First offer rejected with no option to increase offer

ahfat41

My son offered £6000 below asking price for a flat in London. He told the EA to let him know if she gets a higher offer and she agrees. He put his offer on Monday and on Thursday she phoned to say an offer a bit higher than his has been accepted. He is a bit annoyed as she did not give him the opportunity to increase his offer and he is willing to pay asking price but not above. She replied there were so many offers and she could not chase. Is this a common practice among EA? Thanks

Stubod

..probably...

Martico

Estate agent receives x offers, informs the vendor. Gives the vendor their impression of the people offering, whether there may be room to negotiate. Vendor decides what to do, informs the estate agent of their decision, estate agent passes on the message.

housebuyer143

Tell him to increase his offer now.. They need to put it to the vendor, but I imagine if they got lots of offers it could have gone over asking anyway.

Tiglet2

That's the way it goes unfortunately.  My son, as a FTB, offered £7k above the asking price on a flat, which had gone to best and final offers, but the vendor decided to go with someone who had offered slightly less, but with a higher deposit and therefore a lower risk of the mortgage valuation not meeting the asking price.  

Your son should look for something else.  

jimbog

This is what those who say you have 'nothing to lose' by putting in an offer below the asking price fail to realise. 

Ask your son to put in a higher offer anyway along with why he would be a perfect buyer

mi-key

That is always the danger if you make an offer under the asking price. It may work and get accepted, or you can lose out if someone else gets in there first

mark_cycling00

EAs have a bad reputation but they've seen so many buyers and their personality traits that that they can predict how anyone will behave through the sale and what their motives are.

They'll advise the seller accordingly.

So your son is probably careful, does his research etc. They other buyer is probably impulsive and passionate about the flat 

The EA may predict that the other buyer won't be put off by things that come up in the survey for example.

I had two buyers bidding for my property. The EA advised that one buyer really wanted to live in my place whereas the other was likely to outbid but negotiate down afterwards.

I ended the bidding process by accepting the first buyer. 

housebuyer143

mark_cycling00 said:

EAs have a bad reputation but they've seen so many buyers and their personality traits that that they can predict how anyone will behave through the sale and what their motives are.

They'll advise the seller accordingly.

So your son is probably careful, does his research etc. They other buyer is probably impulsive and passionate about the flat 

The EA may predict that the other buyer won't be put off by things that come up in the survey for example.

I had two buyers bidding for my property. The EA advised that one buyer really wanted to live in my place whereas the other was likely to outbid but negotiate down afterwards.

I ended the bidding process by accepting the first buyer. 

This! Unfortunately I have had my share of flakey and annoying FTBs that I wouldn't choose to sell to one again if I can help it

Zerforax

If it was a slow market with only a couple of parties interested, the EA will sometimes put a polite call in to see if they can get offers increased.

But if a buyer has met the asking price and there have been several offers, I can see why the EA wouldn't call back someone who put in an offer below asking price.

diystarter7

Hi OP

Never forget you are the king here as you/son have the money. Tell the EA re new offer and they have to put it to the seller and ask for evidence of this. The seller of can of course reject it but its worth a try

Lesson to those buying a hose and doing as OP's son, OP/son were correct in their offer and what the tolw the joker of an EA. Therefore, if you are really interest keep on the EA

OP, it could be the seller felt the other offer was not only a bit higher but meet their criteria of a sale?

(Btw, we have matched an offer on chain free place and we were ready to go, so we got the property and our offer was based on the condition proerty was advertised as sold subject to contract so got no new surprises. However, anyone can change their mind easily before echange of contrats takes place, just saying but I'm sure you are away of that

Further ref - do't be scared to put a lower offer but keep tabs on it as far as poss

Anyways, good luck