housegoer Posted August 25, 2011 Share Posted August 25, 2011 I recently made an offer on a house which was rejected by the EA who called back 30 mins later. The EA called me a few days later and I made another offer. It has been almost two weeks and have had no response to this offer. Is this normal? What should I do? Quote Link to comment Share on other sites More sharing options...
BlinkTooFast Posted August 25, 2011 Share Posted August 25, 2011 Ask a mate to go view it and to put in an offer below your most recent one, perhaps even below your first one. It'll depress the seller and make your current offer look more attractive to them, which may stimulate some activity. If it's been two weeks since hearing, it wouldn't be amiss to phone the EA and ask "heard anything back regarding our offer?" in a nonchalant kind of way. This makes you look like a serious but not desperate buyer. Increasing your offer makes you seem desperate and the price will go up. Not contacting them after two weeks makes it look like you didn't really want the house anyway, and you'll never get to buy it. Definitely do not increase your offer until your mate has put a lower offer and you have gauged the response. Quote Link to comment Share on other sites More sharing options...
Guest_when_* Posted August 25, 2011 Share Posted August 25, 2011 I recently made an offer on a house which was rejected by the EA who called back 30 mins later. The EA called me a few days later and I made another offer. It has been almost two weeks and have had no response to this offer. Is this normal? What should I do? I had put an offer in on a property and nearly 2 weeks passed before they came back to me. I dont know whether its normal practice. On previous offers the EA's had contacted me within hours/days. You can call them to see whats happening or just leave it if your not that bothered about the property. Quote Link to comment Share on other sites More sharing options...
housegoer Posted August 25, 2011 Author Share Posted August 25, 2011 Thanks for the responses. I'm a cash buyer offering just above rateable value. The current offer is 19% below asking price. I'm prepared to go to around 15% below asking price. Quote Link to comment Share on other sites More sharing options...
housegoer Posted August 25, 2011 Author Share Posted August 25, 2011 Yes, one of those I believe. Owners not there anymore. Quote Link to comment Share on other sites More sharing options...
J.P.D.N. Posted August 25, 2011 Share Posted August 25, 2011 Were the Agents selling this 'Reeds Rains' by any chance? I had a similar problem with them over the last month regarding a house in Bangor, Beechwood Drive, I was interested in. They proceeded to a 'best and final' offer stage (whats with that?) and told me my offer had been rejected and wouldnt tell me what the other offer was???? They went on to say that they had to advertise the house as 'an offer has been received' as it was a repo but on advertising it they wouldn't tell anyone the level of offer that had been received.??? This was only last week and if you phone now (do try it) they'll say it's sold even though the vendor (Halifax asset management) want to leave it open to offers until the contract is signed... Reeds Rains Bangor wont take any more offers. It was at a good enough price (about 55k). This agent is not doing their clients any favours, my offer was cash and I showed bank statements. I just don't get it. They even told me the other offer was 50% mortgage. Now I've dealt with other branches in the past and some seemed ok (are they franchises?), but the one in Bangor is a ******. Quote Link to comment Share on other sites More sharing options...
housegoer Posted August 25, 2011 Author Share Posted August 25, 2011 It wasn't Reeds Rains, but I thought Repos must have the offer price publicly displayed. I would ring Halifax and tell them. Quote Link to comment Share on other sites More sharing options...
J.P.D.N. Posted August 25, 2011 Share Posted August 25, 2011 It wasn't Reeds Rains, but I thought Repos must have the offer price publicly displayed. I would ring Halifax and tell them. Yes, but they only have to display the offer that was acceptable to the vendor at the stage when the vendor says 'ok'. Not any subsequent offer, so not the 'best and final' offer. So they don't have to say what the highest offer is. Its a 'letter of the law, no the spirit of the law' sort of thing, and in my opinion its just done to get their commission quicker. Most asset management vendors pay a fixed price to the agents, there's nothing in it for the agent to get the best price and that's what I feel is morally very wrong. I've never seen anything like some of the Agents these days. None of them seem to want bidding on fixed commission repo sales. (on another level, why would they were it not for any degree of morality) PS: My company is registered as an Estate Agent, with propertynews. I cringe being associated with that term Quote Link to comment Share on other sites More sharing options...
J.P.D.N. Posted August 25, 2011 Share Posted August 25, 2011 Anyways, my advice. (aside from 'always look twice at junctions- god I love that ad) Phone the agent, tell them you're a cash buyer and that you have offers in on a couple of other houses with other agents and you need to know where you stand before proceeding (with the others). Agencies these days are suprisingly busy as they've laid off a lot of staff and people are still viewing houses, theyre just not buying them (except for a few first time buyers). Quote Link to comment Share on other sites More sharing options...
Realistic NI EA Posted August 26, 2011 Share Posted August 26, 2011 My guess is that they have simply ignored you because your offer was 19% below the already realistic asking price since it was a repo. They probably didn't even ring the offer in to the repo company as they know it will be rejected. Repo companies often are pretty blunt about what they expect from EAs and after putting forward a very low offer the EA will probably have been told in no uncertain terms what the repo company expect to sell the property for. That doesn't mean that any offers should be ignored but some of the EA chains who deal with alot of repos and constantly get really low offers are hardened to this and will simply ignore you and move on to the next thing to do on their diary. The smaller and more caring EAs like my firm would pass on all offers and try to explain to you what the Repo company expects to sell the proeprty for but thats why we are all different and have differing reputations. Is the property fairly priced at it's current asking price in comparison to recently sold similar properties? If it is then an offer of almost 20% below asking price might just be pushing the bounds of reality and might have pissed the EA off. Just my opinion. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 26, 2011 Share Posted August 26, 2011 My advice, leave them to it. When the finally get back to phoning you, however long it is, you will be in command, they will be your biatch and you can offer what you like. You should read some books on sales techniques. The loooooong silence is as old as the hills....it's no skin off their nose to wait but it makes you feel insecure about it all and think you need to offer more. When they phone, retract your second offer and ask them for a copy of all correspondence relating to forwarding your offer. That ought to put you back in control. Never trust any 2nd hand car house salesman. Quote Link to comment Share on other sites More sharing options...
Sir Sidney Ruff-Diamond Posted August 26, 2011 Share Posted August 26, 2011 They probably didn't even ring the offer in ... Which is of course, illegal. Is the property fairly priced at it's current asking price in comparison to recently sold similar properties? If it is then an offer of almost 20% below asking price might just be pushing the bounds of reality and might have pissed the EA off. Just my opinion. It's a process called price discovery. Estate agents love it when this process pushes prices up but have little tantrums when it pushes prices down. If our gap-toothed shiny suited friends over at the local Foxtons and other place (ahem) were a bit smarter though, they'd realise that selling six properties at prices the market can sustain is better than selling one property at a price that will only plant the new owner in nequity. Quote Link to comment Share on other sites More sharing options...
Dunder road Posted August 26, 2011 Share Posted August 26, 2011 The smaller and more caring EAs like my firm would pass on all offers and try to explain to you what the Repo company expects to sell the proeprty for but thats why we are all different and have differing reputations. I had a similar post a few weeks ago. Made offer on repo. Went as far as i thought it was worth. Doesn't seem to be matching what the Bankers want. As realistic EA is saying, the EA seemed to be trying to work out from the bank what they would accept, with little success. His suggestion of what might be accepted seemed to increase as time passed. I've made my offer as to what i would pay and I'm happy enough to leave it at that. No-one else had offered anything before or since mine. But i suppose the bank have a figure in their head which they need, so its not gonna be the one for me it seems. Realistic EA, how long are banks willing to leave repo's on for? some seam to take really low offers and glad to get them shifted, but i've seem a heap of empty houses around that have been sitting for months/years. Quote Link to comment Share on other sites More sharing options...
Realistic NI EA Posted August 26, 2011 Share Posted August 26, 2011 I had a similar post a few weeks ago. Made offer on repo. Went as far as i thought it was worth. Doesn't seem to be matching what the Bankers want. As realistic EA is saying, the EA seemed to be trying to work out from the bank what they would accept, with little success. His suggestion of what might be accepted seemed to increase as time passed. I've made my offer as to what i would pay and I'm happy enough to leave it at that. No-one else had offered anything before or since mine. But i suppose the bank have a figure in their head which they need, so its not gonna be the one for me it seems. Realistic EA, how long are banks willing to leave repo's on for? some seam to take really low offers and glad to get them shifted, but i've seem a heap of empty houses around that have been sitting for months/years. Every repo company is different and so too are their clients (the banks). This means that one property can have a different set of expectations attached to it than another even if they are being managed by the same repo company. For example I recently got a repo which came on at a fair price and got an offer 10% under asking price. I assumed that this would be rejected as it was a first offer and well below current market value but the repo company came back and accepted it because it was a cash offer and they wanted it sold quickly. Another property from the same company is still sitting on the market with offers that are very good in my opinion that have not been accepted as the bank wants to hold out for more money. You see there are many things going on in the background with repos that are not apparent to the potential purchaser. This is why people get frustrated when their offer is not accepted but often it is because of the banks demands to the repo company. Dont get too worked up about your offer being ignored, just wait it out as others have said as eventually the asking price will be reduced or they will come back to you to accept your offer. Quote Link to comment Share on other sites More sharing options...
housegoer Posted August 26, 2011 Author Share Posted August 26, 2011 I rang and informed me that the property has been sold. I thought they would have called me to let me know the offer was rejected at least. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 26, 2011 Share Posted August 26, 2011 I rang and informed me that the property has been sold. I thought they would have called me to let me know the offer was rejected at least. Don't use them again. When they ring to tell you they have other properties you might want to see, explain to them they are c**nts and you wont deal with them :-) I'd also check to see who they sell it to on the land registry. Lastly, check out some of "exiges" dealings he has had with E.A.s ( on other threads) very informative. Quote Link to comment Share on other sites More sharing options...
housegoer Posted August 26, 2011 Author Share Posted August 26, 2011 I wouldn't use them again, but the thing is that it's UPS and they have the majority of the houses in Belfast (the area I'm interested in at least) so I have no choice... Quote Link to comment Share on other sites More sharing options...
tinbin Posted August 26, 2011 Share Posted August 26, 2011 I wouldn't use them again, but the thing is that it's UPS and they have the majority of the houses in Belfast (the area I'm interested in at least) so I have no choice... I wouldn't get too disheartened, just learn from the experience. EA's will act like ure best mate until things don't go there way, or a better offer comes along. They will never go 'the extra mile' as far as a service is concerned and therefore it should come as no surprise that they are viewed as one of the most untrusted occupations across all industry's. I wouldn't allow it to prevent me dealing with the same EA again. Speaking from my own experiences there are certain EA's that I despise dealing with but I wouldn't let this stand between me and a house that I was interested in. Just continue to offer prices that you are prepared to pay ... if the EA doesn't like it then harden them. They are only the 'man in the middle'. Quote Link to comment Share on other sites More sharing options...
tinbin Posted August 26, 2011 Share Posted August 26, 2011 (edited) Edited August 26, 2011 by tinbin Quote Link to comment Share on other sites More sharing options...
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