EA phoned to "resurrect" old offer!

partickz

GDB2222 wrote: »

I said offer 10% under the new asking - and barter on from there.

Thanks! Yeah I am keen to get the best price and I am pretty strong on the phone when it comes to negotiation.

partickz

CapJ wrote: »

No problem. You are actually at an advantage. Be "promiscuous". Offer low on one (doesn't have to be this one) and don't worry about walking away since there are others that you like. Chain free is better as shorter time frame so potentially less risk of gazumping.

Just reading up on gazumping/gazundering. Yet more things to worry about!

sugarwalsh

I'd say stop worrying - if it is meant to be it will. It isn't a unique house and there will be more on the market if you miss out on this one. You are in a stong positin - do your research (What others have sold for, how much it will cost to do up etc) and then decide on a price you are comfortable with and go for it.

Good luck and happy house hunting!

Megan

martinbuckley

partickz wrote: »

Just reading up on gazumping/gazundering. Yet more things to worry about!

If your profile location is correct then there should be no problem with Gazumping/Gazundering.

CapJ

martinbuckley wrote: »

If your profile location is correct then there should be no problem with Gazumping/Gazundering.

I don't know the area as well as you. Irrespective of area I would be a little concerned about the potential for the sellers to monkey around on the one he has already offered on, if he now goes lower. This is because they "know" he is / was prepared to pay more. Still its part of the risk. Personally I would be tempted to hold the one which has already been offered on (and rejected!) in the back pocket and go low on another one - but that will depend on how the OP feels about each house and how they are priced.

zappahey

partickz wrote: »

Just reading up on gazumping/gazundering. Yet more things to worry about!

Those practices don't exist in Scotland.

RobertoMoir

partickz wrote: »

Well my gf and I offered on a property nearly 7 weeks ago. The offer was about 10% under asking price. We justified the offer to the EA and continued to look after we had been told that they were looking for something "a bit nearer asking price".

The EA has just phoned to say that the vendors are looking to "slash" the asking and that they wanted us to have a chance to resurrect our old offer before the price is cut on Rightmove.

The agent seemed a little insulted when I said that we would not be interested in resurrecting the offer as we were in the process of arranging second viewings elsewhere. He said "oh well, you appeared to think it was worth £x a few weeks ago- What has changed? Are you seriously looking?" There was also a lot of huffing and puffing.

His attitude changed from his usual friendly salesman banter to being a little bit pi**ed off. Hope I have did the correct thing! Do you think I was right to just say "no thanks at the moment!" ??

If the EA's upset at all, he's upset because he thought he had an easy sale lined up and it turns out that he doesn't.

That's on the list of things that are his problem and not on the list of things that are your problem. Don't worry about his problems, most of us have plenty of our own to go around looking for trouble!

Look at it this way, if the house was worth £150k originally and you offered £140k then why jump in at that now... you'd hate to find out that they were actually going to drop it to £135k.

And whatever they drop it to, if I went back in for the property then I'd still consider offering a bit less than that unless you're so in love with the property that you don't want to risk losing it, and if that was the case and you were that in love with the place you'd already be buying it at their original price, lets face it.

googler

partickz wrote: »

Thanks! Yeah I am keen to get the best price and I am pretty strong on the phone when it comes to negotiation.

... but if your profile location is correct, your solicitor (who will be putting your written offer for you) will be speaking with the selling agent, and doing the negotiation for you.....

googler

partickz wrote: »

Just reading up on gazumping/gazundering. Yet more things to worry about!

I'll say it again - not in Scotland.

unhappy_shopper

From my limited experience, I think it is one of the tactics employed by the EA before dropping the price, to get the 'earlier offer price' whereas the best offer in the current situation might be less than that. This happened to us about 8 months back when we made an offer on a house which the EA rejected on behalf of the vendor saying that 'it is an insulting offer'. We walked away from that house, found a much bigger one at a better price very near that property. Just before dropping the price on rightmove, the EA rang us again reminding us that we had offered XX and when we replied that we were looking at other houses, the EA was outright rude to us. A few weeks later, the price was dropped £5K below our offer price and still no buyers. All this has happened within the last 8 months. So, may be the vendors were ruing the fact that they did not accept our offer at that time thinking it was a low offer and now it looks a good offer.