FTBs first offer made - negotiation advice needed

pops5588

pete96 wrote: »

It ticks all boxes.

I would just go for it then especially if you're not really having to compromise on anything! Good luck.

monty-doggy

I'd agree. Go for it with your best shot, and if you don't get it then it wasn't meant to be and there will be others

[Deleted User]

You'll have to hold out - don't offer much more, because you went in far too eager

Don't specify what you want to keep.. you're buying land essentially - all the rest is fluff that varies the price marginally

BTW - comparing prices is all well and good, but you can only really compare the prices of houses 'on the market' at the moment since that is the houses competition.

christopher1977

monty-doggy wrote: »

If you really want the house, offer as near to asking as you can, and then re negotiate after the survey.

really bad advice, i can only assume it's your house he is trying to buy:D

to the OP sit tight for a while, think how much you want the house and if your still keen offer a slightly larger amount 2/3k.

don't rush anything, it's the most important financial decision you will ever make........unless of course you have very expensive taste in cars:rotfl:

pops5588

I agree that it's a big purchase and a lot of thought should be put in, but I also think it could be risky to wait too long. The property has only been on for 4/5 weeks, has had at least 12 viewings to date and (even though it fell through) an offer placed.

At the end of the day you can't reverse the letter that you sent. What's done is done, no point dwelling on it. They know you're interested. You may as well take a day out to have a ponder about how you'll go forward but I wouldn't leave it longer than that.

pete96

grifferz wrote: »

I'm not sure that was the best advice then, because you've basically gone into far too much detail and made it clear that you re desperate to buy this property.

Most of the time on here I see people ask how to make a first offer and they are told "just call up the agent and make the offer".


Again, most threads I see here where someone asks what should I offer, they are told you can't take a blanket X percent off the asking price regardless, because it depends totally on:

• the market of the local area
• whether the property was priced correctly to begin with

So maybe we have been reading different threads but I am not ware of any such consensus I'm afraid.

You clearly did some homework, and agent has come back to you with their countering of your arguments - which is surprising to me actually as my experience is they just say no without elaborating.

You will have a problem now that the agent knows how much you want the place, that they are probably going to try to squeeze you for everything they can. That can't be helped now.

You have already had some good advice about how to play it... Basically decide what it's worth to you, try to view other things, prepare for a drawn out negotiation here.

A lot of the basis of what we have done so far came from here...
https://forums.moneysavingexpert.com/discussion/175653

confused.com!

pete96

christopher1977 wrote: »

really bad advice, i can only assume it's your house he is trying to buy:D

to the OP sit tight for a while, think how much you want the house and if your still keen offer a slightly larger amount 2/3k.

don't rush anything, it's the most important financial decision you will ever make........unless of course you have very expensive taste in cars:rotfl:

I was thinking about verbally increasing the offer by 3K to £150,000, but the question is when? Tomorrow, Monday?

The leaves further room to negotiate. Possibly up to £153K and then a take it or leave it £155K. How does this plan sound?

pete96

The house in the same close which sold last year, 110 Cowley Close, sold for £155. Being an architect, I can tell just by looking at the two houses that they are identical, in their original form at least. So he is talking b/s when he says it has a smaller kitchen, and being across the road is hardly 'a less desirable location'! There difference is, 110 has had the garage converted to a dinning room and also benifits from a conservatory, not to mention the better decor. So 110 should in theory be worth more. Hence our max price of £155k

hcb42

Wow, I am just buying house no 7, and have never sent an offer in writing, with that much info, always do it on the phone!

I would also have left the details of the chiminea out, it's not why you buy the house.

HarryBarry

You probably shouldn't have written a letter like that. I don't think the EA took it too well that you were trying to tell him about the area. And a low offer plus the white goods wouldn't go down well with the seller. So now they both dont like you, it will be harder for to get it at a good price.

You should have made the offer verbally and not been so specific about other houses. I would have said something like "I think we can afford to offer X and looking at recent sold prices it seems to be in line with them". I would also have offered 150k, starting with 15 rather than 14 will seem less insulting to the seller. The letter makes it sound like your offer is based on valuing the house that low, whereas I would offer making it sound like I've done my best to scrape together all my money and that is what I can afford.- take it or leave it.

I think you are right though, the 155k house is just as good/better than the one you are offering on. I would be prepared to walk away if they wont budge from 160 something, just because they had one offer like that they might not get another.