Placed an offer, now what?

  • Thread starter pollypocket
  • Start date
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pollypocket

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Hi There, would like some advice.

Placed an offer on a house last Fri and we still haven't heard anything. Just wondering is it normal for it to take this long?

The house is being sold by a receiver through and Estate Agent. We put in what we thought was quite a low offer and really thought it would be rejected off hand.

Any advice would be appreciated, anticipation is killing me
 
Contact the estate agent again and see what they have to say about it.
If you really want the house you could tell them that you are leaving the offer on the table until a certain date and time - say 3pm this Fri.
 
We called the Estate Agent earlier and she said she is waiting for them to get back to her and was to give them a call this morning, still nothing. Thats a good idea might move them on a little bit, I would've have thought they'd be more eager to get things moving.
 
Hi,
Don't contact them again, you have placed an offer they might be analysing it or hoping for a better offer, if they haven't rejected you it is a neutral or positive response- hold your nerves and wait.
If you show them you are anxious they are gonna play EA-customer with you.
If they don't even contact in a week's time place a time limit on offer.

What percentage of asking price did you offer them anyways?
 
Our offer was 72% of asking price. EA told us that the last one sold for 86% of asking price . OUr walk away price is 80%.
 
In case there was any rinky dink being done, why not place your offer in writing directly to the Receiver and copy it to the EA.
 
pollypocket said:
Our offer was 72% of asking price. EA told us that the last one sold for 86% of asking price . OUr walk away price is 80%.
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If the Estate Agent phones you back in the next week or so, offer 65% of the asking price. If she says she was willing to accept your previous offer, just say that your new offer is 65% of the asking price. Undergazumping I thnk its called,I may be wrong on that one.
 
gazundering, nice in theory (if not unethical) but if OP really wants it they need to be sure that its not a bargain they are chasing, but a home.
 
You need to back off from contacting the Estate Agent.

Some of them let you dangle for a couple of days - the earlier you get back on to them is in direct proportion to the amount of extra money they can get out of you.

Also look at the Key Posts in this section. There are some tips there on negotiating with Estate Agents.
 
72% is reasonable enough. Hold on to your nerves and let them come back with a counter offer.
 
Pope John 11 said:
So gazumping, which went on for a numerous number of years, was the correct way to go, and was not unethical back then!

Sounds like estate agent talk to me
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And I said that where?? Both are unethical and believe it or not gazumping had more to do with vendors than anyone else. Do you believe that gazundering is ethical?
 
MrMan said:
And I said that where?? Both are unethical and believe it or not gazumping had more to do with vendors than anyone else. Do you believe that gazundering is ethical?
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So if gazumping which had more to do with the vendors pre 2008 say, is unethical, then there is nothing to stop a purchaser from gazunderng now, even if it is unethical to do so?
 
Pope John 11 said:
So if gazumping which had more to do with the vendors pre 2008 say, is unethical, then there is nothing to stop a purchaser from gazunderng now, even if it is unethical to do so?
Click to expand...


Both are legal and both are up to the individual and both are also unethical.

If people try to justify what they do by pointing out what others have done rather than just accept what they are doing themselves then that's their own business.
Gazumping worked as follows, you make an offer to EA, vendor accepts and EA looks for deposit. Then a previous viewer rings the EA and says they want to bid 10k higher. The EA is legally obliged to pass on the offer. The vendor then makes the decision do I go with the agreement in place or do I take the higher bid and maybe even hope for a counter bid from the initial party.
Funnily enough most EA's would prefer to go with the first bid because if the gazumper pulls out then the first bidder might just tell you where to stick your property and you are right back at square one.
 
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