FTB offers advice Cardiff thanks

benmills

Hello, I found a flat with an honest estate agent in Cardiff who says it's a buyers market and he's advising sellers to drop 5 - 10%.

My partner and I love this place but it is out of our reach at £116K - the agent suggested we make an initial offer of £105K and start from there ( 90% of starting price) We're waiting to hear back, we expect the offer to be declined

What is the best way to play it from here as I saw advice here from an agent to make £500 increments? I can afford £110k maximum. The agent said his policy was not to gazump or let anyone else make an offer whilst we are bidding for a price.

meanmachine_2

Trust me, you WON'T be gazumped. There is no gazumping in a stagnant or falling market.

The reason this agent is being so *honest* with you is that they desperately need your business.

If they are suggesting a 90% asking price, do not offer any more than 90%.

In fact offer £100K in the first instance - tell the agent you are registered with a couple of his rivals and are actively looking - and only go up to a maximum of £105K. If £100K is rejected, go to £102,500. Remember, you've got legal and moving costs to pay as well.

Be fair, but firm. At present there are tonnes of other properties out there.

Oh, and if the EA tells you there's "another buyer" on the horizon. Ignore him. It's likely to be bull.

Good luck and let us know how you got on!

benmills

Thanks for that, I thought I was being a bit innocent, unfortunately I offered 105k already but I'll start looking all over and let him know that. Will let you know.

safesound

benmills wrote:

Hello, I found a flat with an honest estate agent in Cardiff who says it's a buyers market and he's advising sellers to drop 5 - 10%.

Hi Ben,
I'm also in Cardiff but am selling not buying. What area are you looking at buying in? What EA are you using?
I will be looking for property in the near future but I'm gonna be looking a little more northwards as Cardiff prices are just silly money

benmills

Hi Safesound,

I agree prices are steep but there is room for negotiation and we figure it's not much more to buy than rent if you have the deposit. We have to be in the city centre as my partner works for the ambulance service and she can fall into bed after night shifts.

I particularly like the Splott area, lively and lots of room for regeneration. The estate agents we have used are

https://www.darlows.co.uk

https://www.lloydtaylorsimpson.co.uk

https://www.peteralan.co.uk

However, as you know, it is so much cheaper out of the centre a few miles up the Taff Trail and beyond,good luck with the sale,

Cheers

Ben