Suspicious Behaviour?

AlexMac

Make sure the EA knows you are robust (in funds, mortgage agreed in principle-even orally, flexible on timing, no chain/ 1st time buyer, solicitor identified or whatever...)

Decide your top offer, go in £2-3K under that and be prepared to inch up to it in negotiation - then walk away.

the EA is only accountable to the seller, will not necessarily tell you the truth and is pathologically disinclined to do you any favours.

Good luck

Cotta

I'll go in at 85k today and hope for the best.

Prothet_of_Doom

Sounds like the Vendor is very impatient, and that suits the EA, as quite frankly how much more money would he stand to make from an extra 10% and how much would he stand to loose if the price is 10% lower. Not really in the EA's interest to wait an extra 4 weeks for 20 people to decide if they want to bid or not, just in case someone wants to offer a bit more.
You've got to look at MOTIVATIONS !!!

dominoman

Cotta wrote: »

Good feedback all.

I had the second viewing today, the house was even better than I remembered. It had been cleaned since my last viewing which really helped.

House is on the market for £89,400 and the EA told me several times that this was the winning bid before and if I came in with that bid it would be accepted - obviously the house is chocabloc with viewings over the coming days according to the EA.

I'm not sure how to play my next hand, my preferred bid would have been £85k but this may not take the house off the market and then again the EA could be bluffing me.

I'd offer 95k now, on the condition all viewings are cancelled. If you like it with that you can know that you will get it.

Once viewings start it you could easily get in a bidding war that will push it up much much higher.

Personally, I would be delighted at getting a place for just 5-10% over asking. In London I have bid 20% over asking and not got the place (despite having everything in place and having no chain)

Cotta

Prothet_of_Doom wrote: »

Sounds like the Vendor is very impatient, and that suits the EA, as quite frankly how much more money would he stand to make from an extra 10% and how much would he stand to loose if the price is 10% lower. Not really in the EA's interest to wait an extra 4 weeks for 20 people to decide if they want to bid or not, just in case someone wants to offer a bit more.
You've got to look at MOTIVATIONS !!!

You think that coming in 9k (10%) under the previous winning bid would not make much difference?

Cotta

EA is getting very keen and just phoned me asking if I'd made a decision before he did two viewing on the house this evening.

MrRee_2

They wouldn't be chasing you if they had two good quality viewings for this evening!!!

That is for absolutely certain. Unless they want to tell the viewers this evening that he had an offer on the place (from you) ... thus placing some urgency on this evenings viewings and hoping they bid too.

It's a game - I don't know where you are in the country, but down here it's HOT with 25 buyers chasing every single property and them selling within hours.

Your area seems to be a bit behind the curve?

Say that you love the place, are willing and able to buy at £85k, that is your offer - STC and subject to it being removed from the market and any future viewings cancelled.

They can only say no and you are in the same place you are sat worrying - get on with it.

Okydoky25

The EA is playing games. It's what they do to get a sale. You need to stop playing yours. Call them with how much you want to offer. The response will either be yes or no. If no then you up your offer or walk away. Simple.

harrys_dad

"Estate Agent" and "truth" are rarely found in the same sentence. Ignore everything they are saying, offer £85K on condition it is taken off the market. What have you got to lose?

Prothet_of_Doom

Cotta wrote: »

You think that coming in 9k (10%) under the previous winning bid would not make much difference?

Depends what commission they are getting paid

Assuming 2% comission ? £180 less ? So they get £720 now (or rather with exchange) vs £900 when ?

Depends how much commission that employee is on of the 2%.

Lets assume he sees 10% of the 2% so he's getting £18 less personally.

My nephew works in an estate agency, on commission, and given his financial status, and the hire and fire nature of the employer, I'm 100% sure he'd rather be seen to make his sale this week and take a VERY small personal hit on his share, than let it ride, with the potential that someone else in the office makes a sale and he gets nothing.