Offer rejected by Estate Agent-is that right?

busy_b

We viewed a property that's back on the market after sale fell through.

It was up for £145,000 in summer, it's now up for £139,950.00.

As we have had to reduce our property by 9k just to get a sale we have offered them £130,000 for theirs.

The estate agent told us point blank that she will not accept it and will be furious if they put that type of offer to her. Stupidly I stated that we would be willing to go upto £133,000 only.

I have now been chasing them for two days for a response to our offer and the estate agents says she can't get hold of her.

Is our offer realistic in the present climate?

The house does need some work in the kitchen an bathroom and although it's probably priced realistically, nothing at all is selling in our area and we can complete immediately so are we being fair asking the seller to reduce by 7k (after they'd already reduced by 5k) and what's the estate agent upto declining offers on their behalf?

SquatNow

The estate agent legally has to pass on the offer.

Can one of the legal boffins on here confirm.... this is now a matter for the police... correct? It's a criminal offence, not a civil matter?

Pez2

busy_b wrote: »

The estate agent told us point blank that she will not accept it and will be furious if they put that type of offer to her.

Who is the 'she' here? The estate agent or the vendor?

busy_b

Sorry "she" is the seller, as the estate agent said they'd put a similar offer to her previously and the seller rejected it.

Pez2

So the Estate Agent didn't actually refuse outright to pass on the offer, they just informed you that a previous offer of the same amount had been rejected?

SquatNow

Doesn't make any difference, they still have to put the new offer to her. (There may be an exeption if the seller has asked to only informed of offers over £x amount...)

Pez2

There is a big difference between an estate agent declining outright to pass on an offer, and an estate agent in conversation saying something to the effect, 'The vendor will be furious with that offer, can you offer any more that?' in order to squeeze a better offer out of the buyer, as I'm guessing happened in this case.

busy_b

They told me there would be no point passing on the first offer and I said could you just try and she said not really because a previous offer had been refused for that amount, that's when she asked what I could go upto and I stupidly told her and she said she'd put that offer to them!

carpetbelly

well, who's to know when the vendor turned down the other offer... Say you're sticking with your original offer of £130k and leave it with them. Even if the vendor says no, which is likely considering the EA knows you'd go up to £133k, I'd leave it a few days and see if they get back to you.

Make sure the EA knows that though you can go up to £133k you dont want to and £130k is all you will do.

Say you werent happy at being put into a position of being asked your max amount and that was a lot of pressure to be put under. Emphasise £130k is the max you will go up to and that's the offer you want put forward and thats the only offer you're making at the moment. Angry vendor or not, that's not your problem.

m00m00

stick with 130k

one of two things will happen

seller will accept it as the market is clearly in decline in most areas, and 130k will be the best sensible offer they get at the moment

or

seller will reject it, and hold on for full asking price, while you find another property who WILL sell for what you want to pay.

there is absolutely no need to stretch yourself over what you originally wanted. It's very much a buyers market at the moment.

busy_b

They've just rejected our higher offer of 133k and yes they want to hold out for the asking price!! I wish 'em all the best but as the market is, I'd kick myself if I offered any more.

The estate agent has suggested 135k which seems reasonable but we know we'd have to spend about 5k to improve the kitchen and bathroom so it's now not an option.

It's maddening because I know they'll probably have to reduce their price in the new year and we can buy now!

Only time will tell if we've made the right decision not upping our offer !