EA getting in touch & wanting to know if we'll offer.

JustAnotherSaver

We viewed a property for the second time today. We're very interested in it.

It's £10k over our budget. We could afford it at the listed price, but 1) we'd be borrowing from a family member & 2) it'd be an extra £40pm. Still affordable, but - it's more money ATEOTD.

Anyway, our IFA is handling the whole offering process & has confirmed that they'll be in touch in the morning to start offering for us. We've been told what he'll be going in with (£8k less thank asking price) & what he actually hopes to get it for (£5k less).

This evening the EA has emailed me & asked how it went & are we ready to be putting an offer forward.



I'm not sure what (or if) i should reply.

Should i just ignore this & leave the IFA to handle everything in the morning?
Should i respond that we really liked it, and we'll be offering via our IFA in the morning?
That we really liked it, but it's stretching our budget & we'll need to think about it a bit more?



Then aside from this, i feel really tight with the IFA offering £8k less, the more i think about it. The seller showed us around & they seemed very genuine. There was nothing wrong with the house tbh (minus 1 thing really, which is minor) & the asking price is probably fair compared to other houses on sale in the area. So to go in £8k less, i feel a bit cheeky/tight. I know business is business & this is how a lot of people operate, and i know you don't get if you don't ask, but that doesn't stop me feeling cheeky.
Do i need to suppress my conscience? :rotfl:

danwent

Suppress your conscience. The worst that can happen is they say no, and you up your offer.

Either don't reply to the EA or simply say you'll be in touch in the morning.

EAs usually follow up viewings with a call. Why an IFA to handle your offers?

JustAnotherSaver

Why the IFA with the offer?

We saw an IFA right at the start of the house hunting process as we're clueless FTBs. When the IFA was going through everything he explained he would also handle the negotiating process if we wished.

Knowing what i'm like & what my partner is like, we were comfortable with this, as we'd probably just go straight in at the asking price & be done with (& throw away any chance of getting a good deal).

Kayalana99

I think someone said here the other day - and I totally agree, if you don't feel cheeky making the offer its not low enough.

You do whats best for you. (Dont email back and say you really liked the property whatever you do, as they will think you will go in at full price if you fall in love with it, you need to play game)

I think the "Will be in touch in the morning' is a good response, basicly saying an offer is on its way without any feelings invovled.

LisaLou1982

I think if you have received an email at 9.30pm, a response can wait until the morning with no hurt feelings on the EAs behalf

Tancred

JustAnotherSaver wrote: »

Then aside from this, i feel really tight with the IFA offering £8k less, the more i think about it. The seller showed us around & they seemed very genuine. There was nothing wrong with the house tbh (minus 1 thing really, which is minor) & the asking price is probably fair compared to other houses on sale in the area. So to go in £8k less, i feel a bit cheeky/tight. I know business is business & this is how a lot of people operate, and i know you don't get if you don't ask, but that doesn't stop me feeling cheeky.
Do i need to suppress my conscience? :rotfl:

I don't think going in for £8k less than asking price is a bad thing. If the seller doesn't like it he'll reject the offer and you can make a an increased one. It's very unlikely indeed that the seller will take offence and not even talk to you any more - is that what you're afraid of? In this line of business everyone plays the same game, so making low offers is not 'cheeky' unless the offer is blatantly ridiculous.

ERICS_MUM

EA at 9.30 pm ? Sounds like the vendors have found somewhere and are eager for a sale. I'd go in at £10k under the asking price and leave it a few days. I'm a hard woman and it's always worked for me !

Duskylady

How much is the house on for.

£8k is ALOT of money don't pay it if you don't have to. We went in £33k under asking and got accepted at £30k under on a £215k house. The vendors will have an idea of what they and will just say no if you don't meet their expectations

JustAnotherSaver

The house is up at O.O. £160k. We were originally looking no more than £150k (which would give a £430pm mortgage repayment figure). This house is really spot on though & tbh the chances of finding something similar in as good a condition are slim. We've viewed houses at £5k less & £10k less & they need more, much more than £5k & £10k throwing at them to bring to the spec of this £160k.
So, we're having to stretch to meet the £160k, but it's doable without being uncomfortable. We can't really stretch OVER the £160k though.

Anyway, the offer of £8k less has been dismissed. The EA has said they're wanting much closer to their asking of O.O. £160k, but would perhaps drop slightly & the EA thinks that a SLIGHTLY under offer may nab it.

TBH, after being sniped on the last house, we're not really for messing about & drawing out too long. If there were 2, 3, 4+ houses ticking our boxes then yes, but there's not.


<EDIT> Oh, & the EA didn't get in touch at 9:30pm, that's just when i posted this. They got in touch around 8pm</EDIT>

Lokolo

JustAnotherSaver wrote: »

The house is up at O.O. £160k. We were originally looking no more than £150k (which would give a £430pm mortgage repayment figure). This house is really spot on though & tbh the chances of finding something similar in as good a condition are slim. We've viewed houses at £5k less & £10k less & they need more, much more than £5k & £10k throwing at them to bring to the spec of this £160k.
So, we're having to stretch to meet the £160k, but it's doable without being uncomfortable. We can't really stretch OVER the £160k though.

Anyway, the offer of £8k less has been dismissed. The EA has said they're wanting much closer to their asking of O.O. £160k, but would perhaps drop slightly & the EA thinks that a SLIGHTLY under offer may nab it.

TBH, after being sniped on the last house, we're not really for messing about & drawing out too long. If there were 2, 3, 4+ houses ticking our boxes then yes, but there's not.


<EDIT> Oh, & the EA didn't get in touch at 9:30pm, that's just when i posted this. They got in touch around 8pm</EDIT>

And yet your higher offer already dismissed that. TBH it sounds as though you aren't negotiators and you will be pushed into £160k.

I would have said £150k, final offer, if that what was you were looking to spend.

JustAnotherSaver

Lokolo wrote: »

And yet your higher offer already dismissed that. TBH it sounds as though you aren't negotiators and you will be pushed into £160k.

I would have said £150k, final offer, if that what was you were looking to spend.

Correct, we're not negotiators.

When we set out we agreed £150k as this was comfortable for us. the monthly repayments would be £430pm with a joint income of £2k-£2.3k pm.
Going to £160k would be repayments of £475pm, so we could still do this, but obviously we'd prefer to pay less, as everybody would.

Should we miss out on this, then we're either going to have to get quite fortunate (in the past 8 months we've only really seen 3 houses ticking our boxes & only 2 of those have been suitable after viewing), or we're going to have to select a much cheaper house, which isn't going to tick many of the "needs" boxes & we're then going to have to look to move on from that one at some point in the near future (we're not looking to move on at all, never mind near future).

We always knew we could stretch the extra £10k, we'd just rather not. Stretching into the £10k bracket BEYOND that though (so, £160k-£170k) would be a £10k bracket too far.