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Guest uberstuka

My Letter Of Rejection To The Estate Agents

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Guest uberstuka

Oh! How the power is going to one's head! ;)

"Dear ****

RE: The counter offer of £172 500.00 for *******.

Many thanks for your letter dated 25th July 2005 regarding the above.

Although we appreciate the insistance of the vendors that £170 000.00 is too little for them to accept, and that they are in no hurry to sell, we feel that given the current climate in property sales we have offered substantially more than the house is worth and are surprised that this was not immediately agreed to. And though, as you say, the two other offers that the vendors have accepted for ****** are higher than ours, in real terms this means very little unless the buyers in principle have sold their respective properties.

We believe that not to accept our offer of £170K was ill-advised, especially given the economic decline we all now find ourselves facing.

So it is with regret that we must retract said original offer of £170K. We are currently witnessing an unprecedented slide in house prices, and we believe that as first time buyers it is clearly in our best interests to sit on our deposit and await further reductions in the cost of housing in the ****** area over the coming 18 months.

Never has the principle of renting property been so attractive.

This decision is not taken lightly, and is a direct effect of the on-going problems vendors and agents are finding when trying to sell property that has cearly been priced out of the market. On a personal note; we have become tired of `haggling' with vendors and estate agents over the price of property which will clearly be substantially reduced in the not too distant future.

We truly love *********, and in many case this is our `dream home', but economic principles dictate that the strength of our current position will only become further empowered over the next 12 months; as property prices are continuously forced into reduction.

Yours sincerely"

This is regarding a property that was originally selling for £186K in August 2004. The house three doors down sold for £81K in 2001 (Land Registery), and it's a mirror image of this one. However, the property we were considering is in need of complete redecoration and some serious up-dating (£10K+ as quoted to get it all done).

Comments, as always, greatly appreciated. :)

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My hat is off to you :)

I for one feel you have made a very wise decision with regard to the current market.

I would LOVE to see the face of the EA reading your letter, and the look on the vendors face when given the news.

Edited by Domus

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Guest uberstuka
Just use the telephone.

Why the telephone? Not only does one get ones point across more succinctly in a letter, but this is then copied (c.c.) and sent to the vendors. Then we know that they are in complete knowledge of all the facts.

Do I trust the agent to pass on all that information?

AS IF!!!!

And in addition: the EA already knows all this, it's them who advised the vendors to to keep the price higher. As we all know, it's the vendors who are also being dupped.

Edited by uberstuka

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Excellent idea uberstuka,

Sounds like the EA have been trying to pressure you into paying the asking price by coming up with (possibly) fictitous competing offers.

If that has caused the sale to fall through then the vendor should know.

I would parhaps cut the line

'Never has the principle of renting property been so attractive.'

you live in a small town, and EA do both buys and lets, if they know your intent, they might not hurry to help if you are looking to rent somewhere.

ABB

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Guest absolutezero

It appears TTRTR doesn't like the letter. Striking the point home perhaps?

Brilliant letter. Similar to the sort of thing I would write.

Now, will the EA pass it on or would it be worth posting a copy directly to the vendor?

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It appears TTRTR doesn't like the letter.  Striking the point home perhaps?

Brilliant letter.  Similar to the sort of thing I would write.

Now, will the EA pass it on or would it be worth posting a copy directly to the vendor?

Go on!

Post it through the door - you could get the EA in the sh*t for screwing up on a potential sale.

It could make them think twice before they try it on with another buyer.

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Why the telephone? Not only does one get ones point across more succinctly in a letter, but this is then copied (c.c.) and sent to the vendors. Then we know that they are in complete knowledge of all the facts.

Do I trust the agent to pass on all that information?

AS IF!!!!

And in addition: the EA already knows all this, it's them who advised the vendors to to keep the price higher. As we all know, it's the vendors who are also being dupped.

So you can guage the response.

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I'm struggling to grasp the 'brilliance' of your letter. I have just got back from the pub so maybe that is why.

You made an unsuccessful offer for a property and decided to write to the estate agent about it? Why?

And though, as you say, the two other offers that the vendors have accepted for ****** are higher than ours, in real terms this means very little unless the buyers in principle have sold their respective properties.

It sounds like they have accepted TWO (???) higher offers for the property anyway! You seem to be implying the EA failed to pass on your linferior offer. I thought they had to pass on all offers by law? I would imagine most EAs would be extremely keen to get any offers to pass on these days!

All you have achieved is to alienate yourself from your local EA (is this a wise move?)

On a personal note; we have become tired of `haggling' with vendors and estate agents over the price of property

It sounds to me like you are probably a pain in the *rse to your local EAs anyway...

We truly love *********, and in many case this is our `dream home'

And you let it slip for a mere £2.5k spread over 25 years?

My advice is keep paying the rent and stop pissing the vendors and EAs off. Keep your stamps for your rent cheques.

Only start making offers on property when you have learnt how to deal with rejection.

(And no, I am not an EA in disguise)

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'And you let it slip for a mere £2.5k spread over 25 years?'

^^ you should read uberstukas original thread.

Prices in his are are dropping like a stone, he could easily lose 40k, even over 25 years that is a lot.

He may want to move on in 10, and may not have recouped that loss by then.

There is no concrete evidence of the two competeing offers, could be desperate EA talk.

Only time will tell, so maybe uberstuka can update us in a couple of months as to the fate of the property....

ABB

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'And you let it slip for a mere £2.5k spread over 25 years?'

^^ you should read uberstukas original thread.

Prices in his are are dropping like a stone, he could easily lose 40k, even over 25 years that is a lot.

He may want to move on in 10, and may not have recouped that loss by then.

There is no concrete evidence of the two competeing offers, could be desperate EA talk.

Only time will tell, so maybe uberstuka can update us in a couple of months as to the fate of the property....

ABB

If he is definitely going to lose money - why make the offer?

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Prices in his are are dropping like a stone, he could easily lose 40k, even over 25 years that is a lot.

He may want to move on in 10, and may not have recouped that loss by then.

I don't doubt it, but if you want a house today then you have to pay today's prices, however overinflated.

Uberstuka is obviously fed up with having his offers rejected and has chosen to try and take out his frustration in a shallow 'revenge' letter to his EA.

There is no concrete evidence of the two competeing offers, could be desperate EA talk

IMO the vendor is probably better off not knowing Uberstukas offer. He obviously has 'form' with the EAs and sounds like a last minute gazunderer to me. EAs are not always as dumb as they (usually) appear.

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I'm struggling to grasp the 'brilliance' of your letter. I have just got back from the pub so maybe that is why.

You made an unsuccessful offer for a property and decided to write to the estate agent about it? Why?

It sounds like they have accepted TWO (???) higher offers  for the property anyway! You seem to be implying the EA failed to pass on your linferior offer. I thought they had to pass on all offers by law? I would imagine most EAs would be extremely keen to get any offers to pass on these days!

All you have achieved is to alienate yourself from your local EA (is this a wise move?)

It sounds to me like you are probably a pain in the *rse to your local EAs anyway...

And you let it slip for a mere £2.5k spread over 25 years?

My advice is keep paying the rent and stop pissing the vendors and EAs off. Keep your stamps for your rent cheques.

Only start making offers on property when you have learnt how to deal with rejection.

(And no, I am not an EA in disguise)

Well written & expresses exactly why the telephone is the straigtforward & simple way to put you out of your worry & panic without having a written record of your personal feelings.

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Guest absolutezero

The brilliance is that it lets the EA know that people are no longer willing to pay over inflated prices for somewhere to live.

If everyone wrote letters like this the crash would happen much sooner because EAs would start to talk the market down.

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Just use the telephone.

No, i don't agree,TT,.......I write more letters than most people as i believe even these days properly-written, well-constructed letters often carry more gravitas in all sorts of situations than emails and phone calls...............

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Excellent stuff Ubastaka. It probably sounds a bit dramatic, but it's probably the best financial decision you'll ever make.

Had you gone ahead, you'd be facing years of pain and worry, initially watching your hard-earned deposit drain away and then negative equity build up.

I've only bought one place myself, in about 1994. It was a new build when the property companies were desperate and they paid the 5% deposit, legal fees and stamp duty. I think I only had to pay 200 quid upfront so had little financial risk, but I feel for all the people who have saved hard and will now see it wiped out over the next couple of years. I obviously did ok out of it because I bought at the right time (through luck, rather than sound financial acumen), but anyone buying now as a first timer will be cleaned out.

Ignore Without a Paddle, he's just bitter that yet another would-be FTB has seen the light and decided to sit out the crash. He sounds very scared, and his taking his anxiety out on you. I think he should go for counselling in anger management, rather than spend his time on here trying to belittle people. He'll probably soon start taking it on his wife, his type usually do.

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Guest Bart of Darkness
Well written & expresses exactly why the telephone is the straigtforward & simple way to put you out of your worry & panic without having a written record of your personal feelings.

Talking to oneself is the first sign of madness y'know! :lol:

Without_a_Paddle, you are TTRT in disguise and I claim my £10.

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The brilliance is that it lets the EA know that people are no longer willing to pay over inflated prices for somewhere to live.

Brilliant! The trouble is, the EAs already have a pretty good idea about the current state of the market. It's their JOB.

If everyone wrote letters like this the crash would happen much sooner because EAs would start to talk the market down.

Rubbish. Have you ever heard a car salesman say, "don't buy from me this year because I can sell you the same car next year for less?"

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Just use the telephone.

In a buyers market email is ideal..........EA's are very adapt at picking at ones weak spots in either face to face or via phone.

Email allows you to state your position categorically and clearly without recieving counter arguments to your points....also forces one to take that essential thinking time you sometimes need when negotiating.

If you are an accomplished negotiated then face to face is always best...............but the average homebuyer is a pretty naive negotiator in my opinion.

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Guest absolutezero
Brilliant! The trouble is, the EAs already have a pretty good idea about the current state of the market. It's their JOB.

Rubbish.  Have you ever heard a car salesman say, "don't buy from me this year because I can sell you the same car next year for less?"

It never does any harm to hammer the facts home does it?

Lets face it EAs know that in a falling market a small commission is better than no commision at all.

You never will hear car salesmen say that but EAs (at the time of the last crash, natch) started to get vendors to be more 'realistic' about their asking prices which is in effect talking the market down.

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In a buyers market email is ideal..........EA's are very adapt at picking at ones weak spots in either face to face or via phone.

Email allows you to state your position categorically and clearly without recieving counter arguments to your points....also forces one to take that essential thinking time you sometimes need when negotiating.

If you are an accomplished negotiated then face to face is always best...............but the average homebuyer is a pretty naive negotiator in my opinion.

So basically you believe an EA can talk a nervous FTB around?

Maybe, but the nervous FTB still has time to go away & think about it.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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