Ignored by an estate agent

blanche

We are first time buyers and we are frustrated with the attitude of an estate agent we had to deal with – they simply to not communicate back to us on our offers. I need to know if we are doing something wrong, or we just were unlucky with the particular agent.
We are a couple with 60 % LTV and a mortgage agreed in principal. We found a townhouse in Surrey which suits our needs. Thanks to Zoopla and Rightmove Sold House Prices tool we were able to view previous sales on the properties in the same block. There are 11 townhouses in this development, the ends and the two in the middle houses have more space and straight ceiling in the top floor with big loft as well. Initially they were sold 10 % higher than the rest by the developer in 2000. The house we want to buy has camp ceiling and less footage. One of the bigger middle houses was sold in June 2010 for £380k and the end of terrace one was sold for £382k in September 2007 (we consider that it was the peak of prices), The house we are looking to buy is owned by the same person since new and has been rented out from the beginning (currently it is shared by 3 different couples) and is in need of some renovation. The asking price is £380K. We have decided that the highest price we are prepared to pay for this property is £340K. This is based on the fact the bigger house was sold at 10% premium when new, therefore when it was resold at £380 last summer, the house we are considering should roughly be worth £380k-10%=circa £340k. Two houses with similar features as the one we are interested in were sold for £347.5K and £360K in Feb 2007.
I had viewed the town house on Friday, the 4th of March and we had the second viewing with my DH on the following Monday. The same day we made an offer of £325k, which was 14.5 % lower than the asking price. We’ve fully explained to the agent the reasons above why we considered the price too high for the property. Someone from the agency tried to contact me at 7.30pm the same day, but I could not answer the phone, when I called back the office was empty. The next day we were waiting for a call or an email from them and my DH phoned to the agency and was told that our agent was with clients, so he left her a message asking to call back. No one called back. On Wednesday my husband phoned them again and was told by the agent that she has asked one of her colleagues to contact the vendor and our offer was rejected. She said that the vendor had previously had an offer of £360K which he had rejected some time ago, but now he’s keen to sell in £350s price mark. The same day we’ve made another offer of £340K and said that it was our last and final offer valid for only the next 3 days. We’ve had no response from the agent.
I would be grateful to any of your thoughts why they never called us, even to decline our offer? This really puzzles us as we consider ourselves good prospective buyers – with reasonable deposit, arranged mortgage, nothing to sell and are keen to proceed straight away.

nearlyrich

Many estate agents are really poor, my DD recently completed on a house, she was a FTB with a decent deposit and they didn't take her seriously at all, she caught them out in several bare faced lies and they managed to drag out a very simple transaction with no chains. I was disappointed in the esate agent I used to sell in 1993 they were useless and I am shocked that in this era of low sales they haven't pulled their socks up.

Ring up and ask to speak to the manager and explain your concerns ...

googler

blanche wrote: »

The same day we’ve made another offer of £340K and said that it was our last and final offer valid for only the next 3 days. We’ve had no response from the agent.

Your offer was only up for acceptance within 3 days. They didn't accept it, so it's now lapsed.

Move on and find another house to buy

Neil_in_Bristol

We've had very similar experiences with a number of different agents. Trying to get a viewing in the first place is difficult enough and seems to require several phone calls.

Once we've been for viewings, we rarely get a follow-up call. And when we've made offers, we haven't even had a phone call back to tell us whether they've been accepted or not in most cases.

If I was a vendor using these agents, I'd be furious about why I was wasting my money. No wonder houses aren't selling! :mad:

Doozergirl

blanche wrote: »

I would be grateful to any of your thoughts why they never called us, even to decline our offer? This really puzzles us as we consider ourselves good prospective buyers – with reasonable deposit, arranged mortgage, nothing to sell and are keen to proceed straight away.

The asking price is £380k. If the vendor isn't interested, regardless of whether their asking price is correct, they aren't interested. Unfortunately, you can't really convince people that their asking price is 14.5% too high in the space of 3 days.

I've said it before that demanding acceptance of an offer within 3 days is just asking for defiance if you were ever going to get it.

That was your best and final, it was put across with some force which I think most vendors will not take kindly to. It doesn't matter what your position is if your offer isn't high enough for them, regardless of whether your offer is actually based on more reason than their asking price.

If you put your offers across in that manner then it wouldn't surprise me if a vendor said to the agent 'forget them then'. If that was the final offer and you were sending the message that you were only interested for a period of 3 days (sorry, but why?!) what indeed is the point in coming back to you? If you play like that then the agent is probably going to have to consider whether you are the sort of buyer they want on the books. Are you going to pull out of everything after three days - I really struggle to see the relevance of putting very strict time limits on offer except to !!!! people off!

Treat people as you would like to be treated. What would you have done if the vendor came back and said 'it's £355k and you've got three days to decide'. Would you have tried to negotiate further or would a swear word have come to mind? I know what would have gone through my mind and it wouldn't result in a polite phone-call back to them declining the kind offer. I'd have thought 'foxtrot oscar' and moved straight on. How do you do business with people like that? If it starts bad with pointless demands, it ends worse.

It's a two way street this negotiation malarky, if you want to play the game advised by the armchair bandits on this forum, then go ahead, but it's a bit different out on the cliff face.

Softly, softly catchy monkey.

B_Blank

Well done for doing research, finding what the house is worth and not paying way over the odds.

Sounds like this house wont sell (or get many viewings) if it is on the market for more than in 2007 (when prices were 10-20% higher base on where u live). Better to move along and try and buy a house that the vendor wants to sell for a fair price

B_Blank

Doozergirl wrote: »

The asking price is £380k. If the vendor isn't interested, regardless of whether their asking price is correct, they aren't interested. Unfortunately, you can't really convince people that their asking price is 14.5% too high in the space of 3 days.

I've said it before that demanding acceptance of an offer within 3 days is just asking for defiance if you were ever going to get it.

That was your best and final, it was put across with some force which I think most vendors will not take kindly to. It doesn't matter what your position is if your offer isn't high enough for them, regardless of whether your offer is actually based on more reason than their asking price.

If you put your offers across in that manner then it wouldn't surprise me if a vendor said to the agent 'forget them then'. If that was the final offer and you were sending the message that you were only interested for a period of 3 days (sorry, but why?!) what indeed is the point in coming back to you? If you play like that then the agent is probably going to have to consider whether you are the sort of buyer they want on the books. Are you going to pull out of everything after three days - I really struggle to see the relevance of putting very strict time limits on offer except to !!!! people off!

Treat people as you would like to be treated. What would you have done if the vendor came back and said 'it's £355k and you've got three days to decide'. Would you have tried to negotiate further or would a swear word have come to mind? I know what would have gone through my mind and it wouldn't result in a polite phone-call back to them declining the kind offer. I'd have thought 'foxtrot oscar' and moved straight on. How do you do business with people like that? If it starts bad with pointless demands, it ends worse.

It's a two way street this negotiation malarky, if you want to play the game advised by the armchair bandits on this forum, then go ahead, but it's a bit different out on the cliff face.

Softly, softly catchy monkey.

Not really. Only if the vendor is attached emotionally to the value of their home will they be annoyed at you for making an offer. And if they are this sort of vendor then its better to find another place to buy, which doesnt have idiot owners who dont realise what state the housing market is in.

More than likely this vendor will end up selling this house for under £340k. Prices are declining, and the big squeeze on household incomes is yet to come. God only knows what this vendor will sell this house for in a few years.

Its a buyers market, search around and get a good deal, no need to pay over the odds and allow a stupid vendor to get out of their terrible financial situation which they put themselves in by buying into the biggest bubble in british history!!!

ILW

OP
You said this was your final offer and it was only good for three days.
They have not accepted it, so what is the point in even speaking to you any more?

Doozergirl

B_Blank wrote: »

Not really. Only if the vendor is attached emotionally to the value of their home will they be annoyed at you for making an offer. And if they are this sort of vendor then its better to find another place to buy, which doesnt have idiot owners who dont realise what state the housing market is in.

More than likely this vendor will end up selling this house for under £340k. Prices are declining, and the big squeeze on household incomes is yet to come. God only knows what this vendor will sell this house for in a few years.

Its a buyers market, search around and get a good deal, no need to pay over the odds and allow a stupid vendor to get out of their terrible financial situation which they put themselves in by buying into the biggest bubble in british history!!!

Not really what? What is the point of the three day thing exactly? You don't want it in three days? If they accepted £340k in four days, what exactly would you do? It's so pointless. Most people can make up their minds within three days without silly demands.

I'm not assuming anything except that being arrogant with your offers is more likely to get people's backs up than just being normal about it and giving people the time, and the respect, to think. Move yourself on in the meantime, keep looking, but don't be rude with offers. It defeats the entire object of trying to buy at the best price - I'd rather flatter someone into giving me something than act like I'm mugging them. "Give it or else!"

I've not said the asking price is realistic, I don't have a clue, like you don't know what the vendor's financial status is! Armchair punditry, from people with no intention of buying a house and who probably have never had the experience of doing so. It doesn't take me long to realise that I respond far better to being asked than told - I suspect most people are the same. Suggest the OP re-adresses their tactics.

B_Blank

Doozergirl wrote: »

Not really what? What is the point of the three day thing exactly? You don't want it in three days? If they accepted £340k in four days, what exactly would you do? It's so pointless. Most people can make up their minds within three days without silly demands.

I'm not assuming anything except that being arrogant with your offers is more likely to get people's backs up than just being normal about it and giving people the time, and the respect, to think. Move yourself on in the meantime, keep looking, but don't be rude with offers. It defeats the entire object of trying to buy at the best price - I'd rather flatter someone into giving me something than act like I'm mugging them. "Give it or else!"

I've not said the asking price is realistic, I don't have a clue, like you don't know what the vendor's financial status is! Armchair punditry, from people with no intention of buying a house and who probably have never had the experience of doing so. It doesn't take me long to realise that I respond far better to being asked than told - I suspect most people are the same. Suggest the OP re-adresses their tactics.

Typical attitude.

Who cares, he said 3 days, what does it matter. "Get their backs up", thats like being a 2 year old. He wanted an answer within 3 days so he said decide in 3 days. Nobody wants to make an offer and then have the estate agent not come back to them. He said 3 days so that if he didnt hear within 3 days he could just move on without having to spend hours ringing the agent.

You need to get a grip, not everybody is as immature as you and would get offended by a deadline. Deadlines are part of life. Sort yourself out

Wee_Willy_Harris

B_Blank wrote: »

............... He said 3 days so that if he didnt hear within 3 days he could [STRIKE]just move on without having to spend hours ringing the agent[/STRIKE] go on a message board and whinge like a... um... 2 year old.

Corrected that for you.