1st Offer refused. How much to increase?

dannyboycey

kelvinwebb wrote: »

EA just said that they only are interested in full asking price.

EA's are absolutely full of it. Offer 205k and say final offer. They will agree.

Doozergirl

...or keep your increments small. Next offer £207,150 (or something similar, a bit random to make it look like you can't afford full asking). If they've come from asking price down to £212,000 already you can get them down further providing there aren't any more offers. Leave it a day or so if you can.

Push that you can complete quickly or work to their timescales. You will be flexible and already have solicitor and mortgage ready to go....

btloptingout

The property has been on the market for 2 days.....trying to negotiate on price at this stage is pretty hopeless.

All you first bid did was:

a) Fill them with confidence - after all an offer within 48hrs is fantastic (even if it was from a chancer).
b) They now consider you a chancer but also possibly a bit desperate as you're comming straight in with more bids.....they'll hold out for £213K and still wonder if they are letting you get it BMV.

You need to sort your strategy do you want:
1) To secure this particular house and willing to pay at/near asking or
2) Are you out looking for a bargain, in which case you need to look at motivated vendors.

Running_Horse

If you want the house that much put in a serious offer. If not, stop wasting everyone's time, including your own. You have already said it is a seller's market. As a recent seller, there is nothing more annoying than timewasters putting in insulting offers. You have already missed out on one house, and seem determined to start a collection.

Doozergirl

And there was me thinking this was Money Saving Expert

If you're prepared to lose the house, play the game. Not many people play it hard enough and vendors are as insecure as the buyers are.

I don't think we've had enough time from yet another interest rate rise to establish whether things might have slowed down slightly.

A very low offer would not bolster my confidence, it would rile me no end but it would also make me wonder whether I was asking too much. I'd also worry if someone was slowly creeping nearer to the asking price that I might just lose them at some point and I'd start considering exactly how much I would be prepared to lose. That would be if other offers weren't coming in, of course!

Estate agents always talk up how their vendors are confident whilst equally grinding away at the vendor. You have to play harder agains the agent than you do the vendor. People always say that the agent works for the vendor; they don't - they work for their commission. £50 in commission to the branch, let alone the actual agent, isn't going to stand in the way of this month's sales target.

btloptingout

kelvinwebb wrote: »

but I really begrudge only getting £2k or £3k off the asking price...

Also....your thinking illogically

If you get a house with asking price of £150K for £100K are you happier than if you secured the same spec house for £90K which had an asking of £95K.

The asking price is an asking price! A vendor/EA pair could easily have a 25% difference between asking prices for the same property.

You need to be thinking what is the "value" of this property to you...

Running_Horse

Doozergirl wrote: »

And there was me thinking this was Money Saving Expert

The only money being saved here is solicitors fees, survey, and mortgage payments. I used to live in Southampton and there are some dodgy areas you could save money. Doesn't sound like this house is in one of them.

kelvinwebb

Update:

Today I have been to see the house again straight after going to see the 'other alternative' first.

Although the house has a great garden it's no better than the 'other alternative' (a 4 bed for 5k more) which the vendor has told me today that he is open to offers.

I'm not gonna offer anymore on the first property now, I will be happy in the other house and I'm sure I can get it for less. I might tell the agent to give me a call on the first property if they still haven't sold it in a couple of weeks (just for some self gratification!)

As for wasting peoples time (including my own) Face - Bothered - NOT!!! I'm not in for anyone else except myself Jack! And if the vendor thinks I'm wasting their time I DONT CARE! Seeing as I don't earn £10k per day (yet:rolleyes: ) I've got nothing to lose by offering £10k less for a day's wait.

It's all a game dependent upon the vendors circumstances. Do they want/need to sell?

Just to let you know the last property I bought I paid 79.5% of the asking price - CERTAINLY NOT TIME WASTED! Time very well spent!

A_Fool_&_His_Borrowed_Mon

kelvinwebb wrote: »

Hi

Put in an offer of £190 on a property that is on the market for £215 and it was refused (naturally).

The property has only been on the market for 2 days and it seems that properties are selling very quickly down here in Southampton.

What should i put in next?

The EA said that the vendors want to acheive the asking price and as it has only just come on the market tey are prepared to wait.

Should I put in an offer of £2000 more or £5000 more...????

Cheers

Say that you've also had time to rethink your offer, and now you're offering 5k less.

Give them a taste of their own medicine. :money:
There's plenty for sale about, so why rush?

kelvinwebb

Oh and BTW - Did you know the Estate Agents is a liar? (Stating the bleeding obvious here some of you might think)

When I rebooked my 2nd viewing the EA told me there was another viewing that day and I could fit in around that.

Obviously as I have made an offer of £205k and it had been rejected the agent knew I was still interested in the house by making a 2nd viewing.

Initially I had arranged to go in before the 'other' viewers but then mysteriously the EA phoned me to tell me that I had to go in after the 'other' viewing. It's now apparent that this was to make me think there was a chance I could lose the house to the other interested party and therefore put in a higher offer before anyone else saw the house.

When I got to the property for the viewing the other people who were suppossed to view the house had not come and the EA told me they were stuck in traffic and were on their way. Now if anyone knows Southampton there never is any traffic jams longer than 5 minutes wait this side of town.

So I viewed the property again, said thanks and goodbye. The EA told me that she had to wait for the next viewers as they were coming now. I couldn't help but think she was full of it, So I waited outside the next door neighbours front garden and spoke to the Mrs about he house after 2 minutes the EA came out 'surprise surprise'!

She said the other people were still stuck in traffic (this is about an hour after their scheduled appointment time) and she promtly left.

! ! ! BULLS***! ! !