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FTBs - how to negotiate this sale?!

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Lrn__
Lrn__ Posts: 4 Newbie
in House buying, renting & selling
We saw a house on Saturday (it was almost exactly what we are looking for) and put in an offer yesterday at 15k under the asking price of 235k. The house has been listed 3 times. The previous two sales fell through due to the chain collapsing, and the vendor is 'despondent and desperate to sell' as it is a deceased relative's property (according to the EA).

The other two offers are from buyers needing to sell up and one has no financial agreement sorted. We went in deliberately low as we can move immediately and have all finances, solicitors/surveyors etc lined up ready to go.

Understandably our offer has been pushed back today! The EA dropped to me that the other offers sit just around 230k. Due to how fast we can move I'm keen to offer to meet the vendor in the middle at 228k and stress our situation/ability to move/chain-free circumstances. Would this be throwing too much into the offer at once or is this a sensible jump in these circumstances? :eek: As much help/guidance as possible is just what we need here!
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  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    http://www.mirror.co.uk/money/house-prices-brink-collapse--11817063


    Stand firm, or even lower your offer.
  • martinsurrey
    martinsurrey Posts: 3,368 Forumite
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    Crashy_Time wrote: »
    http://www.mirror.co.uk/money/house-prices-brink-collapse--11817063


    Stand firm, or even lower your offer.

    so that article say to make prices fall more people need to sell to bring supply up to meet demand...

    Where do they think the people selling will be living??? more people selling will mean demand will increase by as much! I've seen more rigour in an argument by a 7 year old (which given its the mirror, it might have been).

    While I agree the market isn't soaring, we're up to 10 years you've been predicting a major correction...
  • spadoosh
    spadoosh Posts: 8,732 Forumite
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    Crashy_Time wrote: »
    http://www.mirror.co.uk/money/house-prices-brink-collapse--11817063


    Stand firm, or even lower your offer.

    Crazytime strikes again.

    You linked to an article that suggests prices are high due to limited supply. As has been the case for the last few decades in uk property. Which is probably why youve been suggesting a property crash is around the corner for the last decade or so.

    FYI, its 2018 not 1980. Mars bars are not 15p anymore. Marthons are now called snickers. And the mirror is not something you should be using to base your economic decisions on.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    The other offers are pointless at this stage so you are effectively bidding against yourself. Until they know what they can sell for, it may affect their offer - if they have to take low offers to sell, they may be offering lower. Remind the EA (and in turn the buyer) of that.


    At the end of the day, it's your call. What do YOU think the property is actually WORTH. It's not all about how much you can get off the asking price (it may be up for more than it's worth, or priced to sell). I walked and lost a house over £4k-10k-ish recently and bought another. Wasn't to cut my nose off to spite my face, I was 100% paying what I thought it was worth. If someone wanted to pay more, up to them.
    2023 wins: *must start comping again!*
  • pinklady21
    pinklady21 Posts: 870 Forumite
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    And back on topic......
    To the O/P - if they have refused your first offer, then nothing to stop you making another one. This could be your "final offer". Meeting in the middle might swing it and they agree to sell to you. Only one way to find out.....
  • CommitedToChange
    CommitedToChange Posts: 1,325 Forumite
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    Personally I'd offer 225 and see what happens. Depends on how much you really want the place - after all, it's only worth what you're willing to pay

    (and ignore crashy)
  • PokerPlayer111
    PokerPlayer111 Posts: 343 Forumite
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    The other 2 offers obviously dont compete with your offer since they aren't proceedable so have to be valued less than your offer even if they were of higher cash value. The EAs know this they just try and BS you in whatever way they can to make you offer more so the sale completes and they get their comission.

    Keep your offers low at a price you would be happy at else you end up agreeing at a price you are unhappy paying and get stuck with it. Ring up and ask if the property is still on the market few days later and say well my offer still stands. If the EAs mess you around just put a note into the actual seller - something im thinking of doing since communicating with EAs has so much drama.
  • Aylesbury_Duck
    Aylesbury_Duck Posts: 13,993 Forumite
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    Tell the agent that your original offer stands, remind them that you're in a very strong position to proceed quickly and for show, ask them to continue to send you details of other properties that meet your criteria. You only made the offer yesterday, the vendors knocked it back today and you're considering adding £8k to it already? Seems a bit rash to me and it will project desperation. If their situation is as you say, let them mull it over a little longer. You can always go back in a fortnight and ask if they will reconsider your offer.

    If I was the vendor and you added £8k within hours of having your first offer rejected, I'd be thinking that there's more to come...
  • PokerPlayer111
    PokerPlayer111 Posts: 343 Forumite
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    Aylesbury_Duck wrote: »

    If I was the vendor and you added £8k within hours of having your first offer rejected, I'd be thinking that there's more to come...

    Yeah i already messed up doing exactly that, do not do that, stand ground dont getting all hooked on 1 property there are tons of these things. New opportunities every week.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    martinsurrey wrote: »
    so that article say to make prices fall more people need to sell to bring supply up to meet demand...

    Where do they think the people selling will be living??? more people selling will mean demand will increase by as much! I've seen more rigour in an argument by a 7 year old (which given its the mirror, it might have been).

    While I agree the market isn't soaring, we're up to 10 years you've been predicting a major correction...


    The EZ perhaps? The only thing keeping prices up is low interest rates, nothing else.
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