Justifying an offer??

jacko74

How much detail would you go into when making an offer/improved offer on a property?

There's a particular house I'm interested in, an empty holiday home, it's been on the market 9 months with no reduction in price, I have offered on it and had a rejection with no hint of a counter offer. The EA has told me it's only had one other offer, 6 months ago, also flatly rejected.

It's plainly obvious that this house is overpriced... 3 other identical houses in similar condition on the same street have sold for £100k-£105k in the last 2 years, yet these jokers are asking £125k.

It requires all the usual 'doing up' work.. new kitchen, new bathroom, possible rewire, new carpeting and decor.

I'm a cash buyer and I'm prepared to up my initial offer from £100k up to a maximum of £105k before walking away.

When making an improved (written) offer should I go into considerable detail justifying it by pointing out recent sold prices and work required etc or should I just give the EA my increased figure and that's it?

Surely it shouldn't be my job to point out to the agent that they're never going to get a sale (or their hard earned commission) as the property is overpriced and that their clients are delusional time wasters?

Cheeky_Monkey

I would just put in my increased offer without explanation and leave it at that.

rosie383

I would think that it isn't the EA that you need to convince. The EA would be more than happy if they sold it for a reduced figure rather than have it on their books for so long. The EA will know rightly that it is overpriced.

Gonzo1987

The agent is probably well aware it's overpriced, but the vendor is ultimately the one who decides on the asking price.

Just make it clear to the EA it's your full and final offer and leave it at that.

nubbins

I a gree with Gonzo , just up your offer and then walk away, you can say all you want about how you think its worth this and that but at the end of the day its the sellers decision.

DRP

I think convincing the EA that 's as much as you want to spend is probably quite important as they will convey that to the vendor.

At least that's the experience from my EA, who usually told me about the circumstances of the potential buyer and whether he thought he could get a higher offer out of them... which did influence my decision.

jacko74

Thanks for all the speedy replies!... That's pretty conclusive then, just give them my 'best and final' and don't bother waffling on and on justifying it.

Can't understand in these situations why the agents just allow their clients to keep on living in their delusional fantasy worlds without attempting to give them a firm but diplomatic reality check.

westv

I wouldn't bother putting it in writing - just call them.

Mallotum_X

The EA has probably given up with this house. If they realise the owner wants to high a price and wont negotiate then the agent wont waste much time on it.

May be worth speaking the agent with that in mind to get a feel for what the agent thinks. Try and do that face to face, reiterate that your offer was based on the condition and previous selling prices and ask the agent how serious the seller actually is.

The agent may be open with you if they think the seller is wasting their time. At least it shows the agent you are serious and putting thought into what you are doing. But realistically it sounds like the seller is not being realistic and you wont be buying this house.

TBagpuss

jacko74 wrote: »

Thanks for all the speedy replies!... That's pretty conclusive then, just give them my 'best and final' and don't bother waffling on and on justifying it.

Can't understand in these situations why the agents just allow their clients to keep on living in their delusional fantasy worlds without attempting to give them a firm but diplomatic reality check.

How do you know they haven't?

tillycat123

I'm in a similar situation and getting know where.
Made an offer on a small 2 bed terraced house. Only in a row of 4. Two of the neighbours sold in April. One for 20k less than the one I'm trying to get an offer accepted on the other 5k. The latter had a new kitchen the cheaper a new boiler.
My first offer was for 9k less the asking price as it does need everything updating. The outside not been cared for or maintained either. I emailed all what I could see needed doing to justify my offer and got a flat no.

I then increased to offer to 5k less and again a flat no and the seller will only accept the asking price!

Yesterday I've offered the asking price thinking they would bite my hand off and the vendor has not bothered replying at all to the agent.

So cheesed off, they don't deserve to sell!
I've got a buyer needing no mortgage in rented and I will not need a mortgage either.

This is a deluded seller for sure, the agent are awful to deal with as well. so un approachable, all I get is we are acting on her instructions, if they think she is a waste of time I wish they would just say. Her house has been up for sale since May.