EA speaks - can someone translate please?

CapJ

Don't be too keen. Tell the agent - forget about it then and arrange other viewings. Make sure you slip in that you are viewing other properties at other agents (eg do you have houses I can view Saturday afternoon - can't do the morning as I already have viewings booked). If the buyer is interested in your offer they`ll come back quickly!

Home2011

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........

Yes I was a bit surprised to only get a message, especially as we were communicating over the phone up to this point... but then again, I've been texting with other EA so doesn't bother me that much, although it is slightly odd. Somwhow I suspect the idea behind that is to see how keen we are, i.e. if we call back?!

Home2011

Catblue wrote: »

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.

Good one! He should have just said so At least we'd know how to deal with that

Home2011

DannyboyMidlands wrote: »

"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.

Totaly agree with you... only mentioned it to give you the idea that our offer wasn't totally ridiculous... Wheter there were really other offers or not we simply don't know. We offered because we thought it would work for us, not because they said there were other offers.

Home2011

kingstreet wrote: »

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...

Hmh... I'm not an expert, but from my research most EA work for the percentage, no? At least this is the case with most EA that I know of, which also makes sense... else what would give them incentive to push the property to sell it at a better price?!
Of course the difference might be very small unless we're talking about really expensive properties, but nonetheless...
I think more importantly the EA are guilty of giving unreasonable expectations to the vendors, who then hold on for a better price because "EA said they could sell it for £££".
I might be wrong of course

Home2011

googler wrote: »

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.

Yes, I am tempted to do that, which brings me to another question. What are EA responsibilities regarding the rejected offers?
Our previous purchase fell through as the sellers pulled out without an explanation, but in the stages of putting an offer on it the EA we were dealing with at the time (different to this one) has sent us a letter each time in reply to our offer, even though we only put an offer in over the phone.
What is the normal practice and what is a legal requirement regarding the offers put through to the EA - do they have to reply to you in writing? I thought yes?!

CapJ

Home2011 wrote: »

Hmh... I'm not an expert, but from my research most EA work for the percentage, no? At least this is the case with most EA that I know of, which also makes sense... else what would give them incentive to push the property to sell it at a better price?!
Of course the difference might be very small unless we're talking about really expensive properties, but nonetheless...
I think more importantly the EA are guilty of giving unreasonable expectations to the vendors, who then hold on for a better price because "EA said they could sell it for £££".
I might be wrong of course

Even those that work on percentage are still not going to be hugely motivated over the 13%

Eg they are selling 100K house at 1,5% commission = 1500 for them. Someone offers them 13% less, = 87K. Big difference for householder! But for the agent... 1,5% of that is 1305.

So they lose just under 200 pounds, which for the certainty of a sale now without further costs of advertising rather than the risk of nothing if the householder withdraws / goes to an agent now, well it's probably worth it

But it's not up to them. It's their customer's house and their decision. A good agent will due their job and try to negotiate well for their customer but I would suspect many would prefer a sale at discount to no sale (and possiblity of sale in the future)!

Thrugelmir

Home2011 wrote: »

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.

House is empty, therefore no chain. So will attract keen interest not just yours.

Executors of the estate will obviously try and obtain best price for the property.

Caveat_Mortgagor

They want to use your offer to force an offer out of other potential buyers. Dont for one moment think they are serious about accepting your offer.

The agent will be ringing others who have viewed "Be quick, we have an offer, its very close to the asking price, do you want to put in an offer as well?"

The rightmove link will say under offer as well.

If they come back to you at some future point it will be because there is absolutely no other interest in the house.

You should point this out to the EA and suggest that if they come back to you then you may have to have another look at your offer and see if you are out of kilter with the market.

In fact, if you want the house and are happy with your offer tell the EA to advise the vendor that they can secure your price now by accepting or jeopardise the offer by waiting and showing how weak the market is.

MissMotivation

Home2011 wrote: »

Yes, I am tempted to do that, which brings me to another question. What are EA responsibilities regarding the rejected offers?
Our previous purchase fell through as the sellers pulled out without an explanation, but in the stages of putting an offer on it the EA we were dealing with at the time (different to this one) has sent us a letter each time in reply to our offer, even though we only put an offer in over the phone.
What is the normal practice and what is a legal requirement regarding the offers put through to the EA - do they have to reply to you in writing? I thought yes?!

Best practice is to confirm, in writing, to both the Vendor and potential Purchaser whether the offer is accepted or rejected. Legally the EA only has to confirm in writing to their client (Vendor).