Should i tell an EA the upper limit of my budget?

VKay

Yes, i wish I thought that were true. in fact there seem to be lots of FTBs scrambling over about 10 houses for sale in our price range in this area. i am sitting back as I don't want to take part in a bidding war for a bog standard semi. Thanks for all your advice.

dippy

geordiepaul2001 wrote: »

The agent has a duty to the seller to obtain the best price for the property.
They are unlikely to suggest that the seller accepts your offer if they feel youhave more money to offer.
Personally I would keep the maximum budget to myself to avoid overpaying

The EA gets a percentage of the sale and has a duty to himself to milk the maximum price out of you :rotfl:

dippy

Debt_Free_Chick wrote: »

They can squeeze all they like - doesn't mean that you will give in though, does it?

No different to buying something at your local market. The trader will try to talk the price up, but that doesn't mean that you will pay it.

More people get emotional about houses than say cars or market produce. It's like taking candy from children.:D

themanbearpig

devilot wrote: »

And being in negative equity by the end of the year doesn't matter a jot if she plans to stay there....sometimes people buy HOMES not investments.:rolleyes:

Offering 140k on a 200k house....good luck with that!:D

Negative equity isn't something to underestimate, and dismiss it as only being important to investors!


Considering we are coming away from the biggest boom in history, even buying at todays, still inflated prices, means that once the bottom is reached, it may take 10 years before you can get out of NE.

NE means that you can't remortage to change onto fixed deal, which will be important in the near future when interest rates shoot up.
NE means that you can't move house without covering the shortfall in your equity to cover your debt.
Its a serious matter, and a lot of people are going to be affected by it in the near future, once the delusion phase is over, and people start to panic.



I wasn't suggesting the vendors would accept 30% less than peak. I was just saying to make that a starting point, and negotiate upwards. The serious sellers will not dismiss you, and will want to negotiate. Only the deluded sellers that are happy to "wait it out", or more accurately wait for a sucker, will think its a silly offer.

VKay

Will stay cautious- thanks!