Are estate agents obliged to pass on an offer?

tortoiseshellcat

Hi we went to view a house yesterday priced at 300,000 on I rightmove but on the actual EA brochure it says guide price 300-320.

We love the house it's a lovely location and ticks all the boxes, although it would need full redecorating and carpets throughout and parking is not quite as available as we'd prefer. For this reason I have put in an offer of 285. The maximum we can really go to is 295 or at a push 300 but this would leave no money left whatsoever.

We are FTB with a large cash deposit and mortgage in principle. The house has been sold twice but both buyers have pulled out for different (genuine) reasons.

The EA told me that he knows the sellers won't accept my offer because they want more...is this a reasonable offer to make and do the agents have to pass it on to the vender ? I don't want to miss out because they don't tell them. Sorry if silly questions but I haven't done this before!:)

Guest101

He's playing games with you, its a reasonable offer and if they've had buyers pull out twice, he'll pass it on. The EA wants to get paid, your money is paying him, he's not stupid.

Saying they want more put you on the defensive. Don't even go any higher, I may have started at 275 personally, but really dont go higher than 285, once it's accepted push through the mortgage and survey and solicitors checks and get exchange done asap.

Kayalana99

They may have had two buyers pull out - but did it take long to find these buyers? I.e was it on the market a week when the first came along and then a week for the second? Or is thier 6months gaps inbetween?

If buyers have pulled out for geninue reasons the seller may still hold out for the price they want so dont assume they are now desperate to sell.

If I had an offer of 300k and the guy pulled out...I would assume someone else was willing to pay 300k and would find it hard to part with less when I had already been offered the amount I wanted.

Id push through with the EA to get the offer to the seller and see where it gets you..just to get feedback at least on how much thier willing to go.

Remember to take your time, ringing back the same day makes you seem way to keen..try leaving it 3 days etc before your next move.

tortoiseshellcat

Thanks guest101 actually when I phone originally I put in an offer of 270 but the EA said no chance and I kind of felt guilty for putting in a low offer which is why I said 285 but that's pushing fairly near our maximum amount. There was another couple viewing yesterday and the house only came back on the market Thursday afternoon.

Thanks kayalana99 tbh I don't think it was on the market long both times before getting offers but nevertheless I'll resist contacting the agent again about my offer. I think if we have to go to 295 we will be obviously if we can save some for carpets etc we want to do that.

Just need to cross fingers and toes and everything else they are willing to accept less than 300._pale__

tortoiseshellcat

Well just got a phone call from EA and offer was turned down. He said realistically not really worth putting in another offer unless its got a 3 in front...

I said reason for offering less than asking price and said would speak to my fianc! ....

How do you think we should play it now please any advice would be appreciated.

joujou

He's playing you life a flute.

Here is what you should do:

Prior to talking to the agent, set your top price. Offer below that and prepare to counter offer at your top price. Be cold and non emtional about it. Be ready to walk away and move on.

ANYTHING the EA says may be exaggerated and might not be true, this includes:
1) The fact that there were offers and they fell through.
2) The fact that there were other offers at all.
3) The fact that the seller wants X minimum.


Here is an example:

I am also looking. I looked at this place asking £227K.

I research and set my eyes on paying no more than £205K, and I went to see the property. When I saw it, it was in such dire state that I began thinking that £205 is too much for it.

The seller said that they've had "three viewings last weekend, all serious buyers", and they had rejected previous offers.

After my viewing the EA said they have been offered £220 and "above £210" and they rejected.
He also said they will definitly sell at £225

A day later the EA calls me up and asks me what I think. I just said I thought the house was nice, but since the seller was asking above £220 there was no way I will match this. I just said the house is probably worth £200 with everything fixed, but since I'm going to have to replace the decade old kitchen and the scratched carpets I'll be in the red with my purchase by the time I set foot in the house.

I said good luck.

Two days later, the EA calls me up and says they are entertaining offers "above £200" .

Right.

I said I'm looking at other properties right now, that I'll research the house again, and that my offer will most likely be below £200. They asked me to call them up when I have an offer.

I have yet to come back to them

Kayalana99

tortoiseshellcat wrote: »

Well just got a phone call from EA and offer was turned down. He said realistically not really worth putting in another offer unless its got a 3 in front...

I said reason for offering less than asking price and said would speak to my fianc! ....

How do you think we should play it now please any advice would be appreciated.

You have a few choices really, me personally would call back the EA and said that you have spoken with your fiance and thier are still a few more properties you want to see so your not going to make a higher offer at this stage...as above don't make any contact for at least 3 days and if they contact you stick with same story. EA may ask if the offer is still on the table...not sure what Id say to that one tbh!

Its risky cause if like you say its not going to be on the market for long...

Raise it slightly...say 287k. You don't think its worth 300k and after speaking with your fiance thiers no way your going to go near that price. See how they react to such a small up in price.

Raise it up to get the house...290k-300k because you already love it to pieces and your basicy scared of losing it! :o

mrginge

House isn't perfect, but you're considering paying your max limit for it.
Personally i'd say thanks but no thanks and move on.

tortoiseshellcat

mrginge wrote: »

House isn't perfect, but you're considering paying your max limit for it.
Personally i'd say thanks but no thanks and move on.

Thanks for your reply we're only prepared to pay our max because there aren't too many compromises. Unfortunately we live in an area that is very expensive and we know it is going to be impossible to get our perfect house for the budget we have so we know we have to be realistic and make compromises somewhere...

tortoiseshellcat

Kayalana99 wrote: »

You have a few choices really, me personally would call back the EA and said that you have spoken with your fiance and thier are still a few more properties you want to see so your not going to make a higher offer at this stage...as above don't make any contact for at least 3 days and if they contact you stick with same story. EA may ask if the offer is still on the table...not sure what Id say to that one tbh!

Its risky cause if like you say its not going to be on the market for long...

Raise it slightly...say 287k. You don't think its worth 300k and after speaking with your fiance thiers no way your going to go near that price. See how they react to such a small up in price.


Raise it up to get the house...290k-300k because you already love it to pieces and your basicy scared of losing it! :o

Thanks I think I will definitely leave it a few days and if I haven't heard from them perhaps email offering say 293. I'll go back to my belief of 'what's meant to be will be'!!:A

tortoiseshellcat

Thanks joujou that's useful advice, I know estate agents play games and obviously want to get as much money as possible fro the sale so will try and stay aloof about it and not too keen.