About to put in an offer - what is the correct way to do it?

Sugared-frog

I don't want to get this wrong!!! So grateful for any advice.

We are about to put in an offer on a house that we like. I suspect that the first offer will be knocked back, as it is quite a bit under the asking price of £290 K - but we thought we ought to try at least one offer under £250 K.

Its been on the market for about 8 weeks, has had one offer that was quickly withdrawn, and we have found out that they have already completed on their purchase and even tried a private sale before going with the estate agents.

So now to the questions.

Do we actually put the offer in writing or phone the estate agent and ask them to put it in writing?

We have our MIP and are ready to move as soon as they like, with a solicitor lined up too.

Presumably we put the offer in subject to survey (and anything else?).

If the EA immediately says that they won't accept it or that they have turned down that much previously - what should be our come back?

We are prepared to go higher but we know it needs some work done and we have been lead to believe that the private sale price they were asking for was £258K. I presume that they have priced the house to try and make sure they break the £250 barrier.

Thanks for any titbits of advice you can offer:T (very nervous about making the commitment).

geoffky

stamp duty...why oh why do you want to pay more than 250k when you know they will except 258k....your loss and hard earned money..negotiate hard

motherofstudents

I have always just offered over the phone to estate agents. If they immediately say the vendors won't accept your offer I'd just say well please pass it on to them anyway, explain your position and how quickly you can move and leave it at that. Don't rush into upping your offer however tempting it may be. If for example you offer 245k and they don't accept, leave it for a few days and go up by 1k. There's no point in going over the stamp duty threshold and the vendor knows this. Keep cool, don't appear desperate. If you have the attitude that yes, we like the house but there are plenty of others, you will not end up paying more than it's worth. Good luck !

Sugared-frog

geoffky wrote: »

stamp duty...why oh why do you want to pay more than 250k when you know they will except 258k....your loss and hard earned money..negotiate hard

I don't know they will accept 258K it was what a neighbour thought they wanted back in May/June - presumably they now have had to pay for the estate agent's fees as well and maybe had their expectations increased by the EA. But yes I would love to go below the 250K for the final figure:)

evoke

How to make an offer and not get it wrong:

1. Pick up the phone and call the EA;

2. Tell him your offer price and ask him to relay that to the vendors and then call you back as soon as possible with their feedback.

3. Make a nice cup of Earl Grey and chill.

Sugared-frog

Well offer has been put in and the EA has said they won't accept it but that they will put it to them anyway. Apparently they have already turned down a higher offer of £260, and have a couple more people apparently prepared to pay close to full asking price but they don't have the finances in place and that the vendors aren't in a rush to sell:(.

So now we wait for the official turn down and what the EA says their response is.

evoke

You'll have two options if they don't accept your current offer:

1. Walk away;

2. Raise you offer if you can afford to do so.

You can argue the toss with the EA but the decision is the vendor's.

Sugared-frog

I agree ... but I'm not sure that we think it is worth the full asking price which we could afford but would put a dampener on doing an extension. So it is probably time to walk away but sadly..... or maybe try one last offer in the middle somewhere then walk away when they don't accept that. Certainly don't want to end up in a bidding war with others ... if it comes to that the others can have it.

I'm sitting here looking at rightmove at the moment trying to find other possibilities - but of course nothing else immediately springs to mind... I've got to stop comparing the other properties against this one that we found.

wastedtalent

Sugared-frog wrote: »

I agree ... but I'm not sure that we think it is worth the full asking price which we could afford but would put a dampener on doing an extension. So it is probably time to walk away but sadly..... or maybe try one last offer in the middle somewhere then walk away when they don't accept that. Certainly don't want to end up in a bidding war with others ... if it comes to that the others can have it.

I'm sitting here looking at rightmove at the moment trying to find other possibilities - but of course nothing else immediately springs to mind... I've got to stop comparing the other properties against this one that we found.

Why? Surely it's good to keep options open and be armed with as much information as possible when negotiating?

DVardysShadow

wastedtalent wrote: »

Why? Surely it's good to keep options open and be armed with as much information as possible when negotiating?

I think it is not the looking at Rightmove that the OP is remarking on so much as comparing everything with the property offered on rather than looking at each on its own merits.

Sugared-frog

DVardysShadow wrote: »

I think it is not the looking at Rightmove that the OP is remarking on so much as comparing everything with the property offered on rather than looking at each on its own merits.

You are right ... it's the moving on - presumably I will go back and look at the Land Registry figures for it's eventual sold price - but hopefully I might have found somewhere else better by then!!!:D (I can live in hope!).

Still yet to decide whether we are moving on from this one yet!!! That will be tonight's discussion once the kids are in bed. I sense that I haven't given up on it yet.