Is estate agent messing us around

11 replies

Redhand · 27/11/2023 16:08

Viewed a property last week that was on the market for £605k I was interested in making an offer but at around £535k. On Thursday I was told by the agent the seller had already rejected an offer of £560k, and I wonder need to offer at least £570k.
this was on Thursday - today I get a call for the said said he vendor would be happy if an offer of £550k.
the property has been on the market for 2 weeks.
how can you go from rejecting an offer of £560k to be willing to accept £550k? And the person who offered £560k isn’t interested anymore - in the space of 2 days?

OP posts:

1ittlegreen · 27/11/2023 16:09

Many reasons, the previous offer could have fallen through and the vendor knows it may be the best offer they get for a quick sale.

mondaytosunday · 27/11/2023 16:12

That's a big drop for a property that's only been in fir a couple weeks. Either it was a very optimistic price ve if it had been in the market longer (maybe with another agent)? Anyway you could always try and meet in the middle. 'Other offers' are irrelevant- go with what you think it's worth.

NewFriendlyLadybird · 27/11/2023 16:24

The offer of 560k may not have come from a proceedable buyer, or at least not from one in a good position.

The EA obviously didn’t exactly put your offer to the vendors, but must have mentioned it. And maybe you’re in a better position and they figure that it would be better to accept a lower offer now than hang on indefinitely waiting for a better one.

m00rfarm · 27/11/2023 18:12

Many times the agent is driven by what the vendor wants them to say. They are, after all, paying the bills, and irrespective of what the agent may WANT to say, they cannot make it up - they have to work with the vendor.

If the house is worth 550 to you, then go ahead and buy it. If not, then don't buy it - it is honestly that simple.

Flubadubba · 27/11/2023 18:20

Sometimes it's because they have managed to find somewhere, the numbers work and they don't want to lose it. Worth asking about their position.

The other buyers may not have been able to get a mortgage/not be proceedable/ been in a huge, undesirable chain /been made up. Immaterial IMO.

Owlcat42 · 27/11/2023 18:34

When i was a first time buyer an estate agent told me the minimum offer I could make on one particular flat was £30k more than the vendors told me when i met them a couple of hours later. And this was 20 years ago, so a huge difference.

Funnily enough, the price the estate agent told me was what he knew was my top budget.

I’ve met some excellent estate agents but i wouldn’t trust this one.

CrashyTime · 28/11/2023 21:23

mondaytosunday · 27/11/2023 16:12

Maybe they are using PropertyLog and realised that they are out of touch with local asking prices.

Twiglets1 · 29/11/2023 07:48

If you think the property is only worth 535k then make an offer at that price.

Everything else is just noise.

CrashyTime · 29/11/2023 18:24

Is there a link to the house?

XVGN · 29/11/2023 20:34

If yours is the only offer then you ARE the market for that property and you set the price. The owner can then accept or decline.

CrashyTime · 02/12/2023 14:08

XVGN · 29/11/2023 20:34

If yours is the only offer then you ARE the market for that property and you set the price. The owner can then accept or decline.

Exactly, they can take it and move on with their life or stay put, their choice in the end, the buyer will have plenty more choice of places to buy.

Flip