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20K offer over rejected. What to do?
Amberpu
Posts: 7 Forumite
I was approached by a Home owner to say they were thinking of selling. To stop them going on the market I offered £20,000 over valuation however they’ve decided to go on the market to get the best price they can. Do I still make an official offer of 20k over straight away to the estate agent or do I wait it out and then make the offer?
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Comments
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If they have engaged an estate agent, they can register you as a pre-existing potential buyer (no commission to the EA ifyou buy it). That renders any offer you make a "better" deal for the vendor than an offer they'd receive through the EA. If it doesn't appear on Righmove then it might be a ruse to make you offer more.0
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They must be very confident to do that. The estate agent’s fees would have to be factored in against your offer too. Is it an exceptional property that you think would result in a bidding war? If not, they could end up coming back to you and accepting your offer.
I’m sure the agent will prefer to get their commission so it will be a case of proving that you were notified beforehand. That could possibly put you in a lesser position as the agent would rather sell to their introduced buyers to get the fee.0 -
What is that £20k as a % of valuation?"You've been reading SOS when it's just your clock reading 5:05 "0
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Up to the vendor whether they've thought to tell the EA about your offer or not. If not then that's their problem.Is the house on at the price they originally mentioned or is it on at the price you offered? If it is on for less I'd offer less. If you need a mortgage it is also going to depend on the lenders valuation, and it seems to be common practice at the moment to down value as they are obviously expecting a bit of a downturn once the stamp duty holiday ends.0
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