Offer rejected - help


M

mogga

Our inital offer has been rejected and the estate agent has said
someone else has made the owner an offer they've accepted but says its
not worth us putting another offer in - Do they have to tell me what
the offer is? Or is that it?

*help*
 
Ad

Advertisements

T

Thom

mogga said:
Our inital offer has been rejected and the estate agent has said
someone else has made the owner an offer they've accepted but says its
not worth us putting another offer in - Do they have to tell me what
the offer is? Or is that it?
No he can't tell you what their offer is. However he is obliged to pass
on any offer you make. He should also be able to tell you why its not
worth us putting another offer in.

Thom
 
P

Phil

The agent is obliged to let the vendor know of all offers unless the vendor
has, in writing, given a mandate to the agent not to pass on offers outside
of the criteria set.
P
 
R

Richard Faulkner

mogga said:
Our inital offer has been rejected and the estate agent has said
someone else has made the owner an offer they've accepted but says its
not worth us putting another offer in - Do they have to tell me what
the offer is? Or is that it?

*help*
You dont have to accept what the estate agent says, although they may be
right, and trying to save you wasting your time, and theirs. The owner
might have told them verbally that they are happy with the offer, and
the person it is from, and will not entertain any other offers at
present - no matter how high they may be. Or the agent may be favouring
someone who is arranging a mortgage with them, or for some other reason.
Some of the larger agents on my patch are often suspected of favouring
one buyer over another for some very strange reasons.

If you make another offer, they are legally obliged to put it to the
owner in writing. If you wish to persist, I would put your revised offer
to the agents in writing, and request some confirmation that your offer
has been put to the owner.

If you are suspicious that the agent may be excluding you in favour of
someone they would prefer to buy, if the owner lives at the house, or
you know their address, it may be worth sending them a copy of your
letter to the estate agent. It may even be worth sending a copy to the
house even if they dont live there - they may collect their post. You
could even knock on the door and ask if they are aware of your offer.

If you remain suspicious that your offer has not been put to the owner
in writing, you can complain to Trading Standards, and I understand they
have to investigate.
 
D

DP

The agent wants you to either panic and double your original offer or to let
them earn a commission without "wasting" their time.

What they don't want is for you to increase your offer by £100 increments
until you get a reaction.

The chances are that the agent does indeed have an offer. It may be a good
offer from someone not in a chain. They do not have to tell you what the
offer is but, as other posters have said, if you increase your offer, they
should tell the vendor.

Tell the agent that you are very interested and would like to increase your
offer. Ask them if you would need to offer the asking price and see what
they say.

Whatever happens, don't get carried away. Estate agents can smell
desperation and they know how to play with it.
Our inital offer has been rejected and the estate agent has said
someone else has made the owner an offer they've accepted but says its
not worth us putting another offer in - Do they have to tell me what
the offer is? Or is that it?
www.wych.com
 
B

BonzaiMaster

Our inital offer has been rejected and the estate agent has said
someone else has made the owner an offer they've accepted but says its
not worth us putting another offer in - Do they have to tell me what
the offer is? Or is that it?
I don't get - sounds fishy to me. The more money the agent makes, the more
commission he/she will get. Are you sure he is not trying to sell it to a
mate of his?
 
Ad

Advertisements

T

Tumbleweed

BonzaiMaster said:
I don't get - sounds fishy to me. The more money the agent makes, the more
commission he/she will get. Are you sure he is not trying to sell it to a
mate of his?
Of course it isnt (necessarily) fishy. Agents earn their commission by
making a sale, not by just accepting the highest offer, which may then not
materialise. The highest offer may be from someone who hasnt got a completed
chain yet, or even a mortgage. The current lower offer may be from someone
who is a cash buyer, or who has a chain, or is willing to meet specific
vendor requirements such as moving dates, or may just have shaken hands and
agreed and want to be done with the business of having people tramping
though their home.

As a seller, again your objective is, if you have any sense, to balance each
offer against the chance it will be succesful, also the speed of closing,
the risk you will lose the house you are buying, etc. Its not just about the
highest offer, its not like selling on eBay.

What the OP can do is keep in touch. The house I am sitting in now was
originally 'sold' to someone else, who beat our offer but also was
(apparetly) ina better position than us (we didnt have a chain, they did). I
called the agent a few weeks later to see if they had anything else similar
and was told it had just come back on the market that morning after the deal
had fallen through and was able to make an offer immediately before it went
back on the market.

I dont know what the percentage is, but I believe a very high proportion of
chains do collapse.
 
M

mogga

Thanks to all who have replied...


A further add on quesiton ...

Thinking about offers in terms of making a good offer


Cash offer, no chain, flexible to sellers position, regular buyer of
properties known to agent, cash confirmed.

Whats most important?

If its buying lots of houses through the agent how can I - who only
wants to buy one house - compete?

Thanks again.
 
T

Tumbleweed

mogga said:
Thanks to all who have replied...


A further add on quesiton ...

Thinking about offers in terms of making a good offer


Cash offer, no chain, flexible to sellers position, regular buyer of
properties known to agent, cash confirmed.

Whats most important?

If its buying lots of houses through the agent how can I - who only
wants to buy one house - compete?

Thanks again.

You need to know whats important to the owners as well. Why not ask them?
 
B

BonzaiMaster

Of course it isnt (necessarily) fishy. Agents earn their commission by
making a sale, not by just accepting the highest offer, which may then not
materialise. The highest offer may be from someone who hasnt got a completed
chain yet, or even a mortgage. The current lower offer may be from someone
who is a cash buyer, or who has a chain, or is willing to meet specific
vendor requirements such as moving dates, or may just have shaken hands and
agreed and want to be done with the business of having people tramping
though their home.
What you say makes good sense but I would have expected the agent to give
the OP more information.
 
T

Tumbleweed

BonzaiMaster said:
What you say makes good sense but I would have expected the agent to give
the OP more information.
Well, he's working for the seller not the buyer and doesnt have to pass on
any details, though I agree it would have been helpful to add "because..."
after saying "its not worth making an offer"
 
Ad

Advertisements

D

DP

Well, he's working for the seller not the buyer and doesnt have to pass on
any details, though I agree it would have been helpful to add "because..."
after saying "its not worth making an offer"
Some agents like to play games. They know if they are "unfriendly" to a
buyer who really wants a property, the buyer will sometimes increase the bid
to whatever can be afforded rather that what the property is worth. Consider
this - the asking price is £100k. One buyer talks to the agent and asks what
is the minimum likely to be accepted, the agent says the asking price, £100k
will almost certainly get the house, so this bid is made and accepted. The
agent expects to sell the house and to be proved right with the valuation
and advice. Another buyer bids £95k. The estate agent can afford to turn
their nose up at this. If they give this second buyer the impression that
their bid is insignificant and unworthy of consideration, the second buyer
will either walk away feeling small or make a bid big enough to get
noticed - which could be much more than the asking price. If they told the
second buyer the situation, they might only get an offer of £101k

If you sell socks, you must compete with the next guy selling socks. If you
sell houses, once the voice in the back of a buyer's head says "this is the
house for me", your work is done.


___
www.unitsale.com
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

South Africa Auditing Help! Client acceptance or Rejection? 1
Help offered in Financial services 0
USA Unique Job Offer Help 4
Rejection notices 4
OIC Rejection 2
Password rejected! 3
"forcefully rejected" 4
Rejected category 4

Top