The FTB club

carolt

Ouch, dottiepeas - you're really being taken for a ride by your EA.

Tell them your previous offer was your maximum. Then sit and wait.

There were only 8,900 FTB's in the whole of the UK last month. Average selling price is 88% of asking price. If you're paying anything over 200K, you're almost certainly overpaying.

Should add, I used to live in Oxford.

Just be firm, and wait for them to call you back.

They will. The other 'buyer' is almost certainly fictitious.

Check previous threads on this and the House Prices board - full of stories of people who walked away, EA's effing and blinding that the vendor wasn't interested. Lo and behold, they had a call a few days/weeks/months later. In many cases, the would-be buyer had found a better property and lost interest by then anyway. But had the last laugh.

I speak with sympathy as someone given the run-around by an EA a few years ago (when the market was still rising, and they wouldn't have phoned back!). But have never, ever regretted it. Identical houses now selling for 20K less than I would have paid then, by the way. Despite rising (briefly) to a higher level in 2007.

Sit and wait. All sources agree that prices are expected to fall by 10-20% further this year - so even if this house doesn't come down in price, another, nicer, cheaper one will be along any minute.

Best of luck.

dottiepeas

Carolt- Thanks so much for the advice!! Sounds like I am getting sucked into the EA's tactics! I am surprised that the house prices in oxford are still quite high. (not many houses for less than 200k in a nice area) I know that many people are finding it hard to secure mortgages etc...but from what we noticed these few weeks of house hunting we have done, the 2 other properties we viewed (in same area) but never offered on, have all been sold!!? Which makes me think there are alot more buyers out there, than I expected in the current market?....

But yes, I do sometimes feel that the EA's are probably not being that honest about things! On the other hand, their job is to get as much money for the house as poss, as their commission depends on it, so I know why they are pushing for more and more all the time! But you're right....I think we should hold off, and try to not look too desperate for it!! I have already made the fatal mistake of going back to them with a higher offer on the same day!!!

Thanks very much for the advice!!...it's good to hear from someone who has bought/lived in the same area too! Always good to have someone on hand to slap some sense back into me!!! I will wait to hear what the EA comes back with tmw, and depending on what they say, I may have to revert back to my original offer!!....

carolt

My knowledge of Oxford is v out-of-date - I last lived there in 1993! (when I left, I contemplated buying a 2 bed terrace in Jericho, which were then selling at about 65K), but the point about never trusting EA's is a lot more recent - I know of several occasions where I know that EA's told me lies - let's not beat around the bush here - partly because I knew other people involved in the property transactions socially, and so was able to get the correct info.

I could fill pages on here with some of the dodgy dealings I've personally witnessed EA's do - and that was before the current downturn, which has presumably made them even more desperate.

Whilst it's perfectly possible that this house will sell, and others have 'sold' (though going under offer isn't the same thing as selling, don't forget, with the current mortgage drought), take comfort in some of what's been reported in the papers in the last week alone, that suggests there should be plenty more propety along in a moment, and at lower prices:

http://www.telegraph.co.uk/finance/economics/houseprices/4974499/House-prices-could-fall-by-further-55-per-cent.html

http://www.moneyweek.com/investments/property/uk-house-prices-will-plummet-look-at-this-scary-chart-14664.aspx

http://www.telegraph.co.uk/property/4942359/Property-market-400K-100-viewings-and-still-not-sold.html

etc etc

Just a tip for future negotiations. Never, ever tell an EA the maximum amount you'd be prepared to pay/can pay, because, magically, that will become the only (or minimum) amount that the vendor will accept. Once they know they can get it, and sense you're desperate, you stand no chance at all of getting it for less.

Better for you to ask the questions: ring an EA up re a range of potential properties and ask which of them is prepared to offer it cheapeast. Make it clear you're viewing several properties, but will be swayed by price. That way, you set the price, not the EA or the vendor.

-Ad-

dottiepeas, the EA will be laughing madly at you now.

Please don't be drawn into their tactics, and start being arsey with them saying you have another property in a different area that has really made you think about the offer, considering this house is probably better for you.

Make sure you tell teh EA that your offer is your final offer and you will not be going any higher.

Screw them over, they sound like they are seriously trying to take advantage of you. If the vendor wants to sell that badly then they will at your current offer. Just throw some doubt in there and they should be hassling you to complete if both EA and Vender seriously think you will walk away.

ANd don't pay more than what YOU think the property is worth :beer:

SelenaLouise

Hello

I’m a FTB and am in need of some help. Here is my story………

I found a property (Property A) which I really like, on the market for over a year at £134,950. It’s never been reduced and has only had one offer of under £120,000 which was rejected mid 2008.

This property has a conservatory which is a major selling point for me

I put an offer in on Property A of £115,000 considering it had been on for a year and that it had an offer over 6 months earlier. I expected this to be rejected, which it was.

The EA came back to me and said the Vendor was in financial difficultly and said he would accept an offer of £125,000. I offered £123,000 after speaking to my Mortgage Advisor, I also asked for the washing machine and TV.

EA came back to me and said the Vendor really wanted £125,000 for the property and wouldn’t accept my latest offer of £123,000 and that was the final word.

Spoke to Mortgage Advisor who said with my situation I could afford it (I don’t want to stretch myself), so I offered the £125,000 as requested.

The EA then came back and said the Vendor rejected my offer of £125,000 that he said he would accept and now wanted £130,000.

I’m so frustrated!!

Told the EA, that I offered the price requested and am not going any higher. Seems the Vendor is playing silly games so EA said he told him to take it off the market if he doesn’t want to sell.

There are similar properties in the immediate area, one on the same block with very similar proportions (Property this has only been on for a week at £135,000.

Went to view Property B which was lovely although no conservatory. The Vendor showed me around and answered all my questions (she is moving to be closer to family).

I’m thinning because this property has only been on for a week and she isn’t desperate to sell I may have to offer around £130,000 or above to be successful.

But this is the same price that Vendor at Property A (with conservatory) is asking

Basically I’m just looking for some advice because I don’t really know what to do. Do I stop wasting time with my first choice or just go for the second choice and get things moving as I’m desperate to move out of my parent’s house.


Please Help!!!


Thank you

MsConfused

Just a quick update from me as Im snowed down with work today. Made an offer of 99k today and it was accepted! Really excited! Good luck to everyone else. I don't feel I can offer any advice as I don't know what we're doing myself - but you'll find somewhere eventually!

pawpurrs

SelenaLouise wrote: »

Hello

I’m a FTB and am in need of some help. Here is my story………

I found a property (Property A) which I really like, on the market for over a year at £134,950. It’s never been reduced and has only had one offer of under £120,000 which was rejected mid 2008.

This property has a conservatory which is a major selling point for me

I put an offer in on Property A of £115,000 considering it had been on for a year and that it had an offer over 6 months earlier. I expected this to be rejected, which it was.

The EA came back to me and said the Vendor was in financial difficultly and said he would accept an offer of £125,000. I offered £123,000 after speaking to my Mortgage Advisor, I also asked for the washing machine and TV.

EA came back to me and said the Vendor really wanted £125,000 for the property and wouldn’t accept my latest offer of £123,000 and that was the final word.

Spoke to Mortgage Advisor who said with my situation I could afford it (I don’t want to stretch myself), so I offered the £125,000 as requested.

The EA then came back and said the Vendor rejected my offer of £125,000 that he said he would accept and now wanted £130,000.

I’m so frustrated!!

Told the EA, that I offered the price requested and am not going any higher. Seems the Vendor is playing silly games so EA said he told him to take it off the market if he doesn’t want to sell.

There are similar properties in the immediate area, one on the same block with very similar proportions (Property this has only been on for a week at £135,000.

Went to view Property B which was lovely although no conservatory. The Vendor showed me around and answered all my questions (she is moving to be closer to family).

I’m thinning because this property has only been on for a week and she isn’t desperate to sell I may have to offer around £130,000 or above to be successful.

But this is the same price that Vendor at Property A (with conservatory) is asking

Basically I’m just looking for some advice because I don’t really know what to do. Do I stop wasting time with my first choice or just go for the second choice and get things moving as I’m desperate to move out of my parent’s house.


Please Help!!!


Thank you

Seems like an unreasonable vendor if you have matched what they wanted and now they have changed the goalposts. However only you can decide what to do.

SelenaLouise

pawpurrs wrote: »

Seems like an unreasonable vendor if you have matched what they wanted and now they have changed the goalposts. However only you can decide what to do.

Thanks for your repsonse

I'm starting to doubt how serious the Vendor is about selling and I dont know if I should ask the EA's opinion.

Something about this situation tells me that the EA had something to do with changing goalposts and when it back fired he was quite scatty.

He said he would speak to the Vendor again and see what he thought. If the Vendor has made up his mind then why would he need to speak to him again?

pawpurrs

If your happy to gamble on possibly losing the property, why not ring up and say you will repeat your last offer which stands untill the end of today, then you will be offering on something else?
Hopefully that will make the vendor realise you are serious, but are not prepared to be messed around.
Have to admit the vendor of my current house, did similar and I did increase, but wish I had stood my ground as I am sure they would have backed down.
Its a case of who falters first here.

dottiepeas

MsConfused- Congrats!! Very happy for you that it was accepted!..and quite a good discount from the asking price!! Well, keep us posted on what happens next!...Never bought a house before, so would be interested in hearing your experience about the rest of the process!! My friend got an offer accepted on a house a month ago, but she is not celebrating until the contracts are exchanged as she knows that anything can change in the meantime!! Good luck with it all!..(have read some posts about deals falling through etc on the other forums!....so hope it will all go smoothly for you!!:T