How much is being a FTB worth?

chrisw79

Let's hope they accept £245k and that would be great!

Going to put the offer in tomorrow morning... fingers crossed.

meanmachine_2

chrisw79 wrote:

Let's hope they accept £245k and that would be great!

Going to put the offer in tomorrow morning... fingers crossed.

Let us know how you get on!!

chrisw79

First offer of £245k "strongly refused"!!!

The estate agent couldn't believe I was offering the amount I was. Apparently the house is 'priced to sell' yet they have had no other offers.

We're going to leave it a couple of days and then put a new offer in - unsure how much yet, but am thinking of going to either £247.5 or £250k....

meanmachine_2

Offer £250K, nothing less, making it clear that this is your final offer. Put a time limit on it, and make the EA aware that you're actively looking elsewhere.

The EA is only doing his job by making you feel embarrassed about the offer. But it seems fair in today's climate, so don't be pressured.

If the £250K offer is rejected, then you should walk away.

Good luck and keep us updated.

Oh, and all properties are "priced to sell". What a ridiculous phrase. No properties are marketed as being "overpriced" are they? EAs must think FTBers are idiots.

Kenny4315

10% is what alot of developers in a cash position offer below the asking price, as a starting bid and often as a take it or leave it bid. I'd play the market if I was looking at that sort of price bracket and at some point you'll get a £275 to 280k property for the £250k mark, but to get that sort of deal you'll walk away from 75% of the houses you bid on.

chrisw79

We've decided to go to £250k with the possibility of going for another 2 or 3k for F&F.

I'm thinking about going to view other properties with the same estate agent to show them we are not soley interested in that property.. good idea?

meanmachine_2

Good idea.

But you do have to bear in mind that others might have offered below the stamp duty threshold - hence their apparent "offence" at your offer. So don't be surprised if they reject again.

It's all about timing. If they're really desperate to leave, only then will they accept your offer.

chrisw79

The estate agent has come back today....

They've had a 'much higher' offer from a neighbour, but they have to either sell their house to a family member or remortgage, so they haven't accepted it as yet.

The estate agent said that the vendor is willing to pay the additional stamp duty, so where do we go now!! I'm think the £260k mark will be much more tempting for them - and now we don't have the burden of the stamp duty...

Any advice now!!

meanmachine_2

So suddenly, out of the blue, a neighbour has made an offer.

Does that sound likely to you?

And if this offer is "much higher" than yours, why wouldn't they just accept it? Seems like a no brainer to me. If I was the vendor I certainly wouldn't be offering to pay for the F&Fs. Why would I?

Your offer reflects your position as a legit buyer and you stick to that.

Just my opinion, of course. You know the situation much better than any of us.

clarkey_2

I agree with meanmachine. You have to drive a hard bargin. Estate agents can be full of it.

I was in a very reputable letting agent in edinburgh last week and they told a customer on the phone that they would have to ask the landlord. 5 mins later, the guy phones the customer back and says "nope, landlord isn't having that I'm afraid he wants X instead, I've managed to get him to agree to Y as a comprimise".

I think you have to be prepared to walk away from it - I'd suggest telling the EA that it's fine, your in no rush and you'll look elsewhere. The key is that you have to mean it. Don't let him spin you a line to make you part with more cash.