waiting for EA response

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positivenote

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Hey there, sorry about posting this befor but it was buried in a different thread... advice would be welcomed.

put a bid in on a house 5k below the quoted price qnd the EA asked me was i qaware that the bid was under by 5k, i told him that we were aware of this. He said he would get back to us and took our number. Its been 2 days since and he has not got back to us... it's only on the mrkt athis week, but is he obliged to let us know if our offer has been bettered even though we did not meet the asking price. We underbid because we recently got involved in a bidding war and it got a little crazy, money wise, and on reflection it was better off that we got out bid. I just have the fear that because we underbid the asking price he might not keep us informed if the bid has been bettered...
are we going about it the right way or should i ring him back and raise our offer to the asking price (we are prepared to go a few 'k' over it if we have to).
thanks again
 
Re: waiting for EA respones

No, from my experience they'll always ring you back once another offer comes in.

I'd say just sit tight - they won't sell the house without checking (repeatedly!!) with anyone who's expressed an interest in the house whether they want to make 'one last bid to secure it'...

If you're really worried, get a friend to ring the EA on Monday and innocently enquire whether there have been any offers on it.
 
Re: waiting for EA respones

Hi there,

If I were you, I would ring the EA and ask if there has been update or feedback on your offer of 2 days ago. Regardless of whether the bid is under the asking price, he is still obligated to inform you of the situation as you have made an offer. Ring him and find out whats going on, Dont raise any offer until you suss out the situation. Good luck
 
cheers folkes, got a friend to ring and the highest bid is still our own of 5k under asking. The deal is that we want to spend the vast majority of the money we hope to save on renovations of the house... knocking down a wall to expand a kitchen, re carpeting the whole house and putting in new bathroom. We hope to do all this for about 20k (ish)...
although i kavent a clue how much kettle will cost never mind a new kitchen :)
 
The first thing I'll say is don't despair. We bought our house for under the asking price two years ago. It was in VERY bad repair and the dreadful presentation also put prospective buyers off, which was good news for us. Our first bid was 10k under the asking price, then following a rejection of that offer we went 5k under. The EA took absolutely ages to come back to us each time, I'm talking weeks of waiting by the phone, but that's simply because no one else was interested. (There's a salutory tale here for sellers about presentation - the house was actually in reasonable structural condition but manky dirty - full ashtrays and disgarded wine bottles will put off the faint hearted!! but that's another post!)
Anyway to cut a very long story short we finally got the house for 2.5k under the asking price - we were bidding against ourselves in the end and refused to go the full whack when there was no competition. It was a tough battle and at times we came very close to giving into the EAs demands and handing over the full amount but they blinked first in the end.
There are some people, possibly even on this board who will say we should have stuck at 5k under, but we were absolutely 100% sure that it was teh right house and location for us so we were keeping that knowledge in the mix as well. Best of luck with it anyway.
 
personaly i think that there will be more buyers interested as the house is not in bad condition at all. I have a fear that the longer it goes and houses in the area become scarcer that we will be out bid and this is what keeps saying in my head 'go back and secure the house'... i've already started to think ofd how we will change the house around!!!
Should i give the EA aring and see if our offer has even been put to the vendor.... or will this be a waste of time as he will proberbly just tell us that it hasn't been accepted.
 
There is little chance that a seller will accept the first offer in the first week of selling. They will almost definitely want to wait a few weeks to see what the interest is.
Unfortunately, that leaves you waiting by the phone. I agree with some of the
posters who suggest that you ring and check, but it has only been two days and you dont want to sound desparate and give the EA the idea that
you are willing to bid more than you have to. You need nerves of steel.
Hang on in there for a few days and see what happens.
 
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