Fed up with estate agents - trying to buy a house

startingout2016

Viewed plenty of propertiesmost of which unsuitable

Saw one that came up, just £10k over our budget.
Explained to the agent we didn't want to waste anyone's time viewing properties we couldn't afford and made it clear what our budget was .

They came back to us to say the house would be well worth us viewing and could be perfect for us.

We view it, like it, go for second viewing.
Our offer in of £310k (what our AIP covers)

Offer is rejected saying that vendor wants £325 which is asking price.

We leave it over the weekend and increase our offer to £315k after reviewing finances and a bit of help from family.

The house has been rented for last 5 years and needs fully stripping out, new bathroom, kitchen, repointing etc. so this seems fair to us.

Not that zoopla valuations matters but it thinks the house is worth £316k.

So this morning we receive an email from the agents saying that the vendors won't take £315 and want £325 and we must be disappointed but we can obviously increase our offer if we want.

This is starting to make me angry.
They know our budget, we had offer accepted on similar house a few months ago for £310 that unfortunately fell through.

Are they just trying it on?
Do we forget about it?

The vendor apparently doesn't want the house being empty over Xmas (it's currently vacant) but happy to hold out for another £10k which we just can't stretch to.

I feel like the agent is wasting our time now

ellie27

Is the agent trying it on? It is the vendor who accepts/declines and instructs the agent. The vendor wants more, simple as that.

You stated your max, you already have upped it beyond that.........so shown that although you are at your AIP max then you do have some extra available.

If you are not willing to pay more then say thats it and walk away and go find houses you can afford.

hazyjo

I've had the same, but you just have to be firm. Basically, they won't believe you and will try to squeeze more out of you.


Everyone expects a counteroffer and to offer again. To go in with your highest bid isn't usually a great idea unless you're very direct and say it's on the table and that's that. You have increased your bid which is exactly what they expected. Everyone says they've had help from family - they'll take that with a pinch of salt. If it is true, careful if it's lent rather than gifted as it will affect how much you can borrow.


As it sounds like you know, totally ignore Zoopla. Undervaluing my current house by about £100k, and overvalued a previous one I bought by over £100k.


Say it's your final offer and be prepared to walk away.


Jx

greatgimpo

Cursed estate agents. They don't care - either the vendors will accept a low offer and to hell with their consequences, or you will magic up the asking price once you've seen it. Either way, it doesn't matter to the money grabbing leeches you'd be buying it through. Maybe you could have asked them to lower the commission they would get and pass the savings on to the vendors to take not such a big hit - watch them laugh.

G_M

The agent's job is to find a buyer for the seller. At the best price possible.

The agent knows that buyers often claim to have less money than in fact they have (you have yourelf demonstrated thi!), or wish to spend less than they could.

so the agent encourages buyers to view, even if their budget will be 'stretched', knowing it might still result in a sale.

Sellers do the same. They say they want £X00,000, but when it comes to it they will often accept less.

hazyjo

Not sure I'd only look up to my budget. I'm looking £30k over at the moment, but will probably hope to drop them £20k or so (£440k to £420k-ish).


If a house is on long enough, the likelihood is they'll drop eventually. Sometimes a slightly lower offer sitting on the table is appealing a month or two on. I've often gone in low and have had some good deals. Might be lower than what they wanted, but at the end of the day a property is only worth what someone will pay. I've not forced anyone to accept an offer! If someone had been prepared to pay more, I'd have lost them.


Jx

marksoton

Just because your AIP says 310K that isn't always what you'll be offered.

Viewing properties right at the very ( Potential ) limit of your budget could well end in disappointment.

Cakeguts

It sounds as if you are trying to buy a house with the advantages of a much more expensive property for a price that you can afford? This is not going to happen. No one sells a desirable expensive house for less than it is worth even if it needs some updating . You probably need to look at the compromises that you can make?

Cakeguts

hazyjo wrote: »

Not sure I'd only look up to my budget. I'm looking £30k over at the moment, but will probably hope to drop them £20k or so (£440k to £420k-ish).


If a house is on long enough, the likelihood is they'll drop eventually. Sometimes a slightly lower offer sitting on the table is appealing a month or two on. I've often gone in low and have had some good deals. Might be lower than what they wanted, but at the end of the day a property is only worth what someone will pay. I've not forced anyone to accept an offer! If someone had been prepared to pay more, I'd have lost them.


Jx

The fact that no one offered more means that you paid what they were worth.

warby68

I don't think the agent was trying anything on - your quoted budget was less than 5% below asking which is completely realistic as a starting point.

The vendor just wants more at the moment - it can sometimes be a case of who 'blinks first' so just let your offer rest there for a week or two whilst continuing to look.

Keep the agent onside and let them work on the vendor (assuming there isn't a lot of other interest in the property). Estate agents are not generally highly regarded but there are those that know their game very well and they are just as interested in a seller being reasonable as you are.

If you leave the offer on the table, that gives the agent something to work with.

MataNui

Not the agents fault. The agent was right that it would be worth you viewing. Most people look at houses a fair bit over their top budget and most sellers take less than the asking price.

In this case (your first offer since looking i guess) you were unlucky in finding a seller who really isnt that bothered about getting a quick sale and thinks they can get the asking price. They may be right and someone could come along next week and offer the full amount. They may be wrong and in another 3 months might take an offer if you made it again.

There are no rules. You are dealing with people and people will have their own ideas and priorities. Dont take any of it personally and just keep looking.