offer on house, choice of two....

zone

I think your initial offer was probably quite fair considering how long they have been on the market. But it sounds like your vendor is playing hardball. They have already managed to pull your offer up in their direction from £405k. So they may keep you hanging until you give in and offer the full £420k.

Lakey

Stolt - I can't believe your vendors have got such balls in this market. They can smell the need for you to have the house. If nothing else you are showing real commitment on the sale which will come in handy on the way towards completion. Your vendors are nuts.

The EA certainly won't be holding out for 1% commision on £5k. If he could be winding it up at £415 he would be.

Go in with £420, reinforce your commitment to buy, and then go for £415 when you have hold of their b**ls!!

Good luck

:beer:

Claremac

Isn't it worth telling the EA of your interest in the one next door which he could then use to help persuade the vendors? They can easily check this with their neighbours. I really feel for you and your wife and hope it all turns out well.

stolt

thanks for the responses, like the idea of offering 420k and the reducing it but it could mean me losing my valuation fee. plus i really dont think the mortgage company will give me anymore based on my salary etc

The EA knows the we are interested in next door and so does the vendor, hell we were even discussing the extension over the garage next door and he vendor was saying that if she still lived here she would object to that extension so i thought for the sake of 3k then she would want to get rid.

I've played it over in my mind on why they need 420k, they haven't found another property to base that figure on and they bought 11 years ago at 198k. unless they have other loans secured against the house maybe?

or greed!

who knows missus is in agreement so were are going to wait now and se what happens, going to keep checking rightmove etc see if anything else comes on.

EDIT****
Just a thought next door is on with another agent and they also have this 5 bed on their books, but because i had a offer accepted next door i went with the other agent. If i retracted all my offers then left it a week and went with my offers with another agent then perhaps they might be more successful. As much as i dont have much trust for this EA that the 5 bed ofers have been through i cant believe they would be this silly.

Loughtonlad

I think you should just wait it out and see if something else comes up ! now the mrs is in agreement:T than its all good

Doozergirl

stolt wrote: »

tEDIT****
Just a thought next door is on with another agent and they also have this 5 bed on their books, but because i had a offer accepted next door i went with the other agent. If i retracted all my offers then left it a week and went with my offers with another agent then perhaps they might be more successful. As much as i dont have much trust for this EA that the 5 bed ofers have been through i cant believe they would be this silly.

Do that and you'll potentially blow your chances if the vendor ends up piggy in the middle between two agents fighting for the same commission. This agent wants the sale as badly as you do, they are going to do everything they can to get that sale.

You could be really cheeky and ask them if they'll forfeit some commission to get the deal done at a price that is acceptable to the vendor. I managed it once. It was only a grand but the house was half as much and the agent was charging 2% anyway!

stolt

Doozergirl wrote: »

Do that and you'll potentially blow your chances if the vendor ends up piggy in the middle between two agents fighting for the same commission. This agent wants the sale as badly as you do, they are going to do everything they can to get that sale.

You could be really cheeky and ask them if they'll forfeit some commission to get the deal done at a price that is acceptable to the vendor. I managed it once. It was only a grand but the house was half as much and the agent was charging 2% anyway!

i was thinking about this today, and whether the agents charge less in a recession just to get some houses on the books. The might have not renewed the contract with the agents and therefore have prices from 2007! worth a shot, i;m sure the EA will ring me tomorrow, as you say he wants the sale, i know how much is selling in this ton and despite the threads saying its picing up, I suppose there are a couple of sales but people arent rushing.

protractor

If anything agents are charging more in this market - getting props on the books is not an issue - selling them is!

So it is worth a punt in seeing if they would cut their commission. Cash Flow is king for any business today especially for Estate Agents!

Ask to speak to the manager though - only he would have the authority to do a deal like that.

On a separate matter (and I don't mean to put anyone's noses out of joint here) a lot of people on this thread seem to be having a go at the sellers for being so rigid on their price. I hate to remind people (sorry, but I have to say this) that 3k is 3k and it's just as important to the seller and the buyer. It does not matter how much they bought the house for or how much equity is in the house - it's their money and it's their decision how much they sell it for.

Sorry for that last comment but there's two sides to every coin.

In saying that, they do seem like a pair of tight ******* and I hope you get it!

stolt

protractor wrote: »

If anything agents are charging more in this market - getting props on the books is not an issue - selling them is!

So it is worth a punt in seeing if they would cut their commission. Cash Flow is king for any business today especially for Estate Agents!

Ask to speak to the manager though - only he would have the authority to do a deal like that.

On a separate matter (and I don't mean to put anyone's noses out of joint here) a lot of people on this thread seem to be having a go at the sellers for being so rigid on their price. I hate to remind people (sorry, but I have to say this) that 3k is 3k and it's just as important to the seller and the buyer. It does not matter how much they bought the house for or how much equity is in the house - it's their money and it's their decision how much they sell it for.

Sorry for that last comment but there's two sides to every coin.

In saying that, they do seem like a pair of tight ******* and I hope you get it!

point taken, tbh if 3k is alot to me I assume its alot to anyone else. I suppose people are seeing the point that they have reduced the price by 30k based on the 450k (which was priced like this in 2007) like you say its there decision.

I was secretly hoping they would find a house they liked so had more of a incentive to go with us.

stolt

well just to say thanks to everyone that replied and offered support and advice. Finally heard back from the EA tonight at 5.30pm to say they have accepted our offer of 420k.

Luckly i managed to find a better 5 yr fix with chelsea which gives me 2k to play with over the 5 years and asked the EA if he could reduce his fees by £1400 to help me. An he finally confrmed he would.

Success at last, feels good but somehow all the hassle has taken the gloss off for it for me, missus is over the moon and i'm sure I will be when we all get in there, My girls are looking forward to having there own rooms, fingers crossed so tightly that it all goes smoothly from here i really can't handle anymore and my bad news.

once again the information as been invaluable on these forums, I'm sure there are still further questions to come from me but, so thankyou all.