We accepted too low an offer - help

somethingcorporate

Estate agents only act in the interest of one party: Themselves. They are a business, of course they are going to put pressure on you to sell, they have a business to run, not a charity and they only get paid on completed transactions!

I think you need to try and take a little bit more responsibility in your situation since it is of your creation - trying to pass the buck to the EA is being a jellyfish. I would just fess up and have an adult conversation and hopefully they will be accommodating (both the buyers and EA). If you try and weasel out of it by saying they forced you to accept then you just play the victim and come across weak and whiny.

[Deleted User]

BJV wrote: »

I know that you don't want to leave the buyers high and dry, but when you read this thread there is one common answer with very few exceptions.

Ask for more money or just bow out if you can. We are all human and change our minds from time to time part of the human condition.

Hate to say it but do you really think that if the shoe was on the other foot that your buyer would think twice?

I am no house buying expert but I do know that from time to time I change my mind and always regret it if I don't act on it

Thanks for your supportive reply - do appreciate it.

I don't want to dump the buyer - I just want to be able to find a house we can afford that we can bear to live in. Am just losing hope. (It's not only about what we can afford - it's just that very little is coming onto the market around here, even though it's Spring). I've found that it's pointless talking to our EA - I always feel like I've been run over with a steamroller (YES - I'm not assertive; lots of us aren't).

I suspect the only path open to us is to keep on looking, as long as the buyer is willing to wait (and not allow him to go forward re surveys, etc. and spend any money). The EA has told me that he knows he's looking elsewhere (he was trying to persuade us to go into rented).

Eventually, I guess, one of us will find a house ...

[Deleted User]

corrag wrote: »

Good luck and tell them your not selling asap.

Don't worry about Karma, I'm sure it wouldn't want you on the streets just because someone else wants a bargain house to rent out. We all make mistakes, your lucky you have time to amend it.

What a nice thing to say

Thank you.

RAS

Please stop this.

Read your contract, then advise the EA that since you have been unable to get a house into which you want to move if you sell at the price, the deal is off.

You may have to give the EA formal notice.

DVardysShadow

Corona wrote: »

(YES - I'm not assertive; lots of us aren't).

I suspect the only path open to us is to keep on looking, as long as the buyer is willing to wait (and not allow him to go forward re surveys, etc. and spend any money). The EA has told me that he knows he's looking elsewhere (he was trying to persuade us to go into rented).

Well, perhaps time to think about becoming assertive. What you can assert is that you are not moving into rental. After about the 3rd time you tell them, you can feel entitled to be as ratty with them as you like and if you are in their office, you could thump the desk too. And you can assert that you are not moving until you have found a house to buy.

Of course, you need to let your buyer know - in person preferably rather than via the agent. You can be quite frank and say that you accepted an offer which is too low to allow you to move, that you are not going into rented and that you are still looking, but are not optimistic. At some point your buyer will lose interest and go away. Hopefully, by being honest with them, they will see the light sooner rather than later

[Deleted User]

DVardysShadow wrote: »

Well, perhaps time to think about becoming assertive. What you can assert is that you are not moving into rental. After about the 3rd time you tell them, you can feel entitled to be as ratty with them as you like and if you are in their office, you could thump the desk too. And you can assert that you are not moving until you have found a house to buy.

Of course, you need to let your buyer know - in person preferably rather than via the agent. You can be quite frank and say that you accepted an offer which is too low to allow you to move, that you are not going into rented and that you are still looking, but are not optimistic. At some point your buyer will lose interest and go away. Hopefully, by being honest with them, they will see the light sooner rather than later

We have already told the EA that we are not moving into rented (several times, actually).

We have also told the EA that we are not moving until we have found the right house to buy.

We have no way of contacting the buyer, other than through the EA - and he's being kept informed (they say) of the situation (i.e. that we are not moving into rented and are still looking, though finding it difficult). He has already told the EA that he is looking elsewhere (and if he can find as nice a house as this one at the price he's offered for it, good luck to him and I wish him well - and I'm being honest when I say that).

GDB2222

Corona wrote: »

Thanks for your supportive reply - do appreciate it.

I don't want to dump the buyer - I just want to be able to find a house we can afford that we can bear to live in. Am just losing hope. (It's not only about what we can afford - it's just that very little is coming onto the market around here, even though it's Spring). I've found that it's pointless talking to our EA - I always feel like I've been run over with a steamroller (YES - I'm not assertive; lots of us aren't).

I suspect the only path open to us is to keep on looking, as long as the buyer is willing to wait (and not allow him to go forward re surveys, etc. and spend any money). The EA has told me that he knows he's looking elsewhere (he was trying to persuade us to go into rented).

Eventually, I guess, one of us will find a house ...

That seems the best solution all round. When/if you do find somewhere else, you will be in a very strong position to negotiate.

AMILLIONDOLLARS

If the buyer is looking else where, this suggest that he is not really interested, he has not put in for a survey, what does this tell you, he is hedging his bets and could drop you at a moments notice. Do not tie yourself up in knots, let this deal go and find a buyer who is serious and will buy at a price that will allow you to buy somewhere else. The phrase sell in haste and repent at leisure comes quickly to mind.

AMD

harrup

Corona wrote: »

We have already told the EA that we are not moving into rented (several times, actually).

We have also told the EA that we are not moving until we have found the right house to buy.

We have no way of contacting the buyer, other than through the EA - and he's being kept informed (they say) of the situation (i.e. that we are not moving into rented and are still looking, though finding it difficult). He has already told the EA that he is looking elsewhere (and if he can find as nice a house as this one at the price he's offered for it, good luck to him and I wish him well - and I'm being honest when I say that).

The only problem that I can see with this plan is that your house, due to you accepting the low offer, is effectively "blocked" from being marketed. So you will NEVER get a more attractive, more agreeable offer. You might not get one anyway....but unless you spell it out to the EA and the buyer you'll never know.

So why not tell/mail the EA " Upon lengthy reflection and perusal of the market we have come to the onclusion that we made a mistake and acted in haste. The current offer is significantly too low and we are unable (unwilling) to sell at this price. Kindly extend our most sincere apologies to the (potential) buyer. We would like you to re-market the property at the mutually agreed AP of £xxxx ASAP"

Unless you and your partner are both still in your teens, don't try and blame the EA for accepting an unpalatable offer. It's risible. You made a mistake & now you are rectifying it and are moving on. If the EA gets shirty THEN it's time to inform them that they could have advised you better/more diligently.

Better_Days

Corona wrote: »

I've found that it's pointless talking to our EA - I always feel like I've been run over with a steamroller (YES - I'm not assertive; lots of us aren't).

I do sympathise OP.

Just from having EA's round to value my property I have a good idea of how unpleasant it can be to be on the receiving end of their 'hard sell' tactics. They can really put you on the spot and make you feel daft for not being able to counter their points. I am reasonably assertive, but do have cognitive problems and can understand how EA's can take advantage.

The way I dealt with it was to have a very clear idea of what I wanted beforehand, and stuck to it. If they said 'well why wouldn't you want to do that?' I would just go back to repeating what I wanted.

For you to go forward you really need an EA that you trust (have you tried any of the local independents who may not so 'hard sell'?) plus a good idea of the realistic value of your property - do some research on recent sold prices. Or if you have had your fill of high street EA's there are always the online ones.

Certainly don't move into rented to satisfy the EA and buyer. But don't let the buyer carry out a survey either if you are not happy with the offer.

Hope you get it sorted.