Negotiation advice

Kevie192

The combo of being money obsessed and what looks to be really poor negotiation skills could land you in hot water some time soon if you're not careful!

adonis10

Kevie192 wrote: »

The combo of being money obsessed and what looks to be really poor negotiation skills could land you in hot water some time soon if you're not careful!

Why really poor? What would you have done differently?

Kevie192

adonis10 wrote: »

Why really poor? What would you have done differently?

Looks to me like you know full well that you went in way too high and should have started much lower...? I guess you'll never know!

adonis10

Kevie192 wrote: »

Looks to me like you know full well that you went in way too high and should have started much lower...? I guess you'll never know!

Fair point. Perhaps we've been done by someone more savvy in this arena. I'm not a salesman by trade and have only ever bought one other property, so very inexperienced.


I am feeling deflated now as perhaps we could have got it for 305, so I don't know what to do.

Hoploz

Look, you know what else is on the market and for what price. You can tell whether it is in the ball park similar to other properties, but you want this one.

If all similar properties are coming on at 300 and selling then this is prob worth the extra to avoid all the viewings and rubbish you go through searching, including waiting for a chain the other end etc.

You should only try reducing your offer if you have a good reason, eg negative survey report .... If you start messing about at this early stage and show yourself to be a timewaster they will not take you seriously and just put it on the open market to sell to someone else.

adonis10

Hoploz wrote: »

Look, you know what else is on the market and for what price. You can tell whether it is in the ball park similar to other properties, but you want this one.

If all similar properties are coming on at 300 and selling then this is prob worth the extra to avoid all the viewings and rubbish you go through searching, including waiting for a chain the other end etc.

You should only try reducing your offer if you have a good reason, eg negative survey report .... If you start messing about at this early stage and show yourself to be a timewaster they will not take you seriously and just put it on the open market to sell to someone else.

Fair point. To be fair, I think if it went on the open market then it would certainly go for 315, maybe more, so perhaps that's my question answered.

warby68

Just get your survey done pronto - hopefully you will get comfort on the price or have ammunition to re-negotiate with.

I do agree you want to retain the vendors confidence so probably best not to openly waiver until you have that.

I really hope it stacks up for you - seeing all your thread reminds me of buying my first house and all the agonising and we are talking a value back then of 10% of what you're now paying

5 houses later and best advice is to allow a little extra in the budget for the 'love' factor - if you really want the house don't try and batter everything down to the nth degree and risk losing it. I'm not saying be rash - the mortgage company won't let you! I just mean if you really want it be prepared to be the one that concedes on the last thousand or two.

adonis10

warby68 wrote: »

Just get your survey done pronto - hopefully you will get comfort on the price or have ammunition to re-negotiate with.

I do agree you want to retain the vendors confidence so probably best not to openly waiver until you have that.

I really hope it stacks up for you - seeing all your thread reminds me of buying my first house and all the agonising and we are talking a value back then of 10% of what you're now paying

5 houses later and best advice is to allow a little extra in the budget for the 'love' factor - if you really want the house don't try and batter everything down to the nth degree and risk losing it. I'm not saying be rash - the mortgage company won't let you! I just mean if you really want it be prepared to be the one that concedes on the last thousand or two.

The mortgage survey or structural survey?

Thanks. It's not my first property but is my first house and with a partner. My current one is a purpose built flat so much, much easier as really no consideration to renovations etc., so it does feel like a first 'proper' purchase.

Yeah, my partner will do that, she's the emotional one. I'll try to batter it down but inevitably there will be compromise at some stage. Just need to get over it.

Andypandyboy

adonis10 wrote: »

Fair point. To be fair, I think if it went on the open market then it would certainly go for 315, maybe more, so perhaps that's my question answered.

That is your question answered.

Yes, she may have initially gone lower, but then she too may have had second thoughts and pulled out to open it up to a wider market.

Prvate sales are a leap of faith for both sides.

If you are sure that £315 is a fair price then that is it. Also, imagine the scenario where you renegotiate and lose it, your GF will blame you for losing what will then forever be the "dream home" that all others can never match.;)

Put the doubts behind you until or unless the survey throws up major issues.

System

It also depends on how much you need/want to move, I was quite desperate when I was in cramped 1 bed top floor flat (taking pushchair up and down stairs) - and having to dry laundry in bedroom (asthma and mould behind furniture), and I was terrified of house price inflation trapping me

Now we're in 2 bed place its far more comfortable and asthma gone and we could make it work if we had a 2nd child by partitioning lounge, but could upsize even if i dont need to as an investment to increase my boys inheritance, though we would be far more picky including on price, bigger houses may not have the same advantages as this one (I.e. good repair and quiet)