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Offered 10% below asking price

jaelato1
Posts: 139 Forumite

So after been gazumped, we viewed a house yesterday that has been on the market for over 7 months so we offered 010% below asking price as we believe that is what the house is worth to us based on the area but EA didnt acknowledge the offer sent via email yesterday, called today to chase up but was told he is out and they will relay my message to him.
Is that weird or am i overthinking it?
Is that weird or am i overthinking it?
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Comments
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Well it could be weird or they could really be out. It’s possible that the agent knows the vendor won’t accept the number (perhaps someone had offered the same before and got rejected already), but you can only try. You can always up your offer after being rejected. Agent might also tell you what number the vendor is hoping for. You just have to try to speak with the agent when they are back.0
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The EA will want the property to be sold, so they get their commission.
(The EA won't be too bothered that the offer is 10% under asking price, but the seller probably will be.)
So the EA will probably do all of the following at the same time:- Pass your offer to the seller and try to persuade the seller to accept it.
- Try to persuade you to offer more.
- Tell other people who viewed the property over the last 7 months that there's been a lowish offer. So do they want to get an offer in before the buyer decides? (i.e. get indecisive people to make a decision.)
Point 3 sometimes confuses buyers. A property has been on the market for 7 months without any offers. Then you make an offer, and suddenly there are 2 other offers as well.
Edit to add...
FWIW, some EAs tell me that they purposely take a long time to reply to a buyer when an offer has been rejected. They think that the anticipation and build up of stress makes them more likely to increase their offer.
So maybe try to keep your cool.
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You're overthinking, its likely the seller hasn't responded yet so no reason for the EA to contact you.
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eddddy said:
The EA will want the property to be sold, so they get their commission.
(The EA won't be too bothered that the offer is 10% under asking price, but the seller probably will be.)
So the EA will probably do all of the following at the same time:- Pass your offer to the seller and try to persuade the seller to accept it.
- Try to persuade you to offer more.
- Tell other people who viewed the property over the last 7 months that there's been a lowish offer. So do they want to get an offer in before the buyer decides? (i.e. get indecisive people to make a decision.)
Point 3 sometimes confuses buyers. A property has been on the market for 7 months without any offers. Then you make an offer, and suddenly there are 2 other offers as well.
Edit to add...
FWIW, some EAs tell me that they purposely take a long time to reply to a buyer when an offer has been rejected. They think that the anticipation and build up of stress makes them more likely to increase their offer.
So maybe try to keep your cool.0 -
I seem to remember somewhere that EA's are obliged to put forward offers even if they know they will get rejected out of hand.1
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Norman_Castle said:You're overthinking, its likely the seller hasn't responded yet so no reason for the EA to contact you.0
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EAs don't have to do anything, if the vendor instructed them to not put forward anything below a certain number. I can't speak for all vendors but when I was selling we did the same, don't send me anything below that.
Wait until Monday and give them another call, maybe things are moving a bit slow, the vendor might be away. Basically, patience ...0 -
DE_612183 said:I seem to remember somewhere that EA's are obliged to put forward offers even if they know they will get rejected out of hand.
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When we put in an offer for a house - it was below offers over price and it got rejected right away. We then upped it to the asking price and they took a while to get back to us. We didn't get that house in the end as they wanted way more than we were prepared to pay.
I always find its best to call with things like this rather than email - EAs are so busy they usually take longer to respond via email. If you call and speak to someone you'll get an idea there and then if they are likely to reject an offer.0 -
eidand said:EAs don't have to do anything, if the vendor instructed them to not put forward anything below a certain number. I can't speak for all vendors but when I was selling we did the same, don't send me anything below that.
Wait until Monday and give them another call, maybe things are moving a bit slow, the vendor might be away. Basically, patience ...
i will wait till Monday and give them a ring0
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