House buying negotiation

willmax

I have just made an offer on a house which my daughter and her boyfriend are going to rent from me. We really like it. The asking price was £144,950 and I offered £135,000. This has been rejected. The house has just come back on the market after the sale fell through, the EA says that it sold for £140,000 and that is what they want. This is more than I wanted to pay and I don't really know whether it is good value. A similar one sold recently for £129,500 although that one was tenanted for another six months. My question is where do I go from here. I am a cash buyer and can move quickly - how big a deal is this from the vendors point of view? I need some advice on negotiation so any views would be helpful!

tenke

As a cash buyer, you are very elegible buyer in current times, I would emphasize your position as such, and insist on your offer and see if they cave in... however, it will all depend if the seller has made up his mind on the price he wants yes or yes...

Good luck, hope it works out well for you :j

willmax

Thanks for that, maybe we will wait until after the weekend and try again with the same offer, I hadn't thought that I could do that (make the offer again) perhaps we should have gone in a bit lower at the start, still too late now! Thanks again!

brightonman123

i would drop offer by £5k they did.. just to show you mean business and wont be pushed around.

very much in driving seat with no mortgage,

willmax

That's such a good idea! Trouble is I love the house - it overlooks the park etc-. They'd probably tell me to get knotted! I must not be tempted!

Rossa_3

Try and be a bit more patient. If their sale fell through then they need time to adjust to the change in the market since they "sold" for 140k. And don't forget the EA wants to get as high a price as possible so they earn more commission.

Apart from dropping your offer further which I think may also get rejected this soon after your last one, have you considered other things like furnishings etc. Don't know what was offered, but if they want 140k then see what they will leave behind that is worth that much to you. After all you will have to consider furnishings, white goods etc for your daughter and boyfriend. Make sure you get it in writing and attach it to the contract so that you don't get a nasty surprise when you get the keys. This can also include things like garden furniture, equipment, whatever you can think of that would give your daughter a home she can just walk into with not much to do until they are settled and able to think straight after all the excitment of the move.

The alternative if this doesn't appeal is to put in an offer of 140k subject to a surveyors report. Then based on the report you may be able to re-negotiate your offer if there is work to be done on the property that the survey uncovers.

Above all try and keep your feelings out of it. look at it as a business deal. Easier said than done because we tend to by our homes on an emotional level....though it will be her home, not yours as such.

googler

Rossa wrote: »

And don't forget the EA wants to get as high a price as possible so they earn more commission.

135k sale at 1.5% = £2,025

140k sale at 1.5% = £2,100

Wow. A whole £75 more commission, not all of which wil reach the agent's pocket, I'll bet.

I'd settle for a guaranteed £135k rather than a speculative £140k. Wouldn't you?

Zelie

You could point out to the EA that it DIDN'T sell at 140...

Doozergirl

I'd give it a day or so, offer 137,500 and then try and settle it a day or so after that at around 138,000. They mightn't want to take less than 140k but a bird in the hand and all that...

A tenanted property won't fetch as much as an empty one generally speaking; the market is a small one and it's people savvy.

JJroger

Just set a dead line for you £130k offer and wait for reply. Are you SURE it was sold at £140 or just a make up number from EA, they always do that.

Seens to my a 15k drop in asking price is very good from a cash buyer.

bobby-boy_2

JJroger wrote: »

Just set a dead line for you £130k offer and wait for reply. Are you SURE it was sold at £140 or just a make up number from EA, they always do that.

Seens to my a 15k drop in asking price is very good from a cash buyer.

As jjroger said the 140K figure is fictional as FACT it did not sell! I could have offered 2.2 Million and have the sale fall through but that does not make the house worth 2.2m does it.