Bluffing Estate Agent?

Laurabe

I viewed a property on saturday.. as it was advertised at a lower price with "internal upgrading required" I wasn't really expecting much but went along to see it anyway.. The Estate Agent told me that no one else had viewed it and there had been no offers, I asked the EA if she knew what the vendor was looking for and she said it's usually 15-20%

I decided to put in an offer, thinking I would maybe get a good price and spend the money I saved on the interior.

I put an offer in today (21.5% above the o/o price) and the Estate Agent said that the vendor is probably likely to reject my offer as he has already rejected higher offers last week!

I was wondering if the EA might be trying to bluff me into going higher..

I asked the EA what the seller is looking for and she wouldn't say..

I refuse to go higher..

Sorry for the rant, but this is frustrating..

mchu6am4

I smell a BIG LIAR HERE - if I were you I would withdraw my offer and say you made a mistake as you don't think its worth that much or you cannot afford that much.

Its seems you're falling into the trap of these NASTY EAs - I assume you're a FTB and they're taking advantage to the full!!!! You shouldn't have asked what the vendor was looking for at the start. If you think it was worth it, then I would have just offered a grand or two above the asking price and see what happens. Don't go chasing the agent - let them do the chasing and patience is the key. Before you make any moves, ask for advice on this forum on how to approach things - that way you'll feel alot better and make informed offers etc,

Hope it helps, Ash

theGrinch

your EA is obviously misleading here, it they said no viewings and then there's been higher offers.

I actually think 20% above o/o is top end unless it is in scotland, where the process is more mature. outside scotland, I have seen offers at, over and below o/o prices.

Laurabe

Yes, i'm a FTB.. this is only the 2nd offer I have made on on any property.. My 1st offer was rejected because it was far too low.. I didn't know "offers over" actually means this price + 20% or more! lol..

I'm still learning how all this works.. I just want to get me a house, but they don't make it easy..

Laurabe

yes i'm in Scotland..

joapet

I work at an estate agents and i have no clue why an estate agent would be so dumb as to do this. At the end of the day everyone i work with is desperate to get properties off the market asap. something is obviously wrong with this house (weird vendor, dodgy tenants etc) for the e.a to act this way...specially as no one has looked at the house before.

They are trying to milk it and there are some very sneaky agents out there, and you will usually find that in the bigger chains as they think they are something special...but at the end of the day estate agents are glorified salesmen.

Laurabe

yeah a nasty EA is what I suspected was going on here..

I'm fed up with it already

I've offered 21.5% above the advertised price.. I dont know what else they expect from me..

ah well.. I'll just have to keep looking I suppose

joapet

yeah u shoudlnt be offering ABOVE the asking price...it should be below. Estate agents over value the house so that people will offer lower prices at what teh vendors want...well, at least that's what good estate agents do!

Melissa177

joapet wrote: »

yeah u shoudlnt be offering ABOVE the asking price...it should be below. Estate agents over value the house so that people will offer lower prices at what teh vendors want...well, at least that's what good estate agents do!

But I think in Scotland it's slightly different? There is an expectation that offers should be 10-20% above the first price?