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Buyers want reduction for THEIR improvements

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  • Buyers want reduction for THEIR improvements

    3 bed, 1960s semi in good repair, recently decorated and eminently livable (IMHO). We've had a couple of "interested" buyers but they've both used what seems to us to be a very odd tactic.
    The house is very competitively priced according to zoopla (comparing with other sold properties in the area). However these two have both put in fantastically low offers, 30k or so below what other similar houses have sold for this year.
    When we asked, they said they wanted to do various work to the house (different things for each buyer). One wanted to build a conservatory extension, the other wanted an en-suite and remodel the kitchen. The logic was "we want to do X, so we're knocking the cost of that off the asking price".
    Talking to the agent, they said this sort of thing wasn't uncommon but that the sort of people who play that game either can't or won't see that they're asking us to pay for work that THEY want done. Obviously in both cases the answer was NO! but how do you explain to these buyers that you're not being unreasonable?

  • #2
    Re: Buyers want reduction for THEIR improvements

    Originally posted by fizzog View Post
    but how do you explain to these buyers that you're not being unreasonable?
    You really don't have to. Let your agent deal with them instead. That his/her job. If this is the kind of silly logic that they are applying to your property, the chances are that they are doing exactly the same thing with other vendors and annoying them as well. House selling is hard enough these days without having to deal with the inevitable time wasters and those who expect Buckingham-Palace-for-a-tenner.

    I really hope that you find a sensible and honest potential buyer soon. Good luck.

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    • #3
      Re: Buyers want reduction for THEIR improvements

      Originally posted by Jeannie D View Post
      I really hope that you find a sensible and honest potential buyer soon. Good luck.
      Thank you.
      So far as sensible and honest (actually, I'd be happy with just one of those features) buyers go ... I wish.
      I get the impression that all the TV property buying/selling programmes have set unreal expectations in the eyes of some buyers. I sometimes have the feeling that they expect everything to be spotless, perfect and pristine - as if the house had only just been built and never lived in.

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      • #4
        Re: Buyers want reduction for THEIR improvements

        I agree, don't think the property tv shows are helping much. I have eight year old twins sharing a box room and it's a nightmare trying to keep the house tidy for possible viewers (which I'm not getting). Buyers seem so picky, think they can twist you round their little finger. The kids will be teenagers by the time we move at this rate

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        • #5
          Re: Buyers want reduction for THEIR improvements

          I agree too, property buying shows have created a very unrealistic perspective; potential buyers are ‘duped’ into thinking that they can go to any Dick, Tom and Harry and ask for a 30-40% discount.

          Anyway, going back to the situation at hand, fizzog, it would be beneficial to identify what type of buyers you were discussing with. This is since if they were property investors it could be likely that no matter how competitively priced your home is they were always offer below the actual value. If this is the case for both buyers, I think you shouldn’t be too worried. Instead, seek to focus on talking to non-investor buyers, who won’t necessarily request a discount as long as they can get a sense of your property being their new home.

          Remember, if a buyer envisions your home as their ‘dream’ home, they will pay, within reason, as much as they need to.

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          • #6
            Re: Buyers want reduction for THEIR improvements

            Hey Fizzog,

            You are correct - they are just playing a game. If your house is priced at the correct amount just stick you to you guns and tell them that. You have the ultimate power - the word No!

            Hope this helps.

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