Jump to content
House Price Crash Forum
bug09

When Should I Put In The Full & Final Low Offer?

Recommended Posts

I'm going to view a house tomorrow. It is way over our budget, but I've identified it as one that has been on and off the market for a while and I think is a good candidate for a low offer (what was once referred to as a "cheeky offer"). I'm going to offer something around the 2004 street price, based on houseprices records.

My offer will be that which we can afford. It will be full and final - no point entering negotiations because we would not agree to spend more money anyway. We sold over a year ago, have (therefore) a hefty deposit and also a mortgage agreed in principle. Currently renting with no contract tie-ins.

So ... when do I actually put this offer in? Does it matter? Five mins after viewing ... wait a couple of days?

Share this post


Link to post
Share on other sites

I'm going to view a house tomorrow. It is way over our budget, but I've identified it as one that has been on and off the market for a while and I think is a good candidate for a low offer (what was once referred to as a "cheeky offer"). I'm going to offer something around the 2004 street price, based on houseprices records.

My offer will be that which we can afford. It will be full and final - no point entering negotiations because we would not agree to spend more money anyway. We sold over a year ago, have (therefore) a hefty deposit and also a mortgage agreed in principle. Currently renting with no contract tie-ins.

So ... when do I actually put this offer in? Does it matter? Five mins after viewing ... wait a couple of days?

what did u do in the end? I'm in the same position and am wondering what to do?

Share this post


Link to post
Share on other sites

I put together an email with the offer and the "reasons why". The "reasons why" being disrepair of the house, a list of recent comparable house sales (i.e. the value of them contrasted to approx 2004 values), and also our non-chain position.

The EA was being a right twit. Honestly! His first reply to my email was simply "Are you serious???". I expect them to play a bit of a game but he was just being annoying. I really wished I'd printed it off and posted it actually, so at least they couldn't be so informal via email. It made me wonder if they had actually passed on the offer at all.

A lot of people on here suggest sending an offer by post and copying in the vendor as well. Not a bad idea.

I pressed the EA for a formal rejection of my offer, and eventually got a letter through the post on headed paper. Pillocks they may be, but surely only a fool would put their signature to fraud, so I was happy enough then that they had indeed passed it on.

Share this post


Link to post
Share on other sites

I put together an email with the offer and the "reasons why". The "reasons why" being disrepair of the house, a list of recent comparable house sales (i.e. the value of them contrasted to approx 2004 values), and also our non-chain position.

The EA was being a right twit. Honestly! His first reply to my email was simply "Are you serious???". I expect them to play a bit of a game but he was just being annoying. I really wished I'd printed it off and posted it actually, so at least they couldn't be so informal via email. It made me wonder if they had actually passed on the offer at all.

A lot of people on here suggest sending an offer by post and copying in the vendor as well. Not a bad idea.

I pressed the EA for a formal rejection of my offer, and eventually got a letter through the post on headed paper. Pillocks they may be, but surely only a fool would put their signature to fraud, so I was happy enough then that they had indeed passed it on.

Personally I wouldn't take the headed note paper letter rejecting your offer (even though signed) as evidence that your offer was actually passed on to the vendor. Estate Agents are indeed stupid enough to put their signature to fraud, etc. I have experience of this myself. Last year I made a couple offers on a property I liked the look of and had various e-mail communications with the Estate Agent (sent my offer by e-mail + letter + copy to vendor). In one of the e-mails the Estate Agent sent me (very obviously annoyed with my low offer) he made some wild claims about the local property market and how many properties the Estate Agent outlet he worked for had sold within the past month and how close to asking price all of them were. The claims he made were so obviously lies but he had made them in the e-mail he sent me which then gave me the ammunition with which to report him to the Office for Fair Trading for making false and misleading statements about the property market with the intention of getting me to raise my offer. The legislation used against him was:

This is article number 122659 from the Trading Standards Institute.

Please note: You will need a copy of the Property Misdescriptions Act 1991, the Property Misdescriptions (Specified Matters) Order 1992 and the Estate Agents (Specified Offences) (No. 2) (Amendment) Order 1992 and the Consumer Protection from Unfair Trading Regulations 2008 to get the full benefit from this leaflet. The legislation is available from http://www.opsi.gov.uk/legislation/about_legislation.htm (opens in a new window)

Pricing

You should also be aware that the Regulations ban a trader from passing on materially inaccurate information about market conditions with the intention of getting the consumer to make a purchase at less than normal conditions (e.g. an agent telling a consumer that he has sold several properties in the same area, just like the one the consumer is viewing, at a certain price, in order to get the consumer to buy at an inflated price, if this information is not true).

He is no longer allowed to work as an Estate Agent. Do I feel any guilt about reporting him? No, not in the least. He created the situation and problems he experienced, not me. He was trying to get me to pay over many 10s of thousands of pounds on the basis of lies.

In regard to your situation - would the Estate Agent be stupid enough to put his/her signature to fraud - I think it is very possible (but not necessarily so in this case). I suspect Estate Agents do this all the time knowing that very few members of the public will take action against them. If they get reported to the Property Ombudsman they get investigated by ........ an Estate Agent!!! The Property Ombudsman has been crticised many times for acting to protect Estate Agents (e.g. ensuring that legal responses are not used when Estate Agents have broken the law) rather than protecting the rights and interests of Estate Agents clients (whether they are vendors or buyers).

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   289 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.