Just to add, I’ve known personally of one case where an EA used the renovation costs reason, for inducing the vendor to accept a very low price, because he or she had developer friends or ‘clients’ with whom s/he had a ‘brown envelope’ arrangement for picking properties up cheaply from relatively naive and trusting vendors.
This was openly admitted to me by one such developer - not a friend, I hasten to add! - who I met socially somewhere. He was quite unabashed about it - he had such ‘arrangements’ with more than one estate agency.
I do that know most EAs are not like this, but there is certainly the odd shark in the waters.
Another ‘shark’ story - the entirely reasonable offer I made for a flat some years ago, was turned down on the spot, ostensibly because I could not exchange contracts within 24 hours! Well, of course I couldn’t - I’d never heard of such a thing. But the EA told me it was quite usual for buyers to able to proceed very quickly.
I thought little more about it until some months later, when I had a good old nose on nethouseprices, to see what the flat had sold for.
It was at least 20% below my offer!
The EA had seemed such a nice, trustworthy young chap - who’d told me at the viewing that his father was a vicar!!