Ignored by an estate agent

googler

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.

The point of the limit date on the offer is surely to elicit a response from the seller and their agent within that, so that everybody knows where they stand.

With a Y or N from the sellers within that time, the buyers know where they stand.

Without a response within timescale, the buyers still know where they stand. The offer has lapsed, it hasn't been accepted, and they move on to something else.

Without the time limit, the sellers are likely to sit back and not even respond - which is what's happened here. If there hadn't been a time limit, there'd be no closure.

Doozergirl

googler wrote: »

Without the time limit, the sellers are likely to sit back and not even respond - which is what's happened here. If there hadn't been a time limit, there'd be no closure.

Why are they likely not to respond? I'd respond to any offer if I thought it was serious. Either the agent or the vendor have decided it isn't. So they haven't got closure either way because they're on here wondering about it despite their own deadline passing. They'd look a bit silly phoning the agent several days later asking if the offer was definitely declined, because the intimation was that after 3 days the offer didn't stand at all.

I do not see the point of applying very specific deadlines to considerably low offers where I wouldn't necessarily hold my expectations of acceptance too high. I'd want a reply, yes but I'd allow time. I've never set a deadline for people yet I've always had replies within sensible time-frames. But I wouldn't feel uncomfortable phoning for an update either...

It's a heck of a lot easier to negotiate when you're doing it freely, allowing people their own time whilst keeping the lines of communication open and not trying to pretend that you don't care if they phone you or not, when you clearly do. I'd wait more than 3 days for the house I wanted at the right price. But bearing in mind I was offering lower than the vendor's expectations I'd continue to keep my options open and view others.

No one has ever come to us with an offer with a deadline attached, it's not exactly normal practice down here though I can see it more with something like formal tender. The only times I can think of the idea of a deadline being given with advice on this forum is when it goes hand in hand with "and then when they come crawling to accept it at a later date, you can either tell them to stick it, or drop your offer lower yet". I'd much rather offer in a way that wasn't likely to be misconstrued as an insulting offer (regardless of whether their own ideas are realistic) with strings attached. There's must be a reason why the agent hasn't put them to the top of the 'hot buyer' list and if the reason is not that the offer is genuinely too low for the market, then I think it might be the deadline...

poppysarah

Go view other houses.

This house isn't unique is it?

Neil_in_Bristol

My experience shows that it doesn't matter whether you put a deadline on the offer or not, the estate agents often can't be bothered to respond.

I don't think there's any harm in saying that you'll leave the offer on the table for x days if there are other houses you're interested in.

Equally, if there was more than one person interested in buying the house, I'm sure the vendors would make you aware of it and set a 'deadline' of their own.

evoke

Jeez. Hello over-analysing FTBs!

Look, it really is very simple. The property is being sold for £x. You decide what you want to pay for it. The seller will have told the EA the absolute minimum they'll take. Your offers are well below that minimum. Stop over-analysing previous sold prices. They have very little bearing on what a seller will accept today.

You have already been told the approximate price that the seller will accept. No amount of protesting and statistical analysis will change that.

Let me explain this another way.

EA markets the property at £x
Seller will not accept an offer below £y
You, after months of research, offer £z, which is below £y.

Guess what will happen? Doh! LOL.

DVardysShadow

googler wrote: »

... Without the time limit, the sellers are likely to sit back and not even respond - which is what's happened here. If there hadn't been a time limit, there'd be no closure.

But 3 days is far too tight. It speaks of taking a dominant role in negotiations, which won't go down well. A time limit may be necessary [7 or 14 days min] for difficult indecisive sellers - eg probate - where they will not make up their minds, but otherwise, I'm with Doozer. They are to be avoided.

By introducing the time limit, OP has made ignoring the offer part of the communication protocol for rejecting it. This is fine, as long as they accept this particular response. If they go back now, they put themselves in the weak position they were putting the seller in - and they stand the risk of maintaining that weakness with all other property under the same agent.

evoke wrote: »

Jeez. Hello over-analysing FTBs!

Look, it really is very simple. The property is being sold for £x. You decide what you want to pay for it. The seller will have told the EA the absolute minimum they'll take. Your offers are well below that minimum. Stop over-analysing previous sold prices. They have very little bearing on what a seller will accept today.

You have already been told the approximate price that the seller will accept. No amount of protesting and statistical analysis will change that.

Let me explain this another way.

EA markets the property at £x
Seller will not accept an offer below £y
You, after months of research, offer £z, which is below £y.

Guess what will happen? Doh! LOL.

I have to agree. Mostly. It is fair enough to take previous sold prices into consideration, but there is no point in making a presentation of the findings to the agent in more than 1 sentence. Beyond that, all that matters is £y and £z. £x does not even come into it except as a vague indicator of £y

doire_2

evoke wrote: »

Jeez. Hello over-analysing FTBs!

Look, it really is very simple. The property is being sold for £x. You decide what you want to pay for it. The seller will have told the EA the absolute minimum they'll take. Your offers are well below that minimum. Stop over-analysing previous sold prices. They have very little bearing on what a seller will accept today.

You have already been told the approximate price that the seller will accept. No amount of protesting and statistical analysis will change that.

Let me explain this another way.

EA markets the property at £x
Seller will not accept an offer below £y
You, after months of research, offer £z, which is below £y.

Guess what will happen? Doh! LOL.

What a stupid attitude. Plenty of sellers have asked for x amount in the hope they get it but have to face up to reality and accept a lower offer. I have had plenty of IFA and EA tell me in the past few months to offer 20% under.

Doozergirl

doire wrote: »

What a stupid attitude. Plenty of sellers have asked for x amount in the hope they get it but have to face up to reality and accept a lower offer. I have had plenty of IFA and EA tell me in the past few months to offer 20% under.

It's not an attitude, it's how it works, always has been. Whether you can both agree on a value.

There was no suggestion in evoke's post of what z is, except that it is less than the vendor wants, therefore no deal.

oldone_2

ILW wrote: »

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?

Common courtesey and an opportunity for the E.A to say your offer has been rejected, but we have another house on our books that may interest you. Some E.A's think we are still in the golden era where they just had to stand in their shop doorway and shout 'house for sale' for a huge queue to form.

First rule with dealing with an Estate Agent is to communicate only in writing.Not a text, not an e-mail, not a 'phone call but good old fashioned hand (or type) written letter. A decent E.A will have someone on their staff who can read and write non-text speak, and can respond in reasonable English.

doire_2

Doozergirl wrote: »

It's not an attitude, it's how it works, always has been. Whether you can both agree on a value.

There was no suggestion in evoke's post of what z is, except that it is less than the vendor wants, therefore no deal.

Brilliant so just offer what the seller wants no matter what? Never mind how long the house has been on sale for. Never mind if he hasn't recieved any offers. Never mind if the seller has to move quickly. Just go in and offer what he wants.