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Just Made An Offer

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I've been looking to buy a second home in the North-East for a number of months now to have a base for me and my siblings to use to be near aged relatives. Having sat back and watch the crash unfold, my husband and I finally dipped a toe in the water and went to view a little 2 bed cottage last week. I went back today for a second viewing and have just put in an offer of 82% of asking price.

Cue the agent giving me a load of guff about how the property market is picking up etc. and that the offer would be rejected. "So be it" says I. I know a chain fell through reasonably recently (as I know the local area very well and know some of the people of the periphery of the last "deal"), the property has been on the market two years and he's only dropped the price by 8% last month. We are chain-free, and due to personal circumstances, are in the fortunate position of requiring a very small mortgage in order to complete quickly.

Will be interested to see how this one pans out. For various reasons, I won't be increasing the offer greatly - not least of which we don't *really* need the house - we can continue to bunk in with friends/b+b/relations as we do now. My main selfish motivation is it's just a faff to run my business from dodgy wifi and someone else's living room.

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Come Christmas they'll bite your leg off for a 75% offer.

As expected the offer has been rejected: "He's only just dropped his price. He wants close to asking price."

Politely thanked agent for her time and hung up - not before she asked whether I'd be making another offer though. My response of "I'm not sure our valuations of the property will ever meet, so it would be a waste of time at the moment" left her somewhat speechless.

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Not really whinging are they? You've made an offer and the person paid by the seller to sell their property for as much as possible, is trying to get you to pay as much as possible. Just how the game works.

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Not really whinging are they? You've made an offer and the person paid by the seller to sell their property for as much as possible, is trying to get you to pay as much as possible. Just how the game works.

Point taken :) I do understand that.

Maybe she just sounded whiny. Or my predisposition to dislike EAs got the better of me.

On a sidenote, on the whole "trying to get [me] to pay as much as possible" part - I would have expected, when I made the initial enquiry to view (which was difficult enough in itself), that they qualified me as a purchaser and asked what kind of property etc. I was looking for. Maybe even suggest a couple of others I might be interested in. Nope. Nada.

I walked in, off the street, did two viewings and made an offer on a place, and they haven't even bothered to find out what I want the house for, or what my budget is or anything. I just found it all a bit surreal - last time I bought a house I was harrassed by 'phone and email daily.

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Point taken :) I do understand that.

Maybe she just sounded whiny. Or my predisposition to dislike EAs got the better of me.

On a sidenote, on the whole "trying to get [me] to pay as much as possible" part - I would have expected, when I made the initial enquiry to view (which was difficult enough in itself), that they qualified me as a purchaser and asked what kind of property etc. I was looking for. Maybe even suggest a couple of others I might be interested in. Nope. Nada.

I walked in, off the street, did two viewings and made an offer on a place, and they haven't even bothered to find out what I want the house for, or what my budget is or anything. I just found it all a bit surreal - last time I bought a house I was harrassed by 'phone and email daily.

Ah, that'll be because a sizeable number of EAs are completely useless ;)

Something I am quite happy about as it makes the half decent ones (like me! ;)) stand out further!

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Not really whinging are they? You've made an offer and the person paid by the seller to sell their property for as much as possible, is trying to get you to pay as much as possible. Just how the game works.

Thing is - and this applies to 80% of properties currently on the market across the UK it seems - it's a choice of either:

1. Trying to sell at/near to seller's asking price, and not selling.

or

2. Actually making a sale, albeit at a lower price.

What's the point of an EA if all they do is option 1? Why are more not honest/intelligent enough to point out to sellers that their house will simply not sell at their stupid asking price?

Surely from an EA's point of view, they want sales? What's the point of having hundreds of properties on the books, not selling? Daft daft daft..

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As I wrote, you'll likely find the property still on the market come Christmas. Then offer an ever lower price.

Eventually the EAs of this land will get the message. Some may even work it out... they exist to sell houses, not display them endlessly in their shop windows!

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Ah, that'll be because a sizeable number of EAs are completely useless ;)

Something I am quite happy about as it makes the half decent ones (like me! ;)) stand out further!

What would you assume if the prospective purchaser didn't want to share that information with you?

I mean if it's your responsibility to get the best price for the property possible, then knowing what the buyer can afford might help with that - not sure thats something i'd want to help you with!

Suppose it depends how much 'qualifying the offer' is about making sure i can pay what i've offered, versus finding out my earnings/savings/deposit to find out what i might be able to offer?

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What would you assume if the prospective purchaser didn't want to share that information with you?

What information are you referring to?

I mean if it's your responsibility to get the best price for the property possible, then knowing what the buyer can afford might help with that - not sure thats something i'd want to help you with!

Suppose it depends how much 'qualifying the offer' is about making sure i can pay what i've offered, versus finding out my earnings/savings/deposit to find out what i might be able to offer?

I look it more the way of making sure I've obtained the best bid that particular person is prepared to offer, rather than the most they can afford. I mean I can afford to buy a bag of crisps for £5, but I'd never pay that.

You've made a very important point that qualifying a purchaser is making sure they have the ability to pay what they've offered. Not always an easy thing to do, as I have no more interest in knowing their earnings than they have in telling me. Usually confirmation from their solicitor/broker of LTV amounts would be good enough for me. In truth there is no way to be 100% certain and a certain amount needs to be taken on trust.

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Thing is - and this applies to 80% of properties currently on the market across the UK it seems - it's a choice of either:

1. Trying to sell at/near to seller's asking price, and not selling.

or

2. Actually making a sale, albeit at a lower price.

What's the point of an EA if all they do is option 1? Why are more not honest/intelligent enough to point out to sellers that their house will simply not sell at their stupid asking price?

Surely from an EA's point of view, they want sales? What's the point of having hundreds of properties on the books, not selling? Daft daft daft..

How do we know that this particular EA is not having that very conversation with their vendor?

I know I do all the time, some listen, some don't. Often it takes a few weeks, sometimes months, of repeating the same message for the realisation to sink in. (although I note in this case the property has been on the market for 2 yrs, so appears to be owned by a particularly stubborn individual). Will very often come down to the personal motivations of the person selling. Some simply don't need to sell, and as a consequence of the 'no sale, no fee' payment structure the vast majority of EAs operate it doesn't cost the seller a penny to keep it on the market.

Perhaps if enough EAs started to refuse intructions or refuse to continue marketing overpriced properties these sellers would get the message faster.

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If it's the case that he doesn't *need* to sell, then he can hang on for asking until the cows come home.

The fact that the property is sat empty (so at the very least is a lost opportunity cost in my book) and that he's recently dropped the price told me he was coming around to being realistic.

I went round this morning with a builder friend of mine, and identified a few things which would need sorting reasonably soon which will cost about £4-5k in our estimation anyway. I stated this when I made the offer, and said that the offer reflected my early evaluation of the property. (Also stated that I'd be getting a full survey!)

The vendor doing the viewings admitted we were the first people to show any interest since the last "sale" fell through. All should be telling him something I would have thought...

What annoys me more though is that I went into the EA to attempt to arrange the second viewing, and asked the EA then and there whether the vendor was open to negotiations, as there was little point in wasting everyone's time if not (obviously didn't phrase it *quite* like that!). She said that in this market, everyone was open to offers.

I intend to sit back and wait for contact from them. As previously mentioned, I don't *need* to buy - it would just suit my circumstances at the moment to do so. What will not suit my circumstances is to pay over the odds for what is essentially a second home.

If they'd bothered to ask any questions of me, they would realise the longer they leave it, the more chance they have of an aged relative pegging it and removing one of the main motivations to buy! ;)

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Suppose it depends how much 'qualifying the offer' is about making sure i can pay what i've offered, versus finding out my earnings/savings/deposit to find out what i might be able to offer?

I think by "qualify" I really only meant finding out what I claimed my budget to be (no questions yet asked) and how much of it was mortgage/deposit. If they knew what my deposit was I have no doubt that I would be pushed to looking at properties in a higher price bracket (again, assuming they bothered to ask what I was looking for and why).

From their point of view, I claimed to have mortgage, solicitor and surveyor lined up and ready to go. I would have thought it would become rapidly apparent were the offer accepted and any one of those prove not to be the case, at which point I would assume the house would be placed back on the market.

For any of that to occur though, there has to be offer and acceptance.

Interestingly enough, it is the same estate agent who is selling aged relative's house - I will be pushing the generation above mine who are handling the sale to be shifting EAs toute flipping suite.

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As expected the offer has been rejected: "He's only just dropped his price. He wants close to asking price."

Politely thanked agent for her time and hung up - not before she asked whether I'd be making another offer though. My response of "I'm not sure our valuations of the property will ever meet, so it would be a waste of time at the moment" left her somewhat speechless.

:D Fantastic! Thanks for posting, I love reading these threads describing speechless EAs when a savvy buyer stands firm. More please!

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:D Fantastic! Thanks for posting, I love reading these threads describing speechless EAs when a savvy buyer stands firm. More please!

Awwwwww - don't think I've ever been called savvy before. :) Except by my accountant...

It's a shame, because the place was more or less just what we wanted. Still - with the distance of a few hours and a few miles (am back dahn sarf now), it's probably a blessing in disguise.

Have already fired a shot across the barrels of the next generation above me - they're removing the aged one's house listing with crap EA next week on the experience I've had over the last week or so. That was just a happy coincidence that the EA screwed up a potential buyer, *and* lost-a sale, all in one swoop. Also convinced family that property listed with crap EA was at least 10% over -priced, so we're dropping the price to go with the next agent.

Every little helps...

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We viewed a property a fortnight ago liked it but decided to make a second viewing appointment before offering. Emailed the EA who noted our interest. Viewed again over the weekend and decided to make verbal offer yesterday. Made offer 20% below offers around price. Property been on the market 4 months. Today offer rejected seller going with higher offer previously received. Is the EA telling the truth or are we being manipulated to offer more? We are cash buyers with speedy completion nothing to sell and the house is empty. I thought in Scotland all interested buyers were notified and a closing date was set. In this case this would probably have been most beneficial to the seller as he may have received a higher offer. What do you think?

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We viewed a property a fortnight ago liked it but decided to make a second viewing appointment before offering. Emailed the EA who noted our interest. Viewed again over the weekend and decided to make verbal offer yesterday. Made offer 20% below offers around price. Property been on the market 4 months. Today offer rejected seller going with higher offer previously received. Is the EA telling the truth or are we being manipulated to offer more? We are cash buyers with speedy completion nothing to sell and the house is empty. I thought in Scotland all interested buyers were notified and a closing date was set. In this case this would probably have been most beneficial to the seller as he may have received a higher offer. What do you think?

It's a different (and in my opinion better) system in Scotland. You will need to put in a "note of interest" through a (Scottish) solicitor, and your offer to buy should also be through him/her in Scottish legal form. If you don't have a solicitor you will need to get one.

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The EA noted our interest last Monday. Seems to me a bit suspicious that a higher offer was made on the same day we made an offer. The usual way I know is to have a Scottish solicitor to put in an offer in Scottish form but as the market is at the moment EA are passing on verbal offers to the sellers and then having them confirmed by the solicitor when accepted or so this is what we have been told. Perhaps we should have made an offer via the proper route but this costs money every time. Time will tell and there are plenty more houses on the block!

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The EA noted our interest last Monday. Seems to me a bit suspicious that a higher offer was made on the same day we made an offer. The usual way I know is to have a Scottish solicitor to put in an offer in Scottish form but as the market is at the moment EA are passing on verbal offers to the sellers and then having them confirmed by the solicitor when accepted or so this is what we have been told. Perhaps we should have made an offer via the proper route but this costs money every time. Time will tell and there are plenty more houses on the block!

It's a decade since I last bought a house in Scotland but if my addled memory serves me right our solicitor didn't charge for noting interest or making an offer, only when we finally bought somewhere. I could be flat wrong about this. If you want to be taken seriously as a buyer in Scotland it always used to be the case that you had to have instructed a solicitor. It's small beer in the scheme of things.

I think the EAs "higher offer" story is probably a gambit so you are wise tobe suspicious. If you hold firm they may well get back to you when the mystery buyer has mysteriously withdrawn!

Good luck with your hunt

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There is a house about 5 mins walk from me that has been on the market for at least 3 years at 300K, came down to 270K last year, then 260K earlier this year and, in the last month, down to 250K OFFERS ABOVE.

It was owned by a chap who passed on and his 2 sons inherited it. It is in a nice area.

When it first came on it was the only house of its type in that sought-after road on the market for 2 years up until this Spring. There are now 3 other houses on nearby all of which are in a better condition. One is on for 260K, one on for 240K and one, which has been extended, on for 290K.

A buyer did make an offer on it last month along with an offer on the one on for 260K - the two brothers, who have told the EA that they want 320K, hesitated and the buyer bought the other one.

I know the EA has spent the past 2 years trying to get the 2 brothers to lower their asking price and accept offers. Even now, wanting OFFERS OVER 250K, means that they will likely miss the market once again. I would offer 230K tops for it btw.

What I mean is, there are just some greedy deluded sellers out there.

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I know the EA has spent the past 2 years trying to get the 2 brothers to lower their asking price and accept offers. Even now, wanting OFFERS OVER 250K, means that they will likely miss the market once again. I would offer 230K tops for it btw.

What I mean is, there are just some greedy deluded sellers out there.

When did it last sell and for how much?

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My elder and her b/f are considering a property in Oxford.

Originally on for £225K, an offer of £210K fell though, now on at OIEO £200K. (reasonable for the type and area)

EA actually said, 'He needs £210K - and if you offered £215K he'd leave the white goods.' :P

Uttered quite straightfaced as if this was going to be a fantastic bargain.

I suppose it might work with a pair of FTBs with 'CLUELESS' etched on their foreheads.

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My elder and her b/f are considering a property in Oxford.

Originally on for £225K, an offer of £210K fell though, now on at OIEO £200K. (reasonable for the type and area)

EA actually said, 'He needs £210K - and if you offered £215K he'd leave the white goods.' :P

Uttered quite straightfaced as if this was going to be a fantastic bargain.

I suppose it might work with a pair of FTBs with 'CLUELESS' etched on their foreheads.

I sometimes think most people must not regard house price money as proper money, that you can buy other stuff with.

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I look it more the way of making sure I've obtained the best bid that particular person is prepared to offer, rather than the most they can afford. I mean I can afford to buy a bag of crisps for £5, but I'd never pay that.

An important point that I've made many times on these forums using the same analogy. The sooner the bulk of EAs accept that sensible, solvent, people will not pay whatever they can beg, borrow, or steal for a house the better.

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In the last six months I have made an offer of 83% asking price, and the other day I made an offer on another house for 94% asking price.

In the first case, the EA simply did not get back to me and I half-suspect they did not even forward on the offer - I had to chase them. In the second case, I still await a reply of any description.

I can put up with whinging but when an EA won't even acknowledge receipt of an offer well in excess of a quarter of a million pounds then it just hits home that there is simply very little professionalism in this particular business.

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  • 284 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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