Wondering if anyone else has been in this situation before ?

thelibertyboy

So myself and my partner have been looking for a month or so now we have seen a house in our price range its been up online for 2 months and has had multiple viewings on the property and no offers and has actually dropped down 25k in price in the 2 months. we got to view it and the estate agent said yeah the owner wouldn't go any lower than the asking price and there was only two other people there on a Saturday viewing there has been a number of cancelled viewings and other people just dont seemed interested. so we got to see the house and there is a good amount of work to be put into it upwards of 40k so we offered 10k lower than the asking keep in mind this is the first offer on the property ever. so the agent came back and said she wouldnt let it go for that now shes actually looking for 15k over the asking which we dont have so i told him we are willing to offer the asking and they said awh this seems to be a slow burner etc etc iv looked up this estate agent and they are notorious for this type of messing around anyone any advice on this other than pulling the offer

Victor

It's the EA's job to get the best price for the property. They do not work for you and they are not your friend.

Ignore current property. Find something else the estate agent has that is cheaper and in need of work and extension or you would need to buy a (second) car, ask to view it and consider making a bid much lower than what you are currently bidding. Make them realise you aren't made of money.

Mickiemcfist

thelibertyboy wrote: »

So myself and my partner have been looking for a month or so now we have seen a house in our price range its been up online for 2 months and has had multiple viewings on the property and no offers and has actually dropped down 25k in price in the 2 months. we got to view it and the estate agent said yeah the owner wouldn't go any lower than the asking price and there was only two other people there on a Saturday viewing there has been a number of cancelled viewings and other people just dont seemed interested. so we got to see the house and there is a good amount of work to be put into it upwards of 40k so we offered 10k lower than the asking keep in mind this is the first offer on the property ever. so the agent came back and said she wouldnt let it go for that now shes actually looking for 15k over the asking which we dont have so i told him we are willing to offer the asking and they said awh this seems to be a slow burner etc etc iv looked up this estate agent and they are notorious for this type of messing around anyone any advice on this other than pulling the offer

Possibly post a letter to the house owner stating what's going on, just in case your offers aren't Making it to them, other than that I don't really know what else you can do other than look at other houses

Graham

This sounds like completely normal behaviour.

Vendor has a price in mind which they won't go below, you get to decide whether you'd like to increase your offer or hang around on the off-chance they get bored waiting and reduce the price.

In a rising market, the vendor may well be right to hold out if they're not under pressure to sell.

Meeeee79

Hold tight basically would be my advise. Leave the offer on the table for a couple of weeks, if you haven't heard anything from the EA by the end of this give them a ring and tell them you need a decision or you will be pulling the offer in 2/3 days for example.

Putting the vendor under pressure straight away to make then decide probably isn't the best tactic and pulling the offer straight away means you don't get what you want.

Patience is the key.

thelibertyboy

Thanks for the reply guys i think we are just gonna leave our offer there for a couple weeks and if if doesnt come back in 2 weeks we will pull it and give him a couple days notice prior as @Meeeee79 said i understand its normal practice but just shady **** TBH and it looks like its always been and always going to be like that iv a feeling they didnt even run the offers by the owner

Askthe EA

Meeeee79 wrote: »

Putting the vendor under pressure straight away to make then decide probably isn't the best tactic and pulling the offer straight away means you don't get what you want.

Patience is the key.

THIS!!!!!!!

Humans dont like being backed into a corner!

thelibertyboy

Askthe EA wrote: »

Meeeee79 wrote: »

Putting the vendor under pressure straight away to make then decide probably isn't the best tactic and pulling the offer straight away means you don't get what you want.

Patience is the key.

THIS!!!!!!!

Humans dont like being backed into a corner!

Yes i do understand hes trying to get as much as he can for it but going from telling us they would take the asking if it was offered to saying they will take 15k above the asking now is most likely the agent trying to scam more money out of us and trust me if you saw the house ud understand if we were to pay that amount there would be no point in buying thanks for everyones opinions guys (y)

Graham

thelibertyboy wrote: »

Ygoing from telling us they would take the asking if it was offered to saying they will take 15k above the asking now is most likely the agent trying to scam more money out of us

It's a rising market, it's quite likely the vendors expectations have changed.

You either decide it's worth what they're asking and cough-up or you walk-away/wait.

thelibertyboy

yeah it changed from saturday dont think so mate hes just trying to milk it not worth what hes asking

C3PO

thelibertyboy wrote: »

..... most likely the agent trying to scam more money out of us ....

I see this opinion expressed regularly in this forum but to me it just doesn't make sense! Why would an agent be prepared to potentially lose a sale for the sake of an extra €150 (1% of €15,000)? Much more likely that he would tell his client to accept the offer, take his commission and move on to the next sale!

thelibertyboy

yeah doesnt make sense to me either but they are known for this exact practice even my finiancial broker hadnt got any good words for them

spaceHopper

Forget the agent, they can only recommend, the seller decides, what do you know about the seller. Why are they selling and why do that want 15K more. Is there a reason other than just because. Have they room to move. You could stick at the asking, meet them in the middle or walk. Take your pick. I think I know who the EA is from what you say but you have to realistic, he only gets paid if the house sells and the margin on 15K is not worth the extra effort or losing a sale.

Graham

thelibertyboy wrote: »

yeah doesnt make sense to me either but they are known for this exact practice even my finiancial broker hadnt got any good words for them

It's the estate agent job to get best price for his client.

The client has either decided on his own or under advice from his EA that the property will fetch more.

shaunr68

What's the term for the scenario where the vendor is in negative equity and being forced to list the property for sale by the bank, but they don't actually want to sell and in collusion with the estate agent to obstruct potential purchasers.

Almost certain I experienced this myself on a house we looked at that had been on the market for 18 months. Phoned the auctioneer who was extremely cagey and when I asked was the house for sale he replied "It might be"!