FTB How to give offer for the selected property?

Mrs36

Of course, it is all a steep learning curve! Good luck for your next offer, and do let us know if you do hear back.

mazibee

During the weekend we have viewed 9 properties with 3 EAs


Liked few of them and need suggestion / help before putting an offer.


1) As FTB we can buy only one property, Is to OK to put offer on 5 properties ( 2 properties with one EA, 2 properties with one EA and 1 properties with one EA)


2) EAs know that we are FTB and can buy only one property, how they will forward our offer to the vendors ( I mean to say for eg one property is advertised for £350k and we want offer £330K, other one is advertised for £340k and we want to offer £325k, EAs will be keen to sell propeties that are on the market for long or there sone other criteria they will take in to account when submitting offers to the vendors.


3) Are EAs legally bound to reply back to the the buyers about the offer , if so, whats the time frame?


Thanks in advance.


Mazi

davidmcn

mazibee wrote: »

1) As FTB we can buy only one property, Is to OK to put offer on 5 properties ( 2 properties with one EA, 2 properties with one EA and 1 properties with one EA)

Making multiple offers at once gives the impression you're not taking any of them particularly seriously, and is best avoided. Have you really seen five properties, any of which you'd happily buy?

2) EAs know that we are FTB and can buy only one property, how they will forward our offer to the vendors ( I mean to say for eg one property is advertised for £350k and we want offer £330K, other one is advertised for £340k and we want to offer £325k, EAs will be keen to sell propeties that are on the market for long or there sone other criteria they will take in to account when submitting offers to the vendors.

As above.

3) Are EAs legally bound to reply back to the the buyers about the offer , if so, whats the time frame?

They're bound to do whatever they've agreed with their clients. They'll generally contact them as quickly as possible, but how long it takes for a response will vary.

mazibee

Received a reply back from EA,

Thank you for your offer,

As discussed we had a number of offers over the last week and my vendor has accepted an offer which is now progressing. Your offer has been rejected as this is considerable lower than the other offer which our vendor is proceeding with.

I replied him back as follows

Hi xxxxxx,

Thanks for your email and update on our offer,

xxxxxx Property is still on the market, Is vendor still accepting offers? If yes, I can increase my offer.


In case the buyer pulls out , do let us know.

EA replied back as follows

Good Afternoon,

As you have viewed the property, you can make an offer if you wish, the vendor is continuing with their purchaser as their offer is far greater than what you have offered, if you want to increase you can and I will put this forwards to my vendor. Whether or not he accepts this is another matter.

I am perplexed as the property is still avaible and they are taking it off or marking it as under offer or Sold STC

Is this gazumping?

Suppose If I increase my offer, then EA can ask the buyer that he has received a higher offer and persuade him to increase the price.

We like the property and what we should do, suggestions will be highly appreciated.


Thanks in advance.

Mrs36

I would honestly move on. The EA has made it clear an offer has been accepted and the vendor is progressing.

By all means you could up your offer, but you would need to really give the seller a reason to choose you over them. If the vendor is willing to choose your upped over over that one, they could quite easily do that to you further on.

It may not mean anything that it isn't marked sstc yet. They could be checking the chain, not updated rightmove yet. Many, many reasons.

Mrs36

You really need to watch your tone in your emails too (sorry) . You are asking the EA to get the vendor to pick you, but your emails read quite blunt. Could you soften them up a bit?

mazibee

Mrs36 wrote: »

You really need to watch your tone in your emails too (sorry) . You are asking the EA to get the vendor to pick you, but your emails read quite blunt. Could you soften them up a bit?

Thanks for your reply.


English is not my first language might be thats the reason that I sound harsh in my message,



Please can you or someone draft a polite message so that I can send to EA increasing my offer



OR it will be considered Gazumping if I offer more than the advertsied price.



Also I am not in touch with the seller directly and am responding to EA and have no idea what he is conveying to the seller.


Thanks again.

[Deleted User]

The EA will be conveying your offer value, together with his understanding of your ability/motivation/commitment to proceed (and not pull out later) and probably his best guess as to any 'wiggle-room' you might have. He will then help the vendor decide what to do, but it is the vendor that will decide to accept/reject/negotiate.

As the system works right now there isn't anything wrong with Gazumping, and you can offer as high a price as you wish. The question would be, do you think the house is actually worth more than the advertised price? That has been true at some times in the past, but right now that wouldn't normally be the case in most of the country and offering a lot more than the real value could cause problems with a mortgage valuation.

In your case, I agree with Mrs36 - the EA does seem to be politely suggesting you let this one go and keep looking. As you previously have asked about offering on many houses at once, I would opine that you haven't really found the one you want and are letting the process carry you away a bit too fast.

Mrs36

You will be gazumping yes, but if you are comfortable with that then that is your choice, of course. Not to say your vendor would be (as a current seller I can say I wouldn't entertain this).

Tell us what you want to say and I'll at least have a go at softening it a bit - I can't promise I'll get it right though!

getmore4less

You need a new strategy.

Get a better picture of the market with more research.

You need to be offering closer to the other offers to get them to come back for increases, if they are saying your offer was too low it was so low they don't think it was worth the effort to get you higher or they just don't think you are serious.

I also think you need to review your criteria and value metrics to home in fewer properties to start making offers on.

even in a row of identical new builds there will be subtle differences that make one a bit better choice than the others.

Getting a hit rate of 5 out of 9 means you are not prioritizing all the factors when choosing be unusual for at least one or two not to be better than the other three.

How much of the HW area are you looking at?
A lot of property in HW is on hills

Using your link and looking at 3beds u just in Downley there are 32 for sale and 15 SSTC.
price 3bed 4b+
0-280 02/00
0-290 04/01
0-300 05/01
0-325 10/05
0-350 14/07 01/00
0-375 19/09 03/03
0-400 23/10 04/03
0-max 32/15 20/14

I would look at the 7 SSTC and use them as a guage on value for any you look at along with sold through data for the last 12months