Mortgage advisor to negotiate price

Chelsea01

Hi all,

Would welcome your thoughts on this topic. We are looking to put an offer in on a house in London - around £720.

The house is massively overpriced for what’s been sold in the area and Zoopla estimates (not sure how accurate these are either!?)

We have a mortgage advisor independent of the estate agent who has offered to do the negotiations on our behalf. This is very tempting as the seller has a professional negotiator on their side! I just wondered if anyone else had used this? I’m worried how it will come across to the EA - as the firm is small and family run and I have spoken to many times and met the owner. I don’t want to rub people up the wrong way but want stress free negotiation!

Be grateful for your thoughts

ric1982

Finally someone who is available (at a price) to fight at buyer's side in this one sided battle!

Just to be clear I have zero regards for any EA (or recruitment agents). So I am biased. That said, it all depends how much do you want this house and at what price. Decide on min. value you would happy to pay and tell this guy. I would not worry what EA would think. They will take every opportunity to screw you (and vendor) over with our without this negotiator. I say go for it.

csgohan4

if the house is overpriced, you may struggle to get a mortgage if your LTV is not low enough

ACG

The vendor will know exactly how much they want. You could get the best negotiator in the world but ultimately there is a price that will usually be accepted.

If you go and view the house bouncing off the walls with a DIP in hand showing you can get a mortgage for 10 times the purchase price, then obviously they are going to push for more but in the main people know what they want prior to it going up for sale.

If the broker does a poor job (in your eyes) because the vendor will not negotiate, will you hold it against the broker and always wonder what you could have done? That is one of the reasons, I do not get involved at that stage. I would be there to offer help, advice suggestions but I would never do the negotiating.

I am not saying it is a bad idea, but obviously you are asking for a reason so I am just playing devils advocate.

Crashy_Time

What people "Want" for their house at this stage is pretty irrelevant IMO.

lookstraightahead

I personally would offer what you think it's worth / can afford / is what you think will be valued at and the seller can take it or leave it. Don't throw your heart into it. See it as a business transaction. You are the customer.

Surrey_EA

ric1982 wrote: »

Finally someone who is available (at a price) to fight at buyer's side in this one sided battle!

Have you never heard of buying agents? They have been around for almost the same length of time as estate agents.

It's hardly a radical new concept.

Crashy_Time

Why would you waste time and energy on a house that is "massively over-priced"? It is going to take a bad Brexit fallout or rising interest rates to focus many would be sellers minds I`m afraid

takman

Chelsea01 wrote: »

Hi all,

Would welcome your thoughts on this topic. We are looking to put an offer in on a house in London - around £720.

The house is massively overpriced for what’s been sold in the area and Zoopla estimates (not sure how accurate these are either!?)

We have a mortgage advisor independent of the estate agent who has offered to do the negotiations on our behalf. This is very tempting as the seller has a professional negotiator on their side! I just wondered if anyone else had used this? I’m worried how it will come across to the EA - as the firm is small and family run and I have spoken to many times and met the owner. I don’t want to rub people up the wrong way but want stress free negotiation!

Be grateful for your thoughts

I can tell you now that they won't be accepting an offer of £720 for a house :rotfl: ; £720,000 would be more likely

AdrianC

How much will the negotiator charge, and on what basis is their fee calculated?

Crashy_Time

Can we have a link?