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lady_muckfish

Offered On A House A Month Ago, Rejected But It's Still Not Sold - Do We Remind Estate Agents Our Offer Is Still Open?

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Hi there,

Just looking for some advice.

May partner and I are first time buyers and we recently placed an offer on a house which is on the market at £209,950.

We gave a final offer of £200k which was rejected, estate agents said that the owners are looking for minimum of £205k which we can't afford (already borrowing money off bank of mum and dad, don't want to ask for more) plus we think we have offered them a fair (if not slightly high) price on the house.

The house is STILL on the market, we haven't looked at any other properties with the same estate agents as they have not been suitable and we see that houses for sale around that area have dropped their price - but they are refusing to budge.

It was on the market since end of April and they had a cash buyer who pulled out in the first 2 weeks of it being on the market. Since then, we've been told by the estate agents that the cash buyer's daughter didn't like the house hence why it fell through and the house is back on the market.

We offered on the house in the first week it was back on the market, which was a month ago.

Do we remind the estate agents that our offer is still open, so they know we are still interested and are still looking?

Or is that too keen?

The 'house price crash' doesn't seem to be evident in Bristol.

We've had 2 friends who recently bought houses and they only managed to knock about £2k off the asking price.

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The 'house price crash' doesn't seem to be evident in Bristol.

We've had 2 friends who recently bought houses and they only managed to knock about £2k off the asking price.

I can't comment on the real bit of the question, but I can't resist commenting on the end.

Do install Firefox with the property bee extension....if you do you will see that there are massive reductions going on in Bristol with very few houses actually selling. To me it looks that even in Bristol the market appears to be turning...so my suggestion would be to think "buying" through very carefully and do your own research before paying over the top.

ps) Yes I do know first-time buyers that are still buying in Bristol often under pressure from Mum and Dad (and a handover of the deposit).

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Or is that too keen?

Yes, you obviously want the house and the estate agent probably knows that so he will expect you to up your offer. Returning so soon will only confirm it.

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Yes, you obviously want the house and the estate agent probably knows that so he will expect you to up your offer. Returning so soon will only confirm it.

Never appear keen to an estate agent. Show your hand and he will keep pressing for higher offers.

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You need to remember that this is a house price crash website. So apart from the odd bull we all think that houses are well overpriced, therefore the main thrust of the advice you will get here will be not to buy. I won't add to that argument, as others can make it better than myself, but what I will say is that if you are dead set on buying then;

Just wait....................then wait some more......................then wait a bit longer

Either the house will sell at higher than your offer, or they'll come back in a month or 2, or 4, or 6 etc.

When they come back tell them that your circumstances have changed due to the delay (like you lost your mortgage deal or something) and now you're only in the position to offer a lower amount. How low you go depends on your nerves. I'd suggest £180K as a starting position although this still may be too high.

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Never appear keen to an estate agent. Show your hand and he will keep pressing for higher offers.

In the end though it's the COMPLETED TRANSACTION that really counts to the agent.

The five grand extra probably means a lot to the seller. If the agent takes 1.5% or so, then the difference for them is only 75 quid. I am sure they would prefer to sell at 200k and claim their 3 grand, rather than risk anything in an attempt to make it 3 grand plus 75 quid. If the agent is made to understand that 200k is your REAL MAX then they will work on the seller for the sale. If they're is fannying around it will come from the seller. If you make it crystal clear that your limit is 200k, that you have finances in place for precisely that 200k, and that you are looking to buy, then why not talk to the agent.

Having said all that... I am with the others when they say now is a very risky time to buy. If your mum and dad are influential then show them the main house price graphs from this website, and explain how it looks like we are heading for a fall. They will probably remember the crashes in the 70s and late 80s/early 90s, and the pattern now looks really similar to how it did before those. If they are happy to sub a big portion of the purchase and shoulder any losses then why not buy.

Edited by ScrewsNutsandBolts

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Re-view.

Offer 5K less.

Simple.

Is that if the estate agents come back to us? :)

I thought so.

My partner thought if we can remind the estate agent of our offer just in case they forgot, but I thought we would look way too keen if we do that.

Think we'll play the waiting game and see what happens.

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If they are scratching around in the current market for an extra £5k then they deserve all they get. Have you considered sending in a stooge? Someone who offers them the full amount and then drags out the sale for as long as possible while the market sinks. Sometimes you have to be cruel to be kind. It will cost you a few hundred in fees to make it look real, but sometimes it is worth the gamble, especially in a market that is heading down.

Personally if I were you I'd stand clear and watch the whole lot burn...

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Problem is, we haven't come across a competant estate agent yet.

They either haven't turned up to a viewing; don't know the answers to simple questions such as: Is the boiler a combi? or talk such crap - we don't trust them whatsoever and wouldn't put it past them if they've lost/forgotten our original offer...

I thought for sure they would accept our offer of £200k and can't believe they are still holding out for that extra £5k.

I do think it's more the sellers holding out for a bigger offer rather than the estate agents - especially as they received offers about a week after the house has been on the market both times so they must think they can get a better offer.

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Problem is, we haven't come across a competent estate agent yet.

They either haven't turned up to a viewing; don't know the answers to simple questions such as: Is the boiler a combi? or talk such crap - we don't trust them whatsoever and wouldn't put it past them if they've lost/forgotten our original offer...

Golden rule no.1 is that the EA is working for the seller. He doesn't give a toss about you other than as a means to get his commission.

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Problem is, we haven't come across a competant estate agent yet.

Neither will you ;)

They either haven't turned up to a viewing; don't know the answers to simple questions such as: Is the boiler a combi? or talk such crap - we don't trust them whatsoever and wouldn't put it past them if they've lost/forgotten our original offer...

I believe they are legally obliged to pass on all offers.

I thought for sure they would accept our offer of £200k and can't believe they are still holding out for that extra £5k.

I do think it's more the sellers holding out for a bigger offer rather than the estate agents - especially as they received offers about a week after the house has been on the market both times so they must think they can get a better offer.

You sound really keen on this place, which is a shame as the moment you show enthusiasm and desire you'll be on the hook.

Do an indirect ask of the EA. Go in and arrange a viewing on somewhere else and cusually ask what the vendor said about your offer. Start with "Out of curiosity..."

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I guess it's worth a shot.

Maybe they must be getting desperate to sell it after all this time, and maybe they'll reconsider your offer, even if it's at a lower price.

You ask them what's happening to it, if anyone else has shown any interest or put any other offers on it. It'll tell you the "history" of the whole thing, and you may learn of other people pulling out of the sale.

It won't hurt to say you're still interested "just in case" and ask them to contact you about it if things don't work out.

Don't name a price, let them call you back.

They may drop their price in the meantime.

The second option is to wait until it's off the market. Sometimes, people remove them from the market because they can't sell their home. You could then suggest to deal with them directly if they're still interested. Leaving the estate agents out of it will mean they'll save a few thousands in fees...which you could negotiate on the price of the house.

Good luck to you

Edited by Frenchie73

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Golden rule no.1 is that the EA is working for the seller. He doesn't give a toss about you other than as a means to get his commission.

I'd say golden rule no.1 is that the EA is working for himself and doesn't give a toss about the buyer or the vendor. He wants a sale, and getting the highest price isn't a big concern for him (he's not going to risk a sale falling through for the sake of a 2% commission on an extra £5k - which is relatively peanuts).

My experience of EAs is that they are also forgetful and/or incompetent. So I would definitely remind them of your offer. You'd be gutted if you didn't and the house sold for less than your offer, wouldn't you?

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If you have got a seller who is not willing to budge and you cannot afford the house then best to look elsewhere. Maybe they'll reduce the price later, maybe they won't, but there are other buyers out there who certainly will, particularly as we head into autumn/winter. If you can afford to wait then wait. The sellers are competing against other sellers - it's a buyers market so don't do anything rash.

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If you have got a seller who is not willing to budge and you cannot afford the house then best to look elsewhere. Maybe they'll reduce the price later, maybe they won't, but there are other buyers out there who certainly will, particularly as we head into autumn/winter. If you can afford to wait then wait. The sellers are competing against other sellers - it's a buyers market so don't do anything rash.

That's what I'm hoping, that they will eventually cave and will reduce the price as properties in that area have been dropping their prices apart from them!

Or come back to us and accept our offer before they drop their price!!

We can afford to wait, we've seen over 20 properties since February and this was the best one out of the lot. However, we're in cheap rented accommodation and are on a rolling contract so are completely flexible with when to move, etc.

I think I might do a 'dummy' viewing of another property with the same estate agents and maybe subtly investigate about the property - so they know we are still looking!

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Lady MF

If I were you I would email the EA and say something along the lines of, putting in writing my final offer of 200K which will remain for the next 2 weeks only or something like that?

ML

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This is what you do exactly.

1. ask yourself do you really want this house?

A. Yes because you saw 20 already

2. Offer £205,0000

Why? because it gets it off the market.

3. Get a survey take your time...theres a long waaaay to go yet.

4. Keep looking at houses in that area. note down prices.

5. make sure the EA can almost taste his commission.

6. Get the survey report...dont even look at it...walk away.

7. GUARANTEED the EA will come back to you asking what went wrong.

8. Stall him! hes a miserable ******* and deserves to be treated with contempt.

9. Tell him in astonished tones akin go Kenneth Williams that you could not possibly go with the asking price.

10. List all the other house prices, you have seen make him think HE has to win you back.

11. Offer him the lowest price you can think off and give him 48 hours to reply.

12. You can thank me later!

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Guest KingCharles1st

In the end though it's the COMPLETED TRANSACTION that really counts to the agent.

The five grand extra probably means a lot to the seller. If the agent takes 1.5% or so, then the difference for them is only 75 quid. I am sure they would prefer to sell at 200k and claim their 3 grand, rather than risk anything in an attempt to make it 3 grand plus 75 quid. If the agent is made to understand that 200k is your REAL MAX then they will work on the seller for the sale. If they're is fannying around it will come from the seller. If you make it crystal clear that your limit is 200k, that you have finances in place for precisely that 200k, and that you are looking to buy, then why not talk to the agent.

My take exactly.

In conversation, it transpired my (large business and very well established ) local E.A. joint owner had to reintroduce a six figure sum into his business last year to keep it from tanking. I doubt the E.A. in question has had a much better time over the last few years, so I really cannot see a man with business sense and hard won experience chucking a sale like this down the tubes to be honest.

Edited by KingCharles1st

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Guest KingCharles1st

This is what you do exactly.

1. ask yourself do you really want this house?

A. Yes because you saw 20 already

2. Offer £205,0000

Why? because it gets it off the market.

3. Get a survey take your time...theres a long waaaay to go yet.

4. Keep looking at houses in that area. note down prices.

5. make sure the EA can almost taste his commission.

6. Get the survey report...dont even look at it...walk away.

7. GUARANTEED the EA will come back to you asking what went wrong.

8. Stall him! hes a miserable ******* and deserves to be treated with contempt.

9. Tell him in astonished tones akin go Kenneth Williams that you could not possibly go with the asking price.

10. List all the other house prices, you have seen make him think HE has to win you back.

11. Offer him the lowest price you can think off and give him 48 hours to reply.

12. You can thank me later!

I like you already- sounds like a plan to me B)

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My take exactly.

In conversation, it transpired my (large business and very well established ) local E.A. joint owner had to reintroduce a six figure sum into his business last year to keep it from tanking. I doubt the E.A. in question has had a much better time over the last few years, so I really cannot see a man with business sense and hard won experience chucking a sale like this down the tubes to be honest.

Exactly!

I would have thought that the Estate Agents would work harder on the sellers for them to accept our fair (if not a tad high) offer!

Also the fact that 2 of the owners kids have moved back in with them (one of them has a child), which is why they need to move to get a bigger place and have found a place they want as well you would think they would be in a rush to move!

I've looked on Zoopla/Land Registry and it looks like they have owned the place for over 10 years as I can't find how much they originally got the place for - they should make a profit though nonetheless, guess they would have got the place for under 100k.

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No problem reminding the EA of your offer.

I've got one guy who I've rung up and reminded every 3 months for the last year on a hopelessly overpriced house in Crouch End.

Wow - are they still not budging?

It's funny, looking on property bee all the houses in that area have reduced their price apart from that one.

they are being SO stubborn!

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God i'm just thinking when reading this, that a letter through the door to the vendor (missing the EA) stating what your position is (ie cash buyer etc) at 190K would be worth a go!! It might crystalise the situation in their minds, suppose it depends on their situation, ie depends on how desperate they are to get rid of and maybe they would push you to 195-200K

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Well, we've finally called the estate agents again to see what was happening.

He said, basically they've actually had a few offers for 200k now, and they have said no to all of them.

He said they're looking for 204-205 (he thinks), as they actually put the property on at what they thought was a low price [209k]

They must be dreaming, especially as the market is going down and the fact that noone is offering over £200K. It's been on the market since April, and the price hasn't changed at all!

A house on the same road sold back in January for £192,500 which was a 2 bed terrace.

The only difference with this house and that one is that they've converted the loft into a small 3rd bedroom (which can just about fit in a double bed) and tiny bathroom which they think is worth an extra £10k in this current market.

The house isn't in perfect condition either as the main bathroom needs to be completely redone.

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  • 152 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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