Estate agent not allowing revised offers

jjlandlord

googler wrote: »

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

Because I've been looking to buy for some time and this is not the first time this happens with this agent. I have put offers on other properties with other agents and they always come back and ask for revised offers but not this agent.

As mentioned by a previous poster I might just not have understood the "way it works"... The learning curve thing.

hazyjo wrote: »

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!

"(some at asking price)": And such asking price offers are often not good enough! E.g. my case. Our new neighbour told me he had to increase his offer above asking price to get ahead of the competition.

Desirable areas in Surrey, Berkshire, etc.: Nice family houses (£300k to £600k) snatched in 2 weeks max. If they stay on the market longer than that it means that they are clearly overpriced.

It's not a buyer's market everywhere...

Running_Horse

Estate agents don't accept or reject first offers, vendors do.

jjlandlord

Running_Horse wrote: »

Estate agents don't accept or reject first offers, vendors do.

Obviously. This is not the point, though.

BeardedDez

Are you buying as a landlord?

I know that if I had several offers and knew the buyers circumstances then the last person I would sell to would be someone looking to buy to let it.

p00hsticks

jjlandlord wrote: »

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?

Yes. There's a limit to how much you can 'have your mortgage sorted out' without having a particular property in mind. You may have the mortgage agreed in principal but once you have a property selected the mortgage company will want to have their own survey and valuation and any number of searches done and that all adds complications. And the more complications, the less likely the sale is to proceed smoothly. A cash buyer doesn't need to do any of this if they don't want to.

Running_Horse

jjlandlord wrote: »

Obviously. This is not the point, though.

This is exactly the point.

Typically, someone starts with a low offer that is rejected, then a little to and fro-ing later they agree a figure somewhere in between. If the two parties are happy with the deal and you have not put in a serious offer, then that is just tough.

My experience of landlords trying to buy my house is they were only interested in desparate sellers, which we weren't. They simply were not willing to compete with conventional buyers on price.

Caveat_Mortgagor

To my mind it could be one of three things going on here. Or it may be none of my suggestions......

1. A number of offers recieved, but one substantially more than the others. EA and vendor didnt see any value in going back to other bidders due to scale of difference in bids.

2. The EA may be cultivating a reputation. If word gets round that you might lose out if you dont bid enough, it might put pressure on people to bid higher. Agents will always tell you someone else is looking at a property. If they have the added reputation of not giving second chances with bids, it may force peoples arms to bid a little more than they might otherwise do.

3. The vendor / EA were being pragmatic and thought that if bids went any higher they would be at risk of getting an agreement that would eventually be struck out by a mortgage valuation.

jjlandlord

Caveat_Mortgagor wrote: »

2. The EA may be cultivating a reputation. If word gets round that you might lose out if you dont bid enough, it might put pressure on people to bid higher. Agents will always tell you someone else is looking at a property. If they have the added reputation of not giving second chances with bids, it may force peoples arms to bid a little more than they might otherwise do.

3. The vendor / EA were being pragmatic and thought that if bids went any higher they would be at risk of getting an agreement that would eventually be struck out by a mortgage valuation.

Very good points there, thanks.

Running_Horse wrote: »

Typically, someone starts with a low offer that is rejected, then a little to and fro-ing later they agree a figure somewhere in between. If the two parties are happy with the deal and you have not put in a serious offer, then that is just tough.

I am not buying as landlord.
But this is not the point because my expectations was that typically indeed things go as you explain. In addition, as said, I put forward an offer at asking price: That's serious enough imo.
So I'm trying to understand what went down.

Running_Horse

What went down is a matter between the buyer and vendor.

You are not part of the transaction and have no rights to anything.

jjlandlord

Running_Horse wrote: »

What went down is a matter between the buyer and vendor.

You are not part of the transaction and have no rights to anything.

Am I suggesting that I should have "rights"?

Luckily for me I received some constructive and insightful replies to my query, which I will put to good use as soon as the next available property pops up.
Thanks all.