Making an offer directly to a vendor

mimi_money_saver

I am a FTB and about to take a second viewing on a property I really like. I'm pretty sure that the second viewing will confirm my already good feeling and I'll want to go ahead and make an offer.

The vendors are using an EA to sell the property. It has been on the market since Feb (at a much higher price) and is now reduced. Apparently the agent tells us there is a lot of interest now (well they would wouldn't they!)

Is there any advantage in speaking to the vendors during the second viewing and making my offer directly to them. I'm not sure this is the done thing or if it will allow us to come to an agreement quicker and without the interference of an EA.

Any thoughts or experiences would be appreciated.

PS: The vendors seemed a very nice and amiable couple although as an architect and an interior desinger I should imagine are fairly savvy about selling houses.

blue_haddock

When i bought my first house i fell in love with it there and then (big mistake i know!) i got talking to the vendor and we basically negotiated the price and phoned the estate agent to tell them what was happening.

By speaking to them directly you don't have to put up with the estate agent saying "they won't accept such a low offer" and trying to get you to up your bid before they even approach the venodr with your bid.

kjl26

We've just done the same thing - the flat we're buying had been on the market for 6 months, reduced after 3, and the EA by all accounts put in very little work - in our case they just gave us the vendor's mobile number and we sorted out viewings etc from there because they were 'too busy'. Anyway we managed to negotiate a very good price pretty quickly direct with the vendor and then just told the estate agent what was going on. It worked for us because we developed a nice rapport with the vendor and were able to discuss our reasons for making low offers etc., and it cut out the difficulty of the EA telling you stuff about the interest in the property/vendor's intentions that might not be true. We're also FTBers.

Good luck!

Robert_Sterling_3

N.B. The game is not over until you have exchanged contracts.

kjl26

Yep, I should have added that it's sometimes been hard to get hold of the vendor because he works long hours, leading to a degree of uncertainty as to whether he was entertaining other offers/stringing us along - so you have to be happy to trust to some extent until you exchange. We still have fingers and everything else firmly crossed that ours will go through okay...:)

John_M_Business

If you can get anything out of the vendor, then great... usually it works in your favour... in any case, you've got nothing to lose.

Just don't start the process by blabbing on about how GREAT the property is. Ask lots of questions that might be negatives (upkeep / maintenance, neighbour disputes, noise from road etc.).

lush_walrus

mimi_money_saver wrote:

I am a FTB and about to take a second viewing on a property I really like. I'm pretty sure that the second viewing will confirm my already good feeling and I'll want to go ahead and make an offer.

The vendors are using an EA to sell the property. It has been on the market since Feb (at a much higher price) and is now reduced. Apparently the agent tells us there is a lot of interest now (well they would wouldn't they!)

Is there any advantage in speaking to the vendors during the second viewing and making my offer directly to them. I'm not sure this is the done thing or if it will allow us to come to an agreement quicker and without the interference of an EA.

Any thoughts or experiences would be appreciated.

PS: The vendors seemed a very nice and amiable couple although as an architect and an interior desinger I should imagine are fairly savvy about selling houses.

Depends on the estate agent I think. Going directly to the couple may be a good thing but if you become too personal with the venders then things become far more personal than if you keep the agent as the middle ground.

If for example you put in what the couple consider to be a very low offer to their face, then they may be offended(may not of course). Also let the agent negotiate what will be included in your offer (remember like or hate EA, negotiating skills are what they are trained to have).

Remember one thing the agents have the insight of having had conversations with the vendors, which probably include what the lowest offer they would accept is and how much of a rush they are in etc. All of which can be used to your advantage, if the agent is good, they will help you with your offer (baring in mind they do not get paid unless a property sells, so if an agent tells you an offer is too low it is because IT IS and they already know what price the vendor will accept!

If you do decide to give an offer directly to the vendor, then I would advise you at least have a conversation with the EA first, to find out any information they may know about the vendor, their situation and the lowest offer they would accept.

frugal_dougal_3

If you feel comfortable talking to the vendor then absolutely do go ahead and negotiate with him. I have met some really lovely people this way, and although you won't want to be lifelong friends it does restore your faith in human nature when it goes well.