Why would they say they would take £X if really they want £Y?

butler_helen

My first step into the buying pond is driving me nuts so look away now if you can't bear a rant.

We have secured a mortgage in principle, chosen the solicitors, got a 10-15% deposit, are chain free and are raring to go.

Last week we looked at a house which the agent stated the vendor would take offers of £X - £Y for (c. 10-15% less than asking price). So we viewed and love it! We made the offer of £X which was understandably rejected so we offered a bit more. No says the agent, they have another offer of £Y+a bit. So we stop there and say our offer is £Y so take it or leave it.

First rant is that mysteriously the higher offer has disappeared and they are asking us whether we can find a "couple of grand more" and the other bidder has not been mentioned again. The vendor is currently considering our £Y offer! Why do agents lie? If she wanted more then say that! If there's no other bidder then don't mention one.

It's all so slow and stressful - nearly a week to reject two offers! I like immediate and calculated honest responses is this what buying our first home is going to be like all the way through?

sirmosh

It happens a lot, as long as you can distance yourself from the property and not want it too much it becomes a lot easier. Decide what you'll pay, offer that and if it's not accepted then move on.

Old_Git

dont bid against yourself .

Thrugelmir

butler_helen wrote: »

It's all so slow and stressful - nearly a week to reject two offers! I like immediate and calculated honest responses is this what buying our first home is going to be like all the way through?

Keep looking at other property .

Use the same EA if possible.

News will feed back.

skinnyman9000

You can play a similar game too, such as:

"my offer is £x, this is my final offer, I need to asap as if this is rejected we're placing an offer on another property".

This way the vendors accepts or they risk losing you as a buyer to another property. Ignore offers from 'other people' too. We secured our property yesterday, the EA told us an offer had been put forward by someone else at £x yet our offer a few grand lower than this was accepted, hmmmmmm.

butler_helen

skinnyman9000 wrote: »

You can play a similar game too, such as:

"my offer is £x, this is my final offer, I need to asap as if this is rejected we're placing an offer on another property".

This way the vendors accepts or they risk losing you as a buyer to another property. Ignore offers from 'other people' too. We secured our property yesterday, the EA told us an offer had been put forward by someone else at £x yet our offer a few grand lower than this was accepted, hmmmmmm.

This is basically where we stand, we don't want to afford more. Viewed another house tonight but I don't like it as much - I hope we get ours too!

G_M

Why so surprised? The agent works for the seller and is paid to get the maximum price possible. The seller, of course, could negotiate the price with you directly, but most prefer to use a 'professional' who has experience in getting buyers to increase their offers.

As for the 'slow and stressful' comment: well, spending several £00,000 pounds is a pretty big deal - bound to be stressful!

Slow? Some people I know spend longer choosing, buying, returning, re-trying, buying, then altering a dress or outfit costing £80! Why people think it should be normal to spnd £650,000 wihin a week or two, and after two 10-15 minute viewings, is beyond me!

butler_helen

G_M wrote: »

Why so surprised? The agent works for the seller and is paid to get the maximum price possible. The seller, of course, could negotiate the price with you directly, but most prefer to use a 'professional' who has experience in getting buyers to increase their offers.

As for the 'slow and stressful' comment: well, spending several £00,000 pounds is a pretty big deal - bound to be stressful!

Slow? Some people I know spend longer choosing, buying, returning, re-trying, buying, then altering a dress or outfit costing £80! Why people think it should be normal to spnd £650,000 wihin a week or two, and after two 10-15 minute viewings, is beyond me!

That's true! We have had a couple of 30 minute viewings ... And we know the area and rented in it in advance to make sure.

It's not that it's slow- I think I'm surprised at the lack of contact from the agent after they were all over us initially. They told us before we even considered the house that the vendor would take £X-£Y - I feel gipped as we offered that and we're declined and are now just in limbo.

Hoof_Hearted

One of the reasons I chose an online agent when selling was to avoid these games. I was straight with those who offered and still secured a good price without lying and making up phantom bids. I don't think the term "professional" should apply to many estate agents.