How to deal with estate agent - putting offer in

[Prophetorwell]

We've seen a house we love and not really sure how to play it with estate agent; he's quite determined the seller won't accept a low offer, and we're loathe to put the offer in as we feel he'll just use it as leverage against any other possibly interested parties (I guess that's their job though).

The house has been on the market for a year! It started at £750k and is now £700k. We expected to offer asking price if we liked it, but it was much smaller than we expected which means we'd need to reconfigure and possibly extend. There's also a garage that needs to be knocked down and rebuilt. The most we could possibly pay would be £650k and I'm not sure it's even worth that, but we love the house and location so would pay it.

I explained this to the EA and he told me there's lots of interest but everyone is in chains (we've sold and just waiting to set completion date). However, the price was reduced in January so I feel it should definitely have sold by now if the price was right.

I've called him twice now and mentioned the £650k - first time he told me the seller wouldn't entertain it. The second time he told me to think about it and put an offer in, but was just talking over the top of me when I was trying to explain why I thought it wasn't an unreasonable offer. What would you advise please?

I would put the offer in writing and email it and ask for a confirmation email that the seller has received your offer. He has to present all offers to the seller I believe. I would be royally pissed off with my estate agent if they were not telling me about every single offer and making decisions on my behalf!

Offer 640k and work from there.

Just ignore the estate agent and make your offer via email. If 650k is your max then offer that. You don't need to justify it, just offer it.

If there was 'lots of interest' the house would have sold months ago. Estate agents aren't exactly the most truthful bunch of people!

Just offer it and ask for proof of response.

If you haven’t set the completion date you haven’t exchanged yet so technically you’ve not sold you’re under offer.

You’re currently in a chain same as everyone else. Do you need a mortage?

If it's been on for a year, they've had ample time to dump the agent, find a better one and to consider offers. I'd say that the agent knows the vendor well enough by this stage.

I've seen houses still be on the market with the same agent for almost two years.

Some people just don't want to accept that their house isn't worth as much as they thought it was. Especially if they have their eye on a certain type of upsize or downsize house that also just isn't budging in asking price.

But still, it wouldn't hurt to say 'hello, please tell your client we would like to offer x pounds; can you confirm back to me in writing that you have done so.'

They don't like putting lies in writing as much as they like to say them on the phone, you see. The agent is legally obliged to put all offers forward.

Don't be talked over again. Keep it simple and on email.

💯 agree with @KievLoverTwo

put it all in writing… get it all back in writing…

in our area their were several vendors who didn’t want to accept their house was not worth X…. It’s frustrating one has been for sale for 5 years

put your best offer in and see

Yes, true but when I said exactly that to another agent on a viewing last week, he told me they class that as sold.

We need a small mortgage and our buyers are first time buyers with healthy incomes and mortgage in place. Checks are being done which should be straightforward as it's not very old.

The seller is an employee of the estate agent.

It shouldn't make any difference. They should know better than to over value their property if they are an estate agent. Do not allow yourself to be bullied.
Just write a professional email, saying you are prepared to offer x amount and then leave it, now phone calls, no pleading, no listening to rubbish from the estate agent about their over priced property.

I find this man on youtube very helpful talking about offers, he seems to know his stuff.

https://m.youtube.com/watch?v=riU6479-dMs&pp=ygUWbWl2ZSBjaGFybGllIGhvdyBvZmZlcg%3D%3D

Forget about it then. There’s no way they are letting it go for less than they want.

How much did they pay for it, and when?

Good video, thanks!

£485k in late 2018 but that included a small paddock which isn't included in this sale (which we would've loved). I believe they've spent about £100k restoring/renovating it.

You can't do anything other than offer, in writing.

If the vendors have told the EA not to put any offers below a certain price forward to them, then there's nothing you can say or do to change that.

What sort of magic are you expecting to happen? I genuinely don't understand.

Why isn't the paddock included in the sale? - What I mean is, who will own the paddock now? Could you use the paddock as a negotiating tool? So offer £650 but including the paddock? Then take it from t here.

I don't know; think I just wanted to write it down and get it off my chest 😁.

I suppose I wanted to see whether people thought my offer was cheeky or justified.

How big is the paddock? If they want 700k, would you pay that is the paddock was included?

Do not tell EA anymore info than you need to, so do not justify any offer.

Am employee of the EA, be even more aware of the tricks EA will play.

Other than the day and date of the week you speak to them, do not believe anything they say.

They're doing a self-build on it for themselves which is another negative for us against what is currently there. We've seen the plans and it doesn't overlook us, but it is another property within 40m.

We definitely would pay £700k with the paddock included but see my last post - not an option.

Apologies, think the posts crossed. Personally, I think you have found the reason why the property has not sold for a year. 40m is close especially when it will be a building site.

I would not say anymore to the EA, even to making an offer, let them stew a bit. Continue to look at other properties, especially if they are with the same EA.

Yes, writing it all down is making it clearer to me that I may be offering too much at £650k!

The building work doesn't bother us, knowing it'll be temporary, and we'll probably have our own going on too, but we're really struggling to find anything we like, and we have a large search area.

Building work for a self build could go on for years OP. Not something I would consider when you don’t even know what the house will look like.

I won't be able to see it from the house, but the plans are all online - it's a beautiful house; exactly what we'd like really, but land has been impossible to find.