Haggling with the estate agent - tips needed!

iandv

Hi

I am looking for advice on the following please, we are concerned about house prices falling futher and are looking for advice on the best way to negociate 15% off the asking price?

We have seen a property that we like to purchase that is listed for £200k and has been on the market for several months, however the vendors we have been told are very keen to sell and have seen a smaller cheaper property they wish to move to. They recieved an offer for 230k earlier last year but this fell through. There are no other offers on the table at the moment.

What is the best approach to use, to make a first offer of around £165k (they are asking 200k) or do you think this is too low?

We are not FTB, and have to sell our home first so we will be in a chain.

Any advice appreciated
TIA

WillowCat

Until you've sold your house are you in any position to negotiate?

Swipe

If you have yet to find a buyer no low offer will be considered so no point offering. Concentrate on selling yours first or at least get an offer before you approach the EA.

iandv

So before making an offer sell our home first, even if we got an offer that could fall through, and we would be back to square 1?

I thought that was part of the chain, we make an offer on that property, then wait until somebody purchases our home? Then the chain moves forward.

We would only put ours on the market to purchase that house we saw, otherwise we are not too bothered in selling.

So what is the alternative to offer the full asking price? as our house has not sold? which seems a little daft to me?

Savvy_amateur

I worked briefly at an EA last year and they may be prepared to put an offer forward, subject to you selling your property, but they would advise the seller to keep the property on the market in the meantime and to take any acceptable offer that comes along, So you really wouldn't be gaining a lot, just potentially judging that if you sold your property before they sold to someone else what price they would accept.----If you see what I mean. If you were hoping for them to accept a low offer (or any offer) and take the property off the market and wait for you to sell yours, then I'm afraid that just won't happen. Good luck though!!

iandv

any advice on the last point?, as I was hoping to make an offer tommorrow, as I have secured the extra funding required from my mortgage provider

MissMotivation

iandv wrote: »

So before making an offer sell our home first, even if we got an offer that could fall through, and we would be back to square 1?

I thought that was part of the chain, we make an offer on that property, then wait until somebody purchases our home? Then the chain moves forward.

We would only put ours on the market to purchase that house we saw, otherwise we are not too bothered in selling.

So what is the alternative to offer the full asking price? as our house has not sold? which seems a little daft to me?

You get your property on the market PDQ, presented to the best standard and on at a realistic price, you then hope that this other property isn't SSTC before you get a buyer for yours.......that's the way it works i'm afraid.

There is no point making ANY offer on the property at this stage, at asking price or below.

Keep the EA up to date with progress with your property so that they can let their Vendor know......you may even consider using this EA to market your property if it's in the same area.

Savvy_amateur

You could put in an offer for £165k subject to the sale of your property and if they turn it down, you could offer more, until you come to an agreed price, but beware offering too low as you are not in a strong position, not having a buyer yourself and experience tells me that sellers can be offended at a very low offer and decide not to play ball, with someone who is not in a position to proceed. Hope this helps

MissMotivation

helcor wrote: »

You could put in an offer for £165k subject to the sale of your property and if they turn it down, you could offer more, until you come to an agreed price, but beware offering too low as you are not in a strong position, not having a buyer yourself and experience tells me that sellers can be offended at a very low offer and decide not to play ball, with someone who is not in a position to proceed. Hope this helps

What's the point in putting in an offer if they cannot proceed straightaway? They could offer the asking price but it still doesn't guarantee they will get the property until such time that they are in a position to proceed (sstc)

Why would the Vendor even consider an offer 10's of thousands of pounds below asking price when there is no guarantee that it will ever proceed

alm721

Have to say that as a seller I wouldn't be rushing to accept an offer from someone who is not proceedable and certainly would not take mine off the market on this basis.

Savvy_amateur

helcor wrote: »

I worked briefly at an EA last year and they may be prepared to put an offer forward, subject to you selling your property, but they would advise the seller to keep the property on the market in the meantime and to take any acceptable offer that comes along, So you really wouldn't be gaining a lot, just potentially judging that if you sold your property before they sold to someone else what price they would accept.----If you see what I mean. If you were hoping for them to accept a low offer (or any offer) and take the property off the market and wait for you to sell yours, then I'm afraid that just won't happen. Good luck though!!

This was my first post on the matter and I stand by this. My feeling was that the OP wanted to find out what the seller would potentially take, before putting their property on the market, perhaps to see if they could afford it as they ONLY want this property and would not be putting their house on the market unless it was to buy this particular house. If £165k is their limit then why not test the water, they have nothing to lose as long as they are aware that even if the sellers accept the offer in theory, that there is a high risk that the house will sell to someone else before they are in a position to proceed.