Bit confused about estate agent's response to our offer

[DidyouseeEthel]

Viewed a property yesterday with DH, we both loved it and we're in a position to proceed. The property is advertised as OIRO £300k and is a project. I came home and rang the agent, offering £290k (cash) and she said 'Mmm...the vendors were really looking for at least £300k, but I'll put your offer in writing and send you a copy too. It's registered your interest at least.'
I thought it would be the start of negotiations? That she would ring the vendors with the offer, then ring me back and we'd settle on a price of whatever we're all happy with. Is this not how it's done now? What if they receive an offer of £300k today? Does the EA have any duty to let me know? I don't know wether to ring back and increase our offer.
TIA

I think it's as it's OIRO rather than a price. When it's a price you offer and negotiate but it might be different with OIRO. Ask them if it's a negotiation or sealed bids or something in between

I wouldn't worry too much. Sounds like the ea is just speculatively trying to get you to raise your offer. Your offer is in the region of 300k (I would treat oiro/oieo the same as any other pricing) so if they want to negotiate they will. I personally wouldn't ask if it's sealed bids/best and final unless it's been mentioned already as you tend to pay more that way.

If you were really worried and haven't heard anything back you could possibly put a note through the vendors door saying your position and offer etc. Although I'm not sure how much the ea would like that

You've made a good offer. I would just wait. We made a similar offer recently and were ignored for a week. I rang the estate agent and said our buyers wanted us to exchange so we'd an answer that day or we'd have to move on and negotiations started. We ended up closer to the asking price than to our original offer. I think they were hoping we would just up our offer because of the silence. I agree it is a silly way to sell a house. If they want more they should be back saying they won't sell for less than £x so you know want they want.

I would have made a similar offer tbh.

but wondering if the EA is being less direct than she could be? she did say they wanted at least 300k? Is that the price they have put on the marketing?

maybe wait a few days and call back?

Mind you we are having terrible luck at buying somewhere as well!

Thanks all for your advice, I'll leave it until tomorrow and then ring back. I'm really tempted with the note through the vendor's door and heartened by success after a week's silence. Hope your luck improves user...746. Gah, this buying/selling malarkey is frustrating!

The EA may be trying it on, but it sounds more likely that the vendors have instructed her that they won't accept any offers below £300k. You could wait it out a bit and see if they will lower their expectations of what it's worth, or you could up your offer. I don't see what use putting a note through their door would achieve as the EA has already said she will pass on the offer.

I'd follow up in a few days if the agent hasn't come back to you with a formal acceptance/rejection of your offer. I'd also be minded to formally withdraw the offer so that the agent doesn't tell other prospective buyers that there's an offer already on the table at £290k bitter experience. I now always make offers with expiry dates!

Definitely don't put a note through their door.

The EA is just being cagey, he knows the seller wants 300, however what they want and what they get offered is a different matter. I'd wait it out tbh. 290 is a good offer, unless the property has only been on the market for a couple of days and there are people queueing up to view. If the vendor is interested then you can negotiate a mutually agreeable price.

The EA is legally bound to pass on your offer in any case. The vendor may just want to mull it over before making a decision.

If they wanted £300k no less the use of 'OIRO' is just confusing, I'd definitely interpret that as 'we want as close to that as possible'

I would ring them todaytoday as you said and say what did the vendors think of our offer?
She has to have passed it on. Then give them the weekend to think about it. I wouldn't increase the offer before they have rejected your first offer which seems a reasonable one.

It's a really good offer IMO as you're a cash buyer! Hope you hear something good today OP

Just to clarify, i would only put a note through the door as a last ditch attempt after weeks of silence. There are crap agents and fantastic agents and everything in between sometimes you have no idea how your offer has been put forward. As a seller I have had an offer passed on as 'they made an offer but not something you would consider.' However op it is unlikely that it's not been passed on. Hopefully you hear something from them.

Thanks everyone for your advice and good wishes. There were a few more viewings over the weekend and they received a higher offer than ours which led to a bit of to and fro earlier in the week until it finally went to 'best and final offer' on Wednesday. We offered £315k but the agent rang last night to say it had gone for much more - I suspect it went to a developer with much deeper pockets than us! So...back to spending my spare time on rightmove. Good luck to everyone trying to buy/sell and thanks again

Sorry to hear that but Hank's for the update