Saw a property in our first choice area but told the EA ahead of time that it was out of our budget. Now, a few weeks later, the EA called saying the vendor was looking for feedback on why we didn't offer. I reminded them that it was out of our budget.
Apparently, the seller has turned down other offers because they want to avoid a chain. I reminded the EA that we are chain-free and ready to act quickly if the seller would consider dropping the price to our budget. It is a considerable drop in price but I feel like we have nothing to lose by putting the offer forward. If they decide they'd rather wait for asking price, then they say no.
But the EA is indicating that she can't even test the feasibility of the offer and put it forward to the seller unless we make a formal offer in writing. Is this correct?
It's time-sensitive because we also have a lead on another property through a private seller and have to give them an answer in the next week or so (max). But this other property is in a better location and would be our first choice if the price came down.
Should I just go ahead and make the "formal offer" (the EA sent me their offer form online). It doesn't tie our hands in any way, does it?
FTB here obviously!