FTB house offer woes!

Anew

Thanks all, its good to get another perspective, whilst I researched it from a buyers view I guess the sellers angle was something I foolishly overlooked. I'm not out to swindle anyone, I do believe the price is too high having looked into the street and surrounding area and previous sale price etc but I guess I need to make more enquiries.

I'm a total novice to this so am very grateful to all the input, its easily the most stressful thing I've ever set out to do - and its still such early days! I'm beginning to think my rented flat will end up adding years to my life through less sleepless nights!

I guess one way or the other the next couple of days will be pretty crucial. I think as this is the first time I've made an offer and as its seemingly a million miles away from what they want, I may be better continuing the hunt for something more achievable.

Thanks again to all.

zappahey

Doozergirl wrote: »

How much business would get done if every person pretended they couldn't care less?

This is the bit I laugh at, if someone couldn't care less why would they even place an offer? No one is fooled.

I appreciate that tactic might work if the seller is truly desperate but, in reality, you need to persuade that seller that the deal is actually good for them. You need to get them thinking about it and seeing the benefits.

Even in a bad market, negotiating is about achieving an objective that both parties percieve as a good result.

chickmug

Anew wrote: »

Thanks all, its good to get another perspective, whilst I researched it from a buyers view I guess the sellers angle was something I foolishly overlooked. I'm not out to swindle anyone, I do believe the price is too high having looked into the street and surrounding area and previous sale price etc but I guess I need to make more enquiries.

I'm a total novice to this so am very grateful to all the input, its easily the most stressful thing I've ever set out to do - and its still such early days! I'm beginning to think my rented flat will end up adding years to my life through less sleepless nights!

I guess one way or the other the next couple of days will be pretty crucial. I think as this is the first time I've made an offer and as its seemingly a million miles away from what they want, I may be better continuing the hunt for something more achievable.

Thanks again to all.

The best of luck to you and one final tip is always make offers by telephone (less emotion), keep it short, do not engage in friendly chit chat as the agent will be trying to soften you up and confirm by email.

poppysarah

Just because the offer is way off what the sellers expect doesn't mean it isn't what they should accept.

At the moment I think all offers should be considered carefully.

chickmug

poppysarah wrote: »

Just because the offer is way off what the sellers expect doesn't mean it isn't what they should accept.

At the moment I think all offers should be considered carefully.

Yes true but some areas and some properties may need reducing by a lot to achieve a sale but some areas and some properties are priced such they will sell.

The only problem being unless a buyer researches very thoroughly they will not know if they are being offered a bargain or not. Same for the seller who also needs to do their research so they know if they are being realistic to be able to carefully consider all offers.

Harry_Powell

Anew wrote: »

I'm not out to swindle anyone, I do believe the price is too high having looked into the street and surrounding area and previous sale price etc but I guess I need to make more enquiries.

You've offered a price to the vendor and now it's their job to either accept or refuse it. I don't see where 'swindling' comes into it, you're not tricking them into accepting a lower price than originally discussed. You're simply opening negotiations and it's upto them to decide whether to accept or not. These people (the estate agency and Sellers) are not your friends, and once the transation is complete you'll never hear from either of them again. Don't fall into the trap of worrying if you've underpaid for something, that's the seller's problem.

The fact that they haven't turned down your offer outright could mean that you're close to what they would accept and/or that they are desperate to sell. Have a break and leave them dangling, then phone them up and ask if your offer had been put to the seller, and whether it was acceptable. If it wasn't then ask what sort of price they would be looking at. Don't be afraid to walk away and don't be afraid that you'll miss out on the deal (unlikely in the current market).

Most of all remember that there are no 'good guys' and 'bad guys', there are just sellers who want the highest price possible for their properties and buyers who want to pay the lowest price possible. You'll never see these people again once you move in, but you will see your mortgage balance for the next 25 years. Make sure that balance is as small as you can possibly make it. You are and your family's finances should be your priority, not the finances of the sellers. Get the best deal or walk away, there will be lots of other properties to buy...

tara747

Harry Powell - best post of the thread so far.

carolt

Don't forget that there are also lots of posts regularly posted on here from buyers where the sellers and/or EA laughed at their intial offer and declined it, but then came crawling back begging them to accept it a few weeks or even months down the line.

In an ideal world, it would be like Doozergirl suggests, and no-one would play tiresome games; in reality, and in my experience, EA's do exactly that, plus some sellers take some persuading, esp in the current market, that they should accept a lower offer, even when, as you claim, they are overpriced to start with.

It is perfectly reasonable to ask the EA in return what is the minimum offer the vendor will accept - after all, that's just the reverse of what they've asked you. If their expectations and your expectations are too far apart, there isn't going to be a sale, realistically. You are then in a position to decide whether to bother upping your offer or leave it and look at more realistically-priced properties.

chickmug

carolt wrote: »

It is perfectly reasonable to ask the EA in return what is the minimum offer the vendor will accept - after all, that's just the reverse of what they've asked you.

That is assuming the EA knows what the seller will accept. We used to see if we could get an idea, when we were asked to act, but that figure had a habit of moving all over the place - mostly up.

But most agents don't know the figures until the offer is made and it depends on the mood that day of the seller. Worth asking though and the truth is that the agents at this advanced stage will normally have been given more positive guidelines and the job then (for the would be buyer) is to find a way of extracting it from the agent. Not easy but I still say the agent WANTS the sale and resulatnt commission unless they are just idiots. Yes I know many are?

carolt

Wouldn't it be lovely - just imagine! if sellers actually had as asking price the minimum they were prepared to accept, so you knew that straight off. Popular properties could be bid over that, obviously, but it would make the whole games-playing thing redundant. You could know a lower price would be unacceptable, so not waste your/their time.

Basically if it had a fixed 'price', that was actually what it said it was.

Properties that were overpriced would get no offers,so would either withdraw from the market or reprice.

Much easier. None of this stupid guessing game stuff. In the current market, the price asked can be as much as 20-30% more than they actually expect to get, just allowing for buyers to feel they're getting a 'bargain' by getting money off, or hoping some mug is going to come along who thinks it's still 2007.

Yawn.