HELP! In the middle of negotiations...

Alibear

(Update with another question attached!)

So I went to see the house for third time at the weekend, EA called this morning for feedback and I offered our full budget (we're cash buyers, FTB, which should hopefully help), which is just over 10% below asking price. Over 3 hours later and I've not heard back. I was just wondering whether EAs leave us buyers hanging in this situation? Is this a good sign? I know it could be something as simple as the EA not being able to get hold of the vendor, vendor mulling it over, etc. But in my limited experience of EAs some kind of game playing wouldn't be surprising, though what they'd be getting out of it is anyone's guess! (And I suppose us buyers are 'playing the game' too). When should I expect to hear back, do you think? Any thoughts, experiences gratefully received.

hazyjo

Did they actually turn down the other offer then? Or have you just gone in with a higher offer?

Yes, a lot of EAs play games. Vendor might have said yes we'll take the offer if that's all they can go to, and the EA might have said, you know they want it, let's leave them hanging for a couple of days to see if we can squeeze a few more grand out of them. You just never know.

We're buying through some fantastic agents. They knew we liked a house but needed a buyer, as soon as we got a buyer, we were on the phone and he put our offer forward, then called me to say he'd put the offer forward and that she was waiting for her hubby to get home to discuss, and he'd be in touch as soon as he had any news. We went t'pub (as you do) and he called immediately with a no but said £5k more and they'll deal. Deal done. £15k off. More than happy. Not too dragged out, nobody playing games, nobody holding out for unreasonable amounts, they wanted to sell and we wanted to buy. I wish more EAs were like them. First EA to have ever called me back to say they'd put forward an offer and would be in touch as soon as they had a reply.

Just be patient and keep viewing others. Took us nearly a year to find this one after tonnes of viewings/offers.

Jx

Alibear

hazyjo wrote: »

Did they actually turn down the other offer then? Or have you just gone in with a higher offer?

Yes, a lot of EAs play games. Vendor might have said yes we'll take the offer if that's all they can go to, and the EA might have said, you know they want it, let's leave them hanging for a couple of days to see if we can squeeze a few more grand out of them. You just never know.

We're buying through some fantastic agents. They knew we liked a house but needed a buyer, as soon as we got a buyer, we were on the phone and he put our offer forward, then called me to say he'd put the offer forward and that she was waiting for her hubby to get home to discuss, and he'd be in touch as soon as he had any news. We went t'pub (as you do) and he called immediately with a no but said £5k more and they'll deal. Deal done. £15k off. More than happy. Not too dragged out, nobody playing games, nobody holding out for unreasonable amounts, they wanted to sell and we wanted to buy. I wish more EAs were like them. First EA to have ever called me back to say they'd put forward an offer and would be in touch as soon as they had a reply.

Just be patient and keep viewing others. Took us nearly a year to find this one after tonnes of viewings/offers.

Jx

Thanks for that. Yep, we put a low offer in last week which was rejected quickly, no counter offer. The delayed response this time makes me think either the EA hasn't got hold of the vendor, the EA is playing games or the EA didn't even submit last week's original, low offer!

I've told them several times what the budget is, which is what I've offered. If they EA thinks there's more cash they're stupid!

Ulfar

Its a game of waiting and nerves, try not to think about it and go and do something fun.

Alibear

Well, I heard back on Monday afternoon about the offer I put in on Monday morning, it got rejected. Walked away (even though it wasn't the 'walk away' figure). EA didn't even try and talk me into raising the offer, leading me to believe he wanted far more cash for it. Skip forward two days and the EA's boss calls, saying she might be able to talk him into £10k more, which IS the 'walk away' amount.

I went met halfway (£5k more), without the garage, which isn't needed anyway. Seller's thinking about it. I'm pretty surprised it only took the EA two days to come back, do you think it's because of Mervin King's speech? I can't see it being easy to get a mortgage this year... Or are EAs just desperate at the moment, do you think?

Gwhiz

Alibear wrote: »

Well, I heard back on Monday afternoon about the offer I put in on Monday morning, it got rejected. Walked away (even though it wasn't the 'walk away' figure). EA didn't even try and talk me into raising the offer, leading me to believe he wanted far more cash for it. Skip forward two days and the EA's boss calls, saying she might be able to talk him into £10k more, which IS the 'walk away' amount.

I went met halfway (£5k more), without the garage, which isn't needed anyway. Seller's thinking about it. I'm pretty surprised it only took the EA two days to come back, do you think it's because of Mervin King's speech? I can't see it being easy to get a mortgage this year... Or are EAs just desperate at the moment, do you think?

They were making you sweat so you'd offer more when they called back. It worked

gecko

We've just been through a one-sided negotiation...house has been on the market for 6 months, no other offers.

First offer 10% off asking price - rejected, seller wants asking price

Second offer 7% off asking price - rejected, seller wants asking price

Third and final offer 5% off asking price - EA's went around to discuss with sellers and try and convince them it was a good deal...they still want asking price.

Alibear

Gwhiz wrote: »

They were making you sweat so you'd offer more when they called back. It worked

Haha, it was worth more than the offer (which was never going to be accepted) and the plan was to monitor it for a few weeks before calling back so I don't think the EA has won just yet! If I get it under the walk away figure I'll be happy I'm just surprised it only took two days for them to call me, thought it would be a lot longer. That's why I'm wondering whether it's because of the BoE's announcement yesterday...

Alibear

gecko wrote: »

We've just been through a one-sided negotiation...house has been on the market for 6 months, no other offers.

First offer 10% off asking price - rejected, seller wants asking price

Second offer 7% off asking price - rejected, seller wants asking price

Third and final offer 5% off asking price - EA's went around to discuss with sellers and try and convince them it was a good deal...they still want asking price.

I don't know what's wrong with them, it's hardly a seller's market at the moment! They'll have to drop the price by 5% soon anyway, I reckon, thus getting less than your offer! Stupid people...

Lifes_Grand_Plan

Alibear wrote: »

Skip forward two days and the EA's boss calls, saying she might be able to talk him into £10k more, which IS the 'walk away' amount.

Personally I would have stood firm at that point as you had the upper hand if they were chasing you... thats easy for me to say though as I am emotionally detached from the purchase.

My view though is there are plenty more houses out there so unless this one is one of a kind then go make some silly offers on others you like. Eventually you'll find someone who wants a quick sale and you'll bag a bargain.

BTW whats this about "without the garage"... is it a freestanding removable one?!? Confused.