Making Very Low Offers with Estate Agents.

dinofabio

nic_santorini wrote: »

I am just putting my house on the market and have made it really clear that I need a certain price - so personally I would be really pipped off it you came round my house knowing you were going to put a stupid offer on and were not upfront with estate agents, I would also be annoyed with estate agents for wasting my time. Each time I will have a viewer I will take time to present my home in its best possible condition and I don't want my time wasted.

I know you are out for a bargain - we all are really but have a little compassion for those rushing around with a hoover - ask the estate agents for those with quick sales intended because of extraordinary circumstances.

Thats all I would ask.

Like I said before, a 10% deduction seems reasonable in most vendors eyes.....but if I made an offer of 15% below it suddenly becomes a 'stupid' offer. At what point does an offer become stupid? 11%, 12%? 12.5% below? You tell me.

If you made it clear to an EA that you would only accept eg a 5% reduction, I wouldn't be viewing. You wouldn't need to hoover and I would save myself a wasted trip. So it's a win-win! (as long as you really did tell your EA!!).

I'm not trying to mess people around. I've sold plenty of properties, and know how annoying it can be when you have a no-show, or even worse, when someone views and starts finding faults that don't even exist.

I always show. I am always polite. I am courteous. If I'm interested I will make an offer. You may not like that offer, but that is my offer. Politely decline and move on. No hard feelings either way.

Best of luck with your house sale.

dinofabio

ess0two wrote: »

You'd never know whether the offer was forwarded,the EA would just tell you its been refused.

Try proving it otherwise.

Now your being silly.

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Estate agents’ obligations to pass on offers


Under the Estate Agents Act, an estate agent is legally bound to present any offer promptly and in writing to the person selling the house. (source Direct.gov.uk)

<<Me: There is a proviso>> This must happen unless the seller has said in writing that there are some offers they don’t want to receive.

<<Me>> This wouldn't happen in my situation because I wouldn't view in the first place if the vendor had placed unsuitable T&C's>>

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For what it's worth. Any estate agent worth his salt will pass on an offer (especially one that is within 15% of a realistic price).

Move on

demontfort

Give it a go you've go nothing to lose, this is just a business deal and so try and the the best price you can. Don't worry about offending EAs they're swamped with properties and desperate for buyers. After all it's the buyers cash that pays their wages and not the numerous piles of rotting bricks on their books. Whenever I see them in their offices they're clearly bored and short of business so if they are going to be snooty towards buyers they may well soon be collecting their P45s

HAMISH_MCTAVISH

dinofabio wrote: »

Any estate agent worth his salt will pass on an offer (especially one that is within 15% of a realistic price)

Yes, of course they will.

Just as any agent worth his salt will advise his client that such an offer is verging on derisory and from a time-waster running around town putting in lowball offers everywhere.

As you clearly have no interest in buying a house for market value, (as demonstrated by your statement that these offers will be at least 15% below what you think is reasonable, based on comparable sales prices), why not go to an auction for repossessions? You'd waste a lot less of your and other people's time.

As for whether this will work.... well, it might eventually if you approach enough people until you find someone in a distressed and desperate situation. And then take advantage of them. Speculators, BTL investors and flippers seem to find a way to do it do.... No reason you can't.

But you'll probably have better results dropping 10,000 leaflets through letterboxes in the low income parts of town with a "we buy any house" (but only for a large discount, so it helps if you're desperate) type of message on them.

skyavenue89

I think is too risky trust on third party some time you fill like fraud by other person.so don't trust anyone without any information.

DRP

dinofabio wrote: »

% wise what was the terrible offer you received?

It's funny how most people will quite comfortably drop 5-10% to sell a property knowing that they can get the same reduction when they buy.

I mention making offers of 15% off (a whole extra 5%) and people find that insulting. There's nowt as strange as folk!

BTW have you sold your house?

dinofabio wrote: »

Like I said before, a 10% deduction seems reasonable in most vendors eyes.....but if I made an offer of 15% below it suddenly becomes a 'stupid' offer. At what point does an offer become stupid? 11%, 12%? 12.5% below? You tell me.

If you made it clear to an EA that you would only accept eg a 5% reduction, I wouldn't be viewing. You wouldn't need to hoover and I would save myself a wasted trip. So it's a win-win! (as long as you really did tell your EA!!).

I'm not trying to mess people around. I've sold plenty of properties, and know how annoying it can be when you have a no-show, or even worse, when someone views and starts finding faults that don't even exist.

I always show. I am always polite. I am courteous. If I'm interested I will make an offer. You may not like that offer, but that is my offer. Politely decline and move on. No hard feelings either way.

Best of luck with your house sale.

OP, you are now moving the goalposts! :rotfl:

you are not going to be offering 15% under asking price, you will be offering 15% under what you think the house is worth. ie. could be a lot less.

ess0two

dinofabio wrote: »

Now your being silly.

---

Estate agents’ obligations to pass on offers


Under the Estate Agents Act, an estate agent is legally bound to present any offer promptly and in writing to the person selling the house. (source Direct.gov.uk)

<<Me: There is a proviso>> This must happen unless the seller has said in writing that there are some offers they don’t want to receive.

<<Me>> This wouldn't happen in my situation because I wouldn't view in the first place if the vendor had placed unsuitable T&C's>>

---

For what it's worth. Any estate agent worth his salt will pass on an offer (especially one that is within 15% of a realistic price).

Move on

I look forward to an update of your strategy.

Move on is quite apt,sadly it wont be you.

Hanky_Panky

My view:

I think you'll be lucky to get through the door in the first place once your strategy becomes clear to the three agents. They work for the vendor and not you so for any half decent house that they think they can sell they will probably just advise the vendor to refuse your viewing - it's what I would do anyway!

You'll end up buying a dog that no-one else wants because they will be the only people desperate enough to let you in and consider your offer.

SkyeKnight

dinofabio wrote: »

Like I said before, a 10% deduction seems reasonable in most vendors eyes.....but if I made an offer of 15% below it suddenly becomes a 'stupid' offer. At what point does an offer become stupid? 11%, 12%? 12.5% below? You tell me.

But people generally price their house expecting to get 5 to 10% less. All the estate agents we had round last time we sold said, we'll put it up for X with an expected selling price of around 90% of X, or something on those lines. So you are going to be offering around 25% off the asking price which I think even you must agree is a lot.

betmunch

You will be labeled a timewaster and it will become very difficult after the first or second time you refuse to increase to a sensible. EA's know what a sensible offer is just as well as you do so refusing to budge because you want a bargain is going to push them towards their other buyers.

I think you would be much better served just telling them that you are out for a bargain, you are going to move at the vendors speed, pay in cash so no mortgage worries and ask them who they have thats getting frustrated at not moving.

Good Luck