Structuring a 13%-below offer on a Nairobi condo

K

KindHarbor

Homeowner
Established
Getting this wrong could either cost us the condo or leave us paying well above a poorly evidenced market value. The Nairobi property is listed at KES 118,700,000, has been on the market for 68 days and requires updating. Nearby advertised prices are similar, but there are too few completed transactions available to give us a dependable benchmark.

We are considering starting 13% under the asking price. Our financing is in place and we can accommodate the seller on completion, so I would rather present those strengths than send a long catalogue of faults. At the same time, we need inspection, financing and valuation conditions, with clear deposit treatment if any of them fails.

Would you submit the lower figure with a brief explanation and financing proof, or first ask the agent about the seller’s priorities? I also want a reasonable response deadline without making the offer look theatrical.
 
I’m also unsure how much evidence to put behind the first offer. Would you attach financing proof and a short list of required updates immediately, or keep the initial letter simple? I’d prefer a firm response deadline rather than letting it drift, but not one so short that it looks theatrical.
 
Keep it factual and brief: the offer reflects the updating required, limited evidence from completed comparables, and your assessment of current value. Then emphasise the strengths—financing proof, flexible completion and readiness to proceed.

I would not attach an inflated repair wish list. It can feel like an attempt to justify a predetermined discount. Make the price offer first, subject to inspection, and deal with genuine defects after inspection.
 
Sixty-eight days gives you a reason to ask questions, not evidence that 13% will be accepted. The seller may value speed and certainty, or may simply be prepared to wait for a price closer to the listing.

Ask the agent which matters more to the seller: timing or the headline amount. If flexible completion solves a real problem, it strengthens your lower bid without requiring you to surrender inspection, financing or valuation conditions. Those protections, especially the terms governing when the deposit can be refunded, are harder to recover once removed than a rejected opening price.
 
The deposit wording deserves as much attention as the headline price. Be clear about when it becomes non-refundable and what happens if financing, inspection or appraisal conditions are not satisfied. Those details depend on the contract and Kenyan practice, so have the terms reviewed locally rather than relying on a generic template.

A reasonable response deadline is useful, but allow enough time for the seller to consider the financing evidence and completion flexibility.
 
One further point: decide now how you would respond to a counteroffer. Set a maximum price and consider whether you would prefer a lower price or repair credits if the inspection finds problems. Credits may not solve an appraisal gap, while raising the price could increase your cash exposure if the valuation comes in low. That trade-off should be settled before negotiations become emotional.
 
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