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tellme_why

Sold Or Not Sold ? That Is The Question ...

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Hi all..

Found a property on Rightmove priced "in excess of 500K" and arranged for a visit.

A couple of days later I put an offer for 5% less, just to start off the negotiation.

The EA replied "why is your offer so low?"

I replied that this was my valuation and I could proceed fast with the sale and explained why.

Then he goes "the property was sold STC two months ago but the buyer is not proceeding speedly with the buy".

"We put the property back into the market to put pressure on the buyer".

At that point I thought "Wow.. my time is being wasted for the EA to put pressure on some one else.. should I just stop here?".. my other thought was " this may be just a selling tactic and I should just ignore it and proceed with my current offer?"..

The EA then typed something on his computer and said "I see now the buyer is back on track and sale proceeding".

At that moment I was totally confused cos the property was still on Rightmove..

The EA added "by the way, is this your last offer?"

I replied "this is not my last offer, we can discuss this further but I want you to take this to the owner and see how it goes".

Three day past forward the EA didn't call back, just not interested on our offer any more.

Any advice?

Should I go back for a bid more or should I steer clear from this EA?

The risk for me is the current buyer having spent money on survey and lawyer already and probably not willing to loose these and engaging a bid war.

I could also loose the money of my survey and lawyer as well..?

Many thanks

Any thoughts?

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Don't trust the agent - lying is part of their modus operandi. Don't trust the story they've told you, and don't trust them to have passed your offer on to the vendor. If the vendor lives in the place then put your offer in writing addressed to them and drop it through the letterbox. If they don't you can find their address from the Land Registry and write to them that way.

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For what it's worth I'd do the following.

1. Put the offer in writing to the agent and ask it to be forwarded to the vendor (if you can get it directly to the vendor so much the better).

2. Wait a week, if you hear nothing write to the agent (and vendor if you sent them the original offer) formally withdrawing the offer.

3. Go quiet and do nothing. Look for other houses. Watch your current target on Rightmove to see what develops.

There is no point "bidding against yourself" by making an increased offer at the moment. Who knows what the Vendor/Agent is up to, and if there is a higher offer than yours already through survey and mortgage you're going to have to beat it by a considerable sum (which wouldn't be wise in my view).

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Don't trust the agent - lying is part of their modus operandi. Don't trust the story they've told you, and don't trust them to have passed your offer on to the vendor. If the vendor lives in the place then put your offer in writing addressed to them and drop it through the letterbox. If they don't you can find their address from the Land Registry and write to them that way.

Agree, steer clear. Don't bother using this EA again!

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You don't help yourself by not stating the property address or providing a link.

English law is different to Welsh law as I recall, and scotish law a little different as well perhaps. Apologies to Northern Ireland, I was just looking @mainland

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