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EA speaks - can someone translate please?
Comments
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So as the EA what is your opinion on what this actually means? I really don't fancy playing the mind games with the agent, but on the other hand I think the way to success would be to get the agent to see us as good option... the only question is how to do that? As another poster said the difference in their comission would be so small that I imagine it would be in theri interest to sell asap.
What's the best way of getting inside EA mind - how do we find out what price they would advise their client to accept?
The EA will advise the seller to take whatever price is on offer from buyers. That way they get their commission. It's always the vendors who stick out for more.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Please don't misunderstand. I've been a mortgage specialist for three small to medium sized independent firms and my experience is limited to how they conducted themselves; hence my lack of sight of the kind of activities reported on here. They were all owned and run by chartered surveyors and they were all far more motivated by their reputations and the service they wished to provide than by the kind of tactics you see from some of the bigger players in the market today.So as the EA what is your opinion on what this actually means? I really don't fancy playing the mind games with the agent, but on the other hand I think the way to success would be to get the agent to see us as good option... the only question is how to do that? As another poster said the difference in their comission would be so small that I imagine it would be in theri interest to sell asap.
What's the best way of getting inside EA mind - how do we find out what price they would advise their client to accept?
As I said earlier, you have to decide whether to stick around or withdraw your offer. Frankly I'd try the latter and see their reaction. You can always make another offer if you choose.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 -
Thrugelmir wrote: »The vendor is making the decision not the EA. Offer what you believe the property to be worth to secure it.
What does the 13% under sales price equate to in £££'s ?
yes it is vendor's decission, but come on, it would be foolish to think that EA views on the subject are irrelevant?! For example if the estate agents tells vendor "look it is a good offer, I don't think you'll get more no matter how many weeks you keep it on the market" than surely that has some bearing on vendor's decission, no?
13% translates to about £24k, with other offers that were "suposedly" put forward at least £15-25k lower than ours!0 -
The EA will advise the seller to take whatever price is on offer from buyers. That way they get their commission. It's always the vendors who stick out for more.
Hm... don't know, maybe. Wouldn't it be foolish for a vendor to insist and stick out for more £££ if the EA was forthcoming in saying that more £££ is unlikely to happen?
Am I alone in thinking that EA do actually influence vendor's decission?0 -
Caveat_Mortgagor wrote: »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.
I know some EA are guilty of most of the things we are accusing them here, but surely they wouldn't be going as far as you are suggesting, would they
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The rightmove is not showing Under Offer because the property isn't Under offer, and I don't think they would do such a thing - what would be the benefit of doing so anyway...They wouldn't be able to show it to other potential buyers either?0 -
The problem is that some EAs get the business in the first place by telling their customers they can get a high price for their house. A few weeks later they cannot easily encourage a seller to accept a much lower offer.Hm... don't know, maybe. Wouldn't it be foolish for a vendor to insist and stick out for more £££ if the EA was forthcoming in saying that more £££ is unlikely to happen?
Am I alone in thinking that EA do actually influence vendor's decission?0 -
You can put aside you wish to get " a bargain" and make your best offer or something close to it. You could ask if you could do the Survey now, as an expression of interest, reassure you it is not a money pit, as well as give you confidence to up your offer. In considering 2 or more offers, the EA can put the argument that buyer Home 2011 has already had their survey done,eliminating the risk with the others of a post survey drop in the asking price( typical with older un modernised properties). And after all a quick mortgage valuation and if funds are available, and your solicitor is professional, you could exchange in a week or so.
How much do you want it?Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
The problem is that some EAs get the business in the first place by telling their customers they can get a high price for their house. A few weeks later they cannot easily encourage a seller to accept a much lower offer.
Yes that is a problem and I believe very much case here. Does make for a very difficult negotiations. Having sleept on it I'm inclined to just stay put for a couple of days and see what happens... But than again?!0 -
What are peoples experiences with 'open hands' aproach with EA?! What I mean , if I was to aproach with 'Look we both know this is a good offer and it is very unlikely vendor will get more money if he waits.. Hell all statistics are saying so... The longer the property is on the market the less likely is to sell anywhere close to the asking price. We dont want to wait for weeks so how about you help us get it now?!' Huh?!0
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The longer the property is on the market the less likely is to sell anywhere close to the asking price.
Not necessarily. Maybe their are interested parties who haven't yet sold their own property. So unable to make an offer that would be accepted.
£24k is a sizable discount. Sufficient enough to wait for a few weeks. After all the vendor is in no rush.0
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