First time offer on a house.. advice appreciated..

united4eva

So, after initially telling me they hadn't had any offer (but LOTS of interest..) I went through to make my initial offer of £155, only to be told they had a higher offer rejected. Obviously I grilled them about this mysterious offer, only to be told EA had 'only found out about it today' when told from a colleague. Apparently some dude put in a bid without viewing the property in person... it was hinted that the offer was around £165..

Wasn't sure whether or not to believe so following day I went in with an offer of £160 with significant reasoning ( recent sales in the area, the fact that its a semi but the extension has blocked off access to the garden from the front.., and another lower priced property I have seen). Their comeback was current asking prices of a few properties (which have not yet sold), and a bit of mystic meg that the prices will be going up next year anyway. Offer was submitted and got a call back within 30 mins that vendor had rejected on basis of previous offer etc but they were not offended by the offer.

EA did ask if I had put in an offer on the other property that I was keen on but I said 'not yet'. Maybe I should have said yes...

They have also had more viewings this week and one other second viewing but dont think they have made an offer yet.. may have done since yesterday so will see. I may get another call today or tomorrow, else may go in on Monday with a slightly higher offer.

Any other thoughts or tips guys? Apologies for the essay..

bylromarha

Best advice is do your research and use it to determine what you want to pay for it. And stick to it. Quote this info to the EA and challenge their vague mystic meg stuff and selling prices they throw back at you. We both know those houses would be sold if they were so well priced.

Maybe leave them stewing over the weekend? If the EA rings, maybe say you've had a second viewing on the other house and you're weighing up your options. Certainly don't offer until Monday and if you do, ensure they know it's your final offer and you won't be going any higher.

One tip I read on here, which I like, is to offer an obscure number as your final offer to give the impression you really have scraped every penny together for the offer and done your sums. £159,780 or something like that.

BTW, did your £155k offer even get to the vendor? Or did the EA reject without consulting the vendor?

Remember if the prices go up, they go up for your vendor too. It'll be in their interest to secure a sale ASAP in order that they can buy ASAP if the prices really are on the up. And tell the EA you know that.

ACG

You could try £162,500 - say thats your final offer.
You can still go back at £165,000 later on anyway if you want, you might look like a bit of a tool but for £2,500 it could be worth it.

They cant sell a house on what house prices will be next year?!?? Talk about having your cake and eating it! I bet they were not doing that when house prices were dropping!

united4eva

bylromarha wrote: »

One tip I read on here, which I like, is to offer an obscure number as your final offer to give the impression you really have scraped every penny together for the offer and done your sums. £159,780 or something like that.

BTW, did your £155k offer even get to the vendor? Or did the EA reject without consulting the vendor?

I like the idea of the obscure value offer

The 155 didn't go to the vendor.. maybe I should have insisted that it did.. it was the first time I have offered on a house so still learning.

bylromarha

united4eva wrote: »

I like the idea of the obscure value offer

The 155 didn't go to the vendor.. maybe I should have insisted that it did.. it was the first time I have offered on a house so still learning.

The EA is obliged to put forward every offer they get, in writing, even if it is what they consider ridiculous. Naughty of them not to even verbally pass onto the vendor.

united4eva

So have finally had an offer accepted on a different property which we are very happy with. Only compromise we had to make was the location, which is approx 1 mile away from our preferred/ location. That said, the location is still a nice enough area.

Want to get a full structural survey as its our first buy, so will go with the banks valuation report and pay for our own full buildings survey. Can anyone recommend good, honest surveyors in the Manchester area?

united4eva

Anyone? Any suggestions muchly appreciated