slip through their fingers.

Exactly. This is what ive just done and its scaring them!

Heres the deal with EA's and new or innexperienced buyers:

Buying a house is an emotional experience. EAs know when you offer on a house the likelyhood is you've grown attached to it already. They will never accept the first offer unless you're paying alot more than they think its worth. If your offer comes close to what the vendors want they will normally make you wait for ages to hear something, i had to wait 2 days before they rang me to decline. THIS DOESNT ALWAYS MEAN THE VENDORS DIDNT ACCEPT! Sometimes the EA's will say 'ok but we can try for an extra 1k and if it doesnt work we'll accept'. I'm at that stage now, i know my offer was reasonable and i know they will ring me back monday/tuesday. In the meantime im making them sweat and ive booked a viewing for tuesday and a second viewing on another house for wednesday. I'll get the call, you watch

My Tips:

Understand the waiting game. Long time = good offer.
Lay down the boundaries. Give them reasonable deadlines
Earn respect/fear. Show them you're aware of their game by hinting (this seriously messes them up, i even had the EA giving me insider information on a persons need to move quickly which means i could offer quite a bit lower!)
Hold Fast. Never give way to them. Set your boundary and no matter how much you want to give that extra 1k to get it over with dont give in.

Its a heart breaking game but it means you'll pay what you want and not what they want.

chickmug

Hi Bufger

You are dishing out advice as if you are a well seasoned house buyer/seller, or are in the business but I see from a past thread you are a FTB so you don't have too much experience?

So folks on here need to be aware as it is is not as 'black and white' as you are saying as each seller/buyer/agent has to be dealt with in different ways to maximise the chances of a good outcome.

new_home_owner_3

Im not sure what we are going to do, the estate agent said they would accept are offer but its 3000 less than the people in the chain, if you was a seller what would you do? go for someone in a chain, or go for someone who can get the deal done quickly, without relying on chains and other circumstances.

Having ot already falling through a few times i would think they would want to get the deal done quickly. the house is over 200,000 pound so 3000 pound seems only a small amount.

chickmug

new_home_owner wrote: »

Im not sure what we are going to do, the estate agent said they would accept are offer but its 3000 less than the people in the chain, if you was a seller what would you do? go for someone in a chain, or go for someone who can get the deal done quickly, without relying on chains and other circumstances.

Having ot already falling through a few times i would think they would want to get the deal done quickly. the house is over 200,000 pound so 3000 pound seems only a small amount.

Just read this thread but not fully read the whole thread but in answer to this question. 100% go for the party with no chain. Chains were the nightmare of my working life as you have no control over those beyond the immediate parties with which you are dealing.

googler

new_home_owner wrote: »

Im not sure what we are going to do, the estate agent said they would accept are offer but its 3000 less than the people in the chain, if you was a seller what would you do? go for someone in a chain, or go for someone who can get the deal done quickly, without relying on chains and other circumstances.

Having ot already falling through a few times i would think they would want to get the deal done quickly. the house is over 200,000 pound so 3000 pound seems only a small amount.

£3000 difference on a 200k+ house is hardly significant. I'd be very surprised if it made the difference between the owners being able to move or not.

Either stick to your guns with your current offer and hope the vendor/EA sees sense in accord with chickmug's assessment, or

Yield slightly to them (up your offer by £250 or £500, maybe?) and see if this tips the balance in your favour. Certainly wouldn't pitch in and offer the full whack.

Bufger

chickmug wrote: »

Hi Bufger

You are dishing out advice as if you are a well seasoned house buyer/seller, or are in the business but I see from a past thread you are a FTB so you don't have too much experience?

So folks on here need to be aware as it is is not as 'black and white' as you are saying as each seller/buyer/agent has to be dealt with in different ways to maximise the chances of a good outcome.

Hi Chickmug, i have studied these things for over a year now and helped 2 of my friends buy their first properties. I am currently going through the process for my first time now but im also taking advice from a few people at work that own several houses and have played the game a few times. It seems to always work in a pattern, the pattern is different again for repo's and distress sales but its quite easy to judge on what basis the people want to move.

For instance i just ask why they're moving as most of the time (due to my working hours) its the vendor showing me the property. I let them know early on im a FTB and judge how much of an impact that has on them showing me around. Its more a case of manipulation through a few actions to guage a reaction from the vendor. If you can work out the vendor the EA's usually work to a few rules. (ie them being a business rule number 1 is to make as much profit as possible). They play the heartstring game as its an easy one in residential property, its pretty transparent. They also want the security of the deal, they dont want a collapse and they dont want a property on their books for a long time growing stale.

Its just business at the end of the day. I'm not in the property sector like you but its not hard to work out the systems of sale people use, they appear in other sectors in a similar way :rolleyes:

chickmug

Hi Bufger

Just read my post and it was not as polite as mine usually are for which I apologise. All you say is noted but I will add another tip which is to talk to the person at the EA's that valued the house. Better face to face if you can play it cool. Ask if it is on sale at the agents price or at the sellers price. Some may dodge it but you will get an indication of what they really think.

not_loaded

Agreed! Quite often you shouldn’t be over interested in the answer so much as how long they take to answer and their body language when confronted.

They must love the easy touches, the ‘head over heels in love with the house’ people. Nice and easy to deal with and manipulate.

Bufger, you may not be in the business, but you clearly have a grasp of the psychology of the situation.

So many people here think it’s maths that dictates what you do in house buying. I feel it’s a mixture of maths and psychology.