Offer, what is the agents responsibilies??

Hi there,

I am a long time lurker here and we have just put an offer in on a house. The house was overvalued to start with and went through a series of price drops. We have gone in with a first offer way below what they were looking for, but there are no other offers in and there is no one else looking at the house, also the house needs to be completely renovated.

The agent wasn’t too happy with the offer and said he would be compromising himself if he advised his client to accept this offer. However, I have been studying the property market for years and comparing the property price register to the starting price of similar houses listed and I don’t feel that the offer is outrageously low as the agent claims.

So my question really is, does the agent have to bring the offer to the seller??? And how long should I wait for a response???

Thanks

Late approval, so bumped.

Patience, patience, patience. Hang in there. Do not do anything for another while. The agent has not dismissed you outright, they are whinging and whining about it not being enough BUT he has not said No. So by offering you have entered into the negotiation process.
Wait at least a week would be my advice. The agent will let you sweat for a while to see will you come along of your own accord with more money. They need to gauge the size of your wallet by your behaviour.
After a decent interval if you hear nothing you can go back and enquire. They usually leave you at least a week without returning your call I have found.
At that point the EA might indicate what the seller will let it go for (this may be negotiable downwards more towards your figure or it may not). In the meantime you could get a builder or engineer to take a look at it so you are sure of how much you need and how much you have to spend. You could always with your next offer, show the EA your mortgage approval document (with the figure blacked out). These things show the seriousness of your intent.

??

It is the OP’s first post and therefore it had to be approved by an administrator. As the post was approved late, it was low down on the list and mr_anderson commented on it in order to bring it to the top of the Sell, Buy or Rent topics so that people would see it and advise on the OP’s situation.

Thank You bookworm for your reply. We will hang tight and hope the agent will eventually get back to us.