Negotiating tips - FTB

EagerLearner

Hi everyone the EA has asked if we want him to re-offer the same amount to the vendor for consideration. Presume no better other offers have come in. Surely he would have been suggesting to them to take our offer since the day we made the 1st offer, and then come back to us with the result, rather him asking if we want him to re-make the same offer later, if that makes any sense?

MMG

The EA must be trying to hint that youve been back onto them again, offering the same amount to get the property. Obviously he wants to push the sale on now, as no-one else has made as good an offer.

I'd say now would be the time to get onto him and reaffirm you offer, and maybe ask for some fixtures/fittings thrown in at this price as well. Could work out well

EagerLearner

Hi MMG thank you for your comments, I just found it strange that he had said such a thing. the EA are sole agents, so no other agencies are marketing it. Of course all along they could have been stringing us along, the vendors quite keen to accept but the EA saying hold off as these buyers are keen they may pay more?

I guess we will only find out if we get him to go back to them. MrEL wants to offer less now!

I believe the vendor will be in a chain so possiblly would need fixtures and fittings, but worth a try.

We will talk about it at home tonight. Is there anything else we should consider at this stage?

MMG

EagerLearner wrote: »

Hi MMG thank you for your comments, I just found it strange that he had said such a thing. Of course all along they could have been stringing us along, the vendors quite keen to accept but the EA saying hold off as these buyers are keen they may pay more?

I guess we will only find out if we get him to go back to them. I believe the vendor will be in a chain so possiblly would need fixtures and fittings, but worth a try.

We will talk about it at home tonight. Is there anything else we should consider at this stage?

Play hardball, but not so much that it will lose you the sale if you really want the house.

Theres no harm in now being quite firm with your offer - perhaps put a conditional time limit on it for it to be accepted, and the deal done.

The EA has obviously advised them to hang on in there for more cash initially while there was the initial flood of viewings. Now that the rush is over, reality appears to be setting in and your decent offer is looking very appealing.

Good luck!

EagerLearner

Thanks MMG - yes we were hoping that reality would set in, although I have to say he tried to get another vendor to accept our (again not too bad) offer but she is still holding out at 8 weeks with no other offers!

MMG

Unfortunately some vendors are in cloud cuckoo land at the moment EagerLearner with all the reports about house prices rising, more mortgages being approved. We are going into the worst time of the year traditionally for sellers, so we will see how it all pans out.

Know your frustration - we are currently FTB's as well and dealing with certain vendors is a nightmare! We had sale agreed on a place, mortgage approved, survey completed and then the vendor decided to take it off the market for no reason that I can see other then they may get more for it 6 months down the line!

EagerLearner

Sorry to hear that - seems they don't mind messing people about in the name of profit! I guess buyers do it too, especially in the last couple of years where it has been a buyers market. Have you found anywhere else yet?

Come to think of it... with the aid of talking about it for ages and some wine... WHY is there no other interest in a 3 bed house with garden that is on at such a price - wouldn't other buyers be all over it, FTB or in a chain? I am guessing it's the small-ish kitchen and unusual bathroom, non-allocated street parking...because a family looking for a 3 bed house might discount this property on that basis.
Now I am worried we'd only be able to sell it to FTB's or a couple with 1 child...

EagerLearner

Found out today the vendor paid £100k less for it 6 years ago:eek:

Obv she may have had large deposit or something but still, that's horrendous. Their asking price is in line with asking prices in the area, but it is making me reconsider the offer price though.

Anyone have any thoughts?

adamzetec

EagerLearner wrote: »

Found out today the vendor paid £100k less for it 6 years ago:eek:

Obv she may have had large deposit or something but still, that's horrendous. Their asking price is in line with asking prices in the area, but it is making me reconsider the offer price though.

Anyone have any thoughts?

Surely that is irrelevant to an extent, if you want the house you will have to pay the price as of today, not 6 years ago. Yes you are funding a nice profit, but there isn't much you can do. Hopefully it will be worth £100k ontop of what you pay in 6 years time

EagerLearner

True... but painful!
Now we have to consider the size of the kitchen as it is quite small I believe for a 3 bed place, and in future we might find it hard to sell on to a family. Plus the bath is downstairs and loo upstairs sort of thing, so it's all a jumble in our heads at the moment!