House just come on market which i like @ £240k, whats my first offer?

PokerPlayer111

AnotherJoe wrote: »

Why would it be madness to pay FA if it could go for say £250k to another buyer ?im not saying it might, just that there’s no rule that says paying FA is “madness”.

I think your strategy of upping the price you would pay by a few £k every few days is training the sellers that whatever you offer don’t worry there will be another higher offer coming along shortly. So I would make it clear your next offer is final. I think you need to ask the EA what their position is.

This is because you talk about the hassle of them waiting for someone else but that depends on their position. They may absolutely need that extra £10k, or they may not have somewhere to move to yet so a cash buyer who (as far as they are concerned) may may start hassling them about moving when they aren’t ready, might actually be a negative point in their eyes.

Once you understand how important the money and the timing is to them then you can make a decision with those in mind. Don’t be afraid to ask the EA what they think will be acceptable, EAs are much more concerned about an easy quick sale than screwing a few % more out of the buyer.

Some great points cheers. So you would say 231k final offer on monday?

We were told they aren't in a chain and are moving nearby... my mrs thinks that its a bloke probably moving in with a new GF or something.

I think i will ask the EA what they think is acceptable if we aren't getting anywhere... im guessing they might say full asking price since its just on the market.... however when we put in £219k, after it was rejected the EA did say you'll have to come up, sounds like offer is possible here dunno. Thanks for tip on EA just wanting quick easy sale., that does make sense from what we saw today.

We did say we can move whenever they want, i will make that clear again. We acted so quick on this property (viewing under 24 hours from listed and offered) they must have increased their expectations atm probably. Its a reasonable decentish property, nothing amazing, good though.

PokerPlayer111

getmore4less wrote: »

You offered before you did the research

Yeah but i did half look at them stats before viewing, and looking tonight its on a reasonable price, i think 10k cheaper would be fair enough, buyer and seller both happy and get a ok deal. Paying full asking with cash offer feels wrong, property is only good not great but it suits our needs well.

glasgowdan

Making a third offer in a few days is a bit of a risky game as they will probably just reject that too. If it's just on the market they will almost always think "well, one person likes the house, more will too, let's hold out for a better offer. We can sit on this offer for a couple of weeks and accept if nobody else comes in".

If you'd made one single high offer as your only offer, and booked viewings at other houses, they may have been more likely to accept.

In my opinion.

Thrugelmir

AnotherJoe wrote: »

EAs are much more concerned about an easy quick sale than screwing a few % more out of the buyer.

EA's work for their clients. Getting both parties to agree on a price is what matters. As then the EA gets paid. Otherwise the EA earns nothing, while incurring further costs.

Thrugelmir

PokerPlayer111 wrote: »

So you would say 231k final offer on monday?

What's in worth in your eyes. That's all that matters. If the vendor wants a higher amount then the moment has passed. With Xmas approaching the vendor has more than likely nothing to lose by waiting until the New Year.

PokerPlayer111

Agreed at £232k, i like the dam property and it has curb appeal imo. Im also losing £1k each month to rent + inflation so happy to get deal done. Now i got to find a solicitor at a good price, what do these guys do, i want bare minimum service to get best price.

JoJo1978

If you're only worried about price don't use a solicitor, save money by using an online conveyancer. But you do get what you pay for though, for the deal to be finally done it has to get to completion, or at least exchange, while both parties agree to those terms you just agreed.

An effective solicitor will help that to happen. Summed up nicely as 'the builder's triangle': 1. Good 2. Fast 3. Cheap. You can only pick 2. So if cheap is one of your choices it may be good, but probably slow. Or fast, but likely poor quality. Only a rule of thumb but it seems to have some merit in my experience

Congrats on getting your offer accepted! Now the real fun begins!

ThemeOne

PokerPlayer111 wrote: »

Agreed at £232k, i like the dam property and it has curb appeal imo. Im also losing £1k each month to rent + inflation so happy to get deal done. Now i got to find a solicitor at a good price, what do these guys do, i want bare minimum service to get best price.

Most solicitors' default level of service is "bare minimum" so you'll be spoiled for choice if that's your criteria

What price to offer is an impossible guessing game really, especially given people often don't act or think logically.

When I sold earlier this year, I had an early but lowish offer from a very interested buyer which I rejected. The buyer then drip-fed further offers - two of which were described as "final" offers - I rejected all of them, and in the end we agreed on a price beyond his last "final" offer. Then again I wasn't in a massive hurry.

Surrey_EA

PokerPlayer111 wrote: »

Now i got to find a solicitor at a good price, what do these guys do, i want bare minimum service to get best price.

That's certainly an interesting strategy.

You're entering in to a very large financial commitment, and rather than finding the best legal representation you'd like to go for the cheapest? Does that seem wise?

PokerPlayer111

JoJo1978 wrote: »

If you're only worried about price don't use a solicitor, save money by using an online conveyancer. But you do get what you pay for though, for the deal to be finally done it has to get to completion, or at least exchange, while both parties agree to those terms you just agreed.

An effective solicitor will help that to happen. Summed up nicely as 'the builder's triangle': 1. Good 2. Fast 3. Cheap. You can only pick 2. So if cheap is one of your choices it may be good, but probably slow. Or fast, but likely poor quality. Only a rule of thumb but it seems to have some merit in my experience

Congrats on getting your offer accepted! Now the real fun begins!

Thanks, wow everything is so complicated.

The online conveyancer is interesting, they seem very cheap from a quick google search (like £250?). Has anyone used one any they can suggest?