Do EAs reply to your offer in writing?

Grimbal

just a thought - are you sure the offer has been passed on? You could always pop a letter through the owners door?

martinbuckley

Yes they do reply in writing. I submitted an offer on a property yesterday morning - my offer was 91% of the asking price. I am a FTB with 50% deposit and the property was empty - the owner died about 6 months ago and his sons are selling it and splitting the proceeds.

My offer was rejected in writing.

doctor-dee

Does an offer have to be made in writing? Can it be made over the phone verbally? Which is best?

shockingmoment

The housing market is in such a mess at the moment its an acceptable strategy to cast your net far and wide and make lots of very, very low offers. We've just viewed 6 acceptable properties, offered 80% on the ones we were keen on, one vendor accepted.

DVardysShadow

doctor-dee wrote: »

Does an offer have to be made in writing? Can it be made over the phone verbally? Which is best?

Some here will argue you need to make the offer in writing. But that really is only for when the market is rising rapidly. A verbal offer is good enough normally, unless the agent specifies otherwise - eg for some probate sales. If you have never met the agent, it can be a good reason to turn up in person at their office.

unhappy_shopper

shockingmoment wrote: »

The housing market is in such a mess at the moment its an acceptable strategy to cast your net far and wide and make lots of very, very low offers.

Thanks for the advice.
Can you please clarify what is the %age you have in mind when you say very, very low offers?
We are thinking 90% of asking price itself is quite low.

@Grimbal: The offer was made verbally over the phone. Today the EA for 1st house called my OH and told that the offer was rejected, no reasons forthcoming.
@Cissi: your strategic advice is helpful.
@DVardydShadow: My OH has visited the EA at his office.

Nuttyneddy

You can make your offer verbally and it will usually be accepted or rejected by phone (with a written confirmation if the offer is accepted).

The only reason to make an offer in writing is if you are concerned that the EA might not pass it on to the vendor. It is a legal requirement for them to pass on all written offers, unless specifically requested by the vendor (e.g. the vendor may say not to pass on any offers below a specific amount).

doctor-dee

I was thinking of putting an offer in writing so that it's easier to be more methodical about how the offer is put across. Things like reinforcing our position on having deposit, mortgage AIP, no chain etc. If the vendor receives this then I can be sure they are able to a) actually get all of the information I want them to have, and b) are able to re-read it again and again and hopefully talk themselves into the fact that we're a good prospect and should be taken seriously.

Does this make practical sense ?

shockingmoment

unhappy_shopper wrote: »

Thanks for the advice.
Can you please clarify what is the %age you have in mind when you say very, very low offers?
We are thinking 90% of asking price itself is quite low.

Hope this helps:

As I mentioned - we offered 80% on 6 properties. One was accepted. It had been on the market for about 13 months, needs a little work (kitchen / bathroom / decorate).

We're very happy. EA, for some strange reason, not so! Loss of commission? Driving values down?

Just be cheeky. What do you have to lose? The market is flooded. Some desperate to sell.

Edit: Qualify your offer - mortgage in place / no chain / exchange to suit vendor etc.
Make it easier for them to say yes!

AnnaV

unhappy_shopper wrote: »

Thanks for the advice.
Can you please clarify what is the %age you have in mind when you say very, very low offers?
We are thinking 90% of asking price itself is quite low.

It completely depends on how reasonably the house has been priced in the first place.

I've been keeping an eye on the market in our area over the past year and some asking prices are crazy, some much lower. I'd base your offer on how much YOU think the house is worth.