EA passing on our offer

HouseBuyer77

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

Well if you receive several AP offers within a short time your house may well be underpriced...

This will be very common in any market with a high demand. If you don't want to play the game, then don't. Though you may be spending a long time looking for house or need to choose another location.

Dan-Dan

Surrey_EA wrote: »

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.

If i offer AP on someones house , and they then use that to invite sealed bids from others , i`d be moving on

each to their own though

Dan-Dan

HouseBuyer77 wrote: »

Well if you receive several AP offers within a short time your house may well be underpriced...

This will be very common in any market with a high demand. If you don't want to play the game, then don't. Though you may be spending a long time looking for house or need to choose another location.

I see the OP says the vendor only received one , theirs , all the others were under , so i struggle to see your point , bearing that fact in mind?

Surrey_EA

Dan-Dan wrote: »

If i offer AP on someones house , and they then use that to invite sealed bids from others , i`d be moving on

each to their own though

That's entirely fair enough.

To me it would depend on how good the house was, how much I wanted it, and whether I felt the original asking price was reasonable, or had been set at an artificially low level.

Dan-Dan

Surrey_EA wrote: »

whether I felt the original asking price was reasonable, or had been set at an artificially low level.

Unlikely , seeing as OP says theres was the only AP offer , with various others offering below

Surrey_EA

Dan-Dan wrote: »

I see the OP says the vendor only received one , theirs , all the others were under , so i struggle to see your point , bearing that fact in mind?

The point remains that one property has received several offers, which strongly indicates that the demand for such a property is high. Unsurprisingly the EA and the seller are attempting to maximise the amount the property sells for.

I completely understand that this is not a situation that buyers are fond of, but the prime objective of most vendors is to achieve as high a price as possible.

Dan-Dan

Surrey_EA wrote: »

The point remains that one property has received several offers, which strongly indicates that the demand for such a property is high. Unsurprisingly the EA and the seller are attempting to maximise the amount the property sells for.

I completely understand that this is not a situation that buyers are fond of, but the prime objective of most vendors is to achieve as high a price as possible.

Your whole premise , seems to be based on this property being under-valued in some way , yet has only received ONE asking price offer

How does this correlate with demand for this property being really high ?

I am just curious why you think this , from the information given , the vendor is (quite within his rights) trying to secure above AP price , when only one party has offered it

Can you not see this is a risky strategy?

I could understand it if there were more than one AP offer , but as it stands , it stinks of greed

Surrey_EA

Dan-Dan wrote: »

Your whole premise , seems to be based on this property being under-valued in some way , yet has only received ONE asking price offer

My whole premise is that it's hardly surprising that a seller is attempting to achieve the highest price possible for their property. From the information provided it is impossible to tell whether the property has been under-priced in some way.

Dan-Dan wrote: »

How does this correlate with demand for this property being really high ?

An unknown number of prospective buyers have made offers for the property, at least two, but possibly more. This suggests strong demand.

Dan-Dan wrote: »

I am just curious why you think this , from the information given , the vendor is (quite within his rights) trying to secure above AP price , when only one party has offered it

Can you not see this is a risky strategy?

Of course it could backfire, or it could produce an offer £000's more than the asking price. Significant rewards are rarely without an element of risk.

Dan-Dan wrote: »

I could understand it if there were more than one AP offer , but as it stands , it stinks of greed

I don't disagree with you. But I'm afraid selling a property often has a tendency to bring out the greedy side in people, at least in my experience.

ultrafox

Thanks for the replies all. We did not increase our offer and the seller went with someone else.

I've sent a letter of compliant to the EA this morning, which is below. Any personal/reference to the EA/etc have been removed and uppercase replaced added.

Hello,

As you know I submitted an asking price offer for PROPERTY on DATE.

I would like to express my disappointed that this information has been sent to all potential buyers as per the email below. Seeing as the singular 'an asking price offer' has been used in the email it makes it quite clear that it is our offer which is being communicated.

I'd also like to draw your attention to the Code of Practice for Residential estate agents by Ombudsman of Estate Agent (OEA). Particularly section 9f 'Offers'. The full document can be found here http://www.tpos.co.uk/downloads/TPOE27-3%20Code%20of%20Practice%20for%20Residential%20Estate%20Agents.pdf

Seeing as you state on your website (COMPANY WEBSITE) that you are a member of TPO I'm sure you are aware of the above document and its guidelines.

It states:
"If you do disclose any offer to one prospective buyer, then all offers must immediately disclosed to all prospective buyers with a current interest in negotiations for the property. "

After speaking to one of your agents yesterday I was told that the vender had requested our offer information to be sent to all prospective buyers. This is his decision and although I find it ethically dubious it is within his rights to request this. However, having received this request I believe ESTATE AGENT should have complied with the guidelines set out above and sent all current offers to all potential buyers.

For an estate agent that prides itself as being 'EA AWARD WON' I am disappointed that you have not complied with the above guidelines and feel I must raise a compliant with the OEA regarding your practice in this matter.

Wassa123

We offered over the asking price on a house we were bidding on. It went to best offers by 2pm. We made our offer around 12, at around 1:30 we had a call from the agent saying that we had been outbid and do we want to increase it. We did increase it but still didn't win. My guess is that they've been phoning around trying to up the offer and then ringing back to say its been increased again.