Buyer Asking for Price Drop

[MsJinks]

Hi - selling an estate property - as a project house essentially and price reflected that. Received 3 good offers, but on advice of estate agent took the second one as they were so keen partly, and other various thoughts. At this point estate agent advised that it would reduce the chance of them asking for reduced price post survey.
However they have had the survey and are 'shocked' the roof needs doing - I'm not sure why as there's a clear hole where ridge tiles have come away. So they want to reduce by quite a few thousand to 'share' the load. I'm a bit reluctant to bargain as I took a lower offer and they've also irritated me by sending dodgy builders (imo) to clamber around part of the roof without booking this in - I let them look but after wasn't even sure they were legit so a bit concerning. They've also instructed my solicitor to tell me which removal company to use for an item I am having taken out. So maybe personality is influencing my view on price drop.
The mail the EA sent seems to indicate he thinks it's fair so I think he'll push for some agreement to take several k off the price.
I'm not really au fait with buying/selling but I gather this is fairly common, but if the property was priced to reflect work needing doing is it reasonable to ask for more off when you actually find you will have to do things?

You are definitely entitled to take the time you want to think about the offer. One response you could make is to agree to an x amount reduction due to the survey results, but you won’t be reducing any further at a later stage. And stick to that.

But as for wanting whoever buys it to live there, with respect you’re being a bit unrealistic. The reality is once we sell a property it belongs to someone else and they can do what they want with it. You don’t get to decide what someone else chooses to do with a property that is legally theirs ( apart from in a tiny number of cases where it’s written into the contract but that won’t be relevant here).

Agree

And change your estate agent as he sounds dodgy. They’re meant to act for you, not the buyer! You pay their fees.

I'd be tempted to go back to the estate agent and tell him that you have sought advice, and you would like to put it back on the market. Could he inform the people who made the two previous offer makers.

Ultimately if I had an EA like this ( and I’ve bought and sold a lot ) I would assume he and the buyer have got a dodgy deal going on

This was my thought from the very first post. OP sounds very naive around property sales and is being bullied by an EA with a vested interest.

OP I would advise you change EA. Highly unlikely you will have to pay any fees but check and make sure you get everything in writing. Do you have a trusted family member or friend who can guide you in this.I feel you're being exploited?

Ex EA here. The simple rule in this position is that if the valuation part of the survey was the same as the offered price then regardless of how much work is detailed in the survey they don’t have a leg to stand on. The survey valuation is what the property is worth right now. Some buyers have a lender’s valuation and their own survey which also includes a valuation, ask what the lender has valued it at.

no EA should tell you what to do regarding offers or renegotiations, so they don’t sound good. I’d be tempted to use a different EA, but if you stick with them you might need to remind them who they’re working for.

There is no simple "rule" @CharlotteSometimes1 when it comes to renegotiating the price after a bad survey. If there was it would be well known but I have never heard of it after buying 6 houses and selling 5.

There may be an etiquette I have missed, but there is not a rule.

I haven’t read the whole thread but I’m an estate agent. First of all, the estate agent can’t charge their fee, it’s no sale no fee and the sale part means completion. You are allowed to withdraw from the sale and the market at anytime before exchange.

Secondly, if you recieved three offers, it sounds like you’d sell easily again. Perhaps sell to a developer and advise the property is sold as seen, unless something very drastic comes up on survey.

I wouldn’t be reducing by anything unless you have seen a copy of the survey.

If you’re considering selling, then provide your own quotes for the work if you think theirs are too high.

If you say no and they pull out, I would change agent.

Auction is also seriously worth considering.

Excellent advice and worth a repost.

your EA is a disgrace, do NOT be bullied.

While ideally you should tell the EA to get fucked you have a chain (if he doesn’t know that yet do not tell him)

i recommend asking for contact details of other 2 buyers and asking if they are still interested and letting them view again asap (you show them round and explain yourself - this is the work there’s the whole in the roof… you don’t want to mess around etc) you can also get the measure of them while they view. I say this as I was the buyer that got called after a similar situation and I was still looking and delighted it came back on and snapped it up

Check your contract but I’d be VERY surprised if EA can charge you full fees if sale doesn’t go through particularly when your buyers are asking for price drop! And that would really really put me off working with him. He works for you not the buyers…

I'd be asking about the status of the other people who offered and going back to them if they're still looking.
It all sounds like a stitch up between estate agent and a mate.

It really does feel very weird that, having got three offers, one higher, relatively recently, he’s telling you how hard it would be to remarket and you’ll not get the same again. Honestly, red flags are flying high here.

This estate agent sounds absolutely appalling. Something is very wrong here.

Great post by @SpidersAreShitheads at the bottom of P2.

@MsJinks here is the information about making a complaint against Estate Agents.

This.
He pushed you towards them in the first place and is now not acting in your best interests. The 'refusing to act for you if you go with a different buyer' is a red flag. I'd tell both of them it's off, especially as you're not desperate.

Hi - busy at work. Thank you for continuing replies.
One query is EA said that the market is now crashing - so along with the house being inherently less valuable so instead of dropping 6k I'd lose 30k if re- marketed.
I know prices are stabilising (well I think they are) - but is there a crash then? In some ways I see that as not so important as I'd be also buying in sane crashed market but maybe that's a naive view?
He said it was pointless going to other offers as one didn't provide finances and other was stupidly high and wouldn't follow through and anyway a survey would cause same issues.

People have to provide finances these days but only once you accept the offer. What utter bollocks your EA is saying
They have to provide it by law….fraud prevention!

As you say if your house goes down in price or up depending on the current market it’s all relative if your buying on.

Are u tied in with this Agent because if not I’d get a new one

The more you describe things the agent has said, the more he sounds like a conman rather than an agent. I would suggest getting some other agents in for a valuation and market appraisal. He really sounds like he's trying to scare and bully you into a deal that he has a vested interest in.

The most under reported housing crash in the history of market crashes. Did he mention what was causing this crash?

Lack of supply and high demand mean there is a housing shortage in this country. Whilst you might see brief periods of price adjustments along the way, connected with nervousness around increases in interest rates or seasonal quiet periods, it is highly unlikely that you’ll be seeing offers for £30k less tomorrow if you relist.

But honestly, only you know the spec of the property you’re selling & the market local to you. I’d ring a few other agents to get a feel for the market on an anon basis. You could even pretend to be a buyer and describe your property and ask them to suggest what budget you’d need.

For more robust pricing use Rightmove, sold prices within 1/4 mile of your property and look at comparables.

And finally, again - depends how keen you are to sell. If you want this over and can afford the lower price, take it. If not, don’t. But you have managed to convey your current EA in a light which makes it appear as though he is less concerned about what’s right for you, and more concerned about closing with this individual.

It’s only 6k fgs just say yes

Can you be a bit more specific about the type of house / region? There is bound to be someone here who knows the market in your area.

Alternatively, ask other agents and look at sold prices (although they are 6+ months out of date, so not completely accurate).

But I would suggest that prices have been rising, and will continue to do so for 2 main reasons - interest rates are going to keep falling (according to most experts) and there are increases to stamp duty in 2025, so people will be in a rush to buy before then - leading to an effective shortage of available properties.

Is £6k a significant percentage?
Do you want to give the buyer £6k?
Do you trust your agent?

He sounds dodgy to me, but if £6k is something you can swallow to put this to bed, is it worth it for your mental health?

Personally, I know I would feel aggrieved if I thought I had been conned, so would rather take my chances on a new sale - only you can decide if a bird in the hand is worth the possibility of cutting your nose off to spite your face 😉

Once you’ve decided if you want to continue with this buyer, this agent at £6k less, you can determine your next move…

Dodgy estate agent, is that you?!

It's not a huge reduction but personally it would piss me off way too much to entertain this kind of behaviour from the EA. And I would be fairly sure that they'd be last minute wheeling and dealing trying to get more money off. You need to know your EA has your corner- this is ridiculous behaviour.

Hi again - thank you for all the replies - I've taken a few days to think about this, but do need to answer today, so I will, though not quite sure whether to offer 2,300 off or nothing (will explain either decision in my mail of course)
I do have last queries before I respond - whichever I choose can the EA view me as obstructive and refuse to continue, if buyer doesn't agree of course? Would that then be 'my fault' so I'd owe him cash/get a bad name for future purchase/sale across other EAs potentially? I should say the original offer, even with the potential reduction, would still be above the guide price, so does this make me unreasonable officially to insist on above that?

Thanks again.

Just to answer questions about the property in general - it's detached with a good size garden backing onto parkland (with access). It definitely needs doing up, including new kitchen and probably bathroom for preference (and flat roof!)
The area is not great at all now, but the road itself is unusually nice for the area and very popular. The last detached house sold on here was 2021 (they are actually rarely on sale) for 10k less than this has gone for - but less work needed. A recent semi sold for 30k more but extended and modernised beautifully. I do agree with EA there's a definite ceiling though so there is that - probably around 60k more than the selling price.

The estate agent is acting on your behalf.
Its got nothing to do with him he just has to pass on your offer. That’s it.
You don’t owe anyone cash for anything. Not the buyer or the Estate Agent.

If you chose another estate agent or device to get rid of your existing one they will hopefully act more professionally than your current one. No professional Estate Agent acts like your current one don’t worry about getting a bad name for yourself. No EA turns down clients

You can insist on whatever price you like, it’s your house.