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waribai

How Should I Respond To This?

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Second viewed a place on Saturday and decided we liked it but location wise it's a bit further from the station than we'd ideally like but it has come down from £280k to £270k and EA reckoned that she could persuade the owner to take £250k but WE'D have to pay the EA's comission rather than the vendor.

Anyway after reading the good advice on this forum, we offered £240k on Monday morning in writing. EA said "I'll convey the offer but I know he'll reject it! A slightly inferior property sold for £250k nearby. She reckons that she can know persuade him to take £250k and HE'LL pay the EA comission. I'm ok with this but the problem is nothing's concrete.....It's all "I think he'd take this"

Should I make the second offer as suggested or tell the EA to get a concrete counter offer from the vendor?

Also seems desperate to get us along to see their FA even though I said I'd prefer to use our own FA. Polite enough but rather pushy!

Thanks for any advice in advance.

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Second viewed a place on Saturday and decided we liked it but location wise it's a bit further from the station than we'd ideally like but it has come down from £280k to £270k and EA reckoned that she could persuade the owner to take £250k but WE'D have to pay the EA's comission rather than the vendor.

Anyway after reading the good advice on this forum, we offered £240k on Monday morning in writing. EA said "I'll convey the offer but I know he'll reject it! A slightly inferior property sold for £250k nearby. She reckons that she can know persuade him to take £250k and HE'LL pay the EA comission. I'm ok with this but the problem is nothing's concrete.....It's all "I think he'd take this"

Should I make the second offer as suggested or tell the EA to get a concrete counter offer from the vendor?

Also seems desperate to get us along to see their FA even though I said I'd prefer to use our own FA. Polite enough but rather pushy!

Thanks for any advice in advance.

You are right, the EA is being vague. Go and speak with the seller or drop a note in. You have no idea if anything the EA is telling you is true. Equally, the seller has no idea if what their EA is telling them is true...

Don't jump just because the EA is making you nervous. When exactly did the "slightly inferior property" sell? How long has the one you are interested in been on the market.

You are being 'worked' - this is to be expected, they are trying to squeeze you. Don't get upset about this - you can play the EA back. This is probably the biggest financial commitment you have made (so far) in your life. Don't let the EA mess you about. Tell them they have 24 hrs to make their minds up as you have other properties you are interested in.

We are sitting tight, despite what EA's may tell you - this is NOT the best time to buy. Read a few threads here and learn...

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Second viewed a place on Saturday and decided we liked it but location wise it's a bit further from the station than we'd ideally like but it has come down from £280k to £270k and EA reckoned that she could persuade the owner to take £250k but WE'D have to pay the EA's comission rather than the vendor.

Anyway after reading the good advice on this forum, we offered £240k on Monday morning in writing. EA said "I'll convey the offer but I know he'll reject it! A slightly inferior property sold for £250k nearby. She reckons that she can know persuade him to take £250k and HE'LL pay the EA comission. I'm ok with this but the problem is nothing's concrete.....It's all "I think he'd take this"

Should I make the second offer as suggested or tell the EA to get a concrete counter offer from the vendor?

Also seems desperate to get us along to see their FA even though I said I'd prefer to use our own FA. Polite enough but rather pushy!

Thanks for any advice in advance.

To put the EA's question another way, "would youlike to pay 240 or 250 for this, sir?" You offer and pay what you think it's worth and donlt be in a rush to get a yes from them. There are probably no other interested parties, so leave the offer on tha table and put the ball in their court. And don't use their FA, they will use it to find your maximum and then sell you a property at that price.

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Thanks for the advice. Yes, we know it's not the best time to buy probably but my wife is going back to study in September so our joint 70k income based on permanent jobs will go down to one 45k income and any part-time work my wife does which can't be used probably to guarantee a mortgage. This won't be an issue in the sense that I can pay a £200k mortgage on my salary and also have savings for any lean months. Also we live in London Zone 4 so for the time being things are slightly different to the rest of the country. Thanks for the advice :)

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Told the EA today that as we have nothing concrete to work on, we can't increase the offer at this stage. EA wrote back saying

"When I spoke to the vendor on Saturday, I said he might need to think about £250k"

"Saturday" I thought. How about MONDAY when I put the bloody offer in why not mention it to him then (unless of course the offer was never conveyed to him)!

Now the EA is saying"I'm not pushy but..............this Saturday we have two viewings booked in. One is somebody who has a house to sell (unlike us) the other is a very keen chain free buyer with a big cash deposit (funnily enough just like us!)" Also, interest rates will DEFINITELY be going up first week in April or first week of May! "Anyway, let me know if you can go to 250k and we will get this all wrapped up".

My big question is "Will £250k be the final step? or will the EA finally say "Actually, the vendor has said you need to pay our fee too!" (as was suggested at the beginning)

Edited by waribai

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If these other prospective buyers actually exist and the EA really thinks they are serious, why would he be so keen to get you to deal at 250? Surely he could play you all off against each other and get a higher price? This sounds like a classic sales closing tactic to me "you'd better buy now or it'll be gone". You've got nothing to lose by waiting and seeing what happens - let these viewings go ahead and then see if any other offers materialise, then decide what to do. At the moment, the EA is basically asking you to bid against yourself! As for the fees, well I wouldn't pay a sellers fees full stop. Well, maybe if they fancied paying my stamp duty ...

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Thanks for all this. It's really useful to know. I'm kind of tempted to drop a note through the seller's door to check they have received the offer! Won't the EA be really narked if they find out I have "gone behind their back" so to speak?

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Won't the EA be really narked if they find out I have "gone behind their back" so to speak?

They probably will, but there's nothing to stop you. This is probably the single biggest transaction you'll make, so I wouldn't let the feelings of an EA get in the way!

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Ok, fair point but I meant more from the point of view that he will just cut us out of the picture simply out of sheer spite.

As far as I'm aware from the reading I have done, paying EA fees won't get you around stamp duty because it's a service related to the sale so you may still be liable.

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Ok, fair point but I meant more from the point of view that he will just cut us out of the picture simply out of sheer spite.

Well, they could try but you would be in direct touch with the owner, so what could they do? The EA doesn't decide who to sell to, the owner does and given the current climate I doubt they or the EA would be too keen to let a sale go.That said, there's no point risking unnecessary agro unless you have good reason to suspect that the offer hasn't been passed on. Any how, best of luck!

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All very true. Actually, he's just called again (2nd time today). "I've spoken to the vendors and although they are really disappointed they are willing to take £255k" So we are actually right back where we started at the beginning!

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All very true. Actually, he's just called again (2nd time today). "I've spoken to the vendors and although they are really disappointed they are willing to take £255k" So we are actually right back where we started at the beginning!

By now, I'd be telling them that the offer is off the table, or at best dropping by £1k everyday. Do not succumb to the emotional tricks EA's play. You will never see the sellers after they have your money. Them being "really disappointed" is nothing to do with you - they should be very happy to even have an offer.

Why would anyone pay just over £250k is beyond me (stamp duty threshold).

I know this is difficult - EA's do this all day and as individuals we have little experience.

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By now, I'd be telling them that the offer is off the table, or at best dropping by £1k everyday. Do not succumb to the emotional tricks EA's play. You will never see the sellers after they have your money. Them being "really disappointed" is nothing to do with you - they should be very happy to even have an offer.

Why would anyone pay just over £250k is beyond me (stamp duty threshold).

I know this is difficult - EA's do this all day and as individuals we have little experience.

Sorry, it was "The owner want 255k but to do this you will have to pay 250k plus our fee 4000 and 1000 for fixtures and fittings. That way you can avoid the stamp duty!

Edited by waribai

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My answer to this would be "my offer was 250, your fees are nothing to do with me and im not paying for fixtures and fittings as then the price is higher than i have offered"

The agent is simply trying it on, if you are desperate for the house then well thats up to you, personally i think you should have stuck at 240. However dont get dragged into any paying fees or anything else as all they are doing is making you increase your offer in an underhand way.

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My answer to this would be "my offer was 250, your fees are nothing to do with me and im not paying for fixtures and fittings as then the price is higher than i have offered"

The agent is simply trying it on, if you are desperate for the house then well thats up to you, personally i think you should have stuck at 240. However dont get dragged into any paying fees or anything else as all they are doing is making you increase your offer in an underhand way.

+1

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Sorry to be blunt but grow a pair of balls.

Ring the EA up and give it to them straight, the offer is £250k, not £255k. Then tell him not to ring back unless he is ringing to tell you they will accept £250K with no "extras".

You're spending A QUARTER OF A MILLION POUNDS and they are pissing about trying to sell you curtains for £5k

I can only assume this place has a gold mine in the garden, or .....it's just like a thousand other houses.

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Haha...........Thanks for the advice. Really useful. I wrote back and told the EA that we couldn't do 250k + 5k for fittings as we need that money to modernise the house.

EA contacted me 1 hour later "Good news, after a long chat, I have convinced the vendors to take 250k and no fees from you" (why, thank you. where is cap to doth?) :)

Now they want me to go in on Saturday and see their FA to see if he can get me a "better" deal for the mortgage. Kind of feel obliged to in a sense to prove I have the financial clout but the other half of me feels like blowing it out. I've got better things to do on Saturday morning!

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Now they want me to go in on Saturday and see their FA to see if he can get me a "better" deal for the mortgage. Kind of feel obliged to in a sense to prove I have the financial clout but the other half of me feels like blowing it out. I've got better things to do on Saturday morning!

Id like to think gilfs last reply about growing some balls applies here as well

YOU are the customer, YOU are spending 1/4 of a million pounds, YOU have the money, the seller doesnt!!

Therefore your mind should be saying this

"IF I WANT TO SEE THEIR FA I WILL, BUT IF I DONT I WONT!" end of, you dont have to prove anything to them, the solicitors will do all of that

And heres a piece of advice, FA's associated with EA's never give you better deals, they give the EA commission (spot a trend here) so tell the EA you arent going, grow a set and act like you are spending a fortune... because you are

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Haha...........Thanks for the advice. Really useful. I wrote back and told the EA that we couldn't do 250k + 5k for fittings as we need that money to modernise the house.

EA contacted me 1 hour later "Good news, after a long chat, I have convinced the vendors to take 250k and no fees from you" (why, thank you. where is cap to doth?) :)

Now they want me to go in on Saturday and see their FA to see if he can get me a "better" deal for the mortgage. Kind of feel obliged to in a sense to prove I have the financial clout but the other half of me feels like blowing it out. I've got better things to do on Saturday morning!

It's well known that (some not all) in-branch FAs simply feed back your financial clout to the EA. Once they know how much they can really wring from you my guess is that 250k offer is suddenly not enough.

Seriously, f*ck 'em; tell 'em you've got your own IFA who is more than capable of managing your affairs.

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The "other buyers" never materialised then. Surprise surprise. Well done OP don't take any shit from these over paid salesman and don't waste your saturday morning seeing the FA.

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Thanks for the advice. No, I didn't go in and see the FA. I arranged it myself through the bank. I have used their conveyancers though. EA actually seems ok about it all and hasn't tried to push their FA once I said the bank mortgage was already sorted. They have though more thna 48 hours later still not taken it off their website so I think I shoudl give them a call on Monday morning!

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  • 312 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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