Offered 10% below asking price

Zerforax

jaelato1 said:

Wondered that too but EA mentioned vendor wants to sell ASAP when we viewed, so guess we will see. Vendor has no counter offer either

EA will say anything to try and hook people.

We recently had an EA say vendors wanted a quick sale. The vendors also had one sale fall through so lost 6-8 weeks of their timetable. After we offered (chain free), we hear nothing for 5 days and then we're told they accepted an offer from someone in a chain of 4.

secla

when i offered on the house were currently buying the ea phoned and asked if it was our best offer to which i said "yes its the maximum were willing to offer" and without a pause the ea said the vendor was willing to accept !

jaelato1

PLOT THICKENS:

I just found out that our offers were NEVER submitted to vendor, my friend did a detective work and found seller via facebook and Seller confirmed he never got any offers from EA even though by law they were suppose to submit offers.

JReacher1

jaelato1 said:

PLOT THICKENS:

I just found out that our offers were NEVER submitted to vendor, my friend did a detective work and found seller via facebook and Seller confirmed he never got any offers from EA even though by law they were suppose to submit offers.

Depends what was agreed between the vendor and the estate agent in their contract as to whether offers have to be passed on. 

jaelato1

True but even seller confirmed he never gave any indications as to what offer should be passed or not. Vendor is an investor who bought the house cheap and fixed it. it has been sitting on market since July 2021 and he just gave it the listing to this new EA

diystarter7

7 months on the market and not sold and no response from the EA is telling me, to steer clear of this place.

Ask EA to confirm in writing email confirming your offer and the seller's response.

Then ask what they are likely to accept and work on that

Importantly ask the EA if the seller has ever backed out of a sale having initially accepted this and if this is the case, run a 100 miles and look at something else.

What is the price of the property that you are looking at.

JReacher1

jaelato1 said:

True but even seller confirmed he never gave any indications as to what offer should be passed or not. Vendor is an investor who bought the house cheap and fixed it. it has been sitting on market since July 2019 and he just gave it the listing to this new EA

It doesn’t really make any sense for an estate agent to not pass on an offer unless they have been told by the vendor it is pointless to do so if it is lower than a certain threshold. The difference in their commission between 500k and 450k is not really that much. 

If it has been on the market for three years and hasn’t sold and they aren’t entertaining offers at 10% below asking price then there is something going on you are not aware of. Probably best to move on 

jaelato1

diystarter7 said:

7 months on the market and not sold and no response from the EA is telling me, to steer clear of this place.

Ask EA to confirm in writing email confirming your offer and the seller's response.

Then ask what they are likely to accept and work on that

Importantly ask the EA if the seller has ever backed out of a sale having initially accepted this and if this is the case, run a 100 miles and look at something else.

What is the price of the property that you are looking at.

My best guess is that the house isnt selling because it is over price, no house has sold for 500k in that area (not the most desirable area, last similar house on same road sold for 407k). New agent listed house beginning of this month but quick search lets know house was first listed with previous EA in July 2021, took off market after few months relisted in Jan 2022 before new agent took over this month.

we offered 9% below asking price and no response from EA

tooldle

jaelato1 said:

PLOT THICKENS:

I just found out that our offers were NEVER submitted to vendor, my friend did a detective work and found seller via facebook and Seller confirmed he never got any offers from EA even though by law they were suppose to submit offers.

Why would the vendor lay their cards on the table to a random contact on Facebook? 

jaelato1

If saying they didn't get receive our offers meant they lay their cards on the table then I guess so and thank the goodness all vendors aren't the same!