How much to offer? Please help!

Surrey_EA

dawyldthing wrote: »

As they tell you 'oh someone has bid more' so you tell them you'll leave it then all of a sudden the other 'buyer' has pulled out. I wouldn't trust estate agents - they are after extracting as much commission as possible.

It makes very little difference to the overall commission the EA receives.

For example:

Sale price: £120,000
Fee: 1.5% (which is on the high side these days)
Comm: £1800
Individual EA might get 10% or £180

Sale price: £125,000
Fee: 1.5%
Comm: £1875
10% to Individual EA: £187.50

As you can see an extra £5000 paid by the buyer, a not insignificant sum, makes very little financial difference to the EA. Certainly not enough to warrant making up a load of extra offers.

scd3scd4

If you really love the house and its special then maybe another 1k or a little more for luck. Tell the agents that's it and mean it.


When I bought my current house..............the agents did the very same thing as did the owner who I saw when I went to visit. He use to ring me. I offered the asking price and said................if its more than that then no need to contact me, just sell it to the other party.


Yep...............I am still living there 24 years later.

Rambosmum

I've just rung the agents and tried to book a viewing. They refused as they are negotiating best and final offers.


Ignore the agent haters above. Chances are a popular flat at the right price will attract offers quickly and best and finals is a fair way to do it and usually prevents a bidding war (it's what we did with out house).


Looks like an ok flat (bit small, but it is what it is), close to the city centre and train stations, so I'm not surprised it's popular. I suspect it'll go for around £127k - £131. Whether you think it is worth that is another issue.


Don't be pushed in to offering more than you are happy with.

LEJC

I can see why you may feel pressured into offering more....looking on rightmove I found the flat and searched within a 3 mile radius for up to your max budget of £140k.....there's not that much about if you want a managed block type property rather than a converted house.

You could up your offer a little but you need to be mindful that with a leasehold managed property also comes the potential of management packs that need to be purchased as part of the associated costs of buying a property....this can bump your solicitor bill up and needs to be factored in.
A bidding war is never pleasant and I think it's much easier to bide your time and wait for something less complicated to come onto the market.

IMO it's not really worth more than it's being offered at but like I said I think the agent is pitching this as the best of an eclectic bunch thats on the market at the moment.

In light of the fact that it's clearly gone to best and final offers...OP did you offer?.....or walk away....

Arienn88

Thanks everyone for your replies!

Apparently someone offered a lot over the asking price so the property is now being sold.

Hopefully the next one then!

Jayjay72

That happened to me too a few years ago.

Funnily enough, the estate agent emailed me a few months after it happened to say the sale had fallen through to see if we wanted to put our offer in again.

We were literally unpacking the last box from the house we'd bought when that one fell through!

~Jay~