Contacting Vendor Directly; Property Taken Off the Market

Fingerbobs

A few months ago, I made an offer for a property, which was declined by the vendor.

The vendor then did some work at the property and, after another viewing, I decided to increase my offer. This was again declined by the vendor.

I would have been open to negotiation, but the vendor decided to flat decline my offer.

I recently spoke to the estate agent, and they let slip that they had had very little other interest in the property, and mine was the only offer. (I felt that the property was overpriced, which may explain the lack of interest.)

Last week, the property was taken off the market (unsold).

Prior to making my offer, I gave the Land Registry a pull to confirm ownership of a footpath that runs alongside and behind the property, but that documentation included the name and address of the vendor.

Would it be acceptable to contact the vendor directly, to enquire whether they are still interested in selling with a view to making a further offer for the property? Or is that a big no-no?

I am still very interested in the property as it ticks a lot of boxes and its location happens to be perfect for me, but the original asking price was just too high.

Any advice appreciated.

need_an_answer

There is never any harm in contacting the vendor...the simple answer is if they are interested they will respond and if they are not they wont

Your challenging part will be trying to entice them with a price that they also see as reasonable given the fact that up until now you both have differing views on the value of the property.

Another thing to be mindful of is the agents contract that the vendor would have signed,it could still tie them to a fee if the property is eventually sold to you as i assume at some point in viewing the property it was via the original agent.

Although one thing I would say is if the answer is a resounding no this time ...then you need to give up on that property.

How much difference was there between the asking price and your offer previously?...and do you intend to just make one more final offer at a higher pitch?

pinkteapot

Agree with the poster above - can't hurt to write to them with your best offer.

Some houses are simple heavily overpriced and it seems to be people who aren't that fussed about moving and have thought "if someone pays X I'll sell". Or maybe it's people who are just deluded about the value. Either way, if they needed to sell they wouldn't have taken it off the market so don't get your hopes up unless you're going much nearer asking price. Occasionally there's a house that you just won't get unless you're willing to pay whatever the vendor wants.

eddddy

You can certainly contact the vendor directly, or you can call the EA who might be able to give you more insight. (e.g. The reason it's been taken off the market, the mindset of the seller etc.)

I think most EAs would be happy to go back to a seller who's terminated their contract, if they thought there was still scope to negotiate a sale.


FWIW, an EA's standard contract (assuming it complies with The Property Ombudsman's guidelines) will say that the vendor must pay the EA a fee, if you buy the property privately within the next 2 years.

So it costs the vendor the same, whether you approach them direct or via the EA.

snilloct1957

Is the property currently occupied? It sounds like the vendor isn't in a hurry to sell and it may be surplus to requirements. He's just testing the market and seeing if he can get a bite from someone. It seems he has a price in mind and won't go below it, which doesn't really help you. As others suggest, you may have to let this one go, but keep an eye on it as it may turn up on another EA's books in the near future.

AnotherJoe

You have nothing to lose by contacting them.

steampowered

I would probably call up the EA. They might be able to give you insight into the vendor's plans.

As you were a buyer who was introduced by the EA, the vendor would have to pay the EA a fee if you bought the property. Even if the EA's contract has been terminated and the property is off the market. So there is still an incentive for the EA to get involved.

AdrianC

So the vendor's address is different to the property?

Perhaps he's decided that, since he can't sell at a price he likes, he'll just (continue to?) rent it.

Fingerbobs

Thanks for all the replies and advice.

I will give the estate agent a call tomorrow and see what I can find out, and make it known that my offer still stands and is negotiable.

The property was formerly a rental property, but the tenants vacated it at the end of last year and it has been empty since.

My last offer was around 9% below the asking price - but in my opinion was a fair offer.

I appreciate that the agent fees will probably still be payable, but that's a matter for the seller.

markin

Im sure if the owner wanted to counter offer they would have told the agent what they would take? making it known that your offer still stands and is negotiable is a bit pointless, i think you have to just put in your best offer if you really want it.


I bet more work will be done cheaply making him stick to his price even more, if its not already up for rent.

AnotherJoe

I agree, why restate you old offer. Make your best and final which at least gives the owner something to work with.