Reids Rains - joke

kgrant

Reeds Reins estate agents are pure rubbish for us.

I put an offer on a property last week (valued at £79,950) which was quite desirable location for me but needs remedial work, reconfigured from oil to gas and it's a repossession so I was willing to pay just under the asking price at £75k.

They called me the next day to go to the branch to show the proof of funds etc etc which I was told by my mortgage advisor this is not a legal requirement. Their mortgage advisor was very shy at start but recommended it would be bestfor us to get a DIP with them but the rates he was trying to get us sign up to were plain ridiculous. When we said that we actually have DIP then he started to show us better ones but I still knew that they cannot give us better rate from what we already have!!!!

2 more days passed and we asked what the update was in regards to our offer and whether it was accepted or not. They told us that our offer had been passed to the seller and they were waiting for the response.

3 more days passed and we called whether the seller decided or not. They told us that seller was only interested if we can "up our offer". They told us the offer would not be considered at all if we did not do that and this was the ONLY thing before the offer was accepted. The branch manager actually said this;

" The client are not willing to accept an offer of £75,000 at this stage – that isn’t to say that in time that offer would be acceptable – it will depend on what interest there is on the property and also what the under bidder comes back with. As the property is only on the market and there is a lot of interest they feel that at this point the asking price is achievable.

Yes the property does require some work but bear in mind it was priced to reflect this as well.

I will let the client know that you are not increasing at this stage – and I will keep you informed as to any movements on the property."

JOKE!

I am a FTB with all finances in place so we replied;

" Honestly £75,000 is taking into consideration the remedial works so we would not be in a position to move on £75,000 and so we believe that £75k is our one and final offer and if this is not acceptable at this stage please let me know their thoughts if a deal can be done as if not we wont sit on this for long."

We plan to leave our offer on the table but does anyone agree Reids Rains are terrible? Any ideas on what to do next as we feel this property is ideal but we won't be pushed into asking price for a property needing work or for a repossession?

saverbuyer

The bank won't accept the offer. There's nothing you can do about it but up your offer. They think they can get a better price. Stick to your guns and see if they change their mind or go in at asking price. I know you think it needs work and the offer is fair but the vendor gets to decide if they accept it.

Keep your DIP, never use the EA mortgage advisor. Offer to show them the DIP and leave it at that.

Never trust an EA or a used car salesman.

duggan1

kgrant wrote: »

Reeds Reins estate agents are pure rubbish for us.

Worth pointing out that they aren't working for you, or remotely working in your interests.

How more annoyed would you be if they accepted 75K then 3 weeks down the line rejected it in favour of a larger offer from someone else?

eastlady

How long has the property been on the market? Have you had a heating engineer out to confirm that you will definately need a new heating system installed or is this just a personal choice you've felt is needed? Think so far the only issue with Reeds Rains you could have is the DIP that you were offered wasn't as good as the one you have.
EA's have been doing this for years as have Banks and Building Societies.When your're trying to buy a repossession it will usually take longer to hear anything back from the vendors as your're dealing with a bank official that has probably a dozen other properties on his books not a private individual who needs to sell in order to move forward.Nowadays it's normal to be asked for proof of funds even though as your mortgage advisor states it's not a legal requirement to have to show it

warmhands.coldheart

kgrant wrote: »

...... I am a FTB ....

Not meaning to sound rude but it's very telling from your Rant...

As Duggan points out.... The Estate Agent is NOT there to work for YOU. They are there to sell a house for a client at the very maximum amount they can get. You have offered an amount less than they have asked for and they have every right to reject it.. heck they could have rejected the offer even if you went in above the asking price if they thought they could get more... That's their job...... Buying a house is not like going into a shop where the price is set and it's first come gets it.... think of it as more of an auction... Highest bidder with the cash to pay wins...

spo2

Can I ask what branch you were using? We have had quite a few dealings with Reeds Rains this year and have been nothing but impressed by them

warmhands.coldheart

kgrant wrote: »

......does anyone agree Reids Rains are terrible?...

Most EA's are terrible....
As Jessie J once sang... "It's all about the money, money, money"

Milko

Nothing good to say about them / Halifax

motorguy

kgrant wrote: »

Reeds Reins estate agents are pure rubbish for us.

I put an offer on a property last week (valued at £79,950) which was quite desirable location for me but needs remedial work, reconfigured from oil to gas and it's a repossession so I was willing to pay just under the asking price at £75k.

They called me the next day to go to the branch to show the proof of funds etc etc which I was told by my mortgage advisor this is not a legal requirement. Their mortgage advisor was very shy at start but recommended it would be bestfor us to get a DIP with them but the rates he was trying to get us sign up to were plain ridiculous. When we said that we actually have DIP then he started to show us better ones but I still knew that they cannot give us better rate from what we already have!!!!

2 more days passed and we asked what the update was in regards to our offer and whether it was accepted or not. They told us that our offer had been passed to the seller and they were waiting for the response.

3 more days passed and we called whether the seller decided or not. They told us that seller was only interested if we can "up our offer". They told us the offer would not be considered at all if we did not do that and this was the ONLY thing before the offer was accepted. The branch manager actually said this;

" The client are not willing to accept an offer of £75,000 at this stage – that isn’t to say that in time that offer would be acceptable – it will depend on what interest there is on the property and also what the under bidder comes back with. As the property is only on the market and there is a lot of interest they feel that at this point the asking price is achievable.

Yes the property does require some work but bear in mind it was priced to reflect this as well.

I will let the client know that you are not increasing at this stage – and I will keep you informed as to any movements on the property."

JOKE!

I am a FTB with all finances in place so we replied;

" Honestly £75,000 is taking into consideration the remedial works so we would not be in a position to move on £75,000 and so we believe that £75k is our one and final offer and if this is not acceptable at this stage please let me know their thoughts if a deal can be done as if not we wont sit on this for long."

We plan to leave our offer on the table but does anyone agree Reids Rains are terrible? Any ideas on what to do next as we feel this property is ideal but we won't be pushed into asking price for a property needing work or for a repossession?

As has been said, the agent is working for the lender not you.

Its not uncommon for an offer to be left open for a period of time - you might get the house at that price at some point in the future, but you might not. You can of course withdraw your offer at any time.

Repossessions in need of work are "usually" priced accordingly, so maybe your valuation of £75,000 is on the low side?

Certainly no harm in putting in an offer under asking price, but i wouldnt be getting offended if they dont jump on it.

I guess the only failing i am seeing on the part of the agent is that they either assumed or failed to explain to you fully the impact of buying from the lender in a repossession process.

duggan1

warmhands.coldheart wrote: »

Most EA's are terrible....
As Jessie J once sang... "It's all about the money, money, money"

When did she sing that?

donnac2558

Price Tag, its all about the money money.