buyer offered first£210,000 then £205,000 now £200,000

jasonrat

hi my uncle has a house for sale he hasn't put it on the market yet but has has it priced at £190,000. he has had two offers without putting it on the market one for £180,000 and the other last week for £210,000.
she spoke to a friend of my uncles and offered £210,000 then she phoned my uncle up while an EA was there saying don't sell it i'll offer £205,000 then i met her 5 mins later and she offered £200,000 thats £10,000 in a week. whats the best way of getting the most out of i?, it has huge potential with the land around it and the best suited buyer would be a builder wishing to do it up and sell it on. it isnt in a real fit state and does need a lot of work done on it to make it personal and to make extensions etc . if it goes on the market we will be looking at £190,000 but EA's not really taking into consideration the extensions etc that can be put on. any help would be greatly appreciated.
and how would you go about trying to get the original figure that she offered?

silvercar

Consult a different EA. Why is he valueing it lower than offers already made? I wouldn't trust him.

cattie

Unless she is a cash buyer there is a possibility that the lenders valuer will value it at the price the estate agent is suggesting & she wouldn't be able to get a mortgage for the whole amount.

I wonder what made her reduce her offers over such a short period? Maybe she has had a look at what other houses in the area are going for & thought she'd offered too much. Anyway I'd be a bit wary with a woman who keeps changing her offer, as she doesn't sound very reliable & may pull a further trick of wanting a lower price just a few days before exchange of contracts. A commited buyer at a lower price is a better bet I feel.

Have you only had the one estate agent round, only it's best to get at least 3 valuations to give you a clearer picture of what the market price may be. There can be huge variations in the value different ea's will put on one property. The last property I sold had a difference of £30,000 between the lowest & highest valuation & it sold at the highest valuation 3 weeks later.

If you feel the house should achieve more than the ea suggests then you can tell them the price you'd like it marketed at. You can also stress that you wish the the potential benefits of the surrounding land to be a major feature on the selling blurb.

Many estate agents deal with builders & developers looking for suitable properties & there are some who will undervalue to do a mate a favor & end up with a cash reward for their help.