should i offer what they want?

bobby_davro_2

Hi there
Iv'e found a 3 bed property that i like that is on the market for 115k

It was previoulsy taken off the market but the sale fell through..
Not sure how much they offered...

I have offered 107k but they rejected that but said they would take it off the market for 111k

Should i just straight offer the 111k or could i still swing it for 109k, would they be offended by this?

I'm a first time buyer, and there property is already vacant so i think they are eager to sell.
Plus i could move myself in and complete quickly.

So should i still try and get a better price or is it not worth squabbling over?

Gorgeous_George

I'm not sure how much time would be saved by you being able to move yourself in.

You need to offer what you will be comfortable with. I think £2K and £4K are worth 'squabbling' over, as it would seem, so do the vendors. How long would it take for you to save £4K from your exopendable income?

If you want the property I'd offer £108K providing they stop marketing the property and cancel any viewings taht are currently booked. Nibble away slowly and give them time to sweat it out. You don't want to pay a penny more than you need to.



GG

imoneyop

I'd agree with George, don't let the vendor to force you to pay more than you need.

Also don't rush back with your next offer. Give them a day or two to sweat and then come back and tell them that you've managed to find a bit more cash and would like to make another offer. Tell the agent that this is as high as you can go and push the fact that you are in a good position (I assume you've got a mortgage agreed in principle). If they still reject it then walk away (you can always go back to them with another offer later if you really want the property)

Doozergirl

I'd wait a day or so and then make a 'final' offer of £110k. I say final, you can always say you've borrowed some extra money to make up to £111k if you need to, but I can't see them saying no to the £110k. I think even I'd cave in at that!

Acc72

Don't forget that as a FTB you are in a strong position as you do not have a chain.

You need to offer what you think the property is worth (assuming that it is within your budget !)

deb_buffy

We have had this just happen to us. We love this property that was on for £105K so we put and offer of £102,500 which ws turned down then we put in £104,500 which she still turned down because we like this house so much we played it her way and offered the full £105 which was accepted in 15 mins.

Gorgeous_George

deb_buffy

Just maybe they sensed how much you liked their property. If ever you want a game of poker, give me a call

I hope you enjoy your new home and that the buying process goes smoothly.



GG

irnbru_2

bobby_davro wrote:

It was previoulsy taken off the market but the sale fell through..

How long in total has it been on the market?

vodkagirl001

deb_buffy wrote:

We have had this just happen to us. We love this property that was on for £105K so we put and offer of £102,500 which ws turned down then we put in £104,500 which she still turned down because we like this house so much we played it her way and offered the full £105 which was accepted in 15 mins.

I can not believe she turned down the offer of £104500 :eek: Granted it worked out for her as you ended up offering the full amount, but to refuse an offer and loose a sale for the sake of £500 is madness if you ask me - but congratz on getting the place you want!

Doozergirl

Sometimes you can just tell that someone really wants the place, vodkagirl! I had a couple who made four offers in the space of an hour. It was kind of obvious where we were going...

I even said I'd think about the offer which was £1,500 under asking and get back to the EA after lunch. They'd called back before I even sat down with full asking price! I'm not entirely sure why they bothered even offering under asking if they couldn't wait for an answer!

How not to offer on a house...

RufusFrog_2

If you're convinced there isn't another potential buyer in the running and they are keen to sell, you have some leeway to play it cool. We saw a house we liked but thought it overvalued so put it in a low offer. It was rejected and we offered a bit more. The agent told us 'no way' and suggested a figure in between our offer and the asking price. We said there was another house we liked almost as much which was cheaper and we were considering putting an offer on that instead (true, but a good tactic anyway). For a few days we did nothing (although my OH wanted to put a higher offer in.) Then the agent rang us back and said 'So if it's going to be more than X you're not interested' and we said 'yes that's right' and later that day the offer was accepted. The accepted offer was about 91% of the asking price.

I think after a while at this game you learn to read the signals from the EAs and gauge the state of the market in the area. You need to ask yourself how upset you would be if you lost the house because of a failure to offer a couple of grand extra. Are there plenty of similar houses available? Does £111k seem like a 'fair' price to you. If you go into the sale thinking you've paid too much you may be tempted to change your mind if an equivalent property comes onto the market at a cheaper price. Which is bad for the sellers. However if the sellers think you got it too cheaply they will resent you, secretly welcome gazumpers, fail to do any basic maintenance henceforth and probably steal all the light fittings and pee on the carpets on moving day. Getting it right is a very fine art.