Confused about what to offer, please help.

Charliestwins

My head is going round in circles and i dont know what to do for the best so any opinions good or bad please say to help me make my mind up.

We have sold our house coming up to 4 weeks ago. We have been watching a house that we like for some time. Break down of house details (ive posted the details before in another thread but need different advise this time)


20 July 2008 came on the market at 185k.
21 February 2009 price change to 175k

The owners brought it in 2001 for 96k and no significant work has been done by them.

It is a larger 3 bedroom end terrace, use to be a 2bed but its had a 2 story extension put on so its now a 2 reception, breakfast kitchen, 3 double bedrooms and 90ft garden and off road parking for at least 4 large cars so its hard to judge the price by other houses.

Now heres why my head is spinning. I was being led by my MA who said the house wasnt worth more than 155k and he would do the negotiating for me. first offer 148k rejected second offer 152k rejected. He also told them this would be my final offer

The house has now gone on with another agent and the pics are much better and im scared this house may now sell. I can afford the asking price by going down to a 10% deposit but i dont really want to do that.

There are no other houses that fit my needs like this as it would cost me at least 15-20k to do what i need to another house but this one will only cost me 1k.

Its been a week since the MA put the offers in and the EA the house is on with said he was a very rude man and i should do the negotiating myself.

What shall i offer ? how do i put it ? im a nervous wreck ... i really want this house ive already decorated in my head. Should i leave it longer before i offer ? Im also worried that if my offer is excepted then it may come lower in the valuation and then they wont adjust the price accordingly.

Sorry for the long post and tahnks in advace for your help

x

Cissi

Personally I'd never let anyone else negotiate on my behalf and I don't think it's your MA's place to do so. However if you agreed to let him do this for whatever reason, then I think you should have stayed out of it completely, as it looks to me like the EA is playing you off against each other. Of course he wants to negotiate directly with you rather than your MA - he clearly senses that you want this house and would be prepared to offer more!

I think you should take your MA's advice regarding the price, ie it's not worth more than £155k. It's likely that the mortgage valuation wouldn't come in higher than this, so you probably couldn't get a mortgage for more anyway.

You need to convince the EA that he can't squeeze more out of you, which he clearly believes at the moment. If it were me I'd probably "put my cards on the table" now, and tell him (as coolly as you can!) that much as you want the house, £155k is absolutely the most that you're able to offer (and that even then you're disregarding the advice of your MA). Then be prepared to walk away. The vendors are probably getting very frustrated and impatient if they've taken on another agent. Plus, this could be the first agent's best shot at selling the house for them and getting his fee, so once you convince him that it really is your best offer he may well do his best to get the seller to accept it.