EA passing on our offer

AJ1982

EA is acting under direction of the Vendor. No laws have been broken... "The vendor has asked me to advise all parties he has an asking price offer". So the EA has passed this message on as requested by the Vendor.

Basically, the Vendor has received the offer, but now wants more. So has invited all original bidders to review their bids in the hope he will get more.

How you proceed now is, of course, up to yourself.

ultrafox

jjlandlord wrote: »

Stop wasting everyone's time on this and work out what you are happy to pay for that property.

Oh i'm sorry. I thought this was a public forum to ask these sort of questions.

ultrafox

AJ1982 wrote: »

EA is acting under direction of the Vendor. No laws have been broken... "The vendor has asked me to advise all parties he has an asking price offer". So the EA has passed this message on as requested by the Vendor.

Basically, the Vendor has received the offer, but now wants more. So has invited all original bidders to review their bids in the hope he will get more.

How you proceed now is, of course, up to yourself.

OK thanks. That's what I wanted clarifying.

ultrafox

Dan-Dan wrote: »

I would walk away , this vendor isnt one i would personally want to do business with

Exactly what I was thinking.

jjlandlord

Dan-Dan wrote: »

Seems to me the vendor has an AP offer but now appears to feel his house is underpriced for some reason

I would walk away , this vendor isnt one i would personally want to do business with

That's pretty normal, to be fair.

If you have several offers, and they are all first offers, you would be dumb not to play it the way they are (whether one of the offers is at asking price or not).

The asking price is not cast in stone, forcing the vendor to sell at that price.

Surrey_EA

Grenage wrote: »

Which says:

I've had a skim read of the 1979 act, and have yet to find the relevant section.

However, The Property Ombudsman code of practice says:

You must be fair and not misleading when disclosing the amount of any offers made to
other prospective buyers. Before disclosing the amount of an offer, you must advise the
seller of such intention and get his agreement; and you must warn all prospective buyers
who make offers that it is your practice to do so. If you do disclose any offer to one
prospective buyer, then all offers must be immediately disclosed to all prospective
buyers with a current interest in negotiations for the property.

Surrey_EA

Dan-Dan wrote: »

Seems to me the vendor has an AP offer but now appears to feel his house is underpriced for some reason

I would walk away , this vendor isnt one i would personally want to do business with

Or, the vendor has an opportunity to sell for a figure greater than the level of the asking price. Not an entirely unusual scenario, and one which many sellers would be keen to exploit.

chris_m

ultrafox wrote: »

Eh yes they have.

Quote:
[FONT=Calibri,sans-serif]The vendor has asked me to advise all parties he has an asking price offer.[/FONT]
[FONT=Calibri,sans-serif]
[/FONT]Obviously other buyers will know what the asking price is. So they will know our offer amount.

True, if that's what you offered - they may also know the offer amount of three other people who also offered the asking price, for all that quote tells anyone.

Dan-Dan

Surrey_EA wrote: »

Or, the vendor has an opportunity to sell for a figure greater than the level of the asking price. Not an entirely unusual scenario, and one which many sellers would be keen to exploit.

Which is a roundabout way of saying what i already said, thanks

Surrey_EA

Dan-Dan wrote: »

Which is a roundabout way of saying what i already said, thanks

I was merely highlighting that it's hardly rare for a seller to want to achieve the highest price possible for their property. I'm not sure why that would make them out to be someone that you wouldn't want to do business with, but that's up to you.