Should i trust Estate Agent

london.cidade

Hello,

I had given an offer 595 to a house then it has been rejected. The asking price was 665.

Now they reduced the price to 645. I was about to give an offer like 615-620. I've just talked to the EA. He told me that the vendor didnt accept an offer which was 630. Then he told me that if i offer 630, the vendor will accept it because i am first time buyer.

Any thoughts please ? What to offer ? 620 ? 625 ? 630 ? I'd be inclined to offer 625 or 620.

Ps. he told me that the vendor found a house and they are end of chain. How should i interpret it ?

G_M

Offer what you think the property is worth (as long as you can afford it).

The seller will either accept, or refuse.

Ignore the estate agent. He does not make the decision.

Guest101

Offer whatever you can afford and what you think it's worth.


Assuming survey comes back within 10% you're good to go.

eddddy

The EA wants to sell the property. If he thought the vendor would accept an offer of £615k or £620k, he wouldn't be pushing you back from offering at that level.

london.cidade wrote: »

Then he told me that if i offer 630, the vendor will accept it because i am first time buyer.

I'd take that with a big pinch of salt. It's equally likely that the EA just sees that as a good place to start the negotiations.

Hoploz

It sounds like the seller gave the previous offer of 630 good consideration but because he hadn't found anything he rejected it hoping for more.

Now he has found something to buy he is keener to sell and may accept this lower figure in order to complete the chain and get going.

If you keep offering low then the seller will think you're a chancer and won't trust you enough to proceed with you. Offer nearer to the 630 and see how you go. I would advise against making multiple offers. Two or three max.

If there are other properties you like close to the price you have a choice but if this is one you really want and you can afford it, consider whether it's worth losing for a few k.

ElsieMonkey

Not suprised your first offer was refused - there;s a massive difference between your offer and the asking price. You may well be right in your valuation of the property and the vendor has an inflated idea of it's worth (or vice-versa!), but the fact that there was such a big difference of opinion between you and the vendor regarding price shows that the vendor would not be willing to negotiate that much!

However, now the vendor has reduced the price (I bet after finding somewhere to buy themselves) inicates that the vendor is more willing to negotiate.

Sometimes (a lot of times - despite what these kind of threads and TV programmes lead you to believe), offering on a house isn't about haggling for the best price possible leaving one side feeling the winners and the others loosers. You need to find mutal ground, so I wouldn't bother going in with a really low offer again. If you like it, and think it's worth it, be upfront and offer what you are truely willing to pay.

Miss.Twizz

Never trust the estate agent; they’re not in it for you no matter how friendly the advice is. You have to try and be brutal and not let your heart rule your head when buying a house. You ignore the estate agent completely and you offer what you feel it’s worth to you, and what you can afford. The vendor will either accept it or reject it. If they reject the offer you have decided is you top offer based on the above then walk away. There’ll be something else around the corner and your best and final will be accepted. What’s meant to be will be. Good luck! I know how stressful and emotional house buying is!