first offer

Dan-Dan

laidbackgjr wrote: »

If you jump straight from an offer of 165k to 175k, the vendor will quite likely think you have more money still in the pot and I suspect will be unlikely to accept 175k. By offering so low initially you've made the path to agreeing a price more difficult.

Tricky one , if an EA wont even pass on an offer of minus 170k , what can you do ? to be honest , i do kind of agree with you but , what the EA and vendors dont know , is that 175k , is my last offer , so its all a bit immaterial in the end!

OldFartPlumber

Keep the EA happy - offer 170 then up it a grand at a time to your 175 - make them do some work ! - also if they treat you as fools , walk away - the EA and the vendors are the fools

Dan-Dan

Well , just thought i would bump this thread , because its easier than telling the wife , this property has been reduced today to `offers over 180k` , and as our house isnt sold yet , i know its right for them to do , cant help but feel really miserable about it though

saverbuyer

Stick to your guns. That's a 10k drop in 2 weeks.

Dan-Dan

but i know that from a proceedable buyer , an offer of iro 177/178 would probably get accepted

a harsh lesson for us is on the cards i think

Dont ever fall in love with a house if you havent got the money to buy it!!!!!

DaftyDuck

Dan-Dan: As Saverbuyer puts it, that's quite a drop in their asking price in a short time. My guess: the price drop is to see if there are higher offers made as a result, while your offer (or possibly another one) still stands. There's no indication the vendor is holding out for top dollar here, more indication they are flexible on price in order to sell. There's no indication an agent doesn't pass on offers that are "insulting"... They may say they don't :mad:... they do !

So, to increase your offer.... ?

laidbackgjr wrote: »

If you jump straight from an offer of 165k to 175k, the vendor will quite likely think you have more money still in the pot and I suspect will be unlikely to accept 175k. By offering so low initially you've made the path to agreeing a price more difficult.

The "trick" here is to convince the agent and vendor that the increase is all you can afford, you really, really have tried. Never raise by £5,000 or £10,000. Go from (and you have to use your own judgement depending on love for house and gold in the bank vault) £165,00 to £171,400. Or £173,250. A very precise figure. Explain that you've got there through believing the house is maybe worth that, that you do quite like the house, and as a result have emptied all your accounts as well as leant on Bank of Mum & Dad. If that offer is again rejected, you increase by a rounded amount of £1000 after a few more days, explaining you've had your paycheque! The combination of an odd figure, with a simple reason ("that's our accounts emptied"... "mum & dad chipped in".... "Paycheque just arrived") proves to the vendor and agent you can't just use a spare hundred grand in your current account.

You can help convince the agent that is your budget by viewing other properties at that price range, even one with another agent, then take the details plus notes along to the vendor's agent...

Obviously, the vendor may want to - have to - hold out for more money, and there may be another offer other than yours that's higher, so this may not help....

There is always another house... and it is always just as lovely. Really!

moneyistooshorttomention

Any comments then for vendors on how to tell whether a buyer is telling the truth when they say "I'm offering the most I possibly can...really..."?

That's a serious question BTW.

DRP

moneyistooshorttomention wrote: »

Any comments then for vendors on how to tell whether a buyer is telling the truth when they say "I'm offering the most I possibly can...really..."?

That's a serious question BTW.

I don't think it really matters tbh. I could afford to pay £20 for a packet of crisps, but I certainly wouldn't

Keep saying 'no' until they they don't offer you any more, then say 'yes' if the offer is high enough.

I have had someone make 3 offers on my house and then get shirty when I refused the third, because 3 offers is the 'normal number' of offers before a vendor should accept.

Dan-Dan

well to be honest guys , maybe i confused everyone , the EA (this is back a few weeks as per thread date) refused to pass on my 165k , i then had a conversation with him , where i explained i know my mortgage amount i can get , i know our share of the house we are selling = max offer of 175k , he said the woman vendor was keen , but the husband `needed convincing`

Since then , we have marketed our place with the same EA , and between my wife and i , we had set a further ceiling of 180k , and absolutley no more

But i could offer 500k and because we arent procedable , they will still leave it on the market , which i completley understand , we were hoping , very naieve i know , that the EA was pushing our house at the same time as reassuring vendores we were doing what we could to sell , with reason (as in not auction price!) but it appears that hasnt happened , because the price has been dropped anyway , so presumable a chat has occured between vendor and EA which must have involved dismissing our offer

DaftyDuck

Dan-Dan wrote: »

...........which must have involved dismissing our offer

That's the bit I'm not sure you can be certain of.