making an offer on flat- help

mlz1413

If its been on the market for 2 years then do not rush into answering anything.

When EA rings back and says they want more just ask how much and then hang up. Have a long think, write down your decision and sleep on it.

If you then decide to stick to your original offer or increase it a bit just tell the EA your offer and hang up, as said before you need to remain unemotional and focused.

Its a buyers market so keep looking, no point in pinning your hopes on 1 place and definately not paying more than you want to.

hethmar

EA's always huff when you make an offer. No doubt you may find that after two years suddenly another buyer has appeared with a higher offer. Just ignore it all. Think of it as a game of bluff, dont feel you are upsetting people personally.

I suspect that your voice or face gave away the fact you are willing/able to put in more money. Try to develop a poker face/voice. If he comes back and says they want more say you have to think about it as you have other properties to see now.

G_M

When EA rings back and says they want more just ask how much and then hang up.

VERY good advice. Do NOT get into a conversation with the EA, just say you'll think about it.

Have a long think, write down your decision and sleep on it.

Once you've decided how much higher to go, if at all, make your offer, say it's final, and make sure the EA understands it's because you need to hold 30K back due to the poor state of the property.

Do NOT let him engage you in dialogue (designed to cajole you into increasing your offer. Just say "£XXX is my final offer. Please pass that to the vendors and let me know if they're interested or not."

Not a bad idea to give a timelimit (say 2 days) or they might keep you hanging on without an answer while they hope someone else will come along.

lindahh4

Flat on for 110....my first offer of 85 has been turned down....EA told me vendor unlikely to accept anything under 100. Surveyor reports needs 30k work & advised its worth 95-100 in current state. I don't know where to go next. My limit is 95k which would leave me enough money to complete work (i have savings). EA & my surveyor knew each other (in small village) & call me paranoid but i think that EA has been told by surveyor that its worth the 100k in current state....when i spoke to EA he dismissed the 30k estimate of work needed saying i would get this back in value of flat in long run & he was interested to know what surveyor valued it at in current state (i didn't tell him). I don't know if i should offer 95k next & say this is my absolute final offer which it would be....but i think its a big jump from my first offer of 85k or if i should offer 90k with opportunity to go to 95k if turned down. I am prepared to walk away if 95k turned down but with these "offer games" feel that EA will think i can go higher. He is aware of my budget (110k) which he knew about when i registered with his agency. Again grateful for any ords of wisdom.

Turin_Turambar

You answered your own question, thats if you want it bad enough?

lindahh4 wrote: »

Flat on for 110....my first offer of 85 has been turned down....EA told me vendor unlikely to accept anything under 100. Surveyor reports needs 30k work & advised its worth 95-100 in current state. I don't know where to go next. My limit is 95k which would leave me enough money to complete work (i have savings). EA & my surveyor knew each other (in small village) & call me paranoid but i think that EA has been told by surveyor that its worth the 100k in current state....when i spoke to EA he dismissed the 30k estimate of work needed saying i would get this back in value of flat in long run & he was interested to know what surveyor valued it at in current state (i didn't tell him). I don't know if i should offer 95k next & say this is my absolute final offer which it would be....but i think its a big jump from my first offer of 85k or if i should offer 90k with opportunity to go to 95k if turned down. I am prepared to walk away if 95k turned down but with these "offer games" feel that EA will think i can go higher. He is aware of my budget (110k) which he knew about when i registered with his agency. Again grateful for any ords of wisdom.

hethmar

Are there any other local EAs where you could have a look at more properties? I know how you mean, we are in a small town/big village and everyone knows everyone, particularly in professions so as you say, more than likely the EA has spoken to the surveyor.

As they have had this place on for 2 years I think theyd be daft to lose a first time buyer. Are you really happy to take on all that extra work though?