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EA speaks - can someone translate please?
Home2011
Posts: 69 Forumite
Hi all,
Hope someone can help with this.
Viewed a property last week which we like. After some research and deliberation we put in an offer on it on Friday, which is higher than the other offers we were told were put forward, but still about 13% bellow the asking price.
Haven't heard from EA since and then got a text message from him today that says "vendor said he wants to leave it on the market for a few weeks before he decides"...
Anyone had a similar experience? Sure it's all part of the tactics EA employ to get more money but not sure how to proceed?!
The property needs a lot of work and the vendor is an elderly relative of the property owner who passed away, probate has been granted.
We have no problem waiting, but on the other hand see no reason for doing so either.
Any advice?
Thanks
Hope someone can help with this.
Viewed a property last week which we like. After some research and deliberation we put in an offer on it on Friday, which is higher than the other offers we were told were put forward, but still about 13% bellow the asking price.
Haven't heard from EA since and then got a text message from him today that says "vendor said he wants to leave it on the market for a few weeks before he decides"...
Anyone had a similar experience? Sure it's all part of the tactics EA employ to get more money but not sure how to proceed?!
The property needs a lot of work and the vendor is an elderly relative of the property owner who passed away, probate has been granted.
We have no problem waiting, but on the other hand see no reason for doing so either.
Any advice?
Thanks
0
Comments
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well i have no advice on EA speak but wouldnt be happy with them communicating with me about the biggest purchase of my life by text message........0
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Read this as meaning they want to leave it on the market for a few weeks to see if they can get a higher offer!My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0 -
Text message from EA: "Vendor said he wants to leave it on the market for a few weeks before he decides"...
Translation: EA has phoned the vendor with your offer. Vendor has replied "!!!!!!! Is that all? You promised that we'd get near the asking price, you useless git". And then slammed the phone down.0 -
I know this may not go down too well on here, but most estate agent transactions are fixed fee, so they get paid the same regardless of the selling price. If they are on a percentage, the difference is likely to be so small as to be insignificant.
In my experience the sale is the most important thing for them - not the price.
In this instance, the vendor has basically said he doesn't want to accept your offer now. He'll see what turns up in a couple of weeks and will come back to you if nothing else happens.
It's up to you whether you wait, or decide to withdraw your offer and look for somewhere else...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Seems to be fairly self explanatory to me, they think your offer is too low, and are hoping to receive a higher one from another buyer. I guess if any better offers haven't been received within a few weeks, they might decide to accept your offer, then again they may not.
Either sit tight for a few weeks, raise your offer or withdraw your offer completely, the choice is yours.0 -
Tell the agent that its fine and you will wait a few weeks, and then if the agent comes back to you, make a revised lower offer.0
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"which is higher than the other offers we were told were put forward"
Chances are that these offers didn't exist anyway. Why does anybody believe EA's when they spout this rubbish? Every time I've offered on a house somebody has coincidentaly just offered more. They're also usually the people who viewed immediately before or after me. You know, so I can put a face to my competion and feel like I need to outbid them.0 -
Use your own tactic.
Put your offer in writing, and outline that it's only valid for (your chosen time period - a week? 3 days? 1 day?), and if not accepted, rejected or negotiated upon within that time, will be assumed to have been rejected, and should be considered withdrawn (this is standard practice in Scotland). Then go look for another house.
Whether you want to do this or not will depend on how keen you are on this house, how likely it is that others will be keen on it, and your chances of buying something else that suits you.0 -
Brodiebobs wrote: »well i have no advice on EA speak but wouldnt be happy with them communicating with me about the biggest purchase of my life by text message........
Why not? If the buyer has agreed to be contacted by mobile or by text.....
What method would you prefer?
Gilt-edged parchment hand-delivered by personal messenger?
Carrier pigeon?
Smoke signal?
Hand-carved Tablets of Stone?0 -
Why not? If the buyer has agreed to be contacted by mobile or by text.....
What method would you prefer?
Gilt-edged parchment hand-delivered by personal messenger?
Carrier pigeon?
Smoke signal?
Hand-carved Tablets of Stone?
googler....I love your posts but this has just made me giggle like a lunatic!My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say
Ignore......check!0
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