Offer on our house - how do we play it?

mrsw1983

delmar39 wrote: »

Hmmm I sold my first house to a buy to letter, who lied to me telling me it was for her daughter. I got a decent price out of her in the end by standing my ground. Hope you manage to get a bit more than the £130k.

Yeah, it's our first home so I'm very attatched to it!

Gwhiz

NEVER get emotional over a property sale. NEVER!!!!

mrsw1983

Gwhiz wrote: »

NEVER get emotional over a property sale. NEVER!!!!

Works in theory!!;)

delmar39

DVardysShadow wrote: »

Not good tactics. Particularly in the current climate, but generally too If you are prepared to drop but reject without stating an expectation, they may well think that your expectation is asking price or nothing and walk. When you don't hear back and the agent goes back with a figure, it looks like you have become desperate, so they may be tempted to come back with a lower offer than you intended.

IOW, I think it goes best when both sides have a figure in mind and negotiate quickly to discover whether they can meet.

I do agree with this. However, we do have a figure in mind (not necessarily the asking price) and if they had come in with a more realistic offer (£218k is simply too low), then we'd have more to go at. They haven't really given us anything to compromise on here, because offering £218k on a property that averages out at £234,950 is a bit off the wall - if they can't afford to pay more then they're kidding themselves if they think silly offers are going to be accepted, but worth a try. I think the agent is right to tell them to come back with their best and final offer (as per my other post) because then we can assess whether a compromise that suits all is on the cards - I'm not giving my house away and properties around us are going for the asking price or just under so it is possible to secure a good deal for all concerned, even in this market.

delmar39

Gwhiz wrote: »

NEVER get emotional over a property sale. NEVER!!!!

This is difficult to do! I'm not getting emotional but there has to be a certain amount of 'respect' on both parts otherwise it's not worth dealing with each other and more than likely the deal will fall through.

SPOTTEDCUP

delmar
i think the first offer was very reasonable but like you said everybody has a fiqure they need
best of look if they come back with a higher offer

mines up for sale the house im going after is 250k im putting first offer in 15% lower to start the ball rolling

SPOTTEDCUP

"luck"

delmar39

SPOTTEDCUP wrote: »

"luck"

Thanks for that SPOTTEDCUP. Reading what you put there gives me some confidence that this may be the first of two, three or four offers, so fingers crossed. Or, perhaps they just cannot afford to go higher.

We knew we wanted the house we've put an offer on, so I didn't mess about with a few offers that I knew would be rejected, which I guess is the difference here. We got a good deal.

Anyway, best of 'luck!'

jmt

It is very hard knowing what to do.

My sister hopefully exchanges contracts tomorrow and moves next Friday (18th Dec). She has had her house on the market for nearly 12 months at £265,000 and had 3 estate agents. She told them all not to send people around who could not afford £250,000 (agents had lots who were in the £230-£240,00 bracket)

At the end of October, after many viewings and not one single offer, she told the latest EA that they had found somewhere they wanted - the first couple who came through the door after EA was told they would now accept offers bought it at a figure they are now happy with - they have also got their dream home at a similarly reduced price and all appear very very happy.

SPOTTEDCUP

i have read on here several times "the property is only worth what people are willing to offer and not what the EA values it"
and its sound advise

so long as your future house is brought for a bargain i think its sensible to let your house go below asking price