Contacting Vendor Directly; Property Taken Off the Market

eddddy

Before making any kind of new offer, I'd ask the EA lots of questions, like...

• Why has the property been taken off the market (I'd guess the seller has decided to re-rent it)?

• Is the seller likely to still be open to offers?

• What kind of offer does the EA think the seller will accept?

From the EA's perspective, the seller is in the process of walking away, so this is probably the last chance the EA has of securing a sale on the property.

So the EA is very likely to want to work with you (and give you all the info they can), to make a sale happen.

snilloct1957

The seller seems to have a price in mind that he won't go below. IMHO his expectations are higher than the current housing market will allow, and a change of mindset is required. The housing market is flat (unless you live in London, then the sky's the limit) and he needs to realise the prices houses sold for in the past are no longer achievable. I get the feeling the EA told him so and suggested he reduce the price, but that didn't go down well. His options now are limited; he can rent it out, which is why he's done a few repairs to make it liveable, or a quick sale at a realistic asking price. I hope he has an epiphany sooner rather than later.

Fingerbobs

Thanks again for the further advice.
I haven't managed to speak to the EA as yet as I was unexpectedly very busy in work yesterday, and the person who was dealing with that particular property isn't in today.


To be honest, my last offer was pretty good for that particular property in my view. If I went any higher, I would be paying over the odds, but I would be prepared to stretch it slightly purely because the location gives it a slightly higher value to me personally (that would be irrelevant to other buyers).


When I finally get to speak to the EA, I will initially ask questions only and establish how the land lies, then decide whether to repeat the same offer or go in with an increased offer.

snilloct1957

How does this house compare to others in the same area? What does it have above and beyond 3 beds/2 rec that makes it so attractive to you? The seller is in no hurry to reduce his price and can wait for the market to recover. Indeed, he is currently making plans to rent it out.

The only thing that is going to tempt him to sell is the asking price or better, and that could be to your detriment if you borrow more than you can reasonably afford to acquire this property. You have set your heart on this house, and it is the best thing since sliced bread, until another similar property turns up next week, at a more realistic price.

By all means ask the EA more questions, but also consider that at the end of the day a property is only worth what somebody is prepared to pay for it. Paying too much could strain your own finances and put you in a negative equity situation further down the line. Register at other EAs with your property needs and maybe something will turn up.

Fingerbobs

According to the EA, they've decided not to sell and have already re-let the property. Apparently they were holding out for the full asking price and the EA said they wouldn't have accepted a lower offer anyway. In a bizarre sort of way, that makes me feel happier, as it definitely wasn't worth the full asking price, and I'm now comfortable that I haven't missed out by not upping my original offer.

Oh well, move on