Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Is the Estate Agent trying to get more money??

77 replies

Hayz2020 · 23/04/2023 17:08

I need some advice/stories from more experienced people who are buying/have bought houses.

Currently trying to buy a house with my husband and son, we are renting right now so coming chain free (giving us an advantage, especially in this falling market!) and mortgage and deposit all ready to go.

We’ve found a house we really like, and made an offer last week. The offer is our maximum comfortable offer (anybody else watching the Moving Home With Charlie videos for the BEST advice on the market right now?!).

our offer was around 4% lower than the asking price, which as I mentioned, in a falling market, with things only getting worse for sellers, is a fantastic offer. The EA seemed really happy with the offer but after chatting to the vendors, he came back and gave us a very gentle “no” but it felt like he was pushing us to just put in more cash.

it’s like he’s bluffing us, he’s saying it’s a no, but he’s also trying to keep our offer on the table - he said he’d speak to the vendor and reinforce that our offer was our maximum we could and would pay - he told US the vendor tried everything they could that day to negotiate money off of their new build they’re buying in order to meet our offer but “couldn’t” so need us to increase our offer.

basically - do estate agents try the “chicken” game, when they tell you it’s a no in the hopes you’ll ring back desperately upping your bid.
its his job to get as much money yes, but in this kind of market, surely securing a decent sale is worth more than loosing sales?

any stories where an EA/vendor tried bluffing you to get more money, and ended up taking your original offer?

OP posts:
catinthesunshine · 23/04/2023 17:12

Whether it’s a good offer depends on your local area and whether they have any other offers or not.

Original poster
Hayz2020 · 23/04/2023 17:16

catinthesunshine · 23/04/2023 17:12

Whether it’s a good offer depends on your local area and whether they have any other offers or not.

It’s been on the market for nearly 3 months and no other offers yet, my area is the south/south east, where prices are falling quite a bit.

OP posts:
electriclight · 23/04/2023 17:16

This is impossible to answer really. Do some agents lie to get you to increase your offer? Maybe. Is this agent lying to get you to increase your offer? No idea.

If they've tried and failed to get a reduction on their onward purchase then they may indeed need more money from the sale. Whether they get it - from you or another buyer - is another matter entirely.

Leave your offer on the table and walk away. The agent will do everything they can to get them to accept it as any sale is better than none.

caringcarer · 23/04/2023 17:19

If it's a no from the vendor you need to accept that and look for something else. Just because you think it's a fantastic offer, it does not make it so. It's under the asking price. No means no.

bibbitybobbityyhat · 23/04/2023 17:20

It doesn't really matter what the vendors are doing if it's your maximum offer does it? The vendors are perfectly entitled to turn it down. They may get a better offer but they may not. That's a risk they're willing to take.

SeasonFinale · 23/04/2023 17:20

I don't think prices are falling as you seem to suggest - not in the SE anyway

Hummmmaybe · 23/04/2023 17:22

Statistically house prices aren’t falling….
several recent independent reports have reported the same recently. (Feel free to google)

Littlebluebellwoods · 23/04/2023 17:23

It’s very unlikely. The owner has said ni they want more. The agent doesn’t give a shit. He’s trying to nurse it to sale.

just ask him how much the owner wants. Then decide if you will offer or not. Don’t look for conspiracies

Littlebluebellwoods · 23/04/2023 17:23

Sorry just seen it’s the max offer, then just say no. Walk away find someplace else.

VeggieSalsa · 23/04/2023 17:24

If you think your offer isn’t getting to the vendor, put a note through the door confirming the offer you’ve made and your number in case the vendor wants to get in touch.

If they don’t reach out, they don’t want to accept.

Clymene · 23/04/2023 17:26

They have to - legally - put the offer to the vendor. For the EA, they want the cash. Their 1.5% or whatever is not going to be massively affected by you upping your offer by a couple of grand.

So I would suggest they're trying to get you to get your offer to a place where the vendor will accept it.

Original poster
Hayz2020 · 23/04/2023 17:28

Hummmmaybe · 23/04/2023 17:22

Statistically house prices aren’t falling….
several recent independent reports have reported the same recently. (Feel free to google)

They are, you just need to read the data, rather than the biased headlines. If you want more info, consume the data through “Moving Home With Charlie” on YouTube.

OP posts:
Original poster
Hayz2020 · 23/04/2023 17:29

SeasonFinale · 23/04/2023 17:20

I don't think prices are falling as you seem to suggest - not in the SE anyway

They are - the headlines are very convincing, but the data is factual.
regardless, an asking price, isn’t what a house is actually worth, it’s what a vendor wants for it.

OP posts:
Original poster
Hayz2020 · 23/04/2023 17:31

Clymene · 23/04/2023 17:26

They have to - legally - put the offer to the vendor. For the EA, they want the cash. Their 1.5% or whatever is not going to be massively affected by you upping your offer by a couple of grand.

So I would suggest they're trying to get you to get your offer to a place where the vendor will accept it.

Good point! The estate agent has so far been great to us, and when putting our offer forward, he suggested it is a brilliant offer, but after speaking with the vendors, he seemed to be asking us if there’s anymore on the table.

OP posts:
Littlebluebellwoods · 23/04/2023 17:31

Hayz2020 · 23/04/2023 17:29

They are - the headlines are very convincing, but the data is factual.
regardless, an asking price, isn’t what a house is actually worth, it’s what a vendor wants for it.

Show quote history

I’d be very cautious of falling into the trap of thinking the house is coincidentally worth what you’re willing to pay.

either way it doesn’t matter, you’re not entitled to their house. If they don’t want to accep your offer this is their right, it’s their house.

rainingsnoring · 23/04/2023 17:33

@Hayz2020 it doesn't really matter whether they are playing a game of chicken or telling the truth. It shouldn't make any difference to your decision. From what you say about the new build, the story sounds plausible but who knows.

I watch Charlie as well and agree that he is sensible and links to plenty of data showing that house prices are falling and that the economy is in difficulty. Frankly, it's obvious if you just open your eyes!
As you know, he suggests that you submit your maximum comfortable offer and then move on if it is not accepted. The sellers may well have a figure in mind that they think they need to secure their new build but that is not your problem and is irrelevant. Nor is your maximum budget their problem.

Leave your offer on the table and continue to view. You need to remind yourself that this is a business transaction and not an emotional one. Good luck.

Original poster
Hayz2020 · 23/04/2023 17:35

bibbitybobbityyhat · 23/04/2023 17:20

It doesn't really matter what the vendors are doing if it's your maximum offer does it? The vendors are perfectly entitled to turn it down. They may get a better offer but they may not. That's a risk they're willing to take.

I know this! 😂 I really was just looking for similar stories where an agent may have been bluffing someone into upping their offer because maybe it’s not usual for people to put their first offer in as their initial maximum.

im seeing nothing but reduced houses in our area! We put in an offer last year on a house, around 50k under the asking price, they came back to us 6 months after rejecting our offer asking us if our offer is still there (it’s not because we no longer want that house) and since then, they’ve had to reduce it by 150k.. and it’s still not sold.

it’s a crazy market right now, we just want to buy and avoid the “games” as much as poss.

OP posts:
Leftphalange100 · 23/04/2023 17:36

You say it's what the vendor wants, and you are correct- they are entitled to list it for that and they are entitled to accept and decline offers.

If it really is your maximum then you need to accept that no means no and move on.

If its not really your maximum, then it's up to you to decide whether you can meet their asking price and how much you want the house.

But you need to move on from your opinion of the offer- the vendors are entitled to say no. At the end of the day, it's below asking.

Original poster
Hayz2020 · 23/04/2023 17:37

rainingsnoring · 23/04/2023 17:33

@Hayz2020 it doesn't really matter whether they are playing a game of chicken or telling the truth. It shouldn't make any difference to your decision. From what you say about the new build, the story sounds plausible but who knows.

I watch Charlie as well and agree that he is sensible and links to plenty of data showing that house prices are falling and that the economy is in difficulty. Frankly, it's obvious if you just open your eyes!
As you know, he suggests that you submit your maximum comfortable offer and then move on if it is not accepted. The sellers may well have a figure in mind that they think they need to secure their new build but that is not your problem and is irrelevant. Nor is your maximum budget their problem.

Leave your offer on the table and continue to view. You need to remind yourself that this is a business transaction and not an emotional one. Good luck.

Yes very true.
thats what we’ve done, we have left it with them and won’t get back in touch unless they do.

I think what left me confused was he said he’d call us back after having another convo with the vendors, but never did! I’m wondering if it’s a ploy to leave us guessing, but then, I overthink things like that!

thanks guys

OP posts:
MrsCarson · 23/04/2023 17:41

View something else at that same EA office you'll soon hear back from him if he thinks you are looking elsewhere too.

strawberry2017 · 23/04/2023 17:42

You just need to reiterate it's your final offer. Then keep looking. Depending on how desperate the owners are they may think about it and change their minds. They might not.
Everyone likes to think they can get more but realistically if it's been on the market 3 months I think any viewers would expect a lower off to be accepted. Most people would have reduced by now.
It makes me think the vendors are waiting it out because their new property is a long way of completion of the build.

rainingsnoring · 23/04/2023 17:44

@Hayz2020 I totally understand. A lot of people would overthink in this circumstance (I would too) but you need to keep reminding yourself to try to take the emotion out of it. A 4% under asking offer sounds great in an area where everything is being reduced but it is all dependant on the individual sellers and buyers. Perhaps they are unrealistic, perhaps they are desperate to buy the new build and can't make the figures work. At the end of the day, you do what is right for you, submit your offer and move on. If they come back to you, you can reconsider your situation then.

For what it's worth, it sounds as if the EA is very keen for them to accept your offer as he can see that prices are falling in the area and he is struggling to sell. But it doesn't matter really because the decision rests with the sellers!

CharlotteSometimes1 · 23/04/2023 17:48

Whoever this bloke is who’s advising you put in your max comfortable offer forward isn’t advising well imo. I’ve been an EA and unless the offer is at or above asking price most Vendors will turn down an initial offer. Equally most buyers know this and will offer below their max initially. I’d never start off with my maximum amount.

Whilst the EA may offer an opinion on the offer, it’s the Vendor’s call.

in answer to your question, I have had Vendors turn down an initial offer and a couple of weeks later ask if we can get in touch to see if the offer is still valid. Now you’ve gone with your maximum your only choice is to reiterate your interest and walk away hoping they’ll come back to you. It might happen.

Mummy2mybear · 23/04/2023 17:49

We had the same issue as you, we fell in love with the house but used our heads not our hearts walked away. Agent told us another person had offered 5k more would we be willing to go higher. We thought about it but decided to decline we already at the top of our budget long story short we are in that same house now, 3 weeks later had a call to say the buyer had retracted the offer we put the same previous offer in 10 weeks later got the keys. Been here almost 4 years its a different market now but I dont trust the agents at all they out to get every penny possible will manipulate people into getting it. Best of luck OP x

Lavenderflower · 23/04/2023 17:49

Stick to your maximum and move on.

Swipe left for the next trending thread