Waiting response to an offer.

AskAsk

lindos90 said:

AskAsk said:

lindos90 said:

@AskAsk thats interesting, as we did view the property last October time, made a low offer which was rejected. At the time the feedback from the vendor was that they were confident they would get the asking price. The EA certainly didn't come back to us as a previous viewer! (Although thats down to the EA, not the Vendor)

it could be that the EA didn't go back to all previous offers, but in my experience, they often do.  it could be that you had made an offer back in October so you had dropped off their radar and so they may have gone back to more recent interested parties.  also your offer may have been too low to consider, and so the agent had decided you were a no goer?

out of interest, were your offer price in October the same as your current offer, or near to it?

Our recent offer was more than our October offer. We noticed they had reduced the price this week and it was a figure we could work with, so we offered the 'new' full asking price. Its academic now as the EA called today and said the vendor actually still wants the 'pre-reduction' price and is not prepared to negotiate at all. So in essence, the price reduction was nothing more than a marketing ploy to get the house higher on the rightmove listings. They have no intention of accepting the new asking price, so thats it now from our point of view. Thanks for your suggestions any way  

seems strange that the vendor agreed to the price reduction as the EA would only reduce the price if the vendor agreed to it.  i think the EA may be trying to work the numbers up.  I would leave it unless the EA comes back.

lindos90

AskAsk said:

lindos90 said:

AskAsk said:

lindos90 said:

@AskAsk thats interesting, as we did view the property last October time, made a low offer which was rejected. At the time the feedback from the vendor was that they were confident they would get the asking price. The EA certainly didn't come back to us as a previous viewer! (Although thats down to the EA, not the Vendor)

it could be that the EA didn't go back to all previous offers, but in my experience, they often do.  it could be that you had made an offer back in October so you had dropped off their radar and so they may have gone back to more recent interested parties.  also your offer may have been too low to consider, and so the agent had decided you were a no goer?

out of interest, were your offer price in October the same as your current offer, or near to it?

Our recent offer was more than our October offer. We noticed they had reduced the price this week and it was a figure we could work with, so we offered the 'new' full asking price. Its academic now as the EA called today and said the vendor actually still wants the 'pre-reduction' price and is not prepared to negotiate at all. So in essence, the price reduction was nothing more than a marketing ploy to get the house higher on the rightmove listings. They have no intention of accepting the new asking price, so thats it now from our point of view. Thanks for your suggestions any way  

seems strange that the vendor agreed to the price reduction as the EA would only reduce the price if the vendor agreed to it.  i think the EA may be trying to work the numbers up.  I would leave it unless the EA comes back.

Yep, it's not worth more than the asking price. The EA let it slip that it's a divorcing couple, this was an investment property that they rented out. (Now vacant possession) so the reason for the delay in their reply was getting a response from two people who don't get on any more, to agree to something! I think it would probably be a nightmare to buy, as every stage could be held up by their anamosity. I think the price reduction was to get it noticed on Rightmove, as people can set up alerts for new properties, which also include reductions. Nearly a year on the market and they will not budge one penny, the EA even suggested they might want more than the initial asking price!

youth_leader

You've had a lucky escape lindos90, I hope something else comes along for you soon.  Terribly sad for the couple trying to start life again as singles. 

Noneforit999

youth_leader said:

So sorry lindos90.  I bet the EA are fed up about it too.

I chose the wrong estate agent out of the three for my house and it was overvalued from the start.  I started at £500K, then had to reduce to £450K.  At £450K I got a £390K offer and after much angst because it affected my being able to go home to London, did agree to it.  I told the EA I was disappointed at the low offer after their initial valuation, but not to tell the buyer - without my permission she asked them to increase their offer and they withdrew.   'Doing the best for me' - I don't think so! 

Unfortunately it went from bad to worse and I had a hell of a time of it.  I ended up leaving the EA, but I had the £500K forever burnt into my consciousness. 

The words  'a house is only worth what someone will pay for it' are true, and sadly that is often much less than the estate agent values it at.

I would assume you had little else to compare your house to at the time?

Ours was a standard 3 bed semi so I just looked at what others sold for recently in the area and came up with a number I thought it was worth, the EA agreed so they didn't really value ours. 

£100k seems a lot for an EA to be out in their valuation, it could easily swing £10k/£20k or so but to be out 20% seems strange. 

I had a figure in mind that I wanted for ours from day one and decided I wasn't going below this figure, we ended up £30k above it in the end.