No good at this game!

claire_mc_2

westernpromise wrote: »

There's a drawback to doing this though.

Say they go with someone who's bid £305k and you bid £300k to show you're serious. The vendor's now in a lovely position, because if it then falls through for whatever reason, he's got you not far behind. When the vendor then comes back to see if you are still interested, all price discussion is going to start from how much better than £300k can you do.

If OTOH you were last seen at £289k, nobody yet has any idea what your best and final offer might be. So your stance is "thank you so, so much for coming back to us, we really, really appreciate that. We did like the house. Thing is, we're actually quite a long way forward on another place now, and it's a lot closer to £289 than £305. Can you flesh this out for me a bit? Why would I pay £305k, where are they getting that idea from? I mean have they got any room in that?"

The game here is to get them to admit that the £305k idea came from the buyer who can't proceed. So it can be ignored. If there were others they'd be talking to them not you.

good luck anyway.

Thank you.

That is a really good idea, and as you say it's good that we didn't already go in with a higher offer. However we're not really interested in that property anymore, the new one is so much better. I really wouldn't be surprised if the first EA does come back to me in a couple of weeks though, that house is still on the market and another similar one in the same area and price bracket was reduced by £10k today after being on the market for weeks so obviously they're not selling.

Jhoney_2

sparks11 wrote: »

We went to the first of several group viewings on the house we ended up offering on, it was up for £200K and after much discussion, we offered £185K (it needs a fair bit of work, we weren't trying to be cheeky.) Instantly, we had the EA telling us there was over 30 viewings arranged on the property, houses always go really quickly on that street, there was a higher offer in and we must increase ours. We weren't prepared to get into a bidding war so left our offer as it was. Both offers were rejected, they increased, we didn't.

Cut forward a month and we get a phone call from the EA asking if we are still interested. The other couple had pulled out due to a 'change in personal circumstance' (probably the strain pushy EAs have on relationships!) We ended up increasing our offer very slightly and had it accepted and house taken off the market the same day.

So out of over 30 viewings, there were only 2 offers. But the EA had obviously made the vendors feel that there'd be a bidding war and it would go over asking.

I've hated every minute of the process and do feel like EAs treat it as a game. They have a specific tone of voice that seems to be there just to create panic.

Good luck Claire, just because there's an open house doesn't mean anyone will want to buy it!

..and on their finances. Probably offered more to secure it than they could really afford.

claire_mc_2

I don't believe this, I am beyond livid!!!

Just asked the EA for an update on the vendor's initial feedback on our offer, and it hasn't even been put forward to the vendor yet! We made the offer on Wednesday at 5pm so almost 48 hours ago.

Really want to tell them where to stick it....

somethingcorporate

Idiots!!

Have a cup of tea and a biscuit and thank god you're not an EA.

claire_mc_2

claire_mc wrote: »

I don't believe this, I am beyond livid!!!

Just asked the EA for an update on the vendor's initial feedback on our offer, and it hasn't even been put forward to the vendor yet! We made the offer on Wednesday at 5pm so almost 48 hours ago.

Really want to tell them where to stick it....

When we phoned them they then backpedalled and said that the offer HAD been put to the vendor, and repeatedly dodged the questions as to why they initially said they hadn't in their email.

These people are scum, I don't even want to deal with them anymore.

Propertynewbie

claire_mc wrote: »

I don't believe this, I am beyond livid!!!

Just asked the EA for an update on the vendor's initial feedback on our offer, and it hasn't even been put forward to the vendor yet! We made the offer on Wednesday at 5pm so almost 48 hours ago.

Really want to tell them where to stick it....

This won't make you feel better, but this is exactly what happened to us. 36 hours after we made the offer in-branch we finally got hold of someone who said they were having difficulties getting in touch with the seller, at which point we specified we need an answer, any indication, in the next 24 hours. The following day, after another non-answer, EA manager tells us he was 'inclined to slow things down' and suggested we visit our local branch for a meeting with their broker. We didn't do the visit but instead offered the details of our broker who was more than happy to speak to them and forward details of our financial suitability. Another 24 hours and we finally got the answer, which was a rejection of our offer. A letter from EA later details our offer being made not on the actual day we made it but 3 days after.

We stayed nice and professional throughout, and I understand EAs have to try to maximise the profits for themselves and the seller's, but I wish this part of the process were more transparent.

Jhoney_2

claire_mc wrote: »

When we phoned them they then backpedalled and said that the offer HAD been put to the vendor, and repeatedly dodged the questions as to why they initially said they hadn't in their email.

These people are scum, I don't even want to deal with them anymore.

Sounds like a freudian slip - could you put a note through the vendor's door?

Keep your eye on the prize, they are merely the gate - not the house;)

Jhoney_2

claire_mc wrote: »

When we phoned them they then backpedalled and said that the offer HAD been put to the vendor, and repeatedly dodged the questions as to why they initially said they hadn't in their email.

These people are scum, I don't even want to deal with them anymore.

PS I would stop speaking with them by phone (no record of conversation details?). If you don't trust them. Make it clear to vendor that you have been in touch with EA and they have sat on your offer, otherwise the perception will be that you are not as interested as thought.

Personally, I think EA is ringing around, contacting their developers etc e.g trying to undermine your very strong position - go around them just this once.

There comes a point financially, when it's not in their interest to keep stalling for a few pounds extra else they may lose the sale, so they are trying to up-sell to someone who may give them an additional sale/rental opportunity.

You have nothing for them to feed off (I don't remember vendors position tbh) so in that sense, you are of less interest to THEM not vendor!

At the very least, the vendor gets some feedback on how her money is being spent.

gadgetmind

claire_mc wrote: »

These people are scum, I don't even want to deal with them anymore.

Wow, that's harsh.

The reality is that they aren't very bright, aren't well educated, haven't had much training, lack a solid grasp of business ethics, and are looking out for no-one but themselves.

Jhoney_2

gadgetmind wrote: »

Wow, that's harsh.

The reality is that they aren't very bright, aren't well educated, haven't had much training, lack a solid grasp of business ethics, and are looking out for no-one but themselves.

very good ....:T