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    • cdm44
    • By cdm44 8th Sep 17, 1:49 PM
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    cdm44
    Advice - tactics for buying house
    • #1
    • 8th Sep 17, 1:49 PM
    Advice - tactics for buying house 8th Sep 17 at 1:49 PM
    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...
Page 1
    • Cakeguts
    • By Cakeguts 8th Sep 17, 2:07 PM
    • 3,055 Posts
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    Cakeguts
    • #2
    • 8th Sep 17, 2:07 PM
    • #2
    • 8th Sep 17, 2:07 PM
    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
    • By Alter ego 8th Sep 17, 2:09 PM
    • 2,164 Posts
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    Alter ego
    • #3
    • 8th Sep 17, 2:09 PM
    • #3
    • 8th Sep 17, 2:09 PM
    Leave your offer open while you keep on viewing alternatives. Remember the Estate agent works for them, not for you.
    Ignore me if you like, it's not the real me anyway.
    • VintageHistorian
    • By VintageHistorian 8th Sep 17, 2:17 PM
    • 255 Posts
    • 1,625 Thanks
    VintageHistorian
    • #4
    • 8th Sep 17, 2:17 PM
    • #4
    • 8th Sep 17, 2:17 PM
    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.

    Make £3 a Day in September 2017 - £29.31/£90 (2017 total - £164.27) | Womble #03 - £4.32 | Overpayments in 2017 - £926.72
    • cdm44
    • By cdm44 8th Sep 17, 2:48 PM
    • 5 Posts
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    cdm44
    • #5
    • 8th Sep 17, 2:48 PM
    • #5
    • 8th Sep 17, 2:48 PM
    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
    • By hazyjo 8th Sep 17, 3:34 PM
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    hazyjo
    • #6
    • 8th Sep 17, 3:34 PM
    • #6
    • 8th Sep 17, 3:34 PM
    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
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • Doozergirl
    • By Doozergirl 8th Sep 17, 3:39 PM
    • 23,965 Posts
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    Doozergirl
    • #7
    • 8th Sep 17, 3:39 PM
    • #7
    • 8th Sep 17, 3:39 PM
    Leave your offer open while you keep on viewing alternatives. Remember the Estate agent works for them, not for you.
    Originally posted by Alter ego
    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
    • By Alter ego 8th Sep 17, 3:45 PM
    • 2,164 Posts
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    Alter ego
    • #8
    • 8th Sep 17, 3:45 PM
    • #8
    • 8th Sep 17, 3:45 PM
    The estate agent works for themselves.

    They apply pressure to both sides to achieve a sale.
    Originally posted by Doozergirl
    True, but the vendor is paying not the buyer.
    Ignore me if you like, it's not the real me anyway.
    • sleepymans
    • By sleepymans 8th Sep 17, 3:48 PM
    • 618 Posts
    • 917 Thanks
    sleepymans
    • #9
    • 8th Sep 17, 3:48 PM
    • #9
    • 8th Sep 17, 3:48 PM
    cook 'em they are playing you for a sucker.....walk away
    Goddess
    • Kevie192
    • By Kevie192 8th Sep 17, 4:41 PM
    • 1,132 Posts
    • 2,532 Thanks
    Kevie192
    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
    • By Slinky 8th Sep 17, 7:44 PM
    • 4,696 Posts
    • 20,323 Thanks
    Slinky
    True, but the vendor is paying not the buyer.
    Originally posted by Alter ego


    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.
    • Alter ego
    • By Alter ego 8th Sep 17, 7:47 PM
    • 2,164 Posts
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    Alter ego
    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.
    Originally posted by Slinky

    Money you once had is no way your's!
    Ignore me if you like, it's not the real me anyway.
    • Slinky
    • By Slinky 8th Sep 17, 7:54 PM
    • 4,696 Posts
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    Slinky
    Money you once had is no way your's!
    Originally posted by Alter ego


    But it's money that never reached the vendor. Our money will have gone to their solicitor who will have deduced the agents fee and their own before sending the rest on to the vendor. If we or somebody else hadn't bought the house, how would the EA have been paid? Not by the vendor.
    • cjmillsnun
    • By cjmillsnun 8th Sep 17, 8:01 PM
    • 300 Posts
    • 202 Thanks
    cjmillsnun
    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.
    Originally posted by Slinky
    True, but the EA's contract is with the vendor and the vendor alone.
    • Slinky
    • By Slinky 8th Sep 17, 8:11 PM
    • 4,696 Posts
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    Slinky
    True, but the EA's contract is with the vendor and the vendor alone.
    Originally posted by cjmillsnun


    I know, but the reality is the purchaser pays the EA even if the EA is working for the vendor.
    • justme111
    • By justme111 8th Sep 17, 8:33 PM
    • 2,856 Posts
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    justme111
    Chill. wanting it here and now will result in you paying more.
    • getmore4less
    • By getmore4less 9th Sep 17, 2:08 AM
    • 30,248 Posts
    • 18,088 Thanks
    getmore4less
    I asked how much more "market testing" they're looking for, and he said 3/4 weeks.
    Tell the EA you will review your offer again from scratch in 4 weeks.

    keep looking.
    Last edited by getmore4less; 09-09-2017 at 9:21 AM.
    • Car1980
    • By Car1980 9th Sep 17, 5:29 AM
    • 233 Posts
    • 112 Thanks
    Car1980
    Vendor sounds a pain. What happens if the survey comes back and it needs £10k spending? He's not going to budge.
    • cdm44
    • By cdm44 4th Oct 17, 1:33 PM
    • 5 Posts
    • 0 Thanks
    cdm44
    Thanks for all the advice. Anyone have any thoughts on next steps now? It doesn’t look like anything has come of the “further marketing”.

    We don’t want to leave this hanging on much longer, as we’re getting a bit frustrated and would rather just put the whole idea behind us if this isn’t going to happen.

    So we’re thinking of one last go. But we can’t decide to go back and restate our offer (95% of asking price) or to increase a bit to 97% to get it done this week. What do people think?
    • hazyjo
    • By hazyjo 4th Oct 17, 1:49 PM
    • 9,798 Posts
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    hazyjo
    Up to you really. I did go back with the one I wanted recently, but regretted it instantly as it made no difference and probably just looked like there was more money in the pot (there wasn't, it's just that my mum's paying my legal fees/survey).


    I had the same prob buying the house I'm currently in. They kept sending me away with my tail between my legs and wouldn't accept my offer (kept saying the market was going to increase and I'd not afford anything, and that it had snowed so wait until the weather picked up as it would sell, blah blah, excuse after excuse trying to get rid of me). Went on for 3 or 4 weeks, and I'd first viewed the house several months before and it was still up!


    Eventually, I blocked the patronising g*t on my phone and emailed them saying I was really keen to get this sorted, I had a buyer who was several weeks in, and what would they accept? The EA (different one) replied saying just a bit more and I think it's yours so I went up one or two grand I think and the vendor accepted. I doubt they'd even been putting my offers forward (illegal unless he'd given them a limit to decline offers under).


    Thing is, you just don't know. They may accept, they may not. Absolutely pot luck depending on what the vendors want/what the EA are telling them.


    Good luck.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
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