Damn agents...

[d000hg]

Estate agents, that is.

A property we've looked at twice was put up for £215k a year ago, and reduced to £190 a couple of months back. They've apparently had two offers which haven't gone through:
- One offer was rejected, then they changed their mind but the buyer had already found something else in the meantime.
- Another offer they were happy with, but the buyer is stuffed trying to sell their house first.

The sellers are motivated as they are emigrating to join family, but of course the estate agent won't tell me anything about any offers made. Is this a legal requirement, or is the agent just playing games and might be persuaded to share this info if I play tough?

[DimPrawn]

It's because they think you are an idiot timewaster.

[d000hg]

It's because they think you are an idiot timewaster.

Really? When I've told them we're interested and don't have to sell our own property first? I thought agents were desperate for sales right now?

[pmeswani]

Estate agents, that is.

A property we've looked at twice was put up for £215k a year ago, and reduced to £190 a couple of months back. They've apparently had two offers which haven't gone through:
- One offer was rejected, then they changed their mind but the buyer had already found something else in the meantime.
- Another offer they were happy with, but the buyer is stuffed trying to sell their house first.

The sellers are motivated as they are emigrating to join family, but of course the estate agent won't tell me anything about any offers made. Is this a legal requirement, or is the agent just playing games and might be persuaded to share this info if I play tough?

Play on what you know.

1. The offer has been lowered to £190k.
2. The seller wants to leave the country.

This to me suggests that the seller may be willing to go lower. Put in an offer of £170k (or £160 and use £170 as the upper limit) and see if they will play ball.

[DimPrawn]

Really? When I've told them we're interested and don't have to sell our own property first? I thought agents were desperate for sales right now?

Not to idiots though.

[Liability]

Estate agents, that is.

A property we've looked at twice was put up for £215k a year ago, and reduced to £190 a couple of months back. They've apparently had two offers which haven't gone through:
- One offer was rejected, then they changed their mind but the buyer had already found something else in the meantime.
- Another offer they were happy with, but the buyer is stuffed trying to sell their house first.

The sellers are motivated as they are emigrating to join family, but of course the estate agent won't tell me anything about any offers made. Is this a legal requirement, or is the agent just playing games and might be persuaded to share this info if I play tough?

go to the house themselves.

Dont take anything as gospel from the agents

When I bought my house 4 years back the agents told us that they had 2 other offers which were higher than ours. I just went to the sellers house one evening after wed done a first review and told them straight - got my offer acccepted and done.

Dont take any notice of these pathetic idiots - treat them like Recruitment Consultants

[d000hg]

Play on what you know.

1. The offer has been lowered to £190k.
2. The seller wants to leave the country.

This to me suggests that the seller may be willing to go lower. Put in an offer of £170k (or £160 and use £170 as the upper limit) and see if they will play ball.

That actually seemed a bit high to me. Dropping £25k from £215 is a reduction of about 11.5%, and since the house has been on the market for 11 months that seems about in line with the market loosing value. I'm sort of viewing their reductions as simply tracking the market, rather than reducing the price like you would when wanting to sell in a static market.
Not sure if that's the right way to view things... but to me £190k is about right if it went on the market right now. I'd expect to maybe get 10% lower than that from normal negotiation especially in a falling market... factoring in their desire to sell and get to the place they have waiting abroad (it's been a year on the market) I was thinking of an initial offer of more like £150, but that seems a bit cheeky when you think in absolute terms rather than percentages, and I'm sure to the seller, in their mind "we already dropped £25k".

When are the next monthly market stats released, is it month-end? Waiting is one option, as I've asked the agent to inform me of offers that get made, although this house is having at least some viewings so it is a bit of a calculated risk.

[d000hg]

Not to idiots though.

Estate agents don't want to sell to idiots? Surely that's their main customer base!

[pmeswani]

That actually seemed a bit high to me. Dropping £25k from £215 is a reduction of about 11.5%, and since the house has been on the market for 11 months that seems about in line with the market loosing value. I'm sort of viewing their reductions as simply tracking the market, rather than reducing the price like you would when wanting to sell in a static market.
Not sure if that's the right way to view things... but to me £190k is about right if it went on the market right now. I'd expect to maybe get 10% lower than that from normal negotiation especially in a falling market... factoring in their desire to sell and get to the place they have waiting abroad (it's been a year on the market) I was thinking of an initial offer of more like £150, but that seems a bit cheeky when you think in absolute terms rather than percentages, and I'm sure to the seller, in their mind "we already dropped £25k".

When are the next monthly market stats released, is it month-end? Waiting is one option, as I've asked the agent to inform me of offers that get made, although this house is having at least some viewings so it is a bit of a calculated risk.

I was going to suggest a lower number than £170k, but I thought it would be pushing it. However, there's no harm in trying for £150k and negotiating to a rate you can afford. I don't know when the market stats are released to be honest.

[pmeswani]

Estate agents don't want to sell to idiots? Surely that's their main customer base!

It's also some Banks customer Base. (HBOS and RBS to name 2).