Gezumped on charity property

tiny_tim

Just thought I would post a reply and say in the end the original seller still went with our offer. We have now completed the purchase of the house and exchanged contracts, so its possible after all...!

BLOW_FLY

tiny_tim wrote: »

Just thought I would post a reply and say in the end the original seller still went with our offer. We have now completed the purchase of the house and exchanged contracts, so its possible after all...!

So it was the EA then basically trying to push you for more money, well done for sticking to your guns and holding out.

EA's love their phantom buyers.....

BF

tiny_tim

I think it was the EA in the end, it took them a week to reply but as we refused to change our offer it was accepted by the seller.

eddddy

tiny_tim wrote: »

I think it was the EA in the end, it took them a week to reply but as we refused to change our offer it was accepted by the seller.

I very much doubt it was the EA.

Assuming the EA is on 1% commission (as the seller is a charity),

- a £305k sale would earn them £3,050.
- a £309k sale would earn them £3,090 (i.e. £40 more)

But... that extra £40 would:
- cause them extra work (the extra phone calls to you etc)
- delay them getting their fee (because of the extra week of negotiations)
- risk annoying you and causing you to walk away

For these reasons, I strongly suspect that the EA was urging the charity to stick with your offer, and get things moving.

(But the charity was probably prevaricating because of their legal duty to get the best price reasonably possible.)