Etiquette when dealing with EA's

Hi,

I'm looking for some advice. I viewed a house several times and put in an offer (lower than the asking). Since then I have had a family member over to view the place, one family member would have a very good idea at the cost of the home improvements required (old ex corpo house 50/60's). These are way more than we initially estimated and make the price that we have offered (booking deposit paid - nothing else) to pay seem unreasonable.

What's the best way to go about approaching this matter with the EA as we don't want to make them think we are messing them around ? but won't be paying more than we feel it's value is.

Thanks

Phone the EA and say that you want to withdraw your offer which presumably was made on a contract/no contract basis and ask for your deposit back.

You don't say definitely that you still want the house, but I think you do?

If you don't, then what mathepac said.

If you do, and the cost of repairs is simply higher than you expected, I'd ring the agent, say you've had it looked at*, and the costs are X-much more than you expected or could afford. Tell them you're still really interested in the house, but you would have to reduce the offer by X. The worst that can happen is the vendor says no, you lose the house, and it goes back on the market; on the other hand, the vendor may be prepared to do a deal.

*you don't say if the family member is in the building / surveying business or just someone whose opinion you trust: you'll have more credibility if you can say "Builder quoted..." or "Surveyor said...".

The house is wanted, just as stated by Dreamerb the cost + distruption doesn't add up.

The family member is in the building business (although not a builder) and has renovated many a house.

So the best way to approach it is straight out saying taht we have looked into it and that the numbers don't add up and to see if we can strike up some sort of further reduction ?

That's what I'd do, anyway. You may not get the house (and be ready for that possibility), but the vendor may be happy to do a deal if you make it clear that you're a serious buyer but the renovations are simply more expensive than you expected. And whether you decide to deduct "extra" to leave yourself some room to negotiate, or go straight in at the price you're happy with, just make sure you decide in advance exactly what, with this new information, you are prepared to pay.

Hope it works out.
d