Putting an offer in on a house

realised

Hi all

I put an offer in on a house about a month ago. The owner at the time did not accept - the estate agent said the owner had purchased the property for the asking price and therefore was unwilling to budge

Fast forward to today and I am still house hunting. I noticed this same house has now come onto the market with another estate agent but reduced by £7k!

This is closer to the price I was willing to pay. Do I re offer with the new estate agent? I understand there are rules in place with estate agents re who found the buyer?

Thanks!

birminghamuniv

You could ask the previous EA about that if the property is still marketed by them. It is an ethical issue only I think because when the property changes the conditions (i.e. price change) it means a new opportunity now.

rosie383

We had exactly the same scenario apart from the price not being reduced. The first EA was the one who introduced you to the house so they will be entitled to the fees. Depending on what contract the vendor has with the current EA they may have to pay both sets of fees.
EA2 refused to pass on our offer to the vendor as they knew EA1 would get the fee. We ended up asking EA1 to pass on the offer and they did and it was accepted.

realised

Unfortunately the first estate agent (from looking at rightmove) is no longer marketing the property. I thought it was sold but I think the owner just moved EAs

I think I'll give the new estate agent a call first and see what they say

Bossypants

Just to be clear, is it still on with the first EA, and the new EA is in addition (so now the house is on with two EAs), or has the new EA replaced the old EA?

Either way I think I would approach the old EA first, point out the change to them and say you'd like to put your offer back on the table. Depending on their response is, you'll know your next move.

googler

realised wrote: »

Do I re offer with the new estate agent? I understand there are rules in place with estate agents re who found the buyer?

None that you, the buyer, should concern yourself with.

The old agent no longer has a valid contract, can't market the property, and cannot accept an offer on it.

Make your offer to the new agent, and wait and see.

All shenanigans about fees due to one agent or the other are the concern of the seller and their two agents.

Hoploz

OP don't rely on right move, phone the agent you dealt with originally and ask them if it is still on their books before dealing with the second agent. If the seller has to pay two sets of fees it'll cost them more so your offer may need to be higher!

realised

Bossypants wrote: »

Just to be clear, is it still on with the first EA, and the new EA is in addition (so now the house is on with two EAs), or has the new EA replaced the old EA?

Either way I think I would approach the old EA first, point out the change to them and say you'd like to put your offer back on the table. Depending on their response is, you'll know your next move.

Sorry EA2 has replaced EA1 (yesterday I think). We viewed the property twice with EA1

realised

Hoploz wrote: »

OP don't rely on right move, phone the agent you dealt with originally and ask them if it is still on their books before dealing with the second agent. If the seller has to pay two sets of fees it'll cost them more so your offer may need to be higher!

Thank you I need to call them re another property anyway so I'll mention it to them and see if they're still marketing the property

eddddy

realised wrote: »

Unfortunately the first estate agent (from looking at rightmove) is no longer marketing the property. I thought it was sold but I think the owner just moved EAs

I think I'll give the new estate agent a call first and see what they say

It's a bad idea to give the new EA a call.

If they are ethical and honest, they will tell you to contact the old EA (even if the old EA is no longer marketing the property).

If they are not ethical and honest, they may pass on your new offer and leave the vendor with 2 lots of EA commission to pay.

Or if the vendor is savvy, they may refuse your offer to avoid double commission.

(This assumes that the vendors had 'standard' sole agency agreements with both EAs)

You should always contact the old EA instead.

eddddy

realised wrote: »

Thank you I need to call them re another property anyway so I'll mention it to them and see if they're still marketing the property

Just to emphasise - it almost certainly doesn't matter if they are still marketing the property or not.

EA1 introduced you (and had negotiations with you) so their contract almost certainly says they will get commission if you buy.

So don't discuss the property with EA2 at all! Only with EA1!