Negotiating direct with the seller & best opening offer

cheekeemonkey

hen34 - our sale fell through

We have two other "buyers" but they are both in broken chains which is as good as not sold isn't it!?

We are still marketing the house as we really need to sell -We can't afford to bridge or rent out as the cost is too high for us to feel comfortable - we want to enjoy our new house and not dread the bills landing on the doorstep!

CM

hen34

I see, I wondered if something had changed between the posts. Hopefully you will find a buyer in the New Year.

We have just put our house on the market as we have seen a house we would like to buy, so I know how frustrating it is. We have not had a single viewing yet - although I know this is to be expected at this time of year!!

I must admit, part of my curiosity is due to being an ex-estate agent, (pre children). The amount of times buyers would say to us they were a cash buyer only to then say, well yes, we need to sell our own or we need a hefty mortgage!

I do wonder when people deal direct how many sales fall through compared to when going through an estate agent. We used to smooth out many problems and misunderstandings and take the heat out of many difficult negotiations, (would you lose a sale over a toilet roll holder for example!!), when a buyer and seller are dealing direct I wonder what happens then.

I know estate agents get a right slating in vast majority of cases, but there are many good ones that do earn their money - I think most customers just expect the worst, (rightly so I'm sure in some cases), and don't see what goes on behind the scenes!.

cheekeemonkey

I wish we were cash buyers - it would make it somewhat easier!

We've no complaints about our EA except he hasn't magicked a buyer yet !!!!

I'm suprised that the vendor went private in one sense as I think had he gone for a reputable EA he would have sold his house by now but he obviously was wary of the £5-10k commission on the sale.

In one way we are lucky - the vendors seem really nice and dare I say, reasonable, people. I suppose dealing with an EA would be easier but at least this way we are able to talk directly to the vendors - he is quite open with us so far.


I'll be ringing this PM to increase our offer - thought I'd go to £490 then I thought...should I go to a quirky figure such as £488 or £492 (just myself thinking that £490 seems a little contrived! - thoughts?)

Hopefully he *might* come back with a price below £520 but who knows.......

merlinthehappypig

cheekeemonkey wrote: »

I wish we were cash buyers - it would make it somewhat easier!

We've no complaints about our EA except he hasn't magicked a buyer yet !!!!

I'm suprised that the vendor went private in one sense as I think had he gone for a reputable EA he would have sold his house by now but he obviously was wary of the £5-10k commission on the sale.

In one way we are lucky - the vendors seem really nice and dare I say, reasonable, people. I suppose dealing with an EA would be easier but at least this way we are able to talk directly to the vendors - he is quite open with us so far.

I'll be ringing this PM to increase our offer - thought I'd go to £490 then I though should I go to a quirky figure such as £488 or £492 (just myself thinking that £490 seems a little contrived! - thoughts?) hopefully he *might* come back with a price below £520 but who knows.......

To be honest I'd be suprised if he accepted any offer when you aren't in a position to go ahead - I wouldn't, except perhaps in principle, but I'd still be marketing the property.

I'm not sure what you will gain by agreeing a price at this stage anyway. The market looks fragile and your offer of £490000 now might look pretty high in 6 months time. Having agreed a price now, even though nothing is binding, might make it more difficult to re-negotiate if and when you are in a position to buy.

cheekeemonkey

chriseast wrote: »

To be honest I'd be suprised if he accepted any offer when you aren't in a position to go ahead - I wouldn't, except perhaps in principle, but I'd still be marketing the property.

He has said he will accept an offer from ourselves now that we have got some, albeit limited, movement on our property.

chriseast wrote: »

I'm not sure what you will gain by agreeing a price at this stage anyway. The market looks fragile and your offer of £490000 now might look pretty high in 6 months time. Having agreed a price now, even though nothing is binding, might make it more difficult to re-negotiate if and when you are in a position to buy.

Our hope is that he will not decide to take it off the market and use it as a rental property (which he has mentioned) or move it to an EA that will put the price up and effectively market the property.

From our perspective it is that horrible dilemma of do we wait? If so, what might happen compared with making a move now etc. etc.

As we are viewing this as a long term move i.e. 15 years+ then we feel that we would ride out any fluctuations in the housing market.

CM

merlinthehappypig

It is a dilemma, yes, and one that we have been through years ago. This is why we never look at houses now until we are in a position to buy!

cheekeemonkey

Chris

Totally agree! Unfortunately, we stumbled across the house when we weren't even thinking of moving and it went from there.....

Apart from placing an offer, I am going to call my EA later this week to discuss how we manage the quiet December period (do nothing?) and then go into the new year strongly i.e. a price reduction or any other suggestions the EA has.

cheekeemonkey

We went back and increased our offer to £490 but he is adamant that he wants £520 and is now progressing to take it off housenetwork and place with a local EA.

Told him we would be in contact if our situation changes i.e. we have a firm sale on ours.

Oh well - any ideas on selling a house in December!?!?:D


CM