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FTB - Putting in an offer via a letter?
adamzetec
Posts: 214 Forumite
Hi,
Having trawled through pages and pages of threads, I have seen various mention of putting your offer to the agent in the form of a letter.
I'm a FTB and i'm looking to leverage my position to get the best deal possible. The house i'm viewing today is in a road that I love and I have viewed various other houses down this road. One I missed out on last year due to the declining mortgage situation and the others I feel have been slightly unrealistically priced. One is still on the market and the other received a cash offer above mine as the buyer was desperate to move - I feel the vendor was very lucky!
Anyway, i'm a very statistical person so I have used the land registry and halifax data to calculate the prices of previous selling prices in the last 6-8 months (3 in total) based on the month on month change from both of these sources. I feel this is a fair representation of the price taking into consideration both national and local house pricing change.
The house is for sale at £178k and using previous selling prices (£168k and £165k) there has been on average a 7-8% decrease since those properties sold. If I like the house, i'd therefore be looking to place an offer in the region of £159 as a starting price. Clearly this is well below their asking price.
This particular vendor has found a house with the same agent which is currently empty which means no chain - result!
In order to be taken seriously, i'd like to explain my reasoning on paper to the agent which in turn will be explained fully to the vendor. Is this a standard practise? Would this put me in a better position than say a verbal offer whereby for whatever reason I may not be able to put my points accross as effectively as on paper?
Interested to hear your thoughts :cool:
Having trawled through pages and pages of threads, I have seen various mention of putting your offer to the agent in the form of a letter.
I'm a FTB and i'm looking to leverage my position to get the best deal possible. The house i'm viewing today is in a road that I love and I have viewed various other houses down this road. One I missed out on last year due to the declining mortgage situation and the others I feel have been slightly unrealistically priced. One is still on the market and the other received a cash offer above mine as the buyer was desperate to move - I feel the vendor was very lucky!
Anyway, i'm a very statistical person so I have used the land registry and halifax data to calculate the prices of previous selling prices in the last 6-8 months (3 in total) based on the month on month change from both of these sources. I feel this is a fair representation of the price taking into consideration both national and local house pricing change.
The house is for sale at £178k and using previous selling prices (£168k and £165k) there has been on average a 7-8% decrease since those properties sold. If I like the house, i'd therefore be looking to place an offer in the region of £159 as a starting price. Clearly this is well below their asking price.
This particular vendor has found a house with the same agent which is currently empty which means no chain - result!
In order to be taken seriously, i'd like to explain my reasoning on paper to the agent which in turn will be explained fully to the vendor. Is this a standard practise? Would this put me in a better position than say a verbal offer whereby for whatever reason I may not be able to put my points accross as effectively as on paper?
Interested to hear your thoughts :cool:
0
Comments
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I would do it verbally,. There are things you will forget, and things that you dont want to be legally binding. And you can explain your reasons all you like but actually all the seller is interested in is 'how much', and, 'are they proceedable' - They'll make their decision based on that.
I would stick with verbal and just explain how much, and if you have mortgage approval, are good to go, etc. Everything else is pretty much a waste of time IMHO.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0
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