are estate agents obliged to pass on offers and does this sound unreasonable?

MiserlyMartin

I don't think there is any point in buying in this market. Its like catching a falling knife unless you go in very low. Give it 5-10 years before this crash works itself out if you can wait that long.

We have no idea how bad the economy will get and even if we will be employed in our current jobs in a few years time.

But well done for putting in a low offer though. The sooner these people wake up to the market being grossly overpriced the better.

boat_girl

Just a quick update, we have been to see the house again this evening with my hubbies parents and it has thrown up a few issues with the house we didn't think about, father in law was an estate agent in a former life and on our side which is good. We have decided to reinforce our first offer as we genuinely feel that it is worth no more with the amount that needs doing. We have found out that the street ceiling is just £149,995 (similar house in GOOD condition) back in june last year, before the market started to fall. If they accept the £120000 that's all very well but if not we'll continue to live rent free on our narrowboat and see where that takes us. Thanks all for your help, cheers guys....

JonnyBravo

boat_girl wrote: »

Just a quick update, we have been to see the house again this evening with my hubbies parents and it has thrown up a few issues with the house we didn't think about, father in law was an estate agent in a former life and on our side which is good. We have decided to reinforce our first offer as we genuinely feel that it is worth no more with the amount that needs doing. We have found out that the street ceiling is just £149,995 (similar house in GOOD condition) back in june last year, before the market started to fall. If they accept the £120000 that's all very well but if not we'll continue to live rent free on our narrowboat and see where that takes us. Thanks all for your help, cheers guys....

Good lass. You may just find they come back to you in 3 months. In which case it's your turn to play hardball!

boat_girl

Hi
Just wanted to say that our offer of £120,000 was accepted. After our second viewing we informed the agent we would not be increasing our offer. We felt it wasn't worth it with all the work etc. After a few minutes the agent came back to us and said ok, the vendor would accept it. The agent was really shocked but the seller said he was 84 years of age, has no one to leave it too and £120,000 was better than it being on the market for months etc.
We have since found out it was put on the market in Nov for £169995 and was dropped to £155000 just days before we viewed it. I know a lot of people will say if we wait we could do better but we really feel like we have a bargain. We have a nice sized house for a price we are comfortable paying, we have scope within the mortgage to overpay and feel we can pay off the mortgage in 10-12 years. We have got almost 30% off the orginal asking price and we are putting just 0ver 20% of the selling price down as our deposit.

Now does anyone want to buy a boat?!!:rolleyes:

MrDT

boat_girl wrote: »

Hi
Just wanted to say that our offer of £120,000 was accepted.
...
Now does anyone want to buy a boat?!!:rolleyes:

Nice one boat girl, hope you'll be happy in your new home

tradetime

boat_girl wrote: »

Hi
Just wanted to say that our offer of £120,000 was accepted.

Now does anyone want to buy a boat?!!:rolleyes:

Excellent job boat girl, I hope you are very happy there. :beer:

pickles110564

boat_girl wrote: »

Hi
Just wanted to say that our offer of £120,000 was accepted. After our second viewing we informed the agent we would not be increasing our offer. We felt it wasn't worth it with all the work etc. After a few minutes the agent came back to us and said ok, the vendor would accept it. The agent was really shocked but the seller said he was 84 years of age, has no one to leave it too and £120,000 was better than it being on the market for months etc.
We have since found out it was put on the market in Nov for £169995 and was dropped to £155000 just days before we viewed it. I know a lot of people will say if we wait we could do better but we really feel like we have a bargain. We have a nice sized house for a price we are comfortable paying, we have scope within the mortgage to overpay and feel we can pay off the mortgage in 10-12 years. We have got almost 30% off the orginal asking price and we are putting just 0ver 20% of the selling price down as our deposit.

Now does anyone want to buy a boat?!!:rolleyes:

Well done, dont worry that some of the idiots on here will slate you for buying at the moment but you seem to have got a good bargain and have done all the right sums.

m00m00

I see no one slating it

just the usual boring old hpi cheerleader trying to start an argument for the sake of it

pickles110564

m00m00 wrote: »

I see no one slating it

just the usual boring old hpi cheerleader trying to start an argument for the sake of it

What is that saying.......... Kettle Pot Black........:rotfl:

boat_girl

thanks guys
I was really nervous to post as I know it isn't necessarily the right time to buy for everyone but having got such a lot off the asking price even if prices do drop considerably i feel it doesn't matter as much for us, as we intend to stay in this house a long while and will aim to improve the value in the long term with the renovation.
I think it is also a lesson for the estate agents as they were very quick to dismiss us but the seller was happy with the price. I kind of get the impression they didn't even pass our offer on at all, until we insisted it was our final price, maybe they will be a bit quicker to listen to those who matter in the purchase i.e the seller and buyer in future.