Advice please - Trying to buy a house

diggingdude

If phone up EA, offer £31250 and say the offer is there but you are now looking for other properties. Mind you I'm still trying to buy my first place so maybe this is where I'm going wrong. Been gazumped twice now only for the house to still be on the market when it fell through

Nini9

Thank you all for replies. I feel slightly reassured that all of you think this is very dodgy! M
I can confirm that my father spoke to the agent that dealt with me and confirmed the house was still for sale!
Back to square one now! Thanks again.

Mutton_Geoff

Nini9 wrote: »

Thank you all for replies. I feel slightly reassured that all of you think this is very dodgy! M
I can confirm that my father spoke to the agent that dealt with me and confirmed the house was still for sale!
Back to square one now! Thanks again.

Every house is still for sale until contracts are exchanged. If you like it, this is the part where you come in. Estate agents are funded by the vendor so, if you want the house, you need to sell yourself to them.


You say you are "a first time buyer, mortgage in principal and everything in place", so you are in a strong position compared to everyone else that calls or views the property. Cash buyer means nothing, the money from your bank is the same colour as that of the "cash buyers".


Ask the agent to show you comparables for the £325k asking price, and when he can't, offer £285k with the promise of a fast sale (you have nothing to sell so not in a chain or relocating etc, so you really do have an ace card in your pack).


£285k is only 5% less than the £300k this property may be worth since "similar houses in better condition had been sold on the same road this year for £310,000". You need at least the £10k to put it in the same condition.


I wouldn't mess around with offers that are 1% or 2% adrift of asking. Go in hard because you are a serious buyer with funds all sorted. If others turn up, great, but do not increase or match others offers unless you have proof they exist.


The agent is legally obliged to put all offers to the vendor, so the decision is ultimately theirs. If I were them I would seriously weigh up offers within 5% of what I knew the house was worth and consider all aspects, not just the figure in the offer. You are keen, unlikely to change your mind etc than the "cash buyer", prepared for some negative aspects in the survey etc. These are all things to put forward to the agent. Play them at their own game.

Nini9

So update, I withdrew my higher offers and went down to £305,000. Obviously annoyed the estate agents. They called up wanting to know if I would go back to my original offer.
I said talk to the vendors and then let me know, i didn't commit to anything.
I'm new to this and don't fully understand all the game stude EAs are playing, but am tempted just to take a step back and tell them I need to consider other properties.
Would appreciate your views.

Thanks

goodwithsaving

If they play you now, they'll play you later. Walk away.