waiting game

apuleius

I saw a flat that I liked around 6 weeks ago and offered 12% below asking. It was rejected. I upped the offer to just over 10% asking and again it was rejected. The agent then came back to us the day before yesterday obviously keen to make a deal and sounding confidently optimistic that we could get this property at the price offered. He has gone back to the vendor with our offer. It sounds like they were contemplating a price reduction anyway. The EA was meant to get back to us with an answer in 24 hours but hasn't. Any advice what to do. Sit tight, I guess, but I am tempted to pick up the phone....

mrsukyankee

Sit tight. It may be that the agent didn't get in touch with the vendor (it is summer so might be away and harder to reach). And 24 hours usually doesn't mean 24 hours - just within a day or so...the EA will probably call you some time today. Good luck!

tradetime

The EA was meant to get back to us with an answer in 24 hours but hasn't. Any advice what to do. Sit tight, I guess, but I am tempted to pick up the phone....

I wouldn't pick up the phone, what I would be tempted to do when he eventually does get in touch, is to tell him that he was supposed to be in touch after 24 hrs, and you offer has now dropped back to the 12% below asking. But then I'm funny that way, and they may see you as just messing them about.
If you phone them they'll want an increase because it shows your keen, they came to you, so the balance of power has shifted to you, don't give it back.

chickmug

apuleius wrote: »

I saw a flat that I liked around 6 weeks ago and offered 12% below asking. It was rejected. I upped the offer to just over 10% asking and again it was rejected. The agent then came back to us the day before yesterday obviously keen to make a deal and sounding confidently optimistic that we could get this property at the price offered. He has gone back to the vendor with our offer. It sounds like they were contemplating a price reduction anyway. The EA was meant to get back to us with an answer in 24 hours but hasn't. Any advice what to do. Sit tight, I guess, but I am tempted to pick up the phone....

Your EA said he would get back with 24 hours and has not. I would ask him why not. If he had not been able to contact the seller he should of told you that within the 24 hours. This is why so many EA's get a bad name.

PasturesNew

The golden rule of selling/buying anything is: "he who speaks first loses".

So sit on it.

The EA knows this. This is the game he's playing.

apuleius

am i being naive but why did he contact me again?

BenL

Because he is struggling to sell the flat for the person who has employed him and he feels commision on a lower amount is better than nothing.

The estate agent coming back

"obviously keen to make a deal and sounding confidently optimistic that we could get this property at the price offered"

is trying to get you to think you and him are working together to get the buyer to accept whereas the EA isn't bothered about you.

He is employed by the seller to get the best price and at the moment the best chance of the sale lies with you.

apuleius

so presumably if I make the first move he will be looking for me to up my offer which I won't do. Hence I need to sit tight. So why all the bs about getting back with an answer 'tomorrow'.... he probably hadn't even floated this past the vendor yet....

kaffsta

It is all part of the game that estate agents play! He has more than likely phoned the seller and said that you have rang him and you are still really interested in their property and your offer of 10% off the asking price still remains!!!
If property's are on estate agents books for too long, they try to sell them any which way they can!! It doesn't look good for them if their propertys aren't selling - plus they want their commission!!
Hold tight!!! Don't phone him - wait for him to call you!! And stick with your 10% below offer (or less if you can get it!) as it is a buyers market at the moment especially if the seller has already found a property that he/she wants to buy!!!!
Good luck

Doozergirl

apuleius wrote: »

so presumably if I make the first move he will be looking for me to up my offer which I won't do. Hence I need to sit tight. So why all the bs about getting back with an answer 'tomorrow'.... he probably hadn't even floated this past the vendor yet....

You offered on the property six weeks ago. He's obviously not got anyone else interested and he knows already that you are prepared to sit it out because you already have!

I'd sit it out simply because if the vendor is going to accept the offer, they will. I wouldn't worry about psychological warfare with the EA, you already know what you want and as it is a buyer's market, and he wants some commission, he should be working hard to manage his vendors' expectations.

apuleius

still waiting - another day passes and no call from EA - how long to leave it?