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Reids Rains - Offer rejected
kgrant
Posts: 62 Forumite
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?
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?
:money:
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Comments
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You shouldnt of told the advisor what funds u had, so they can then play you.0
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It sounds like the mortgage advisor wasn't much use, but it's a bit difficult to see what your complaint is with the EA beyond that.
It sounds like you made an offer and the vendor/bank considered it for a while, and then rejected it for the moment.
The EA seems to have explained the vendor's position clearly, so I'm not sure why you're angry with the EA.
If you're still interested in the property, it's probably best to keep on good terms with the EA.0 -
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?
I don't know what your problem is! Your offer wasn't accepted and you are blaming the estate agent because you think it should have been accepted?!?!!
Firstly, it is not the EA that accepts the offer and secondly, just because that's what YOU think it is worth, if the seller isn't prepared to sell it to you for that amount then you have to accept it.
You say you are a FTB - I think you have a bit to learn about the house buying process otherwise you are going to find it incredibly stressful.0 -
Agree.JencParker wrote: »You say you are a FTB - I think you have a bit to learn about the house buying process otherwise you are going to find it incredibly stressful.
Rule 1. Never show proof of funds until after the offer is accepted. Agents may not like this, but you need to stand up to them and tell them that you are not going to waste time and effort on proof of funds until your offer is accepted subject to proof of funds.
Rule 2. Never actually give proof of funds directly. Let your solicitor or mortgage advisor confirm that you are good for the offer.0 -
You've received good advice about how to deal with 'in house' mortgage brokers, but I'm really not sure what your issue is with the EA in this case?0
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It is the estate agents job to get the best price for the customer.
In reality there are two interested parties, the seller (Bank /BS) and the people it was repossessed from.
It is quite common for Banks to not rush into an initial offer on a recently advertised repo.
Don't be surprised also if they do not take it off the market once the offer is accepted. A 5% discount is quite a lot and I am sure it was priced to reflect the work.
Buying repossessions is often a different transaction.0 -
They've probably done you a favour by not accepting your offer. They could have accepted, then left it on the market and accepted a better offer from someone else later leaving you with wasted survey/legal fees.0
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It is not up to the Estate Agent whether to accept an offer or not, why are you blaming them?
Also, when you buy a repo, it is usual for an accepted offer to be advertised in order to ensure there is nobody willing to pay more. When I bought one (many years ago), I ended up having to up my offer by £1500 the week before exchange as another party had come forward with a higher offer.
Just because it is worth 75K to you doesn't mean it's not worth 76K or more to someone else.0 -
I totally agree about Reeds Rains mortgage service.
Complete waste of time. I was buying a repo so it was important that things moved quickly.
5 days of back and forth with various documents before I finally gave up and went to an independent mortgage advisor who had a mortgage offer in place within an hour.0 -
Reeds Reins estate agents are pure rubbish for us.
In that case, I suggest you ask for a full refund of the fees you've paid to them.... what?!? You haven't paid them any fees....
The EA works for the vendor, and tries to get the best price for the property. Clearly, they don't believe £75k is the best price at this time, and nor does the vendor.0
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