Advice on putting in a low offer-updated, rejected :(

AppleCore

Actually no, thankyou for this we'll be looking very carefully during the second viewing. We may take my partner's brother along with us who's a builder so would be quite useful.

Throughout the viewing the vendor kept moaning about how awful the EA had been and how she was going to give them another couple of weeks before going elsewhere. Sounds very cheeky I know but would this be worth mentioning if/when we put the offer in? It may be the EA's last chance to make some money out of the vendor so I was thinking they might try and push the sale more. Sounds a bit unethical really but could this work in our favour?

Thanks for all your help so far...

FrugalTopCat

AppleCore wrote: »

I called the agent and she said that the owners were going through a messy divorce and wanted rid of the house asap. She also said that the owners had been told that the price was optimistic and had been told to consider a price drop.

Jeez. No offence to the OP, but this is why we don't ever take "our" estate agent into our confidence or give them any hint whatsoever of our "drop-dead" price - they're supposed to be working for the sellers, aren't they?! Not that I'm surprised by this....

Good luck to you though, hopefully you'll get a bargain out of it!

Emy1501

AppleCore wrote: »

Actually no, thankyou for this we'll be looking very carefully during the second viewing. We may take my partner's brother along with us who's a builder so would be quite useful.

Throughout the viewing the vendor kept moaning about how awful the EA had been and how she was going to give them another couple of weeks before going elsewhere. Sounds very cheeky I know but would this be worth mentioning if/when we put the offer in? It may be the EA's last chance to make some money out of the vendor so I was thinking they might try and push the sale more. Sounds a bit unethical really but could this work in our favour?

Thanks for all your help so far...

I would do the second viewing and get your builder to give you a market price quote for the work. Then when making your offer point out how much work needs doing the price of similar properties in the area etc. If the market is slow in your area point that out too and also the negative news that has been on about house prices lately plus if you are in a good postion ie no chain or sale well advanced etc.

I wouldn't mention what the vendors said to you as if the agents go back to them regarding this it may cause problems.

If anything give the agent the impression that whilst you like the prroperty whether you get it or not is not a huge issue and you have other properties you are considering as well.

If you can convince the agent that any offer you make is reasonable and their client is unlikely to get a better one they will go all out to convince their client to accept the offer.

AppleCore

Well took the structural engineer (partner's brother) round and he said that there had been movement in the extension and he could only tell how bad it was by removing the carpet and plaster from the walls where it had been patched up. To investigate this, fix the problem, replaster walls and ceilings and refit the kitchen which is in poor condition, he suggested a market price of 20k. We'd obviously not have to pay as much as he's a family member and my partner could do much of the cosmetic work himself.

After lengthy conversations with the EA, explaining the estimate, explaining our good position, etc we put in an offer of 325k which the agent wouldn't even put forward. We eventually gave our final price of 335k which was put forward and turned down flat and told that 345k would be acceptable.

We think we're dealing with someone who's on another planet so have decided to call it a day on this house. We could potentially borrow another 5k off a family member but I think 340k is too much for this house. I take what EAs say with a pinch of salt but 3 different agents have mentioned on separate occasions that the ex-husband is very difficult to deal with and often leaves the house in a terrible mess before viewings. His ex-wife even said that he refuses do any viewings himself and is sentimentally attached to the house. I spoke to the valuations manager who said that he valued the property at a significantly lower price but the man insisted on 370k. The ex-wife has left with the kids and moved into rented and tbh I think he's quite happy living there and isn't in any rush to sell. Why would he be?

So it seems like the door has closed on this house which is a real shame as we liked it a lot and could have made it look stunning.

I'm hoping we get a phone call in a couple of weeks asking if we're still interested but I'm trying not to get my hopes up

Thanks so much for all your advice on this

FATBALLZ

Sounds like you've made the right decision - and given the builder's assessment of the property £335k was probably quite generous.

Charliezoo

Just hang on for a bit, if you were the first offer they had they probably think they can do better. In reality they probably won't and unless they foot the bill themselves for the work I can't imagine they'll have much of a chance if it is overpriced as you say.

You might just get a call from the agent in a couple of weeks asking if you're still interested.

Bullfighter

We are at the precipice of a second credit crisis, we are teetering on losing our AAA credit rating, austerity measures are coming which will see 400,000+ public sector workers lose their jobs and 100,000's of private sector suppliers jobs disappearing with them.

Offer £275k, and drop by £5,000 every time they bleat.

Personally I wouldn't touch it until it had reached near 1999/2000 price (£125k?).

Chloepad1

I would very definitely have alarm bells ringing if it was evident there were structural issues that may require a lot of money to rectify. Also if the house looked tired and needed quite a bit of work doing to it as well as sorting out a complex structural problem, then I would say you were being overly generous offering £335,000. If you get a call in a few weeks asking whether you are still interested, maybe offer them £275,000. By that time hopefully the warring couple will have realised that their asking price is unrealistic with the current problems that would need putting right.

jockosjungle

Definitely walk away, maybe they'll remember your bid when they're accepting £275k from a cash buyer

R

breadlinebetty

DVardysShadow wrote: »

Watch out for quick sales from divorcing couples. If there is any spite in play, they can and will play games on each other at the buyer's expense.

When making the offer, you should read the riot act to the agent and say that you will not tolerate this happening - and be prepared to walk away or drop your offer if you find this is happening.

You're having a larf!:rotfl:

A buyer can't go round reading the riot act and telling vendors/ Estate Agents they won't tolerate the asking price!:rotfl: And then dropping their offer further...........you don't know what you're talking about you goon!