In message , MM
writes
Is it not a legal obligation for estate agents to confirm every offer
received by writing to the vendor? I have not received any such
written confirmation yet.

MM

Yes - "as soon as is reasonably practicable", which is generally
accepted to be on the day the offer is received, unless it is close to
closing time.

I did a course on The Estate Agents Act (New Regulations), just before
they became law, and it was suggested that the main reason for this part
of the law is to make sure that they dont withhold offers from people
they dont want to buy - e.g. they may be selling to a "mate", and other
offers may queer their pitch.

During the last recession, I recall one house where I suggested an
asking price of £50K, and the property went on the market at £60K - it
didnt sell. I was asked back about 9 months later, and suggested an
asking price of £50K, and the property went on the market with a new
agent at £50K - it didnt sell. I was asked back again around 6 months
later, and suggested an asking price of £35K. I got the instruction, and
it sold for £33K.

Given that the market is changing, do you want to take the chance of
getting into this spiral? - I agree that the next house may do the same,
but, given that it will probably happen on both houses, I would always
prefer to be "losing money" in the place where I want to be.



--
Richard Faulkner