Help! any estate agents or property veterans around?

[greatdreams]

Hi there, we are first time buyers looking to buy a house in the SE. We found one we like but are not totally crazy about, and have made an offer by email. It was a cheeky 10% below the asking price, with clear reasons backing it up (other comparable houses for sale in the area, plus we felt confident it was overpriced as it had been on the market for months, price had been dropped twice). We were really careful with the wording on the email, as to not to offend the vendors and acknowledged the effort and passion they put into the house. Agent has rung back, no reply from sellers yet, but they have said another buyer has made an offer "close to the asking price". So my questions are:
-Do EAs usually pass on actual offer emails to sellers or just tell them the offer value?
-If the sellers decline, can the EA tell us what is the value of the other offer

• We would still have room to up our offer, but only up to about 3% below the asking price. If this was the same or above what the other buyers offered, what would be a good way to increase our offer without completely contradicting ourselves (and loosing face)?
  

thank you :)

[greatdreams]

(bump) :)

[runnerblade]

Hello greatdreams. Just bought a place so had recent experience of this. EAs are obliged to pass all offers on, but there is no way of checking that they do. They won't pass emails on. They are not supposed to tell you value of other offers. But mine did. On issue of increasing bid, just say that the absolute max you can go to is 3% under. My experience is that most EAs can't be trusted though the one that sold me my place was thoroughly decent, but quite rare I think. Good luck.

[specialsubject]

there's no 'face' involved. Put the offer up to what you are prepared to pay and see what happens.

[greatdreams]

Hi runnerblade, how did you get the EA to tell you the value of the other offers?
Special - thanks. Say that we get the EA to spill the beans on the other offers and they are all below the 3% under - what's the best way forward, do we offer straight away our max as best and final or do we match the others and wait to increase if we need to? Don't want to piss off the sellers and EA but want to save a few ££ if I can get away with it!

[runnerblade]

Hi greatdreams. He just told me. I didn't ask. I think he felt sorry for me cause flat I was renting was being sold and I was about to become homeless with DC. There were about 7 other offers on flat I bought but he 'bigged' me up to the vendor above others. If he hadn't we would still be looking. This is London though. Its cooled off a bit now but was mad earlier this year. I'm very grateful to him.

[specialsubject]

don't worry about pissing people off. If you offer too low, others may outbid you. If you offer too high, then you may overpay. Same as any other transaction of this type.

the EA should not tell you the other offers, although many do. He isn't sorry for you, he wants the sale to go through because that's how he makes his money. Remember he works for the vendor.

BTW do you really want this place, re-reading your first post?

[PeterParkerSays]

Also, are you sure that another offer has been put in. Lots of estate agents suddenly receive "new offers", for more money, as soon as you've put an offer in, even if there have been no other offers for months.

I think I'd be a bit more cautious and try a "oh, have they? Let me know what the vendor thinks of our offer won't you" and see what happens.

[greatdreams]

runner glad that you got the house! Not sure I have a proper case for sympathy from the agent...
special Do we really want it? Well, let's put it this way: I just got tired of chasing the ideal house. We've been looking for years and perfection either doesn't exist or is out of our reach. In the mean time, prices have gone crazy and we've been priced out of places that would be perfectly fine (in hindsight). This one ticks lots of boxes, say 70% of what we want. Based on bitter experience, my instinct tells me it's good enough.
peteryes I thought that could be the case. They still haven't got back to me with the sellers' decision (they are supposed to be out all day apparently...)

Oh, the agony! I just want to move on, seems like life has been on hold for so long.

[namelessposter]

An estate agent cannot tell you the value of another offer unless they both have the permission of the vendor to do so, AND they also tell all other interested parties at the same time. They cannot 'make up' offers to try and make you bid higher. They cannot 'forget' to tell the vendor of your offer. If you think they have done any of these things, you can complain to the ombudsman.

[doobledootch]

Really, that's really odd that they don't disclose other offers. I'm in Northern Ireland estate agents always tell you what other people have offered.

[mandy214]

I wouldn't trust an EA as far as I could throw them. They are obliged to pass on offers but I doubt very much they'd pass on your email. At the end of the day it contains comparables that apparently show its worth 10% the asking price which has already been dropped twice!! The EA presumably told the vendor what the asking price should be!

I'd have thought the EA just wants the highest offer. Just make your best offer & be prepared to walk away if its not accepted.

[greatdreams]

Thanks all. Update from yesterday: EA got back, vendor declined our first offer (as expected). I did try to get the value of the other offer from her, but she remained very vage. Said that vendors would accept the other offer unless we came in at asking price. Her voice broke a little when saying that, felt she was going to say 'closer' but stopped. Anyway, last night we sent another offer by email, our best and final at 3% under. Now waiting to hear back this morning. Fingers crossed!

[MagnificentMaleficent]

Any luck OP?

[namelessposter]

She absolutely cannot disclose the value of the other offers. You are asking her to break the law by doing so.

[cricketpitch]

EA cannot disclose other offers. It would not be fair on the vendor for a start - and the vendor is the client.