Offers

[Mags]

I've just tried to put an offer on a house and the agent told me it was too low and that he wasn't prepared to put it forward. Is he obliged to or is it OK for him to refuse to put my offer forward to the vendor on the grounds that he thinks it's too low?

The agent has just called me to say that by law they have to wait two weeks before putting offers forward. I'm certain this is nonsense but the worrying thing is that this agent is a big, well known one. Are they really as terrified of what's happening in the market as they seem?

[munimula]

I've just tried to put an offer on a house and the agent told me it was too low and that he wasn't prepared to put it forward. Is he obliged to or is it OK for him to refuse to put my offer forward to the vendor on the grounds that he thinks it's too low?

The agent has just called me to say that by law they have to wait two weeks before putting offers forward. I'm certain this is nonsense but the worrying thing is that this agent is a big, well known one. Are they really as terrified of what's happening in the market as they seem?

They have to pass on all offers put forward

http://www.oea.co.uk/about/Code_of_Practice.htm#6.

By law you must tell clients as soon as is reasonably possible about all offers that you receive at any time until contracts have been exchanged

Actually that might not be correct. I missed the next bit;

unless the offer is an amount or type which the client has specifically instructed you, in writing, not to pass on.

so perhaps they don't have to pass on the offer if it is below an amount set by the seller.

Edited December 1, 2005 by munimula

[AteMoose]

I've just tried to put an offer on a house and the agent told me it was too low and that he wasn't prepared to put it forward. Is he obliged to or is it OK for him to refuse to put my offer forward to the vendor on the grounds that he thinks it's too low?

The agent has just called me to say that by law they have to wait two weeks before putting offers forward. I'm certain this is nonsense but the worrying thing is that this agent is a big, well known one. Are they really as terrified of what's happening in the market as they seem?

I believe they have to legally forward all offers, drop a copy of the offer through the owners letter box...

[Mags]

They have to pass on all offers put forward

http://www.oea.co.uk/about/Code_of_Practice.htm#6.

Actually that might not be correct. I missed the next bit;

so perhaps they don't have to pass on the offer if it is below an amount set by the seller.

Thanks a lot for that

[SE1]

I believe they have to legally forward all offers, drop a copy of the offer through the owners letter box...

At a stretch, you could do the same?

[twinkle]

Put your offer in writing and stick it through the vendor's letterbox. Unless the vendor has told the agent they won't accept less than a certain amount, the agent is acting illegally.

[gilf]

Put your offer in writing and stick it through the vendor's letterbox. Unless the vendor has told the agent they won't accept less than a certain amount, the agent is acting illegally.

I'd also mention on the letter that you are not trying to avoid the agent but that he has refused to pass on your offer.

[BuyingBear]

I've just tried to put an offer on a house and the agent told me it was too low and that he wasn't prepared to put it forward. Is he obliged to or is it OK for him to refuse to put my offer forward to the vendor on the grounds that he thinks it's too low?

He is a secret HPC agent and is actually doing you a huge favour, he is diligently bringing the industry down from within.

P.S. He has just taken delivery of a MINI Cooper so his cover is absolute.

Edited December 1, 2005 by BuyingBear

[Mags]

He is a secret HPC agent and is actually doing you a huge favour, he is diligently bringing the industry down from within.

P.S. He has just taken delivery of a MINI Cooper so his cover is absolute.

lol!

They've been in touch and it seems there's more to it than I knew. Turns out it's a repossession sale and they claim to have had an offer just a few thousand below the asking price. They asked me if I wanted to go in with a higher offer than the (perhaps fictional) offer which has apparently already been received. I declined of course but he then ranted at me about how totally unrealistic I was. I suggested he go with the higher offer he's received and leave me alone but he continued to ask me to reconsider. I hate communicating with estate agents!

Put your offer in writing and stick it through the vendor's letterbox. Unless the vendor has told the agent they won't accept less than a certain amount, the agent is acting illegally.

Thanks for this.

They won't tell me who the vendor is and the house is completely empty. All the power, phone and water etc have been cut off. I didn't know that when I arranged to view it after work one evening this week in the dark. Agent didn't even have a torch with him. I had one in the car but how stupid to arrange viewings of a house with no electricity in the dark!

[SarahBell]

I declined of course but he then ranted at me about how totally unrealistic I was

LOL fax and send by registered post a copy oif your offer. Your orig one.

Yes someone *might* have put a much better offer in *but* they might not have done.

You could CC it to the local trading standards -but put a paragraph in about what you've told us that he said

[Guest The_Oldie]

I hate communicating with estate agents!

Me too, I get two or three phone calls a week from them and they're doing my head in with their stupid little games.

[enworb]

Who's to say that the highest bidder won't pull out at the 11th hour.

Insist that the EA passes on your offer, unless they've been instructed to ignore offers that are too low.

If you've offered the 2nd highest, it may in the best interest for the EA and vendor to consider your offer just in case.

[erranta]

Drop to 70% and hold.

Could be described as a "waxing gibbous moon"

Are we all too polite to ask Mags 'why' he's buying at this point in time?

Surely wait till there is at least 40% plus off?

[Saving For a Space Ship]

Unbelievable BS.

Drop out and tell him you'll only consider buying it for 75% of asking. (If you're too raw/shy to do this, do it drunk by e-mail. Start drinking now. Get an e-mail address first.)

Then ignore your 'phone for a week. In a few weeks, you'll get a weasily e-mail/something or other saying they can't drop below 85%-90%.

Drop to 70% and hold.

LEGAL DISCLAIMER: Houses may go down as well as up. HPC members are unqualified to give financial advice and everything they say may ruin your dreams (or give you nightmares with one of those twist happy endings, where hundreds of girls in babydoll nighties clamber all over you - or nightmares that end up with your feet embedded in concrete whilst that neighbourhood gang of kids from infants catch up with you).

"Drop out and tell him you'll only consider buying it for 75% of asking. (If you're too raw/shy to do this, do it drunk by e-mail. Start drinking now. Get an e-mail address first.)"

Welcome to the HPC Veterans club shortly Durch, you earned it

[Mags]

Are we all too polite to ask Mags 'why' he's buying at this point in time?

Surely wait till there is at least 40% plus off?

Good question! I have been waiting (like everyone else) but was tempted by this one as it's my perfect location and house but is effectively just a shell - everything needs doing to it. My offer was very low, accounting for the work that needs doing and the probability of prices falling as well as my need to keep things within the realms of affordability. I've always thought that if people don't pay the prices asked, they have to fall. Even though it could be my ideal home, I won't go above a certain level, and definitely nowhere near the asking price. Which will probably mean I'll be here for a while!

Thanks for all your comments everyone. I've learned a huge amount from this site.

btw, I'm a she!

[Jason]

Good question! I have been waiting (like everyone else) but was tempted by this one as it's my perfect location and house but is effectively just a shell - everything needs doing to it. My offer was very low, accounting for the work that needs doing and the probability of prices falling as well as my need to keep things within the realms of affordability. I've always thought that if people don't pay the prices asked, they have to fall. Even though it could be my ideal home, I won't go above a certain level, and definitely nowhere near the asking price. Which will probably mean I'll be here for a while!

Thanks for all your comments everyone. I've learned a huge amount from this site.

btw, I'm a she!

Welcome to HPC Mags.

I would go with a written offer (by e-mail to the EA), and ignore phone calls. I ignore all phone calls that are withheld or unknown numbers. If/When I do speak to an EA, I just say I can't take your calls when at work - and you've gone home when I get a chance to ring. The EA never listens on the phone, most have been too up themseleves - an e-mail is much better.

[VacantPossession]

Unbelievable BS.

Drop out and tell him you'll only consider buying it for 75% of asking. (If you're too raw/shy to do this, do it drunk by e-mail. Start drinking now. Get an e-mail address first.)

Then ignore your 'phone for a week. In a few weeks, you'll get a weasily e-mail/something or other saying they can't drop below 85%-90%.

Drop to 70% and hold.

LEGAL DISCLAIMER: Houses may go down as well as up. HPC members are unqualified to give financial advice and everything they say may ruin your dreams (or give you nightmares with one of those twist happy endings, where hundreds of girls in babydoll nighties clamber all over you - or nightmares that end up with your feet embedded in concrete whilst that neighbourhood gang of kids from infants catch up with you).

Agreed, the "two week" delay is total rubbish. He is lying.

VP

[Elizabeth]

lol!

They've been in touch and it seems there's more to it than I knew. Turns out it's a repossession sale and they claim to have had an offer just a few thousand below the asking price. They asked me if I wanted to go in with a higher offer than the (perhaps fictional) offer which has apparently already been received. I declined of course but he then ranted at me about how totally unrealistic I was. I suggested he go with the higher offer he's received and leave me alone but he continued to ask me to reconsider. I hate communicating with estate agents!

Let me get this straight:

1. He wouldn't actually show you the house in a lighted setting (oh dear me I forgot there was no light. You want a torch???)

2. He refused to put in an offer and lied directly about why (wait 2 weeks? WHAT)

3. When he didn't get the response he wanted (a higher offer) he let you hang on a thread a bit and tried to make you feel a bit small with the 'don't call me' technique

4. You didn't call him so he called you and (it sounds like) lied again (since why would he chase you if they had an acceptable offer? does he really care that much?)

5. When he doesn't get the response he wants but rather 'please leave me alone' he gets angry and offensive and belittles you as unrealistic.

6. When that doesn't work he gets concillatory (Please reconsider)

And hes not your boyfriend? This is rubbish. There is no higher offer. This is lies and emotional bullying of the highest order, and the guy is a sociopath. I would be waiting for a 50% cut (and not even then till I had seen the gaping hole in the reception room floor boards in the hard light of day )

[BuyingBear]

And hes not your boyfriend? This is rubbish. There is no higher offer. This is lies and emotional bullying of the highest order, and the guy is a sociopath.

He's an Estate Agent.

[roblpm]

Just have to add to this thread that it is obvious that the agent is working for the seller. Thats who pays them so any moaning by buyers is a bit naive. I sold in London a year ago and had an excellent agent who sold to an obnoxious dickhead who had only been in the place for about 5 minutes. The agent earned his 8k much more than the solicitor's 1k who was a prat!!

Anyway anyone who moans about estarte agents are free to set one up, thats not true of all the lieing thieving solicitors, lawyers, doctors etc etc etc .....................