How low is too low on an offer?

besonders1

Incisor wrote: »

Agent's dream. They do try and crowd the viewings together so that viewers get a glimpse of the opposition.

I really hate it when EAs do this as well. I remember viewing a repo house and a builder was there with his wife. I was just about to introduce myself and shake hands with them and I got the nastiest looks off them. the estate agent told me that she knew them and boasted about them owning 6 other houses in the area. She took them round every room and answered their questions but she totally ignored me and my parents as I was just a FTB wanting my first home not exactly making millions from rents.

huntersc

jamtart6 wrote: »

huntersc - wise words about the deposit and not letting on how much we have. We have a decent deposit which is great for us but the estate agents mortgage advisor has summoned me (apparently the vendor which is now the bank, wants to ensure we 'qualify' for our mortage) which our independent advisor says is a load of rubbish. I obviously want to see someone else to check our independent bloke isnt ripping us off, but dont think its in our best interest to get roped into the estate agents mortgage advisors who could go through our finances with a fine toothed comb.

Nonsense, they are trying it on to get you to see their broker for extra commission. Your adviser is correct, he is the only person they need to 'qualify' you. These people do annoy me, they just talk crap.

jamtart6

huntersc wrote: »

Nonsense, they are trying it on to get you to see their broker for extra commission. Your adviser is correct, he is the only person they need to 'qualify' you. These people do annoy me, they just talk crap.

See I wasn't sure if my advisor was talking crap!! He does seem really genuine, but you always have to be careful in case he is in it for the best deal. Fortunatley I have someone else who can check the best deals for me but they are in Scotland, so don't want to arrange it with them, just a friend doing me a favour. This bloke does seem really nice he has spent hours with us.

The 2 estate agents were really pushy about it, to be honest, I've decided if the offer is accepted tomorrow, I'm not seeing their financial advisor as we would be able to get our mortgage in principle from our advisor. I'm a bit worried that they will tell their vendor that we'll offer more on the house if we dont go and see their financial woman (we can afford the extra which she will know when she sees our deposit!)

The first house we ever saw, we got lured into the estate agents mortgage advisor..never again! Learnt our lesson very well.

Do appreciate all your thoughts. We have people here to help us but it is good to get a feel for what others have done/think more recently and good to know what to say/do to avoid being ripped off/taken for an idiot by the EA

Claremac

When the EA said I had to be "qualified" by their man I took along pay slips etc as proof and he didn't even look at them - just tried to get me to let him arrange my mortgage.

It doesn't really matter if they know that you "can" afford the extra in a way if you make it clear that you won't go any higher. On the house we were trying to buy, the EA knew that, salary-wise, we could have afforded to go a lot higher but we told them that what we were offering was our final offer and there would be no more. Of course, the fact that we lost the house due to someone making a higher offer doesn't put me in a good postion to offer advice..........

Seriously though, this was a couple of months ago and I was gutted to lose out on that house and still regret not getting it. But I don't regret not paying more than was sensible in the current (and future) market. Best of luck and let us all know how it goes.

geoffky

If You Buy This House With Your Business Head On And Not Your Stupid Money Costing Heart...you Will Do Well....remember It Will Be Worth Less Next Year And The Year After And The Year After And The Year After Ect Ect

SCRUFFYMONKEY

We are still haggling over the property we want to buy - after justifting the drop in offer by the fact that £20000 of structural work needs doing. We have now asked them to justify why we should increase our offer more in the current climate. Will see what answer they give to that!

chucky

geoffky wrote: »

If You Buy This House With Your Business Head On And Not Your Stupid Money Costing Heart...you Will Do Well....remember It Will Be Worth Less Next Year And The Year After And The Year After And The Year After Ect Ect

and the year after that, and the year after that until it is worthless and you owe too much money and the property is worth minus £88k

if nutters like geoff think that it will continue falling for the next 48 months as he says, prices will have dropped 140% in total!!! that's just stupid talk.

your entitled to an opinion of course but it's an extreme one and should be taken with sacks and sacks of salt

jamtart6

geoffky wrote: »

If You Buy This House With Your Business Head On And Not Your Stupid Money Costing Heart...you Will Do Well....remember It Will Be Worth Less Next Year And The Year After And The Year After And The Year After Ect Ect

Hmm, unhelpful comment

For me this is a long term investment. I'm not even thinking of moving in the next 10 years, maybe never. There is potential to extend if necessary!

Re: the mortgage people and their 'qualification' of us - I swear they didnt put our offer to the vendor until they thought I was getting their mortgage.We waited 24 hours and no news from the vendor. I played their game like they wanted me to and looked all enthusiastic about going with them for the mortgage, and 10mins after leaving the office, the offer had been miraculously accepted. Needless to say our fees free broker will be organising our mortgage, but I don't half feel like the estate agent was bullying me into her deal, "we can move quickly on this, i'll be here pushing the sale through in the office where our EAs will be getting onto the vendor" ...oh yeah great luv!! And charging me £100 for the pleasure! :eek: the words bog and off spring to mind

Not impressed though as despite our offer being accepted, the house alledgedly still has to go in the public notice of the paper and if anyone comes in (even over the asking price) they can turn us down and go with them - surely thats gazumping (Esp if it is over the asking price??) Currently speaking to a few people to see if they can shed light on this situation. But as we're apparently not buying from Joe Bloggs and ARE buying from a corporate company the rules are different

Boo estate agents is all I'm saying!

jamtart6

chucky wrote: »

and the year after that, and the year after that until it is worthless and you owe too much money and the property is worth minus £88k

if nutters like geoff think that it will continue falling for the next 48 months as he says, prices will have dropped 140% in total!!! that's just stupid talk.

your entitled to an opinion of course but it's an extreme one and should be taken with sacks and sacks of salt

I have sacks of salt! Of course they will drop I'm sure of it, but nothings dropped this much in this area since I've been watching, and if it is a long term investment, I would have hoped to have maintained the price I bought it for. If I don't move - negative equity isnt an issue anyway! but yes we are all entitled to our opinion based on circumstances!:rotfl:

Claremac

Well done on getting your offer accepted. If it's a repo I think that it has to be advertised in the local press as the bank is duty-bound to try to get the best price. It's unfortunate for you and it's going to be an uncomfortable wait, I'm sure. Good luck!