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    • cdm44
    • By cdm44 8th Sep 17, 1:49 PM
    • 5Posts
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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 2
    • Crashy Time
    • By Crashy Time 4th Oct 17, 2:54 PM
    • 5,006 Posts
    • 2,157 Thanks
    Crashy Time
    You are probably too attached to the house, and probably over-paying anyway? Got a link?
    • Quizzical Squirrel
    • By Quizzical Squirrel 4th Oct 17, 3:24 PM
    • 109 Posts
    • 4,043 Thanks
    Quizzical Squirrel
    The thing with these low offers is that they affect the seller's confidence in you.

    Even if you come up to a higher price, they know you're likely to try and get closer to your original price by hook or by crook.
    They know what might happen when that survey comes in.
    They may fear you're going to play games on exchange day.
    They think this because you've told them what you think the house is really worth.

    Almost all sellers are now, or were once, buyers too.
    They guess what you're thinking because they've had the same thoughts themselves.

    This is the risk you take with a low offer.
    You might genuinely mean to stick to the higher offer price.
    But you're going to get the side-eye.
    • Crashy Time
    • By Crashy Time 4th Oct 17, 3:29 PM
    • 5,006 Posts
    • 2,157 Thanks
    Crashy Time
    The thing with these low offers is that they affect the seller's confidence in you.

    Even if you come up to a higher price, they know you're likely to try and get closer to your original price by hook or by crook.
    They know what might happen when that survey comes in.
    They may fear you're going to play games on exchange day.
    They think this because you've told them what you think the house is really worth.

    Almost all sellers are now, or were once, buyers too.
    They guess what you're thinking because they've had the same thoughts themselves.

    This is the risk you take with a low offer.
    You might genuinely mean to stick to the higher offer price.
    But you're going to get the side-eye.
    Originally posted by Quizzical Squirrel

    Most of that probably goes out the door when you have been waiting 10 months for a buyer though
    • cdm44
    • By cdm44 4th Oct 17, 8:23 PM
    • 5 Posts
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    cdm44
    Thanks for the message.
    I don’t think we have put in a low-ball offer! Our first one was 90% of their current asking price, made after 10 months with only one other offer! We’ve always been told if something sticks around for too long, it’s too expensive...
    • cdm44
    • By cdm44 4th Oct 17, 8:24 PM
    • 5 Posts
    • 0 Thanks
    cdm44
    And if you’re suggesting that we’d gazunder to the original offer, I wouldn’t dream of it. I’ve been gazumped once and wouldn’t think of doing it to someone else, either buying or selling. A deal is a deal.
    • -taff
    • By -taff 4th Oct 17, 8:43 PM
    • 7,429 Posts
    • 4,870 Thanks
    -taff
    We offered on one huse with problems and kept looking believing the problems weren't going to be sorted.
    We offered on another property. The EA kept pushing us and pushing us to offer more and more, which we did to start with. Then I looked at the top pice that the house would achieve if it were in good condition and found the top price was what they were asking us to pay for a property that need a lot of work.
    The property was a probate property, the vendors didn't live there, they just wanted top dollar and were prepared to wait.
    We rescinded our offer.. The EA was not pleased.

    Problems with the original house were sorted, we moved in there.
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