offers in excess of

catoutthebag

I've seen a property with oieo.
To my eye it's 5-10% overpriced
EA was vague and said vendor may consider nearest offer

What's the etiquette in processing with a lower offer or is there none?

Would it be best to pay for independent valuation or no point?

I'd probably start at 10% off working to 5% and paying no more than thst..

whalster

Knock on the house door smile nicely and make an offer direct to the owner never rely on the agent ,then you know he has your details and offer if it is not lived in find the owner via land registry .he will obviously have a contract with the selling agent and will be liable for their fees but never trust anyone , if you are interested talk to the organ grinder . I have on occasion had owners say to me deal through my agent , I have still put my offer and contact details through the door believe me curiosity will demand they open it .

Paully232000

catoutthebag wrote: »

I've seen a property with oieo.
To my eye it's 5-10% overpriced
EA was vague and said vendor may consider nearest offer

What's the etiquette in processing with a lower offer or is there none?

Would it be best to pay for independent valuation or no point?

I'd probably start at 10% off working to 5% and paying no more than thst..

No harm in doing this in the first instance, don't pay more than you feel it is worth.

catoutthebag

whalster wrote: »

Knock on the house door smile nicely and make an offer direct to the owner never rely on the agent ,then you know he has your details and offer if it is not lived in find the owner via land registry .he will obviously have a contract with the selling agent and will be liable for their fees but never trust anyone , if you are interested talk to the organ grinder . I have on occasion had owners say to me deal through my agent , I have still put my offer and contact details through the door believe me curiosity will demand they open it .

apparently vendor no longer at property

As aside would all buyers speak to vendor first? ??

Because agents lie?

What if agents lie backfires when they say that vendor has turned down an offer that was not communicated to vendor but buyer pulls out of making further offers? ?

DRP

catoutthebag wrote: »

apparently vendor no longer at property

As aside would all buyers speak to vendor first? ??

Because agents lie?

What if agents lie backfires when they say that vendor has turned down an offer that was not communicated to vendor but buyer pulls out of making further offers? ?

I disagree with the idea of going straight to the vendor, unless there are real suspicions that the EA is dodgy. It is unnecessarily antagonistic and may well backfire. Given OP has already discussed this with the EA, be nice, put in your offer and provide all the info to the EA, and see what happens (cc the vendor if concerned).

I think starting 10% below asking is fair (notwithstanding I know nothing about local market conditions or this specific property).

bris

Agents want a sale, vendor has last say in price. Some hold out for what they want.


It's always the same, buyers never think it's worth the asking price sellers always think it worth more than the lower offer.

penguingirl

catoutthebag wrote: »

As aside would all buyers speak to vendor first? ??

No, I wouldn't. The vendor has chosen to sell through an EA, I think that choice should be respected, especially if there is no evidence that EA wouldn't pass on offer etc. If the vendor wanted to deal with potential buyers directly they would use an online EA and save a lot of money in the process.

Our sale is going through at the moment and if someone had tried to bypass our EA I would have politely pointed to the sign outside my house with a telephone number on. We carefully picked our EA and they are very good at communicating and passing on offers etc. so there is no reason not to use them.

fed_up_and_stressed

I'd be very suspicious of a buyer who tried to bypass my estate agent. There would be no way i'd entertain an offer coming direct when the purchasers knows I have an Estate Agent dealing with the sale.

martin1959

If the vendor is out of their fixed period with the EA, or with multiple EA's, and the person 'knocking' on the door to make an offer has not registered with those EA's, then the vendor should not have to pay the EA fee........so they may appreciate the knock on the door!

pyueck

whalster wrote: »

Knock on the house door smile nicely and make an offer direct to the owner never rely on the agent ,then you know he has your details and offer if it is not lived in find the owner via land registry .he will obviously have a contract with the selling agent and will be liable for their fees but never trust anyone , if you are interested talk to the organ grinder . I have on occasion had owners say to me deal through my agent , I have still put my offer and contact details through the door believe me curiosity will demand they open it .

This is a bad idea, you will come across as dodgy.


In terms of the offer, bid what you think is a price you are prepared to pay, it doesn't matter what language is used to price the property.

PixelPound

If they have put an OIEO price, doubt they will accept less. I viewed a house last week with one on, the price was just above that of similar houses in the area, the owner explained at the end that they'd already rejected an offer 5% above the OIEO, so didn't bother trying. I think it was partly because they'd bought in 2007 for way more.