House buyer reduced offer

Bendy_House

comeandgo said:

I’d have done the same as you.  Nobody gets away with insulting my house by coming in with stupid prices, I do not negotiate.

Your house is pants, and I'll give you a £iver - best and final.

Bendy_House

Almost certainly a narrow escape from these chancers, AS.

A very crude and clumsy attempt at 'negotiating', very likely prompted by your use of an on-line 'EA'

Ie, they didn't have to offer via a real EA, who would have prompted them that their first offer was extremely unlikely to be even considered, and ditto with their comments on the roof condition. Also, the use of an on-liner suggests lower selling fees, so vendor possibly more inclined to accept 'offers'.

Hard to know what to do in the unlikely chance they come back with an 'acceptable' offer. Do you know a conveyancer who won't charge fees should the sale fall through through no fault of yours?* If so, no harm in proceeding tentatively; if they try it on - a gazunder - you just say 'non', they pull out and they still have to fork out for their conveyancing fees so far.

But, they do sound best avoided - unless you can cover yourself like that.

I'm guessing you are struggling to get other good offers? What part of the country are you in?


* The last place we had an offer accepted on, the EA was extremely shifty on the deal. When we couldn't use our preferred conveyancer as they'd been taken by the vendor, the EA recommended a co 'which charged no fees if the sale falls through'. Needless to say (long story), it did fall through, so at least we were 'grateful' for that part.

angelasocks

I'm in Yorkshire although looking on RM houses in my area are on the market a while even small ones.

So far about 8 viewings and 2 offers.  Other offer was lowball too.

The EA did say they have a no fee solicitor if sale doesn't go through but that still doesn't protect me from survey costs etc on the house I'm buying.  No protection for the vendors costs who's house I'm buying either.

It's been on market for 3 weeks then off for 3 weeks (personal issues I had to take care of) back on this time for 1 week.  Strike suggested I lower the price  5k to generate more interest which I did and so far still very little interest.

Strike  are free but I have to do my own viewings and as you say own negotiations.  

Have wondered if I might be better going the more traditional route.  If things don't improve with Strike I might switch to another EA.  

Thanks

caprikid1

"Strike  are free but I have to do my own viewings and as you say own negotiations.  "

If you are comfortable negotiating £120K business transactions then manage it yourself but it would appear you have people trying to take advantage of your naivety and trying to bully you into giving your house away.

Personally I would list with reputable high street estate agent and let them deal with liars and chancers, they should know what one looks like !!!

angelasocks

Thanks Caprikid1 - I think the disadvantages of using an online EA is perhaps becoming apparent.  Good points actually. 

There is just me managing the sale (single lady) which feels pretty tough tbh especially when buyers come in 2 or more.  I'm not in a desperate situation at all and happy in this home just my friends made me a generous first refusal on their house. 

I have a few other traditional EAs that I've already interviewed so I can hopefully move to them fast if I ditch Strike. 

pennypincher64

angelasocks said:

Newbie hope this lands in right place.

My house is on the market and a buyer firstly offered 35% below asking price.  I've ignored this and later offers and eventually they offered £115k which seemed good.  So I've accepted it but then after coming to view with her family they have reduced their offer back to £105k because they say they think there are problems with the roof, no survey has been done yet.  They picked up on some other minor repairs that I told them about I estimate £500 but am trying to get them repaired myself.

I've rejected this offer explaining that the repairs I know about are only £500 and the roof if there are issues would be picked up in the survey.

I think I'm concerned that they may try to reduce the price again only nearer to completion (gazundering ?).  Understand if there are issues with the survey but if not they still might want to reduce price again for another questionable reason. 

Tempted to ditch them completely but I might be shooting myself in the foot.  I'm not in a chain on my upward move the sellers are friends of mine and are been very obliging. 

Any advice appreciated

Thank you

It sounds like they're trying to chance reducing the price and panicking you into it, or getting you to do needless repairs for something they personally desire. I would reject any offers from them. 

TheJP

caprikid1 said:

"Strike  are free but I have to do my own viewings and as you say own negotiations.  "

If you are comfortable negotiating £120K business transactions then manage it yourself but it would appear you have people trying to take advantage of your naivety and trying to bully you into giving your house away.

Personally I would list with reputable high street estate agent and let them deal with liars and chancers, they should know what one looks like !!!

EAs don't negotiate on your behalf, they just pass on the message. 

Slinky

I've never heard of Strike. Does your house appear on any of the big name websites - Rightmove, Zoopla for example?

Sarah1Mitty2

angelasocks said:

I'm in Yorkshire although looking on RM houses in my area are on the market a while even small ones.

So far about 8 viewings and 2 offers.  Other offer was lowball too.

The EA did say they have a no fee solicitor if sale doesn't go through but that still doesn't protect me from survey costs etc on the house I'm buying.  No protection for the vendors costs who's house I'm buying either.

It's been on market for 3 weeks then off for 3 weeks (personal issues I had to take care of) back on this time for 1 week.  Strike suggested I lower the price  5k to generate more interest which I did and so far still very little interest.

Strike  are free but I have to do my own viewings and as you say own negotiations.  

Have wondered if I might be better going the more traditional route.  If things don't improve with Strike I might switch to another EA.  

Thanks

Unfortunately you can`t change the economy and mortgage market, a relative of mine is finding this out after listening to a load of rubbish from EA`s about a post Covid "boom" and how working from home would put them in a strong position to sell etc. etc., what has happened is that they are getting feedback that mortgage rates have changed due to inflationand offers are going to be lower, they are now wishing that they had marketed much earlier.

london21

The online EA can be passive.

They are cheaper but might not get the best price.

The market over the next few months will be interesting because interest rates going up faster now and people are getting to grips with higher cost of living. 

Is your price competitive with other properties in the area.

My brother listed in February and completed around June.

If he listed now, not sure he would get the same amount but then depends on the demand and supply in your area.