House Offer?

TastyTeeth

Kingb4 wrote: »

Unless there is a compelling event you havent mentioned, time is on your side, an empty house costs them money every month.......so they wont let it sit too long. plus they will want their equity (if they have any).

No rush from my side other than ideally not wanting to move house in the middle of winter For every month longer that I look, I'll have added another chunk of money into my deposit savings. That can only help me further.

It's just ths house ticked all the boxes and would (and still could) be a nice house to spend the next 10+ years in.

TastyTeeth

thriftychap wrote: »

Interesting reading.........we have offered on two properties and it had not occurred to me until now that on both occasions I had been asked about my mortgage arrangements and invited to talk to their advisor when submitting our offer. On both occasions I politley and firmly declined, could this have any bearing on my lack of success.? Are EA more likely to push an offer to their client if you speak with their Inhouse advisors.

That's my thinking. I really don't think my offer has been taken seriously enough because I wouldn't divulge the financial information. Which, to be very clear, I would happily have done at the final stages of negotiation as I absolutely have nothing to hide. I just don't fancy spilling personal information on a first offer!

DRP

TastyTeeth wrote: »

That's my thinking. I really don't think my offer has been taken seriously enough because I wouldn't divulge the financial information. Which, to be very clear, I would happily have done at the final stages of negotiation as I absolutely have nothing to hide. I just don't fancy spilling personal information on a first offer!

i would say all things being equal the EA will prioritise the offer that came with extra commission from their own mortgage guy or the one that they got to see the bank statements etc but unless the house you are interested in has a queue of buyers trying to secure it , i can't see an EA woudl turn up their nose just because you're not doing everything they say

EchoLocation

Just a word of warning to be careful not to 'burn your bridges' as it were with EA's. If you annoy or are rude to them - not suggesting that you were - then that doesn't help you going forward, but good on you for sticking to your guns.

As far as the EA asking about your financials is concerned, I think it's fine for them to check that you have an AIP and are able to actually get a mortgage, but apart from that they don't need to know anything else. Keep it polite but firm.

In terms of withdrawing an offer, although they have given you an 'in excess of' that the Vendor wants, remember it doesn't mean that you can't make a revised offer under that. I would not immediately withdraw a rejected initial offer unless told that the Vendor absolutely would not accept anything below X. But any revised offer I would always put forward making clear that it is your only revised offer and will be withdrawn, along with your interest, if not accepted.

Better_Days

EchoLocation wrote: »

Just a word of warning to be careful not to 'burn your bridges' as it were with EA's.

This is good advice. I have been sorely tempted to tell EA's what I actually think of their poor practice and ineffeciency, but have so far managed to hold my tongue (not easy:D) well pretty much anyway. What has been the hardest is not pointing out to vendors the dreadful service they are getting from their EA, especially with regard to poorly presented details on RM.

It can be quite entertaining getting the views of one EA about another though, they are very competitive and keep a close eye on what the opposition are up to. I if I had the energy a sport of 'EA baiting' (getting them round for valuations challenging them about their business model, and singing the praises of other EA's etc) would provide some entertainment on a winters afternoon, and level the playing field somewhat.

TastyTeeth

EchoLocation wrote: »

Just a word of warning to be careful not to 'burn your bridges' as it were with EA's. If you annoy or are rude to them - not suggesting that you were - then that doesn't help you going forward, but good on you for sticking to your guns.

As far as the EA asking about your financials is concerned, I think it's fine for them to check that you have an AIP and are able to actually get a mortgage, but apart from that they don't need to know anything else. Keep it polite but firm.

In terms of withdrawing an offer, although they have given you an 'in excess of' that the Vendor wants, remember it doesn't mean that you can't make a revised offer under that. I would not immediately withdraw a rejected initial offer unless told that the Vendor absolutely would not accept anything below X. But any revised offer I would always put forward making clear that it is your only revised offer and will be withdrawn, along with your interest, if not accepted.

I would 100% agree with not burning my bridges.

In fact I have a call booked tomorrow with the agent, who showed us the house on the first viewing, to try and ascertain a few more facts behind the decline of the offer and maybe put a revised offer forward with a take it or leave it on the table position. I got on quite well with him and he knows a bit more about my position. I'll not be upping much, but I'll go to the level I had reserved as my ceiling price.

Fingers crossed, but I'm also viewing two other houses tomorrow also and that'll be dropped into the conversation also.

Better_Days

Let us know how you get on, it is well worth keeping the lines of communication open, sometimes a little nugget of information can make all the difference.

Kingb4

Good luck with the call tomorrow.

Again, good advice on keeping agents on side. During the peak times, we picked up development properties by keeping the agent sweet. In some cases we know we didnt bid the highest, but the presentation we provided to the agent (in terms of our position), allowed them to present us to the vendor in a very positive light.

You may want to consider putting your offer down on paper (please caveat it with usual legalese *subject to contract etc....), laying out your position (chain, ability to be flexible to suit their timescales, deposit, mortgage) and your offer (with rationale), along with any of your terms.

Many agents are lazy and will just give it to the vendor.....that way you may be able to control how your offer is presented to the vendor.

housebuyer2

As a seller, before accepting any offer, i want to know that the agent has seen the biters aip, that the buyer has instructed a solicitor and how viable they are as a buyer (if one buyer had a deposit of 10% but another had one of 30%, which one do you think is most likely to complete?) so I think you are doing yourself a disservice by being evasive over your finances..... To me it would come across as flaky....

DRP

housebuyer2 wrote: »

As a seller, before accepting any offer, i want to know that the agent has seen the biters aip, that the buyer has instructed a solicitor and how viable they are as a buyer (if one buyer had a deposit of 10% but another had one of 30%, which one do you think is most likely to complete?) so I think you are doing yourself a disservice by being evasive over your finances..... To me it would come across as flaky....

why does the EA have to see the AIP before accepting the offer? why not accept a suitable offer then check the AIP immediately after? If the AIP isn't forthcoming/suitable then the vendor immediately bins the buyer.

That way both vendor and buyer are 'protected'.

That has been the normal order of things in my experience.