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Original poster

Why would an EA advise this?

26 replies

Converse9 · 08/10/2023 13:12

I rang and spoke to an estate agent yesterday regarding a property that came on the market with them around 3 weeks ago. The house is currently marketed 6-7% above my budget so I wanted to see if they thought it would even be worth a viewing as I didn't want to waste anyone's time. He said that he didn't think there would be any movement on the vendors side yet as it's still early days but that it was definitely still worth a viewing if I wanted to, so I told him I'd think about it over the weekend and let him know. I guess I'm just surprised that he advised me to still go and view the house if he thought the vendor wouldn't accept any less than the asking price. The house looks lovely on the pictures and it's in the perfect location, but it's not as if I can magic up another 10-15k as I've already maxed out my affordability, so it all seems a bit pointless. Also, whilst my budget is only 6-7% less than the asking price, it doesn't mean to say I'd actually offer that as ideally I'd need to keep some money aside for solicitors fees, moving costs, decorating etc.

What does everyone think?

OP posts:
BaronessEllarawrosaurus · 08/10/2023 13:19

While the EA knows that currently the vendors won't accept less he may also think they are asking too much and will have to lower expectations at some point or it could simply be to get people through the door but if that's the reason it again suggests its overpriced.

My vendors wouldn't accept a lower price and did indeed reject when we offered, they came back to us a month later saying did we still want at that price.

greenspaces4peace · 08/10/2023 13:21

Why would an EA turn down a potential client? You might really fall in love with the property and magic up more money, owners usually start asking a bit more to allow offers/counteroffers and you might like the EA/agency they work for and sell your home with them.
its business

Pr1mr0se · 08/10/2023 13:21

EA's will not want to get a price lower than the one they have quoted to the client in the early days as that makes them look like they don't know the local market or they don't want to disappoint their client. Personally, I'd still go and look at the property.

Original poster
Converse9 · 08/10/2023 13:23

@greenspaces4peace but the point is I can't magic up any more money no matter how much I like the house, hence why I phoned to ask what the vendors position was, would they consider offers etc

OP posts:
woodlandtrees · 08/10/2023 13:23

EA are there to sell property. Surely if someone shows an interest it's their job to maintain that interest.

No one is asking you to sign on the dotted line !

lljkk · 08/10/2023 13:24

Buyers do magic up more money.
Vendors do move even when they insist they won't.

Question is, does vendor know that you told EA that you won't move? That's where the lack of honestly could lie. Maybe vendor is hoping you'll magic up more money after all.

duchiebun · 08/10/2023 13:26

Probably cause he knows it's overpriced

jackstini · 08/10/2023 13:28

There's a big difference between a vendor saying they don't want to drop the price, and then having a firm offer on the table a bit lower than they would like, with no other viewings

Agent will know the level of interest and may realise the vendor will have to be flexible

Otoh, they have buyers who say they can't afford asking, but then fall in love and offer it anyway (not saying you are that buyer, but they do exist)

Agent will not want to rule either of those scenarios out

Go see it

KievLoverTwo · 08/10/2023 13:29

The more feet the EA get through the door whose feedback is: it is overpriced, the more justification the EA has to recommend they lower it.

You are a bargaining chip.

That still doesn't mean to say you couldn't get it for -10%, but you may have to wait a while.

WallaceinAnderland · 08/10/2023 13:37

The agents are saying 'they might take an offer but I can't tell you that'.

LindorDoubleChoc · 08/10/2023 13:41

Estate Agents are not psychic. You might love the house and offer the maximum you can afford, The vendors might accept or they might not. Who knows?

People always demonise EAs whilst forgetting that they are taking their instructions from the vendors. They aren't middle-men. They are representing the vendors and it's not always easy to persuade vendors to be realistic and get their house sold.

spitefulandbadgrammar · 08/10/2023 13:48

They don’t know you can’t magic up more money; everyone says they can’t magic up more money, because they don’t want the EA and vendor to know their real upper limit, because bargaining.

He’ll just want to secure X viewings to justify his job.

Haffdonga · 08/10/2023 13:55

Surely it's obvious - either because the EA wants the vendors to see they're doing their job and getting them viewings; or because what you say is your 'absolute affordability' limit might just be a negotiating position you say to every EA; or you might magic up more money for the right house; or the vendor might drop the price at some point if they don't get other offers; or the EA wants to create a buzz around the house to drive up competition ('yes we've had 3 viewings and an offer this weekend so get your offers in quickly').

Why do you think they wouldn't want any potential purchaser to view any property they're selling?

Wheelz46 · 08/10/2023 13:56

Some people use it as a red herring, sorry I can't afford x amount but can afford y amount but suddenly they can afford x amount when the vendor declines the offer.

We had a few viewings on our last house where the buyers stated it was above their budget and tried to negotiate a lower price. We sold to someone trying to negotiate down stating it was out of budget but the money magically appeared when we declined every offer. Pretty sure they had the money all along.

Not saying, this is what you are doing of course but if they get alot of this, then of course the Estate Agents are going to push for viewings.

LimeCheesecake · 08/10/2023 14:17

The EA is obliged to pass on all offers to vendors. So you view and offer 10% below asking. The EA passes this on, the vendor declines. A week later, someone else offers 5% below, the vendor has been primed that perhaps the market isn’t as buoyant as they’d hope and accept this offer that otherwise they wouldn’t. They use your very low offer to start managing down the expectations of the vendor.

or you could be one of those people who definately can’t afford above X but then suddenly can find an extra £10k when faced with missing out on your dream home.

Or the vendor has said they definately won’t accept below asking, but the EA thinks actually when faced with a genuine offer will accept.

mondaytosunday · 08/10/2023 14:28

It's amazing how many people CAN magic up the money if they love the house enough! That's what he's thinking - that you will love it and come up a bit and the vendors will come down a bit.

Hellocatshome · 08/10/2023 14:31

The EA is trying to flog the house they are not going to tell anyone not to go and look at it. You never know who will fall in love with it and manage to find the money or what offer the vendors might accept if they suddenly find a house they want to go to or dont want to wait around for a better offer.

greenspaces4peace · 08/10/2023 14:42

As mentioned, people do magic up money after stating otherwise.

BlueMongoose · 08/10/2023 14:55

The HA may think it's overpriced and that they might get flexible if they had an actual buyer- when they see a nice friendly human person who likes their home, rather than just thinking of ££££ they might get.

Sezza57325 · 08/10/2023 15:07

It isn’t wildly out of your budget, maybe the EA thinks you might be able to find some money if you love the house. It also makes them look good with the seller the more viewings they’re booking as long as the offers aren’t ridiculous. Maybe there hasn’t been much interest in the house

SueDonnym · 08/10/2023 15:28

He wants the sellers to see he is doing his job and finding potential buyers -even if you aren’t!

JustGotToKeepOnKeepingOn · 08/10/2023 15:44

I'd go and see the house. Just to make sure it is what you think it is. You might go into the house and hate it.

But if you do like it, although the vendor probably won't take a lower offer yet, they might once it's been on the market with no offers for a few weeks.

Twiglets1 · 08/10/2023 16:11

You’re overthinking it @Converse9

Why wouldn’t you view the house? It’s almost affordable so will be useful market research. Even if you make an offer and it gets rejected, you will still have benefitted from gaining more knowledge about your local market.

The vendors will be happier to have viewings than no viewings and happier to have low offers than no offers. Who knows, the house might end up being reduced and the EA would then come back to you as a person who had previously made a lower offer.

rainingsnoring · 08/10/2023 16:32

I wouldn't worry too much about what the agent says @Converse9 .
They are sales people are work for the sellers. They will say whatever they think will help to achieve the best price for the clients and, of course, their commission.
It is to the agent's advantage to have viewings as it looks as if they are doing their job and makes offers more likely, even if they are significantly below asking price. There's no harm in you viewing the property to see if you like it. If you were to offer, say 10% below AP, they can only decline. They may come back to you later if they have no better offers. This seems to be happening quite a lot at present.

SlightlygrumpyBettyswaitress · 08/10/2023 16:32

Honestly.
It's the EA job to sell the house. That's why he suggested you see it.
You might be able to go higher, despite what you say to him (he doesn't know if you are telling the truth) The sellers might see something they like and are then willing to see a drop.
You need to get out there!