Estate agent not allowing revised offers

WelshNic

^Precisely G_M

Without knowing exactly what the offers were and the background surrounding them it's impossible to question the vendor's decision.

What was the offer made/asking price that you think warranted enough to be allowed a revised offer?

Actually there's no need to answer that as it isn't your/mine/the EA's decision to make - it's the vendor's.

jjlandlord

G_M wrote: »

It is the seller's strategy that you seem to be querying, not the EA's.

Perhaps, if this is indeed the seller's strategy... Again this seems to occur especially with a specific agent, hence my query.

WelshNic wrote: »

What was the offer made/asking price that you think warranted enough to be allowed a revised offer?

Well, the question should be (and is) why not to allow revised offers as a general rule?

Opening offer at asking price on the same day property was visited. According to agent (so grain of salt), competing offers made on same day as ours, in same range, and they (agent/seller) waited to get the offers in before bluntly accepting one without any negotiation.

If this was the seller's strategy I don't understand it as it would have cost him 0 effort and 0 time to get the EA ask for revised offers to squeeze as much as possible (which imo is what EAs must always advise to do...)

So basically I'm just asking if that's something that anyone here has experienced and if so if there were special circumstances.

G_M

jjlandlord wrote: »

Well, the question should be (and is) why not to allow revised offers as a general rule? Only the vendor can answer your question.

Opening offer at asking price on the same day property was visited. According to agent (so grain of salt), competing offers made on same day as ours, in same range, and they (agent/seller) waited to get the offers in before bluntly accepting one without any negotiation.

If this was the seller's strategy I don't understand it as it would have cost him 0 effort and 0 time to get the EA ask for revised offers
seller in a hurry?
More concerned with speed/getting solicitors instructed?
One offer was a cash buyer and this was more important to seller than possible higher offer from mortgage applicant?
Seller has an aversion in principal to bidding wars/negotiation and prefers to offer at a fixed price then sell to someone who accepts his price.
Who knows? to squeeze as much as possible (which imo is what EAs must always advise to do...no, they must do whatever the vendor instructs them to do. Usually this is to maximise sale price, but...)

...

Hope that helps a bit.

jjlandlord

G_M wrote: »

Hope that helps a bit.

Thanks, G_M,

seller in a hurry?
More concerned with speed/getting solicitors instructed?

No. They have yet to find a new property so the sale will probably take months to be completed.

One offer was a cash buyer and this was more important to seller than possible higher offer from mortgage applicant?

Perhaps. Is there really a difference between a cash buyer and a mortgage buyer who has the mortgage already sorted out when you don't need to complete the sale in a hurry?

Seller has an aversion in principal to bidding wars/negotiation and prefers to offer at a fixed price then sell to someone who accepts his price.

That could be it.
If that were to be the case, I would still blame the agent as he should have made it clear to interested parties that this was what the seller instructed so that opening offers had better be the best buyers could do. He hasn't and so, luckily for the actual buyer, the property went below the price it could have easily achieved.

From this I hope no-one will complain again about the state of the property market

MacMickster

If this is the way that the EA operates and this is known by vendors and purchasers alike then they are effectively operating a sealed bid system - ie make your offer your best offer.

For properties that are likely to attract a lot of interest then this would usually be the best way of maximising the sale price. Potential buyers of the house imagine what others may be bidding and then try to outbid them. The bidding war that you want takes place in their own heads before submitting the offer.

anselld

Keen buyers often make a best offer with the condition that the property stops being marketed if accepted in the hope this will stop gazumping. Obviously up to the EA/Vendors if that is an attractive offer or not and if they honour the condition.

Seems the majority of EA sales don't end up in a bidding war. If you want that go to an auction.

Errata

this seems to occur especially with a specific agent, hence my query.

I wonder how the OP can know this happens with some/many sales at this agency and doesn't happen with some/many sales at other agencies?

jjlandlord

MacMickster wrote: »

If this is the way that the EA operates and this is known by vendors and purchasers alike then they are effectively operating a sealed bid system - ie make your offer your best offer.

Good point. The key obviously is "known to purchasers".

anselld wrote: »

Seems the majority of EA sales don't end up in a bidding war. If you want that go to an auction.

Seems to me that if you get several buyers put offers forward you have in effect an auction.

googler

Errata wrote: »

I wonder how the OP can know this happens with some/many sales at this agency and doesn't happen with some/many sales at other agencies?

I'm wondering the same. How does the OP know what's happening with multiple sales at this one agency?

hazyjo

I'd like to know where this area is where there's tonnes of interest on each property, people queuing up to make offers (some at asking price), and the potential for bidding wars! Most other places seem to be very slow moving with houses sitting on the market for months!

Good luck.

Jx