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  • FIRST POST
    • Lrn__
    • By Lrn__ 9th Jan 18, 3:06 PM
    • 4Posts
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    Lrn__
    FTBs - how to negotiate this sale?!
    • #1
    • 9th Jan 18, 3:06 PM
    FTBs - how to negotiate this sale?! 9th Jan 18 at 3:06 PM
    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? As much help/guidance as possible is just what we need here!
Page 1
    • Crashy Time
    • By Crashy Time 9th Jan 18, 3:18 PM
    • 5,359 Posts
    • 2,235 Thanks
    Crashy Time
    • #2
    • 9th Jan 18, 3:18 PM
    • #2
    • 9th Jan 18, 3:18 PM
    http://www.mirror.co.uk/money/house-prices-brink-collapse--11817063


    Stand firm, or even lower your offer.
    • martinsurrey
    • By martinsurrey 9th Jan 18, 3:32 PM
    • 3,265 Posts
    • 3,976 Thanks
    martinsurrey
    • #3
    • 9th Jan 18, 3:32 PM
    • #3
    • 9th Jan 18, 3:32 PM
    Originally posted by Crashy Time
    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
    • By spadoosh 9th Jan 18, 3:34 PM
    • 4,829 Posts
    • 6,397 Thanks
    spadoosh
    • #4
    • 9th Jan 18, 3:34 PM
    • #4
    • 9th Jan 18, 3:34 PM
    Originally posted by Crashy Time
    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.
    Don't be angry!
    • hazyjo
    • By hazyjo 9th Jan 18, 3:38 PM
    • 9,914 Posts
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    hazyjo
    • #5
    • 9th Jan 18, 3:38 PM
    • #5
    • 9th Jan 18, 3:38 PM
    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.
    2018 wins:
    • pinklady21
    • By pinklady21 9th Jan 18, 3:40 PM
    • 353 Posts
    • 227 Thanks
    pinklady21
    • #6
    • 9th Jan 18, 3:40 PM
    • #6
    • 9th Jan 18, 3:40 PM
    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
    • By CommitedToChange 9th Jan 18, 3:42 PM
    • 1,156 Posts
    • 3,748 Thanks
    CommitedToChange
    • #7
    • 9th Jan 18, 3:42 PM
    • #7
    • 9th Jan 18, 3:42 PM
    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)
    Attempting to buy a house
    • PokerPlayer111
    • By PokerPlayer111 9th Jan 18, 3:51 PM
    • 95 Posts
    • 9 Thanks
    PokerPlayer111
    • #8
    • 9th Jan 18, 3:51 PM
    • #8
    • 9th Jan 18, 3:51 PM
    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
    • By Aylesbury Duck 9th Jan 18, 3:55 PM
    • 1,333 Posts
    • 1,716 Thanks
    Aylesbury Duck
    • #9
    • 9th Jan 18, 3:55 PM
    • #9
    • 9th Jan 18, 3:55 PM
    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
    • By PokerPlayer111 9th Jan 18, 4:03 PM
    • 95 Posts
    • 9 Thanks
    PokerPlayer111

    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...
    Originally posted by Aylesbury Duck
    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
    • By Crashy Time 9th Jan 18, 4:29 PM
    • 5,359 Posts
    • 2,235 Thanks
    Crashy Time
    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...
    Originally posted by martinsurrey

    The EZ perhaps? The only thing keeping prices up is low interest rates, nothing else.
    • Quizzical Squirrel
    • By Quizzical Squirrel 9th Jan 18, 4:35 PM
    • 173 Posts
    • 4,264 Thanks
    Quizzical Squirrel
    O for a roll of duct tape and a stout chair.
    • Crashy Time
    • By Crashy Time 9th Jan 18, 4:44 PM
    • 5,359 Posts
    • 2,235 Thanks
    Crashy Time
    O for a roll of duct tape and a stout chair.
    Originally posted by Quizzical Squirrel

    Repairing your tenants toilets again?
    • glasgowdan
    • By glasgowdan 9th Jan 18, 4:51 PM
    • 2,691 Posts
    • 3,020 Thanks
    glasgowdan
    OP, don'd up your offer just now. Wait a couple of days then reply to say your offer still stands. If you're super keen, add 4k or so. Not too much. Show them you are close to the limit of what you will pay.
    • Lrn__
    • By Lrn__ 9th Jan 18, 5:06 PM
    • 4 Posts
    • 0 Thanks
    Lrn__
    Wow a lot more responses than I was hoping for so quickly - we're torn between standing our ground or upping our offer to meet in the middle and claiming that is our final offer.

    We have seen a fair few properties and this is the only one so far that has ticked all the boxes and suits us well. I'm hesitant to ever use the words 'perfect property' but if I ever did it would be very close - hence why we both would up the offer to try and close the sale down quickly.

    From experience (or knowledge) could we wrangle the vendor into closing the sale quickly if we did such a large jump? Obviously not something we would ask the EA as then they would know we have the funds available to do so and offering 15k under would have been a waste of time!

    On the other side I completely see why you're all saying to hold off and really hope we can stick with the figure we're at now. My partner is now in between both these options and wants to offer 4k to see if this sweetens being so far below the other two.
    • Aylesbury Duck
    • By Aylesbury Duck 9th Jan 18, 5:26 PM
    • 1,333 Posts
    • 1,716 Thanks
    Aylesbury Duck
    Ultimately it’s up to you to offer what you think it’s worth to you. The risk with adding anything to your offer so quickly is that it clearly signals your strong appetite for the house and if the seller is shrewd they’ll keep knocking back your offers until you get close to the asking price or whatever they’ve privately decided they’ll accept. You are currently in an auction with yourself. The other offers aren’t genuine if they’re not in a position to proceed.

    I still think your strongest card is your ability to proceed relatively quickly. I don’t think you’ve exploited this to its fullest extent yet. Ramping up your offer, even by just a few thousand so soon after your first offer, devalues your strongest card. Sit and wait.
    • JoJo1978
    • By JoJo1978 9th Jan 18, 5:52 PM
    • 224 Posts
    • 231 Thanks
    JoJo1978
    I agree stand firm and leave your offer on the table. You could perhaps ask the vendors if the other parties are not proceedable in two weeks will they change their mind and accept your current offer. You can also ask the EA to keep you posted of any change in the status of the other parties, to reiterate your keenness.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Second career (what TBD!) 2018
    • Lrn__
    • By Lrn__ 10th Jan 18, 9:48 PM
    • 4 Posts
    • 0 Thanks
    Lrn__
    Hi all,

    We've managed to reach a new milestone in negotiations - i think this is that part where EAs try and ramp the sale up and a few little white lies come in. The two original offers on the table still stand with no additional, but suddenly the circumstances of one of the offers is being covered up and they're 'in the same position as us'... our family friend is actually the director of the branch and when we enquired with him nobody in the process so far is a FTB with everything lined up to go

    My partner was very irked by the situation, called the EA and hammered home our position and said he would be available from 3:30 onwards to talk. The EA called multiple times at 3pm, desperate to discuss moving forwards and has now asked us to take our passports, proof of address, proof of deposit and AIP into the office before Friday morning - is this standard practice when an offer hasn't been accepted and is this a good sign or just run of the mill?!
    • Lrn__
    • By Lrn__ 10th Jan 18, 9:52 PM
    • 4 Posts
    • 0 Thanks
    Lrn__
    Oh I should stress the EA had also been in touch with us this morning just before we spoke with our friend, asking if we wished to up our offer/what our next step was. My other half didn't call just to tear a strip off anyone although I think he would have loved to
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