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Advice - tactics for buying house

We are trying to buy a house that has been on the market for 10 months and had 2 price reductions when we viewed it. It needs loads of work, which we have roughly priced up ourselves.
Our original offer was 86% of the asking price. This was rejected. We upped it to 91%. This was also rejected without any counter, but the vendors reduced their asking price so that our second offer (which we left on the table for a couple of weeks) is now 95%.
We had put an expiry of today and I just spoke to the agent. They had apparently recommend the vendor accept our 95% offer but the vendors still want to test the market at their new-ish lower price.
The agent is sort of encouraging us to put a bit more in and says he'll do his best to get them down. But they haven't ever given a counter offer.
I asked how much more "market testing" they're looking for, and he said 3/4 weeks.
Any advice on how to play it? I was wondering about a token increase if they accept it today - e.g. up to 96%? And/or saying that we'll leave less on the table if they don't accept our offer...
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Comments

  • Cakeguts
    Cakeguts Posts: 7,627
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    If you keep making higher and higher offers the vendors may hold out for 100% of the new price thinking that you will eventually offer it. Will you?
  • Alter_ego
    Alter_ego Posts: 3,842
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    Leave your offer open while you keep on viewing alternatives. Remember the Estate agent works for them, not for you.
    I am not a cat (But my friend is)
  • What can you actually afford? Does your offer include the possibility that you'll find more problems once you get in there, or that your rough calculations could be under what it will actually cost to fix the place up? These are the main things that should be taken in to account. Don't get carried away because you "love the place", and don't keep giving the estate agent the idea that you'll continue to increase your offer.

    IF someone decides to make an offer at the new price, then you can decide if you want to pay more. For the time being tell the estate agent that a 3 to 4 week wait will be fine, you can even tell them that you've got some more viewings set up anyway and it'll help you come to a decision about that house. Doesn't matter if you love it and won't be viewing anything else, this part of negotiations is effectively a large poker game, so hide your cards and start bluffing.
    "You won't bloom until you're planted" - Graffiti spotted in Newcastle.

    Always try to be nice, but never fail to be kind - Doctor Who

    Total overpayments in 2021 - £901.28!
  • cdm44
    cdm44 Posts: 5 Forumite
    Thanks everyone.
    We could probably afford the full price but we're only negotiating against ourselves at this point.
    And yes, we have included a contingency % - it's an old house and we're not builders. If it's less, I'd be surprised especially because it's uninhabited as well.
    My head says it's unlikely that someone else is going to come along after so many months with no interest, but I'm clearly just not very patient - 2 weeks has been annoying!
    I was also wondering if there are any good ways to get some urgency / fear at their end...
  • hazyjo
    hazyjo Posts: 15,468
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    Was in the same boat. Offered on a house which had been on and off the market for 2 years. On for several months with this agent with one price reduction. I was offering around 1.5% under (seriously) their 'offers over' price. They refused for 4 or so weeks and eventually sold to someone else after I pulled out as I gave up and found another.


    Sometimes they just won't budge!


    I think they were totally deluded and will be very surprised if they sell for more than I offered. It wasn't a case of me being stubborn, I genuinely wasn't prepared to pay another penny.


    I do actually believe the EA agreed with me.


    I would make it clear the offer is not 'on the table' as such, but that they should get in touch if they'll consider it - at which time you'll still consider if it's worth what you previously offered. Say you'll ring again in a few weeks but will keep looking in the meantime.


    Jx
    2023 wins: *must start comping again!*
  • Doozergirl
    Doozergirl Posts: 33,780
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    Alter_ego wrote: »
    Leave your offer open while you keep on viewing alternatives. Remember the Estate agent works for them, not for you.

    The estate agent works for themselves.

    They apply pressure to both sides to achieve a sale.
    Everything that is supposed to be in heaven is already here on earth.
  • Alter_ego
    Alter_ego Posts: 3,842
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    Doozergirl wrote: »
    The estate agent works for themselves.

    They apply pressure to both sides to achieve a sale.

    True, but the vendor is paying not the buyer.
    I am not a cat (But my friend is)
  • cook 'em they are playing you for a sucker.....walk away
    :A Goddess :A
  • Kevie192
    Kevie192 Posts: 1,146 Forumite
    Stop paying stupid games.

    Offer the amount you are ultimately willing to pay. Tell the estate agent this is your full and final offer. If they reject, walk away. Simples.
  • Slinky
    Slinky Posts: 9,912
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    Alter_ego wrote: »
    True, but the vendor is paying not the buyer.



    Well it's our money as purchasers that will have paid the vendors EA bill when we completed today. Technically the vendor pays the bill, but the reality is unless somebody purchases the property the EA isn't getting paid.
    Make £2024 in 2024
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