Withdrew offer on house, still interested albeit at lower price?

DRP

Derboy wrote: »

At the end of the day, whether another offer does or doesn't exist should have no bearing on what you're prepared to pay. The house is either worth it to you or it isn't. Set your budget for each property that you're interested in and stick to it regardless of any other offers. Market value is one consideration but the value to you is another.

I wouldn't be interested in dealing with you if I were the vendor but you need to go through the original agent (as their introduction is still valid). You may have better luck doing it that route anyway as it gives them an excuse to get back in touch with a lost vendor and try to revive the deal. The agent will be more motivated to push for you as they've otherwise lost the client to a competitor anyway.

Well, the presence of a buyer shouldn't affect the *maximum* you are prepared to pay ... but it is likely you will be forced to pay higher than you *want to* if another buyer is bidding (hence why EAs conveniently'find' other bidders).

Dan-Dan

Derboy wrote: »

At the end of the day, whether another offer does or doesn't exist should have no bearing on what you're prepared to pay. The house is either worth it to you or it isn't. Set your budget for each property that you're interested in and stick to it regardless of any other offers. Market value is one consideration but the value to you is another.

I wouldn't be interested in dealing with you if I were the vendor but you need to go through the original agent (as their introduction is still valid). You may have better luck doing it that route anyway as it gives them an excuse to get back in touch with a lost vendor and try to revive the deal. The agent will be more motivated to push for you as they've otherwise lost the client to a competitor anyway.

True enough in cold hard facts but house buying can be an emotional experience and estate agents dont get the rep they do by playing things straight do they

If my max budget on a house is 250k and i am about to get it for 235k until the EA starts playing silly !!!!!!s but still pay 250k it doesnt mean i wont be hacked off if i discover the other bid didnt exist

glasgowdan

Exactly, of course the level of interest affects how much you'll pay. Nobody wants to pay more than they have to so trying to wrangle an offer at the same level, or barely above the next person is what you want. If you live the house and are about to lose it you'll often be prepared to overpay to secure it

[Deleted User]

glasgowdan wrote: »

Exactly, of course the level of interest affects how much you'll pay. Nobody wants to pay more than they have to so trying to wrangle an offer at the same level, or barely above the next person is what you want. If you live the house and are about to lose it you'll often be prepared to overpay to secure it

I've just had my second offer accepted, i know there was an offer accepted before me but they were messing the seller around so she has accepted my offer instead. The annoying thing is i would of loved to know exactly what the offer was lol, deep down i think they have squeezed and extra £1-2K out of me using this lack of information.

Its annoying but at the end of the day i really wanted this house...

marksoton

If i was the vendor the message would be clear. Foxtrot Oscar.

LeoTLion

norm_ wrote: »

Yeah that's what frustrated me. Call me a cynic but when a house has been on the market 7 weeks it seems very convenient for the buyer to accept an offer within 48 hours of me showing real interest. It's such an easy tactic to employ.

What would be required would be an industry certified online system with total transparency registering all offers with details of buyers.

Depending upon where you are in the country, 7 weeks isn't a long time. Ours was on 12 with a couple of viewings and no offers, then we got 3 offers in a week, so you just never know.

It's also worth remembering estate agents are in the business of selling houses. Getting them off their books is better for them in terms generating new clients, so losing a sale for, what would essentially be £150 - £400 extra commission (assuming the seller hasn't agreed a fixed price) doesn't really make sense.

I'm not saying there aren't sharks in the water, but generally they are simple souls who just want to sell houses with the minimum effort.

Atomix

I think this has been said earlier - but mis understood.
Because you viewed the house with the original ea - if you were to proceed, and purchase the property, the original ea gets the sellers fee. No question, no ifs, no buts, that's the law I'm afraid.

So when you view again, the current ea may not want to deal with you, as they will be fully aware that they won't be getting their fee.

Hope this makes more sense...

Boatdweller

Put forward the offer via the old agent the worst that will happen is it gets refused.

Personally I don't waste my working day making up phantom offers. Yes, I try to get the best price possible for my vendor but I don't play games to get there. You can't force someone to buy a house and if they feel pressured into offering more than they are comfortable with the sale is likely to fall through further down the line, what's the point in that? Vendor is !!!!ed off and you're back at square one.

csgohan4

Seems the OP didn't do their homework on what the house is worth to them and easily influenced by EA.


I Feel you have burned your bridges with the current vendor, maybe look for something else as you have messed the Vendor already by not knowing what you want.

kinger101

Atomix wrote: »

I think this has been said earlier - but mis understood.
Because you viewed the house with the original ea - if you were to proceed, and purchase the property, the original ea gets the sellers fee. No question, no ifs, no buts, that's the law I'm afraid.

So when you view again, the current ea may not want to deal with you, as they will be fully aware that they won't be getting their fee.

Hope this makes more sense...

You're very likely right, but it would depend on contract law rather than statute. And without either of us (or OP) seeing the contract, we cannot make categorical statements.