How to deal with estate agents?

blue_max_3

Competsoph said:

Agreed however im really staying calm and not doing anything rash. It looks like the vendor wont accept an offer at all because she wants viewings to potentially result in more, higher offers. Im not rushing in to offer more at this stage but do i say i will pull my offer if shes leaving it on the table? Do i say my offer expires Friday, pre Saturday viewings.. Its very difficult. 

The problem you face is that she currently has nothing to lose and everything to gain. She has your offer and is free to get a better one. 
I'd say you intend to offer on another property and need to know by Friday. You do have to be prepared to walk away though. I was recently asked to make my full and final offer within hours of viewing a property. I decided on an offer, but felt rushed, so didn't bid. It went for above asking, so could have saved myself the stress!

Thrugelmir

Competsoph said:

blue_max_3 said:

Competsoph said:

Hi all, i offered this AM at 140k.
When i rang they have sent me some videos that the vendor had taken, unsure why these weren't sent initially? Anyway, the EA told me there was 13 people interested and today he's said another offer has been made which was higher than ours ar 140k (asking price 150k). I've clearly stated my offer and that due to our good position as a FTB we are committed and keen to go ahead.
Feedback from the vendor was she doesn't want to commit to one individual and she wants people to see the property physically. Likely she is aware of said interest and wants the largest offer possible, which I understand of course but doesn't leave me in a very good position. I've told the EA i am worried I'll miss out on viewings because of my work however they have suggested Saturday for viewings. Seems to be all very sudden regarding viewing but hey ho. At least we may get to see the property. Any advice moving forward? My max offer would be 145k as thats all i feel it is worth as it needs work doing..

Thanks so far, glad i listened to your advice, you guys are so helpful!! 😊😊

This is what EA's do. It leaves you stewing and rushing back with a higher offer. If someone really has offered more, you are into a bidding war and that is never a good place to be. 
You need to get back control. I'd tell the agent that you can't go any higher and are interested in another property and confirm that your offer has been rejected.
The good thing is that we are in a sinking market, rather than a rising one. The longer you leave it, the more likely you are to get a better deal. IMO of course.

Agreed however im really staying calm and not doing anything rash. It looks like the vendor wont accept an offer at all because she wants viewings to potentially result in more, higher offers. Im not rushing in to offer more at this stage but do i say i will pull my offer if shes leaving it on the table? Do i say my offer expires Friday, pre Saturday viewings.. Its very difficult. 

As a vendor. I would wish the property to have the maximum exposure before deciding which offer to accept. Words are cheap as they say. 

GDB2222

Competsoph said:

blue_max_3 said:

Competsoph said:

Hi all, i offered this AM at 140k.
When i rang they have sent me some videos that the vendor had taken, unsure why these weren't sent initially? Anyway, the EA told me there was 13 people interested and today he's said another offer has been made which was higher than ours ar 140k (asking price 150k). I've clearly stated my offer and that due to our good position as a FTB we are committed and keen to go ahead.
Feedback from the vendor was she doesn't want to commit to one individual and she wants people to see the property physically. Likely she is aware of said interest and wants the largest offer possible, which I understand of course but doesn't leave me in a very good position. I've told the EA i am worried I'll miss out on viewings because of my work however they have suggested Saturday for viewings. Seems to be all very sudden regarding viewing but hey ho. At least we may get to see the property. Any advice moving forward? My max offer would be 145k as thats all i feel it is worth as it needs work doing..

Thanks so far, glad i listened to your advice, you guys are so helpful!! 😊😊

This is what EA's do. It leaves you stewing and rushing back with a higher offer. If someone really has offered more, you are into a bidding war and that is never a good place to be. 
You need to get back control. I'd tell the agent that you can't go any higher and are interested in another property and confirm that your offer has been rejected.
The good thing is that we are in a sinking market, rather than a rising one. The longer you leave it, the more likely you are to get a better deal. IMO of course.

Agreed however im really staying calm and not doing anything rash. It looks like the vendor wont accept an offer at all because she wants viewings to potentially result in more, higher offers. Im not rushing in to offer more at this stage but do i say i will pull my offer if shes leaving it on the table? Do i say my offer expires Friday, pre Saturday viewings.. Its very difficult. 

You can hardly blame the seller for wanting to see what offers are on the table. That's good, as you're dealing with a rational, sensible seller, apparently.

I wouldn't do anything at all about this property until you've seen the property on Saturday. I wouldn't threaten to walk, or pretend to have another property. If there are other people interested, you're not going to bounce the seller out of showing it to them. And, if there aren't, that will be apparent on Saturday. Hint: get there early and read the newspaper for a couple of hours.

What I would do is frenetically view as many properties as possible. Because, I'd feel b***dy silly pursuing this property without being 100% sure there isn't a better one around. 

AdrianC

An FTB getting all wobbly over a property they haven't even viewed? As a vendor, that'd have my antennae twitching in panic.

steampowered

Put yourself in the vendor's shoes. It's difficult for people to do viewings. It's also difficult for buyers to get started with conveyancing, surveys and everything else that comes with buying a house.

So why would the vendor be in any rush to accept offers?

The vendor is probably waiting for everyone to do viewings to see if anyone else makes a better offer. I think you just have to be patient. 

Competsoph

I am fully appreciative of the fact the vendor wants maximum exposure. Totally understand. Would be the same if i was in her shoes, most definitely. 

I am not going to start bidding here there and everywhere, or getting all wrapped up in things. Ive made myself clear, offered sensibly and as you say @GDB2222 i may be the only one in this position. Im happy with whats happened today.

@GDB2222 thank you for your advice, its been really helpful . I'm hoping to view first thing on Saturday.
At the moment there aren't any properties around me that are suitable but I'm still keeping my eyes open. 
@AdrianC your comment isnt helpful as im hardly wobbly so thanks for that 🤔

Competsoph

blue_max_3 said:

Competsoph said:

Agreed however im really staying calm and not doing anything rash. It looks like the vendor wont accept an offer at all because she wants viewings to potentially result in more, higher offers. Im not rushing in to offer more at this stage but do i say i will pull my offer if shes leaving it on the table? Do i say my offer expires Friday, pre Saturday viewings.. Its very difficult. 

The problem you face is that she currently has nothing to lose and everything to gain. She has your offer and is free to get a better one. 
I'd say you intend to offer on another property and need to know by Friday. You do have to be prepared to walk away though. I was recently asked to make my full and final offer within hours of viewing a property. I decided on an offer, but felt rushed, so didn't bid. It went for above asking, so could have saved myself the stress!

I understand where you are coming from but I'd be worried id have to walk away when actually I'm still quite interested. I also don't want to do anything rash and would like to make sure I've discussed it all with my partner first . I'll just be patient until Saturday and see what happens.

I am uneasy with her just having all the bids on the table and potentially using them against one another but theres nothing else i can do and I guess that's why house buying is so difficult 🤷🏽‍♀️

blue_max_3

Competsoph said:

I understand where you are coming from but I'd be worried id have to walk away when actually I'm still quite interested. I also don't want to do anything rash and would like to make sure I've discussed it all with my partner first . I'll just be patient until Saturday and see what happens.

I am uneasy with her just having all the bids on the table and potentially using them against one another but theres nothing else i can do and I guess that's why house buying is so difficult 🤷🏽‍♀️

Wish there was a better system. I think in Scotland, they have sealed bids and choose the best. 
All I can say, is to decide what you feel comfortable in paying and stick to it. The same way I approach an Ebay auction. If someone gets it for a little more, it doesn't mean you missed out by a little. They may have paid even more if you had increased your offer. 
Definitely focus on finding another property and you won't have all your eggs in one basket.

GDB2222

"Definitely focus on finding another property and you won't have all your eggs in one basket."
Totally agree. That's how the property game works, I'm afraid.

Competsoph

Understood. I wish there was an abundance but I've been looking a while and find the majority either sell before viewing or don't really fit my tick boxes. I'm gonna keep looking .
Once again thanks for your input! 😊