Being Played by EA

Sweet_Sugar_1984

Oh ok.....would u advise me to stick to my offer or increase it? I know that the other buyers is higher but i was thinking that I might be in a good position as I'm paying in cash and im not in a chain......would the vendor cosider this an advantage or are they still likely to go for the highest offer?

ScorpiondeRooftrouser

I am not sure why people think estate agents are some kind of intermediary designed to strike a deal fair to both parties.

They are not. They are paid by the vendor to get the best possible price for the house. They will keep asking you to increase your offer until they believe that you are not going to increase it any more. They have an obligation to keep the vendor informed of any offers you make, but even if the vendor is happy with the original offer, they will quite rightly advise them to reject it if they think you are willing to pay more. It is as simple as that.

It's absurd to think that in cases like this there is any point in approaching the vendor directly. The estate agent is his paid representative, negotiating on his behalf. There are maybe a tiny number of cases where estate agents will not pass on offers for reasons of their own, but the fact that they keep turning down offers until you stick at a given price is just them doing their job.

SuzieSue

ScorpiondeRooftrouser wrote: »

It's absurd to think that in cases like this there is any point in approaching the vendor directly. The estate agent is his paid representative, negotiating on his behalf. There are maybe a tiny number of cases where estate agents will not pass on offers for reasons of their own, but the fact that they keep turning down offers until you stick at a given price is just them doing their job.

Completely disagree with this. How does the buyer know if this is one of the "small" number cases where the EA has decided not to pass on their offer?

Dan-Dan

Sweet_Sugar_1984 wrote: »

Oh ok.....would u advise me to stick to my offer or increase it? I know that the other buyers is higher but i was thinking that I might be in a good position as I'm paying in cash and im not in a chain......would the vendor cosider this an advantage or are they still likely to go for the highest offer?

See post #18

there is almost certainly no other buyer , either that , or get played up to your maximum and be happy about it

ScorpiondeRooftrouser

SuzieSue wrote: »

Completely disagree with this. How does the buyer know if this is one of the "small" number cases where the EA has decided not to pass on their offer?

Because only a short time has passed, and the estate agent is acting exactly as the estate agent would be expected to act in this case. The OP hasn't even said yet that they have made their final offer.

Dan-Dan

ScorpiondeRooftrouser wrote: »

Because only a short time has passed, and the estate agent is acting exactly as the estate agent would be expected to act in this case. The OP hasn't even said yet that they have made their final offer.

Try reading post #17 in more detail

[Deleted User]

Sweet_Sugar_1984 wrote: »

Oh ok.....would u advise me to stick to my offer or increase it? I know that the other buyers is higher but i was thinking that I might be in a good position as I'm paying in cash and im not in a chain......would the vendor cosider this an advantage or are they still likely to go for the highest offer?

Did you find out why they want to move? What's their motivation?

It's been 3 months on the market. That must feel like an eternity to the sellers. So ask yourself:

Do they want to sell quickly? If so, they'll want your money, even if it's not quite what they'd expected

Do they not care about moving quickly? If so, they'll be holding out for the most money they can get.

cypher007

if you can, wait about 3 years, I think things will be a lot more interesting. though you may have to pay a higher rate of interest on your mortgage the property will be cheaper IMHO.


I bought in 1999 when a 3 bed semi was £35k in my area, now there £110k+. my wages must have gone up 4x, oh wait a minute no they haven't, in fact against REAL inflation they've gone down.


basic is this UK is overpriced due to Government intervention, developers land banking (reducing supply), and immigration.


rant over.

Dan-Dan

ringo_24601 wrote: »

Did you find out why they want to move? What's their motivation?

It's been 3 months on the market. That must feel like an eternity to the sellers. So ask yourself:

Do they want to sell quickly? If so, they'll want your money, even if it's not quite what they'd expected

Do they not care about moving quickly? If so, they'll be holding out for the most money they can get.

You need to read the thread properly , this poster you have responded to has piggybacked the original poster

The poster you responded to has had an offer accepted on a house that was on the market for a year, not 3 months

ScorpiondeRooftrouser

Dan-Dan wrote: »

Try reading post #17 in more detail

Try it yourself. Post #17 isn't the OP.