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'm In Scotland so not sure of the procedure there but I'd just put in a best and final offer in writing via a solicitor.

It’s not true though, some agents class under offer as SSTC so they can put that on their website, but the seller won’t be fooled.

If you really want this house you need to exchange asap and get a mortgage in principle sorted.

A place is only worth what you are willing to pay for it. Offer in writing what you are willing to pay and if they don't accept, walk away.

I am looking forward to completing, but I'm not in a rush to buy as we don't live in the house we're selling anyway. I think I'll wait till completion and put the offer in, but will definitely walk away if not accepted. Hopefully something else might come up in the meantime.

Just offer what you want.
If it's rejected then offer more.
If you're desperate keep offering more.
If you don't think it's worth it then walk away.

It's really not that difficult.

You can put any offer in you like OP and the agent is required to put it to the seller.
Put your offer in in writing stating your position financially. ie you’ve sold, you need a mortgage which has been agreed …that sort of thing. I wouldn’t deal with this over the phone as agents want to get as much as they can, remember most are paid a fee as a % of the sale price.

Make a lower offer than you want to pay then go up if you need to.

As an aside I would work out the price / m2 ( or feet2 ) in the area for similar properties and see how it stacks up. Add on ££ if there’s a new kitchen, take off its it’s very old.

I suppose I was more looking for tips on how not to alienate the EA. He clearly got his back up when I pointed out how long it's been on the market and not sold. As I found out when selling mine; if the price was right it would have sold.

Do not say anything more to an EA than you have to, including things like how long a property has been on the market etc. Most of them think buyers know nothing about the market!

Give your offer verbally, then back it straight up with an email, any response, always ask them to email it to you.

There are always interested parties, always lots of other offers - most of the time there are not.

I wonder if the property does not need to be sold in order for the vendors to build the other house in the paddock? If it did I expect they would not have let is sit there for a year.

If this is the house for you, I would give them a one off offer and walk away if it is not accepted.