Q&A: How Low Will They Go?
Whats the best way to negotiate the lowest selling price from a vendor and is it ever an option to contact the vendor directly?
Nick Leeming, our property guru suggests:
This is a wide ranging subject and much will depend on the relationship that the vendor has with his agents...
You will first of all have to try and establish what level of competition there is for the property and how long it has been on the market. It also helps to know the position that the vendor is in: do they have to sell and are they under pressure from their bank?
If the property is stuck on the market, the guide price has been reduced and the vendor has to sell, then you are in a strong position to offer a low bid, sometimes as much as 15% below the guide price.
The agent should have a formal selling agreement with the vendor and this will state whether they have sole selling rights or not, however if you have seen the property advertised or promoted by that agent, then it is right to deal through that agent.
