WWYD?

[reggiechase]

Found house, been on market a couple of months and price dropped by 50k last month. Needs a bit of work.
Booked to view next weekend with our builder.
EA rang Friday to say offer had been made and advised that if we are interested to put our offer in.
Put offer in this morning.
EA advised it was lower than the other offer by 'more than a few thousand.'
Like the house but dont want to be played or get into bidding war. WWYD?

[NorbertDentressangle]

Personally I would sit back and wait.

Houses are not shifting at the moment and it may be a case of the vendor trying his hardest to get the price back up after dropping it 50k.

Then again it depends on what else is available in your area? Does this house tick every box for you? Had you put in what you thought was a low offer?

[reggiechase]

Yes it was 10% off asking price

[MorocconOil]

You can find out what kind of buyers these people are ie are they in a chain. It maybe they are 'better' buyers than you. However you may be better buyers than them, and even if you are offering less may actually be more acceptable to the vendor.

[thisisyesterday]

are you in a particularly favourable position? that may help (ie, no chain below you, mortgage arranged etc?)

if so then you could ask them to put your offer to the sellers and see what they say. it's worth a try

if not then I would up the offer if it's still a good price and you like the house

[aftereight]

Sounds like EA bull to me, trying to pressurise you. Of course you can't prove it, just sit it out. V frustrating in the meantime, I know.

[reggiechase]

How would you find out mimizan? EA not giving much away.

We are in good position - our property is under offer, our buyer is ftb so no chain below, mortgage arranged, good deposit.

If it is rejected we could go to 5% under asking price and then leave it on the table. Bit worried they will accept other offer and we will lose it.

Ah this is stressful..

[MorocconOil]

I would definitely ask the EA what position the buyers are in.

[reggiechase]

aftereight, thats what Im thinking too, but like you say, you cant prove it. so frustrating.

[MorocconOil]

I think the EA should tell you. It sounds like you are a good buyer.

[reggiechase]

hmmm they are not answering the phone just now.
annoying.
just have to sit tight then.
or up the offer a bit?

[reggiechase]

they are probably eating lunch and laughing mwah hahahah ..at me. paranoid now!

[MorocconOil]

I'd sit tight. Bet they'll be on the phone to you before too long.

We're going through the same pain at the moment. It took us over two weeks to negotiate the prices on the houses we were buying and selling. It was sooooo stressful. All the speculating and wondering what games the EAs were playing was awful.

[MorocconOil]

We felt really annoyed at the thought of them working out what they'd be spending their commission on(taking girlfriends on a posh holiday) while we were sweating away with worry.

[reggiechase]

Thanks for the reassurance mimizan.

Two weeks.. god thats a lot of negotiation.
Did you get a fair price in the end?

This system is so frustrating.
The only time I have ever had to negotiate prices and mind read like this was in a Tunisian market... and this is the biggest purchase we will ever make.
Its nuts.

[MorocconOil]

We got 15% off the one we are buying, and accepted 10% off ours. Still extending our mortgage by a lot of money which is causing me much anxiety.

Once we had negotiated the price we had to go back and negotiate about fixtures and fittings which got ridiculously stressful. Basically haggling over curtains and carpets,(we don't even like, but can't afford to replace) was JUST like a Tunisian market come to think of it!

Have you rung again?

[reggiechase]

All the negotiation was worth it then, 15% off is good going.

Yes, still no answer. They probably have caller ID.
Am going out now, will think about other things!

[reggiechase]

EA called back.
Other buyers are exactly like us.
They have asked for our "best offer" by tomorrow in order to be fair and avoid gazumping scenario or bidding war.
sigh

[lalalonglegs]

To be fair ? What so you and other party can both up your offers in the off chance that the other one has? And this is to "avoid" a bidding war?

[reggiechase]

I know. Its bollocks isnt it. I feel like bailing out tbh

[lalalonglegs]

Play them at their own game, put in a lower offer than your original one .

[Mooos]

Bloody EAs - don't trust one word of what they say.

I think you should play them at their own game and tell them your offer is the final one and is going to reduce by £1k per week.

(Why don't you go round to the house and put the offer in writing to the home owner?) Could be the case that there actually isn't anyone else interested in the house - remember most EAs are lying scumbags.

[MorocconOil]

Any news reggie?

[reggiechase]

We did up our offer in the end, to 5% under asking price - and, of course, it has been accepted.

This is subject to survey. and what our builder says tho..

We have been massively manipulated havent we!

[MorocconOil]

Well if you really want it, it's not a bad outcome. You have left the door open for bargaining down after survey.

I'd like to say the worst is over now, but it goes on and on until you complete.

[BlockedPoster]

Er, if the 'other offer' was a few grand more than yours, bwhy hadn't the vendors already accepted it? Was there someoen else interested?

Be circumspect wrt the survey; think of it as a bargaining tool.