First Time Home Buyer - Estate Agent Communication!!!

WKT16

Hi Everyone,

This is my first post on here after signing up with the recommendation from a friend.

I need some advice!

We are first time home buyers, we managed to find a property not too far from where we are living now for £140,000 (offers over).
The problem started with the lack of communication I received from the Estate Agents (Your Move) and the Seller. On all offers I had to phone up and chase the inquiry - which left me rather annoyed and disappointed.
Anyway, negotiations start around 6 days ago now. We originally went in at £126,000, the seller (who is a builder) said 'No'. Then £130,000 and then our final bid of £133,000. On all three occasions I had to phone up the estate agents at 16:30 to only receive a 'No' an hour later.

It honestly felt like from our point of view they did not care with any of our bids. I sent them an e-mail yesterday evening to say I was 'pulling out' of our offers. It was a really bad start to our potential house purchase where we thought this was 'the one'.

I would like to add that I can appreciate that we all get swept up in these things and I for one had stupidly told them I was very interested in the property. They only mentioned to me that £135,000 is where they would pick up their ears to a 'good offer'.

Was I being stupid by offering a lower value in this current market?
Has anyone else had the lack of communication from the Estate Agents when it comes to offers?

We are still definitely interested in this house and my heart sank when they just said "Ok thank you for the e-mail" - should we go back and make a higher offer? I don't want to appear desperate or to be taken as a fool when they know we are interested to only jack up the price.

If anyone can help some first time buyers we would be much appreciated.




Cheers!

p00hsticks

WKT16 wrote: »

we managed to find a property not too far from where we are living now for £140,000 (offers over).

WKT16 wrote: »

Anyway, negotiations start around 6 days ago now. We originally went in at £126,000, the seller (who is a builder) said 'No'. Then £130,000 and then our final bid of £133,000. On all three occasions I had to phone up the estate agents at 16:30 to only receive a 'No' an hour later.

How long has the property been on the market ?
Personally I don't like "offers over" prices but if you take it at face value even your "final" offer is still 5% under that.

Unless the estate agent promised to get back to you by a specific time and didn't, which is bad manners, then given you've made three offers in only six days and had them all rejected I think you've been a bit impatient, both in the time you've given the seller to consider your offers and in putting in a higher offer once the previous one was rejected.

Sellers aren't always immediately contactable by phone, andthey may want to sleep on an offer or have significant others that they need to discuss it with.

glasgowdan

This is what estate agents do. They systematically delay calling buyers back within a normal timescale in order to generate a bit of panic/frenzy/interest. I've seen it loads of times now. They also avoid contacting sellers right away with offers and often hold back to do the same.

You'll get used to this. Is the house in Scotland? Which part? Scotland seems to be very polar - good areas with high rated schools are still very competitive and selling well over the offers over prices. Some houses have been marketed at an inflated price and are selling a little slower (as in 3-4 weeks instead of 3-4 days).

Other less desirable areas are still selling but taking a bit longer and often after a price drop. Nothing different to how it was pre Brexit really.

Davesnave

I can't see much to complain about here. The agents have given you a clue about where negotiations might sensibly begin, so it's up to you whether you want to play ball.

Throwing your toys out of the pram won't influence anything if the builder has told the agent "Don't bother me with offers below £135k."

We can't tell if that's good value in this, or any other, market

It's not like on the telly.

Kirsty and Phil have a lot to answer for!

WKT16

Hi Everyone,

Thanks so much for the responses - it's good to know what other peoples views are.

To answer some of the questions first:

How long has the property been on the market ?

It's been on the market for around 2-3 months now.

This is what estate agents do. They systematically delay calling buyers back within a normal timescale in order to generate a bit of panic/frenzy/interest. I've seen it loads of times now. They also avoid contacting sellers right away with offers and often hold back to do the same.

I certainly suspected that when I got to the 2nd offer. The house is in Lincolnshire (UK) so I don't know if there is a variable difference from Scotland on house prices now since the Brexit.

Throwing your toys out of the pram won't influence anything if the builder has told the agent "Don't bother me with offers below £135k."

I do appreciate that - I was only hoping to try and secure a deal beneath the £140,000 bracket. Since we are First Time Home buyers, we have learn't a great deal - and still doing so!

So my final question is.... We are still interested in the home but since we have withdrawn our offer should we go back and make a new higher offer or just leave it?
As I mentioned in my original post, I think the estate agents would see that as weakness from my behalf and inflate the price again.
What do people think, any ideas or tactics?


Thanks everyone for the responses!

G_M

Just to add that t'snot just the EA. They might be relying offers /replies from the seller, who might be

* working hard and ifficult to get hold of
* having to liaise with a partner before replying
* unsure whether to accept/reject an offer, and giving it thought
etc

Whether buying or selling, it's a huge and financially significant decision, so it's not unreasonable to take time over it.

lewishardwick

Welcome to the world of house buying. I've had to wait 2 or even three days to have an offer eventually rejected.

Try not to panic. EAs have to wait for the vendor to respond. This can take time.

Harper123

WKT16 wrote: »

Hi Everyone,

Thanks so much for the responses - it's good to know what other peoples views are.

To answer some of the questions first:

It's been on the market for around 2-3 months now.

I certainly suspected that when I got to the 2nd offer. The house is in Lincolnshire (UK) so I don't know if there is a variable difference from Scotland on house prices now since the Brexit.

I do appreciate that - I was only hoping to try and secure a deal beneath the £140,000 bracket. Since we are First Time Home buyers, we have learn't a great deal - and still doing so!

So my final question is.... We are still interested in the home but since we have withdrawn our offer should we go back and make a new higher offer or just leave it?
As I mentioned in my original post, I think the estate agents would see that as weakness from my behalf and inflate the price again.
What do people think, any ideas or tactics?


Thanks everyone for the responses!

It depends on your nerve and how much you want the house. If you're going to be devastated if it sells to someone else tomorrow then put in a higher offer but accept you might be over paying. If it's been on 3 months though that should have given you a bit more negotiating power. I know it's hard in the heat of the moment but throwing your toys out of the pram with the estate agent probably hasn't helped your negotiating power going forward. I know it's hard but try and keep a cool head when house buying.

WKT16

Thanks everyone for the responses.

It's been a difficult one to accept but I think we just got frustrated and 'threw our toys out of the pram' - you're right Harper123.

We might go back in a week or a couple of days but one thing is for sure you learn so much when it actually comes to going through and buying your first house.

I appreciate everyone's time to respond to this thread.



Cheers!

Harper123

If it was me after the first offer was turned down I'd ask what he actually wanted. Then if they came back with 135 I'd try 130,000 with the aim of settling on 132,500. If there was no movement at all from the seller and it had been on 3 months I'd tell the estate agent I'd leave it on the table but I was going to view other properties and I'd promptly make a couple of appointments through them to show I was serious.

Cakeguts

You have got to remember that this is a builder. He doesn't have to sell this house to buy another one? He may be able to wait until he can get as near as possible to his asking price so offering a lot under the £140K won't interest him at all. If you want this particular house you are going to have to start at a higher offer. Something much nearer the £140K. A house is only worth what someone will pay for it so if you think this house is overpriced you will have to find a different one.