First offer rejected, what now?

purplebutterfly

We've just been in a similar position.  Made our offer - which the estate agent said she considered a "very good offer" considering the state of the house, comparable prices and the fact we are cash buyers.   She didn't actually say that they were deluded with their asking price but heavily implied it saying "sometimes we can only advise buyers on a valuation but we have to put it on the market for what they tell us to".

It was rejected and it turned out there are complications to do with equity release that means the buyers want over the odds for it.  We didn't get a counter offer as such, just told the minimum they would consider accepting.   

As sad as it is, we have decided to walk away following some great advice on this forum.  

I know this reply doesn't give you advice as such but might help you to know there are other people in the same boat!  We don't really know what we're doing either (FTB with money from an inheritance) so we basically just keep asking the EA for advice.  If you fancy a moan or anything, send me a message and I am happy to chat 

eddddy

purplebutterfly said:

She didn't actually say that they were deluded with their asking price but heavily implied it saying "sometimes we can only advise buyers on a valuation but we have to put it on the market for what they tell us to".

I guess I'm just a really, really cynical person, but when an EA says something like that to me, I can't help wondering "Is that true, or is the EA using ideas they've picked-up from the Sales Training Manual"

In this case, perhaps the section in the manual titled "Make the customer think you're on their side."

But TBH, that's why I pay EAs to sell a property - it's because some of them are very good at that kind of stuff.

AnotherJoe

eddddy said:

purplebutterfly said:

She didn't actually say that they were deluded with their asking price but heavily implied it saying "sometimes we can only advise buyers on a valuation but we have to put it on the market for what they tell us to".

I guess I'm just a really, really cynical person, but when an EA says something like that to me, I can't help wondering "Is that true, or is the EA using ideas they've picked-up from the Sales Training Manual"

In this case, perhaps the section in the manual titled "Make the customer think you're on their side."

But TBH, that's why I pay EAs to sell a property - it's because some of them are very good at that kind of stuff.

That specific example they obviously are saying what they think, because otherwise they'd be telling OP about how thats the asking price is fair or something similar rather than acknowledging they wont be making a higher bid.  It also helps them report back to their client that the offers they are getting reflect a realistic price / the most they can get and hope they will adjust down. Some deluded buyers dont of course which is why you see properties on for years.