How to deal with estate agents?

Thrugelmir

Unicorn_cottage said:

@Competsoph - that's interesting...30 mins...seems very long...they usually give you about 10!

A clear nod to social distancing perhaps. Time for the EA to appraise those viewing as well

Competsoph

Thrugelmir said:

Time for the EA to appraise those viewing as well

Interesting thought. I believe it's the vendor however! 

princeofpounds

Competsoph said:

After telling me 13 others are interested, he also told me today that he rang me first to book viewing and offered me all slots. 

Ho ho ho... what a coincidence.

Competsoph

princeofpounds said:

Ho ho ho... what a coincidence.

Assuming you think that my suspicions could be correct regarding amount out interest/viewers etc.

Ive just contacted another EA to request a viewing for another property and have been advised they are only doing viewings for FTB or those who have already sold their property, have mortgage promise or AIP and limiting to 2 viewers (relating to social distancing I assume). Interesting to see if all EA are following suit.

Unicorn_cottage

@Competsoph - how did it go am on tenterhooks here

Competsoph

Unicorn_cottage said:

@Competsoph - how did it go am on tenterhooks here

Haha! I’m sorry I’ve kept you waiting with bated breath.
Id say a mixed bag 🤔

Pros: house nice, seems to have all regulations for log burner. Vendor wanting sale preferably with FTB. Seemed nice, chatty and we got on well. Reasons for sale pretty normal. South facing so gets sun through front side and garden. Garden good space. Windows/doors all new. Kitchen new in 2016. Area nice as I already knew.
Cons: the place needs a lot more cosmetic finishing than demonstrated on the pictures (shock!). In fact every room needs decorating, touching up including power sockets, a couple of new radiators etc. Upstairs carpets not as bad as first thought but I’d say two probably need replacing. Bathroom also needs replacing as pretty grotty (liveable initially). Boiler is approaching 11+ years old so likely to need replacing also at some point in the not so distant future. 

We hung around and saw one other couple view, but otherwise it didn’t seem to be as busy as told by the EA. We stayed for about an hour so obviously didn’t see the rest of the afternoon. We feel a bit unsure really. We like the property and ticks a lot of boxes regarding things that can’t be changed but I’m not sure we thought there was as much to do. 

Just before leaving I mentioned about our offer, vendor stated they want the asking price as already dropped to 15k from 165k. 

We’re going to sleep on it. I’d be happy to up my offer to 145k but I really don’t think it’s worth 150k especially due to the points above. I really doubt they would accept 145k though. I’d be disappointed to lose it if they didn’t accept but trying to be strong and sensible. 

There is a small part of me thinking 5k in the grand scheme of things is nothing. I suppose it depends on how we really feel. 

Overall, clear as mud! 

GDB2222

I don’t think I should get too concerned about what the seller wants. In the end, she has to sell, and she has to accept the best offer she gets.  Other people may offer more but not be in as good a position to go ahead. Or there may be no other offers at all. Or somebody with deep pockets offers a fortune. 

Just offer sensibly, as you think appropriate, and accept that it’s a bit of a lottery.  I wouldn’t get too worried about the decorations,  but the boiler will cost several thousand to get replaced.

blue_max_3

Competsoph said:

Unicorn_cottage said:

@Competsoph - how did it go am on tenterhooks here

Haha! I’m sorry I’ve kept you waiting with bated breath.
Id say a mixed bag 🤔

Pros: house nice, seems to have all regulations for log burner. Vendor wanting sale preferably with FTB. Seemed nice, chatty and we got on well. Reasons for sale pretty normal. South facing so gets sun through front side and garden. Garden good space. Windows/doors all new. Kitchen new in 2016. Area nice as I already knew.
Cons: the place needs a lot more cosmetic finishing than demonstrated on the pictures (shock!). In fact every room needs decorating, touching up including power sockets, a couple of new radiators etc. Upstairs carpets not as bad as first thought but I’d say two probably need replacing. Bathroom also needs replacing as pretty grotty (liveable initially). Boiler is approaching 11+ years old so likely to need replacing also at some point in the not so distant future. 

We hung around and saw one other couple view, but otherwise it didn’t seem to be as busy as told by the EA. We stayed for about an hour so obviously didn’t see the rest of the afternoon. We feel a bit unsure really. We like the property and ticks a lot of boxes regarding things that can’t be changed but I’m not sure we thought there was as much to do. 

Just before leaving I mentioned about our offer, vendor stated they want the asking price as already dropped to 15k from 165k. 

We’re going to sleep on it. I’d be happy to up my offer to 145k but I really don’t think it’s worth 150k especially due to the points above. I really doubt they would accept 145k though. I’d be disappointed to lose it if they didn’t accept but trying to be strong and sensible. 

There is a small part of me thinking 5k in the grand scheme of things is nothing. I suppose it depends on how we really feel. 

Overall, clear as mud! 

I think you've been very clear and have arrived at the conclusion you think it's worth £145k. Be clear and make your full and final offer at that. You are saying the £5k is nothing in the scheme of things, so hopefully the seller may think the same. If it's meant to be, you will get it. If not, there will be others. Good luck!

Unicorn_cottage

@Competsoph - cosmetic stuff is nothing to worry about and pretty standard I would say unless you want to move into a house that is perfect. A boiler will be a couple of grand to replace but could last a good few years you never know. Have you looked at other houses in the flesh? I think it helps to have been round a few you get to know what you are after. Anyway best of luck whatever you decide. It is a lovely feeling to finally move into a home

numbercruncher8

Fine. This is really sensible.
It is also good that you got on with the vendor.
What I may add, is that the EA may call soliciting feedback, be diplomatic as the comments may get passed on verbatim and some sellers take things like personal insults.

Be prepared. If you don't think it's worth that money, chances are nobody else will. So it may be the case that you are the bidder in the most preferable position, and the EA may try and get you to up your bid, embellishing the truth if necessary and also playing on the fact that £5k is nothing.

Get details of other properties that are comparable and demonstrate that you could offer on something else if necessary. You want to give the impression you aren't that fussed and you have a limit you won't go beyond.

All things being equal if it has come down really quickly and you feel the valuation is still toppish, £145k has a great chance of being accepted after they play hard to get for a while. Just a matter of who blinks first.