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How much is this property worth?

How much can you reasonably expect Estate agent to reduce property price?

  • Recently had offer accepted on a 1930's property (9.3% less than asking price) and our survey found issues with elecrical installation, heating and damp in some walls. I rang the agent today and they said we've been given a fair price considering the age of the property and that the property requires modernisation which was stated in the property details. However in looking at the current issues, re-fitting electrics and heating is a major job. What do you think we should expect... the agent said he is willing to help as much as he can however he also said he won't be able to do any major price reductions.

  • Answer:

    It is nothing to do with the agent at all. It is the seller who makes the decisions, although the agent is acting for the seller and will negotiate on his behalf. The seller may have instructed the agent not to consider offers below a certain amount, but in general any offer you make should be passed on to the seller for them to decide. In any house purchase the property is only worth what someone is willing to pay for it. If you think the problems make it worth less than you thought then offer a lower amount - or ask them to do the work themselves. And be prepared to walk away if the seller refuses to meet your valuation. If you are being reasonable then any future buyers will be making similar demands so the seller is only putting off the inevitable. It is still very much a buyer's market, and any sensible buyer will realise that and act accordingly. If you don't buy this house I bet you can find several others to consider.

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As the owner you have the right to reduce the price as much as you like and if this is the attitude of the estate agent i would move and discuss your conversation with your local trading standards as you do not know what Else they have been up to.

It is up to the owner to drop the price . If that were my estate agent i'd be wanting him to make up the short fall You make an offer to the agent, he should them inform the owner of your offer and the owner will tell him what he wants him to say.

We were told to expect people to offer at least 7% lower than your asking price and that's before any survey or issues are found. Good Luck!

Well first off, the agent can not make you ANY Offers unless he/she is also the owner. The agent can only act as a conduit to and from the owner and is ethically obligated to convey your offer to the seller regardless of opinion. Second.. there are many more factors involved in home sales then simply upgrading and modernization. Need of sale (or purchase) are the biggest drivers sometimes. But, in the long run it comes down to value. You did not give the asking price for your house so it is impossible to determine the value of what you are proposing. 1% of a 1000000 quid house is a lot more than 1% of a 10000 one, so it becomes a matter of how important is that amount to you? Is it a deal breaker or not. Bottom line.. make your best offer and see if the owner accepts it or counters.. but once you make the offer stick with it.

The agents will say that to keep the price high as they get a % from the final price. The seller may have instructed the agent not to drop below a certain amount, but you must point this out, and if they don't budge, then walk away.

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