Renegotiation of house price - What does the Estate Agent need?

1993_Hippo

Hi, I have had a offer accepted on a house and we were quite far through the process until the survey came back with a few red flags.

We have since got a couple of quotes to fix these issues and then submitted a new price to the estate agent, however, the estate agent wont pass these onto the seller until we provide them with a copy of these quotes.

Is that standard practice as they will then know the exact price we have been quoted and doesnt give us much wiggle room for renegotiations. We have already given the estate agent the pages of the survey which detail the issues with the house.

Should I be expected to give them these quote documents too? Is it not up to the seller to get their own quotes on the issues?

Thanks. 

MeteredOut

Some may say 'typical estate agent arrogance', but they're just trying to protect their sellers position. The estate agent does not work for you, but I'd not be passing the quotes onto them. Frankly, I'd be telling them its none of their business and they can get their own quotes based on the survey details if required.

If they still downright refuse to pass on the updated offer after saying you say no, I'd consider saying something like "whats to stop me putting a note through the sellers door saying I've changed my offer"?

But, expect the buyer to state that the work identified in the survey was already accounted for in the price.

Now is the time to start asking yourself if you're willing to walk away if the seller won't budge.

eddddy

1993_Hippo said:

Is that standard practice as they will then know the exact price we have been quoted and doesnt give us much wiggle room for renegotiations. We have already given the estate agent the pages of the survey which detail the issues with the house.

Should I be expected to give them these quote documents too? Is it not up to the seller to get their own quotes on the issues?

Do you mean you've fibbed about how much the quotes are - to try to get a bigger price reduction?

(Maybe that's one reason why the estate agent is asking for copies of the quotes. Because they think you're fibbing.)


I guess the bottom line is it's up to you how much evidence you provide to support your lower offer.

But I guess the more evidence you provide, the more likely the seller is to accept your lower offer.


And you're asking the estate agent to persuade the seller to accept a lower offer, so it's reasonable for the estate agent to ask you to provide as much supporting evidence as possible to help them do that.

Slinky

What is the work that is required, and should you have been able to forsee that this work was likely when making your original offer. Is it something that was reasonable to be accounted for in the asking price and you could have seen for yourself?

At the end of the day, you don't actually have to justify a revised offer. Anybody can change their mind on how much they want to offer at any time and for any reason. It's up to the vendor whether they accept the revised offer or not.  The agent cannot make you show the costings to them or the vendor.

jimbog

Why are you reluctant to give them a copy of your quotes? Surely that strengthens your hand in the negotiations?

AskAsk

They would need evidence of the cost that you are asking to reduce.  Seems fairly simple.  You could try and ask for an amount without the evidence of costs but the seller may be less inclined to accept. 

Depends on how much the seller want to sell and not have to relist.

I am surprised the agent won't pass the request through and just say that you won't disclose the quotes.  This may have a negative effect and the sellers may go off in a huff.  They have to manage the seller as well as the buyer, so it will be easier for them to discuss reduction if they have hard evidence to convince the seller to accept the reduction.

1993_Hippo

Thanks for your replies.

In full honesty, my offer is very fair as I have received 2 quotes from the same roofer depending on the type of tiles and the offer I've given the estate agent is to the penny for the lower price. 

The problem I have, is that its a verbal offer currently as he was out battling the elements on roofs today and he has said he will try and send over the quote in email form tonight before going away on holiday tomorrow. My worry was if he didn't manage to get round to it and I have to wait a further 2 weeks till he was back.

I don't mind sending over the quote really, however, i really don't believe the estate agent should need it before even telling the seller about the new offer.

propertyrental

Have you provided the survey to the EA and/or seller? If not, why would they take seriously any new price offer you make based on the survey?

As for the quotes - likewise, the seller is only likely to seriously consider your reduced price if you justify it ie by producing the quotes (as well as the survey).

Incidentally, most surveys include an estimate for works deemed necessary.

Finally, what are the specific 'red flags'? We see a lot of these on the forum and whilst there are valid ones, there are also flags that are really not valid at all.

AskAsk

1993_Hippo said:

Thanks for your replies.

In full honesty, my offer is very fair as I have received 2 quotes from the same roofer depending on the type of tiles and the offer I've given the estate agent is to the penny for the lower price. 

The problem I have, is that its a verbal offer currently as he was out battling the elements on roofs today and he has said he will try and send over the quote in email form tonight before going away on holiday tomorrow. My worry was if he didn't manage to get round to it and I have to wait a further 2 weeks till he was back.

I don't mind sending over the quote really, however, i really don't believe the estate agent should need it before even telling the seller about the new offer.

How much is it that you are asking for?  It sounds like a large amount?  If so, the EA may think there isn't any point in telling the vendors until they can see the quote.  Two weeks delay isn't a big delay.  Just ask the roofer for a short email with ball park cost, that should be enough.

propertyrental

Are the quotes for repair/replacement of some slipped/cracked tiles, or a complete re-roof?

If complete re-roof, what exactly does the survey say? If the roof is leaking, then your problem may be bigger that re-roofing as the attic joists etc could be damp.rotting.

If the roof is not leaking but is 'near the end of its life, that does not justify the work or price reduction. The roof might be fine for another 5, 10 years.

user1977

And are you expecting the entire cost of the work to come off the price? Presumably you weren't expecting the price to include a brand new roof....