Property Offer and Estate Agent tricks

10
Found 30th Sep 2011
Hi all,

I have found a property I like, and have made an offer, but have a feeling the estate agent is trying to crank the price towards the asking price.

He said there is another offer closer to mine, but haven't told me exact amount. Can I request this information or is this all disclosed?


Thanks In advance.
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10 Comments
dont up your price, just tell them "you have my offer" and walk away
Banned
Errrrr......no

You either believe them and make a better offer or ignore them and lose the house.

You can't force them to disclose what the other offer(s) are
Original Poster
Its a strange one, at first they said that vendor will not accept anything lower than xxxk amount
then next day called and said they will accept lower than xxxk so I made another bid -20k asking.

on that same day he said vendor is determined she wants xxxk -10k.
I called today and said i be waiting until i view another property, and he told me an offer has been made close to mine. So we decided to offer -7.5k of new price. which he replied an hour late the other offer has been accepted... on top of that, he asked if we was still viewing the other property if our new bid be accept, which i replied no...



Edited by: "thir13en" 30th Sep 2011
The Estate Agents are in effect being paid by the vendor so it's their job to achieve the best possible price so will try to get as much out of you as they think they can, that said, they also just want the house sold, so will depend on the agent.

Also, many vendors will muck the agents around anyway, so its definitely not an exact science.

so - either you want the house or you dont. If you do, offer a fair price that you are happy with.
We sold a flat once, and I accepted the first offer, which was jolly good. However, when we came to close the sale I noticed that the sale price was three grand MORE than I'd happily agreed to. I queried this incase there was some error on the paperwork, and my friendly estate agent told me even though I'd bitten his arm off to accept the first offer he still went ahead and tried for a bit more. I was stunned, I mean what if his pestering had lost the sale all together? Needless to say, I'll use that agent again, when I'm selling, but be considerably more cautious as a buyer!
Original Poster
all im getting from them is if that offer is my final offer. what the hell... what difference does it make, think i will just give up hope and move on.
FrootCake

We sold a flat once, and I accepted the first offer, which was jolly … We sold a flat once, and I accepted the first offer, which was jolly good. However, when we came to close the sale I noticed that the sale price was three grand MORE than I'd happily agreed to. I queried this incase there was some error on the paperwork, and my friendly estate agent told me even though I'd bitten his arm off to accept the first offer he still went ahead and tried for a bit more. I was stunned, I mean what if his pestering had lost the sale all together? Needless to say, I'll use that agent again, when I'm selling, but be considerably more cautious as a buyer!



Wow.
No, by law they are not allowed to disclose the amount of the other offer. But you can ask if the other people are in a chain, and use this to your advantage if they are and you are not. Eg. My final offer is £x and I can exchange asap.

Also, offer to go in a see the estate agents mortgage advisor (most are free if they have them - check first tho) so they know you are financially able and committed/ also slight motivation on the estate agents part as they will get commission if u do sign up.

At the end of the day, they have to put forward all offers to the vendor. A large proportion of sales fall through, so by putting yours forward in the best light you will have an advantage.
Edited by: "hyperemisis" 30th Sep 2011
whatsThePoint

No they won't, for each extra k they get a few quid, they would rather … No they won't, for each extra k they get a few quid, they would rather spend their time working on the next sale



They will be on 1% at least meaning for every grand it's £100 - it is clearly with them trying for this, as it keeps the client happy as well.

To think they're so overburdened with work during this market is daft - they're playing the OP.

OP - pay what you think the house is worth after doing your homework - check sold prices in area etc - tell them the offer is good for 24 hours then see what they say.
whatsThePoint

LOL How much X)Plus that £10 is what the company gets, the agent … LOL How much X)Plus that £10 is what the company gets, the agent themselfs will get a small % of that



Oops my bad oO- in any case, I couldn't give a rat's ass how much the agent eventually gets - they're all a bunch of scheming, money-grabbing dishonest retards. X)
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