Contacting vendor

emaggy617

My partner and I recently viewed a property that was advertised as POA. We enquires about the price and was advised the vendor was looking for 550k to 600k.  We put an offer of 550k but hadn’t yet put our house on the market. The estate agent for the vendor came back and said the vendor has rejected the offer based on the fact we’re not In a proceed-able position and to leave the offer on the table and come back once our house is on the market. We put our house on the market only for this house.  The estate agent for the vendor then came back and said the vendor wants another 100k. we said that’s out of our budget so we’ll have to not move forward.

anyway a week passed and the vendors estate agent contacted us and said are we still interested and we said yes but for 550k. They said come back with that offer when you had a buyer.

we now have a buyer and today went back to the vendors EA and they came back to say the vendor has declined the offer as the property is now valued at 600-750k. I feel we’ve been misled and every time we contact the EA they say something different.

i know he’s received another offer the same as ours but the other person isn’t able to proceed.  It’s important to note that whilst the property is on a good size plot the entire house needs modernising. It has been touched in over 40 years so needs rewiring, boiler and entirely ripped out and started again.

im not convinced the change in price is coming from the vendor.  Would you contact them direct? We were thinking of putting a note through the door. 

Doozergirl

It will be coming from the vendor! 

Estate agents don't make any money if houses don't sell. They work both sides to find an agreement, don't be under any illusion. 

hazyjo

It prob is coming from them.

EAs are legally obliged to pass on offers. Email it through again. Remember, they won't get paid unless they sell it so they should be as frustrated as you.

Also, for future readers, it is rarely advisable to offer if you aren't proceedable!

Thrugelmir

emaggy617 said:

  It’s important to note that whilst the property is on a good size plot the entire house needs modernising. It has been touched in over 40 years so needs rewiring, boiler and entirely ripped out and started again.

im not convinced the change in price is coming from the vendor.  Would you contact them direct? We were thinking of putting a note through the door. 

Did you tell the vendor your plans when you initially made the offer? Perhaps they've realised the redevelopment potential and are trying to play you off with the other potential buyers.
The fact that you are going to spend money is of no consequence to the vendor. 

shinytop

You've offered 550 so the vendor knows you have, and are prepared to pay, that much.  The vendor really wants 600, so the EA is saying 600-750 in the hope that you'll think 600 is a bargain and offer that. Maybe. 

But I do think it sounds like the price everybody agrees on is somewhere between 550 and 600.  Exactly where in that range is the question.