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Original poster

Estate Agent refuses to budge on price

32 replies

socialmedia23 · 16/01/2023 10:45

I need to sell my flat first so this is purely theoretical, but the agent called me and asked what price would I be willing to put forward for this flat I viewed over the weekend. I said that it would depend on what price my flat ultimately ended selling for and the estate agent said that there was no room to budge on price.

I queried this, and said that the flat had been on the market since April 2022. The estate agent said it had been under offer previously and the estate agent does not take properties off the market even when under offer (!)

I thought house prices were falling so this kind of response is a bit unexpected.

OP posts:
Original poster
socialmedia23 · 16/01/2023 10:45

This is in London btw.

OP posts:
singleandwingingit · 16/01/2023 10:46

Explains why the property is still on the market then!! 😂

I'm not an expert but my understanding was that Estate Agents must share any offers with the vendors, irrespective of whether they feel it's too low or not.

Original poster
socialmedia23 · 16/01/2023 10:48

singleandwingingit · 16/01/2023 10:46

Explains why the property is still on the market then!! 😂

I'm not an expert but my understanding was that Estate Agents must share any offers with the vendors, irrespective of whether they feel it's too low or not.

I was going to put in a low ball offer, bearing in mind the current situation.

Should i be thick-skinned and press on when the time comes?

OP posts:
StarInTheHeavens · 16/01/2023 10:48

He's talking bollocks trying to pressure you into the maximum offer, which gives him the most comission.

StarInTheHeavens · 16/01/2023 10:49

Be a cheeky fucker when bargaining, it's a buyer's market. Think where you want to end up price wise, then offer well below that with an eye to ending up where you wanted to be.

Bodgejobvendors · 16/01/2023 10:51

The fact that he’s pressuring you when you’re not even in a position to proceed tells you that the vendor’s hand is not as strong as he’s making out.

Scarydinosaurs · 16/01/2023 10:52

Wait for an offer on yours and when you do, put in an offer you think is fair. They have to let the vendor know about all offers.

JohnnyM · 16/01/2023 10:59

The estate agent might simply be telling you that the vendor has said they won't accept any offer below. If so, that's up to the vendor regardless of what is happening in the market. But it may also be the case that they can't find anyone willing to pay the price they want, in which case it won't sell. As others have said, offer what its worth (to you) and if they don't accept move on and look at other properties.

Mama2023 · 16/01/2023 11:42

The estate agent won’t be making these decisions themselves, they will be taking instruction from the vendor. They do have a legal obligation to put every offer forward so you can always try (unless they have it writing from the vendor they are not interested in offers below X amount)

GasPanic · 16/01/2023 11:59

I would put in as an offer of what the property was worth to me.

I wouldn't be surprised if that offer was rejected. OTOH I wouldn't be surprised either if previously immovable acceptable prices to the vendor suddenly changed :)

Ultimately it depends on how much you want the property. To me the key is to put the lowest offer in you think you can without the agent/vendors dismissing you as a timewaster.

But of course there is some risk associated with this strategy...

rwalker · 16/01/2023 12:03

All depends on position of seller
last house I wanted to sell so took offers

house before that in no rush to sell and it was empty fixed price no offers not in a rush to sell it

Lunde · 16/01/2023 12:05

I would just take this as the EA continuing to talk-up the property with a potential buyer who may not even be a serious prospect. This all sounds like a rather academic discussion if you are not in a position to proceed as you haven't sold your flat yet

AreOttersJustWetCats · 16/01/2023 12:05

It's not the EA's decision, so he is massively overstepping his remit. It's the owner's decision, and the EA is obligated to pass on all formal offers.

The owner may not accept a lower offer either, but that's not the EA's call.

SeasonFinale · 16/01/2023 12:08

Any offer you put forward until you are in a position to proceed isn't likely to be accepted anyway let alone a low one.

Original poster
socialmedia23 · 16/01/2023 12:13

SeasonFinale · 16/01/2023 12:08

Any offer you put forward until you are in a position to proceed isn't likely to be accepted anyway let alone a low one.

I didn't make an offer, he called me to ask me what I would offer.

OP posts:
SeasonFinale · 16/01/2023 12:19

In that case I assume you replied I'm not in a position to make an offer yet.

unfortunateevents · 16/01/2023 12:24

Isn't it highly likely that the flat has been on the market for so long because the vendors are refusing to budge on price, and it's really nothing to do with the estate agent? They're probably quite fed up with the vendor and are making it clear to potential purchasers that there is no wiggle room in order to avoid wasting any more of their and your time. Anyway, it's all theoretical as you're not actually in a position to make any offer at the moment. The flat may not even be available when yours sells.

AreOttersJustWetCats · 16/01/2023 12:28

socialmedia23 · 16/01/2023 12:13

I didn't make an offer, he called me to ask me what I would offer.

Show quote history

Those are desperate high pressure sales tactics.

I wouldn't give this any more thought. Find a buyer for your place, and if that place is still on the market when you are proceedable, offer what it is worth to you.

If an EA is having to ring and chase offers, the vendor is not in a strong position. And he knows it.

LavenderHillMob · 16/01/2023 12:29

I think sometimes venders with large mortgages relative to the value of the property don't have enough wriggle room to drop the price.

Which is problematic if the market is falling. FTB Friends were trying to buy a house around the time of the Trussterfuck and rise in interest rates. They had a mortgage offer so we're in a good position but the vendors of a house they tried to offer on would not move on price - and as far as I can see it is still available at the same price it was on for in September. (Friends didn't proceed).

Speculation of course, but my guess is that they can't afford to sell at the new market level.

LindorDoubleChoc · 16/01/2023 12:32

I don't even know why you are giving this head space. The agent probably hasn't got enough work to do today and his manager is looking at him funny until he starts making phone calls.

Original poster
socialmedia23 · 16/01/2023 12:37

LavenderHillMob · 16/01/2023 12:29

I think sometimes venders with large mortgages relative to the value of the property don't have enough wriggle room to drop the price.

Which is problematic if the market is falling. FTB Friends were trying to buy a house around the time of the Trussterfuck and rise in interest rates. They had a mortgage offer so we're in a good position but the vendors of a house they tried to offer on would not move on price - and as far as I can see it is still available at the same price it was on for in September. (Friends didn't proceed).

Speculation of course, but my guess is that they can't afford to sell at the new market level.

there is no sales history for that flat. so not bought recently

OP posts:
vera99 · 16/01/2023 12:53

If you dared to put up the link I'm sure the Brains Trust MN hive mind will go rapidly to work to determine how much it's actually worth and with receipts as well !

frostygarden · 16/01/2023 13:16

So if there's no budging on the price, why's he ringing to see how much you want to offer?

He's chancing his arm because he wants to shift it. Make your low ball (but reasonable) offer and see what happens.

rainingsnoring · 16/01/2023 14:07

He's just using his high pressure sales technique to put pressure on you.

The flat has been on his books, not shifting since April. It's costing him money so of course he wants a sale and a reduced price would be far better for him than no sale. The market has obviously fallen since April in most parts so if didn't sell at that price then, it is unlikely to now.

I would ignore him.
Why don't you put your own flat on the market and see what interest you get first. It's not an easy market to sell in so you aren't proceedable at present anyway. Once you are, they make take a lower offer much more seriously if they have had no other interest.

WomanStanleyWoman2 · 16/01/2023 15:12

AreOttersJustWetCats · 16/01/2023 12:05

It's not the EA's decision, so he is massively overstepping his remit. It's the owner's decision, and the EA is obligated to pass on all formal offers.

The owner may not accept a lower offer either, but that's not the EA's call.

As others have said, it’s entirely possible that the vendor has asked the agent not to bother putting any below asking price offers forward.

OP - do nothing for now. When you’re in a position to make an offer, you could try a low offer then and see if the agent is sticking to the same line. If they do, just tell them you’re not interested at the asking price. The agent will either accept that or, if he thinks the vendor might wise up, a little wriggle room may magically appear.