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O/t I Know But Advice Please On Eas

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I've just called the estate agents to put in an offer on a house. I want to buy for personal reasons, and checked with this site and nethouseprices before coming to my offer.

The EA said that they had already had 2 offers, both higher and the vendors were waiting to see if we were going to put in an offer before accepting. All of us FTBs - imagine that!

The house has only been on the market for a week and a half max, it only went on their website towards the end of last week.

Is the EA trying it on or are they not allowed to do that?

I asked to think about it.

Thanks in advance - and no we won't get in a bidding war, we will walk away, just can't believe it.

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Is the EA trying it on or are they not allowed to do that?

They can do pretty much want they want with buyers -- never forget that the estate agent works for the seller, and they are legally required to screw as much money as possible out of the buyer.

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Thanks. I've left a message at the EA saying that is our offer and we won't be increasing it. Interestingly this EA isn't a member of NAEA, at least then you could complain to someone!

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Just being nosey, but was your offer well below asking? 10% 20% 30% off !!, if the agents think he can get better he may not pass it on, I would pop a copy of the offer in the post to the seller.

ril

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Our starting offer was 5% off (yes, I know, but the asking price was reasonable to begin with)

Maybe my areas is flooded with lots of wealthy FTB :o

Thanks for the help. I'm waiting for them to call me back after I left a message saying that we would not be increasing the offer as they had asked (still not a refused offer though, if they've had higher, why not just refuse mine?).

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Our starting offer was 5% off (yes, I know, but the asking price was reasonable to begin with)

Maybe my areas is flooded with lots of wealthy FTB :o

Thanks for the help. I'm waiting for them to call me back after I left a message saying that we would not be increasing the offer as they had asked (still not a refused offer though, if they've had higher, why not just refuse mine?).

If they now accept your offer i would drop it 5% straight away for lying to you.

ril

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Our starting offer was 5% off (yes, I know, but the asking price was reasonable to begin with)

Maybe my areas is flooded with lots of wealthy FTB :o

Thanks for the help. I'm waiting for them to call me back after I left a message saying that we would not be increasing the offer as they had asked (still not a refused offer though, if they've had higher, why not just refuse mine?).

Maybe they have got other higher offers...

However, if they haven't and they come back and accept your 95% offer would you not be just a little tempted to withdraw it and offer them 90%?

Damn, you beat me to it ril!

Edited by bandylegs

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Our starting offer was 5% off (yes, I know, but the asking price was reasonable to begin with)

Maybe my areas is flooded with lots of wealthy FTB :o

Thanks for the help. I'm waiting for them to call me back after I left a message saying that we would not be increasing the offer as they had asked (still not a refused offer though, if they've had higher, why not just refuse mine?).

I would do what you're doing, and not increase the offer. But continue to watch the property, so if it is removed from rightmove/EAs website... if it comes back on the market, offer less than your original sum!

Edit: Dam it, it looks like Ril, and BandyLegs beat me to it!

Edited by Jason

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If you want to force them to pass it on you do need to put it in writing. You might be grateful though that they didn't. I tried to offer about 3 months ago and they refused to pass it on with exactly the same story. It sat on the shelf for another 3 months and then got passed in at action for around 20% less than I had offered. The reserve was 2K less than I had offered!

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EAs have a legal obligation to put forward ALL OFFERS PROMTPLY AND IN WRITING. Saying that they may have a policy to only put forward offers received in writing (and there is a fair argument that an offer is not serious if someone can't be bothered to spend 3 minutes writing it on a bit of paper). Also the agent may have agreed with the owner to ignore all offers below a certain amount. (I would want that in writing if I had agreed that with a vendor, so if that was the case perhaps they can show you the contract where that was agreed.

EAs are there to act for the vendor and get the right price, but they are not allowed to misrepresent other offers. They can say "there is other interest" if someone else has looked at it and they may consider putting in an offer, but they can't say there are other offers if there aren't and they can't say there are higher offers when the offers are the same or lower.

You can always go to trading standards, but you've not exactly got any evidence yet have you? If you are genuinely concerned then perhaps a quick chat with the owners direct is in order?

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EAs are there to act for the vendor and get the right price, but they are not allowed to misrepresent other offers. They can say "there is other interest" if someone else has looked at it and they may consider putting in an offer, but they can't say there are other offers if there aren't and they can't say there are higher offers when the offers are the same or lower.

That's interesting as I know my offer is just below the other 2 and a couple of thousand ought to put me at the top! The big question is how do I know if the offers are genuine, the EAs are not NAEA members.

I'm holding fire and putting my offer in writing cc'd to the vendors.

I think.

Thanks all.

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That's interesting as I know my offer is just below the other 2 and a couple of thousand ought to put me at the top! The big question is how do I know if the offers are genuine, the EAs are not NAEA members.

I'm holding fire and putting my offer in writing cc'd to the vendors.

I think.

Thanks all.

You don't unless you have enough of a concern to go to trading standards, complain, and get them going through the agents files.

Every situation is different but as a general rule I would not reveal what other offers were. I'd say, "I'll put your offer forward, but to be honest there are other offers on the table and I'd be surprised if yours was acceptable." I may then suggest that you should raise your offer a little or a lot depending on the situation.

It is also worth remembering that if the offers are pretty similar then it may be worth taking £1k less from a FTB with mortgage already arranged compared to £1k more from a FTB who has only just approached their bank.

The other thing to note is that the agent isn't bothered about a couple of k as a general rule. This is not to say he isn't doing his best for the vendor, just that he is probably making 1.5% of £150k = £2250. If he makes 1.5% of £155k then he'll make an extra £75 (or the individual negotiator will make an extra £7.50 before tax - 10% commission is normal). If he is trying to get you to pay a couple of thousand extra through dishonesty (which he probably isn't but is possible) then there is a pretty good chance that he is doing it because he knows the vendors bottom line and you're not there yet rather than for any underhand reason. ie, if you want to buuy the house then pay the extra, if you don't want to pay the extra then forget abot it (whether there are other buyers or not). Saying that, what is an unacceptable offer today may well be acceptable tomorrow (or next week, month)!!!

FF

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The EA may have 1 other offer & want to match it so he can say to buyer 1 - oh we have received a similar offer - do you want to increase your offer?

They may just have another interested buyer they are trying to get to make an offer - you never know.

Just go with your gut instinct - if the house is repeatable (ie you could buy something similar) don't get sucked into a bidding war. If the house is unique (which few are) then it's your call about whetehr you are happy to (possibly) lose it.

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  • 301 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% +
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      • Even
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      • up 5%



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