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Negotiating for a fair price
Herpderp
Posts: 6 Forumite
Hello all. I'm currently trying to buy a house in the Midlands. I found one that I'd be happy to buy, but I'm trying to get it for the right price. The vendor wanted 250k for it, but I'm not convinced it's worth that so I offered about 15k less. I've got the deposit sorted, a mortgage approved in principle, and there's no chain. I've got all my ducks in a row, I think. Personally, I'd like to move and it's a nice house, but I'm not in a situation where I'm desperate.
I made and recived a few calls from the EA today to get a price sorted out. After my first speculative offer was rejected, I told them that I wasn't up for much negotiation (I don't want to spend all day haggling), and offered what I think is a fair price for both myself and the vendor. I made it clear that would be my only offer. The EA called back a couple of times trying for a little more money, to which I pointed out I'd already made my only offer. At the end of the day they called me back and said that "another party" has come in and made a better offer. My response was that if they have a better offer then they should take it, because I've made up my mind.
The thing is, this house has been on sale for 6 months or so. Is it really likely that on this one particular day you'd randomly get two people making offers on the house? It seems a bit fishy to me. Is this likely to be some weird negotiating tactic on their part, or should I get ready to do some more house hunting this weekend?
I've not bought a house before, so I'm completely new to all this stuff. I don't know how much I should expect to be messed about.
I made and recived a few calls from the EA today to get a price sorted out. After my first speculative offer was rejected, I told them that I wasn't up for much negotiation (I don't want to spend all day haggling), and offered what I think is a fair price for both myself and the vendor. I made it clear that would be my only offer. The EA called back a couple of times trying for a little more money, to which I pointed out I'd already made my only offer. At the end of the day they called me back and said that "another party" has come in and made a better offer. My response was that if they have a better offer then they should take it, because I've made up my mind.
The thing is, this house has been on sale for 6 months or so. Is it really likely that on this one particular day you'd randomly get two people making offers on the house? It seems a bit fishy to me. Is this likely to be some weird negotiating tactic on their part, or should I get ready to do some more house hunting this weekend?
I've not bought a house before, so I'm completely new to all this stuff. I don't know how much I should expect to be messed about.
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Comments
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Usually (but not always) a standard EA lie.At the end of the day they called me back and said that "another party" has come in and made a better offer.
Good answer.My response was that if they have a better offer then they should take it, because I've made up my mind.
Very likely. But do some more house hunting anyway - you might find something you like better. My guess is they will get back to you before then.Is this likely to be some weird negotiating tactic on their part, or should I get ready to do some more house hunting this weekend?0 -
Thanks very much for the comment. I'll wait, see what happens and report back either way.0
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Get a friend to enquire about the house saying they've got a buyer for their house and to ask what the situation is.0
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Well, to update this thread, the EA called me back. There was some kind of unspecified "development" with the other party (I didn't ask what) and my offer has now been accepted.
So, I'm wondering if it would be a good idea to ask the EA to stop advertising the house now (even as STC) and cancel their future viewings. Is that reasonable? That would obviously be better for me. Is this a condition I could or should attach to my offer?0 -
Yes stipulate that, but it's the vedors choice not the agents. Be very wary if the vendor doesn't agree to it, you could very well be gazumped!0
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