EA pushing low offer- playing games?

rosie383

Thanks guys. We are feeling pressure to accept. So hard to know. We are fairly confident we could sell online for a similar amount but save a couple of grand in fees. We are finished with our EA now. Contract finished on Friday so there is even more pressure on them probably. Well, definitely.
I looked at sold house prices in the area but they are all over the place. Some less but a good proportion for more. Will look at our finances properly tonight and see if we can afford what we want if we accept this offer.

TheCyclingProgrammer

rosie383 wrote: »

I looked at sold house prices in the area but they are all over the place. Some less but a good proportion for more. Will look at our finances properly tonight and see if we can afford what we want if we accept this offer.

Another way to think of this is that they are FTBers, really love your house (sounds like it if they rang the EA straight away) and have decided to go in with their maximum offer right away.

I don't think there is any harm in counter-offering and asking to meet half way at £162k - if they decline but are happy to stick with their offer of £160k then you can decide what to do.

You could just accept the £160k but you'll never know then if you would have got the extra £2k as you never asked.

If the buyers are scared off by a reasonable counter-offer then I'd say they weren't serious enough. If I was them I'd reject the counter-offer and re-state my original offer if that was the absolute maximum I could afford.

The house we are buying was on for £310k and our first offer was for £295k. We were competing with a similar offer but in a better position. EA said that buyer really wanted over £300k. We had been searching for about 6 months so not interested in playing games so offered £301k which was accepted. Ideally I didn't want to go above £300k and my next offer was going to be £299k but at this point I decided it wasn't worth quibbling over £2k as its not much in the context of a 30 year mortgage.

rosie383

I'm glad you got the house you wanted. I did ask the EA to go back to them re 162 but he came back to me saying they couldn't go higher. He was really pushing me and I told him that if they were indeed a good and reasonable buyer then they would hardly run away overnight. There aren't many houses coming on the market round here, well, there are some a couple of streets away with no off road parking and really congested narrow streets where it us difficult to find a space. We are in a quiet cul de sac with double drive.
The estate agent was trying to persuade me that it was such a good offer as there is a house on the market similar to ours but with a longer garden and a garage and on market at £160. One of the attractions of ours ghough is that it is easy walking distance from the train to London, whereas the one he is talking about is very far from the station and town. Most of our viewers have been from London.

TheCyclingProgrammer

If you're not overly concerned about losing the buyer, then tell them you'll get back to them when you're ready to. But I still think it would be courteous to try and let them know within a day or two. It really sounds to me like its their best offer.

brit1234

If you delaying because you need time to discuss things with your other half then fair enough. Personally now we are in a falling market £160k offer on an asking price £164k is pretty dam good, if you lose them you don't want to chase the market down.

Argghhh

another way to look at it is that the buyers are torn between 2 houses and want to be in before xmas. Maybe their mortgage offer is mas 160k?
Iwould have snapped their hands off at 4k under price but thats me, you may end up reducing price by 10k if it doesnt sell at a later date. We put an offer 20k less than asking on a dearer house which the estate agent refused (needed major updating) he was proper surprised when we said ok and retracted the offer and walked away he was chasing us down the street asking us to up the offer lol - oh btw house still on market and now at the price we offered and walked away from

rosie383

Our house is on at 164995. Not 164. Or am I crazy to think that £995 doesn't count?
House prices are still steadily rising here and according to news reports over the past couple of weeks, this is one of the few places which will continue to rise.
We are going to sleep on it now that we have had a chance to talk and look at all the figures and have a definite decision tomorrow. A couple of grand can make a difference as to which house we can afford to buy, so it isn't that we are just being too greedy.
Thanks for all the help. My dh read all the posts here and it definitely helps to have impartial advice.

rosie383

Oops! I'm so sorry! I just read my OP and realised I put £164. Forgive me. I'm tired.

equus

Of course the EA would like you to accept, you have already ended their contract so they are close to not earning anything!

Do not be pressured, take your time and decide what is best for you both whether it is accepting 160k, holding out for 162k (if the possible buyers do increase) or try online. The EA are purely looking at their commission!

Good luck.

E.

Thrugelmir

rosie383 wrote: »

A couple of grand can make a difference as to which house we can afford to buy, so it isn't that we are just being too greedy.

Without a buyer you'll be going nowhere. Offer less on the property you purchase. Or do you intend paying the full asking price rather than making a low offer.