Offering through Estate Agent when seller previously said no to selling privately to you?

Tuikhe

Hi, 
I wondered if anyone has any thoughts on place an offer on a house where the seller previously said no?

I wanted to buy from my landlord and was about to do a full mortgage application when he got a cold feet and pulled out as people advised him that the house would sell for more He said he wanted £140k for the house, we offered he agreed. Now the house is up for £160k, but in its current condition I wouldn't buy it for that amount as pretty much everything would need replacing including the window, carpet, wall paper, kitchen extractor fan etc. The reason I want to try again but through EA is purely because we lived here for over 10+years and my family is used to the location. We are struggling to find another place to buy as its either over priced, terrible location or just doesn't meet our requirement. What are the chances of the landlord accepting and what would be a sensible offer? He says he wants to test the market and doesn't care who he sells to as long as he gets the most? 

pinkshoes

I would contact the seller directly (not through the EA) and tell him that your offer of £140k will stand for 28 days before you withdraw it.

If you go through the EA and offer the same he will then also have to pay EA games. If he had any sense he would tell the EA that you had already offered before he listed it with them.

Tuikhe

pinkshoes said:

I would contact the seller directly (not through the EA) and tell him that your offer of £140k will stand for 28 days before you withdraw it.

If you go through the EA and offer the same he will then also have to pay EA games. If he had any sense he would tell the EA that you had already offered before he listed it with them.

He actually pulled out when I offered the asking price of £140k because he thinks he can get more on the open market and listed it for £160k to achieve a higher price.  So I'm not sure what would be a sensible offer. He doesn't want 140k anymore, he wants to see what others would pay for it. Should I approach my landlord directly with an offer and let him know it stands for 28 days?  

eddddy

Tuikhe said:

He actually pulled out when I offered the asking price of £140k because he thinks he can get more on the open market and listed it for £160k to achieve a higher price.  So I'm not sure what would be a sensible offer. He doesn't want 140k anymore, he wants to see what others would pay for it. Should I approach my landlord directly with an offer and let him know it stands for 28 days?  

As pinkshoes says, if you offer via the EA, the landlord will probably have to pay the EA £1400 or more in fees.

So you're might to get a better deal offering to the landlord direct. (But it depends on the contract that the landlord signed withthe EA.)



You can try putting a 28 day limit - it might work - but the landlord might see through that, and think you're playing games. Will you really suddenly lose interest in the house on day 29?

Another approach might be to say that the offer is on the table, but you'll be looking at other houses until it's accepted, so you might find something you decide to go with instead.

london21

It’s a tricky one. If you offered 140k and said not high enough, listed for £160k.

maybe offer £150k or call the agent to gauge interests, how many views etc. 

Listing through the agent, more fees etc, but I guess he wants maximum price. 

Tuikhe

eddddy said:

Tuikhe said:

He actually pulled out when I offered the asking price of £140k because he thinks he can get more on the open market and listed it for £160k to achieve a higher price.  So I'm not sure what would be a sensible offer. He doesn't want 140k anymore, he wants to see what others would pay for it. Should I approach my landlord directly with an offer and let him know it stands for 28 days?  

As pinkshoes says, if you offer via the EA, the landlord will probably have to pay the EA £1400 or more in fees.

So you're might to get a better deal offering to the landlord direct. (But it depends on the contract that the landlord signed withthe EA.)



You can try putting a 28 day limit - it might work - but the landlord might see through that, and think you're playing games. Will you really suddenly lose interest in the house on day 29?

Another approach might be to say that the offer is on the table, but you'll be looking at other houses until it's accepted, so you might find something you decide to go with instead.

I don’t think he cares about EA fees? When he pulled out I asked him to give me a price that he has in mind so that we can try work something out that works for us both, he said that he didn’t know yet. Now I’ve seen the house listed online for 160k. 

theoretica

He has listed the house for 160k and you don't want to pay that - really you are in the hands of other buyers.  If someone else comes along and offers near 160k - with all the uncertainty of buying a house with tenants - you are out of luck.  If this buyer doesn't come along your landlord is out of luck, but it doesn't sound to me like a slightly higher offer will get him to not even try for a much higher price.  Personally, I think I would sit on my hands for a bit and hope that in a few weeks I could ask the landlord if he had reconsidered my offer.

eddddy

Tuikhe said:

I don’t think he cares about EA fees? 

Really?

So if you offer him £160k via the EA for example, he'd be happy to only receive maybe £158,400 (i.e. after paying £1600 in EA fees)?

If that's the case, you could offer him £158,400 directly instead - and save yourself £1,600.

Tuikhe

eddddy said:

Tuikhe said:

I don’t think he cares about EA fees? 

Really?

So if you offer him £160k via the EA for example, he'd be happy to only receive maybe £158,400 (i.e. after paying £1600 in EA fees)?

If that's the case, you could offer him £158,400 directly instead - and save yourself £1,600.

From our past conversations he just doesn’t see the benefit of selling privately. It sounds rather silly but what can u do 

NameUnavailable

He's trying to sell the property with you in there as sitting tenants?

Tuikhe

NameUnavailable said:

He's trying to sell the property with you in there as sitting tenants?

No he gave us 6 months notice which ends on the 20th august