Noob: How to put an offer i?

mrdogcat

Hi I'm a first-time buyer with no chains. I've recently viewed a house which I'm going to put an offer in for. I'm new to this so need some advice (if there is any)

===A bit about the property

It's a 2 bed semi around 15 years old and is on an estate with a few other similar houses for sale between 140K - 147k

It's been on the market since September and just recently (end of December) dropped it's price from 149K to 145K.

======

My maximum budget is about 143k and I've been told by people on the forum to offer 135k

As I'm a first time buyer, I've never put an offer in for a house before so I'm a little wet behind the ears as to what I say to the estate agent. Can you please give me some advice on what to say\what I should mention as to why I am and can offer that price?

Thanks for your help.

mystic_trev

mrdogcat wrote: »

As I'm a first time buyer, I've never put an offer in for a house before so I'm a little wet behind the ears as to what I say to the estate agent. Can you please give me some advice on what to say\what I should mention as to why I am and can offer that price?

Thanks for your help.

Be brutal with them, the EA IS acting for the vendor, your not meeting up with them for a date!:rotfl: Start low (say you're not prepared to offer more than £135,000 and if they turn it down make 'em sweat for a couple of days, then negotiate further - set yourself a limit you won't go above. It's a buyers market at the moment.

pamaris

mrdogcat wrote: »

As I'm a first time buyer, I've never put an offer in for a house before so I'm a little wet behind the ears as to what I say to the estate agent. Can you please give me some advice on what to say\what I should mention as to why I am and can offer that price?

Thanks for your help.

Actually, you do not need to justify yourself in any way to the estate agent. Just tell them that is how much you have and that's how much you think it's worth. In fact, don't give anything away- especially your maximum price!

After you make the offer, be prepared to sweat. You must appear so fancy free and laid back that you don't care if the offer is accepted or not... wait at least 3 days before calling the estate agent. Then when you do call, don't even increase your offer; make 'em sweat a few more days.

In the meantime, look at other houses.

Gorgeous_George

You: I'm a FTBer and would like to make an offer of £130K for this FTBer's house. I'm a FTBer by the way and I have nothing to sell because I've never bought a house before.

EA: They won't accept that! It's worth millions and prices only ever go up. Buy it now before it's too late. There are loads of people interested in it. It's a bargain.

You: Thank you anyway. Which way is it to (insert competitor's name) Estate Agency? Did I mention that I'm a FTBer?



GG

mrdogcat

Hi and thanks for your replies.

I rang the estate agents today (Tues 29th Jan) and offered them 135K they spoke to the vendor and promptly rang me back with a 140K proposal which included the white goods and carpet (carpet ).

Now what do I do now? I played it cool and just said that I was interested in a couple other places so would give them a call back later.

After that they rang my phone a good few times. I was so busy at work though that I couldn't answer, so I'm not sure what they wanted (would any of you have any idea?)

I'm going to look at another house on Friday but either way I could do with some more advice into what my next move should be.

wriggly

There are two things you can do:

1. If you really want this house, and no other house (you can currently afford) will be as good, phone back and ask about including the curtains and blinds as well. When they get back to you, say with the all the inclusions, you'll split the difference and pay £137,500.

2. If you think this other house might be just as good, let them sweat for another week. If the agent phones you and you feel the pressure to commit, defuse it by saying that you'd like another viewing, but you can't make it until Saturday.

mrdogcat

Thanks for replying Wriggly,

OK here's where I am at the minute:

I told the estate agent that £137K was the max I would pay. The EA then went back to the vendor with that figure. The vendor then said that they would consider the offer but they needed to go and second view a property they want to buy and they would call me back with a "yes" or "no".

The EA has just rang me back and told me that the property they are interested in has just appeared on the market and won't drop their price much, so 140K is the lowest they are willing to go.

I've said that I've put an offer on a house and that I'm going to view another house today so will call them later today.

As you can probably gather I'm wet behind the ears with all this property buying stuff.

So what do you think my next move should be?

chelseablue

mrdogcat wrote: »

Thanks for replying Wriggly,

OK here's where I am at the minute:

I told the estate agent that £137K was the max I would pay. The EA then went back to the vendor with that figure. The vendor then said that they would consider the offer but they needed to go and second view a property they want to buy and they would call me back with a "yes" or "no".

The EA has just rang me back and told me that the property they are interested in has just appeared on the market and won't drop their price much, so 140K is the lowest they are willing to go.

I've said that I've put an offer on a house and that I'm going to view another house today so will call them later today.

As you can probably gather I'm wet behind the ears with all this property buying stuff.

So what do you think my next move should be?

It's been on the market since September; tell them £137K and thats it.

I think there just trying to scam more money from you.

Say your final offer is £137K take it or dont, there are plenty of other houses!

wriggly

Well, I've only just completed on my second house purchase, so I'm no omniscient being either!

It comes down to how willing you are to risk losing the house to another buyer. Right now, you know you could offer 140k and it would be accepted. (And if you decide to do this, at least go up in 1k increments in your offer, each time making it sound like you've had to sell your pet dog and one of your kidneys for the extra money).

However, your other strategy is to be aloof. Don't phone the agent at all. When they ring, make a point of saying things like "Which house is this again?". Sound as though you've moved on. It can be nerve-racking, but it does work.

Remember, the agent benefits if they squeeze a few extra thousand out of you. But few vendors or buyers will completely scupper a deal over a 2% difference. You made the last move up, let the vendors have their turn.

By the way, I'm selling my first house for £145k, so if you're prepared to move to Pontypridd and forget everything else I said...

ruggedtoast

mrdogcat wrote: »

Hi and thanks for your replies.

I rang the estate agents today (Tues 29th Jan) and offered them 135K they spoke to the vendor and promptly rang me back with a 140K proposal which included the white goods and carpet (carpet ).

Now what do I do now? I played it cool and just said that I was interested in a couple other places so would give them a call back later.

After that they rang my phone a good few times. I was so busy at work though that I couldn't answer, so I'm not sure what they wanted (would any of you have any idea?)

I'm going to look at another house on Friday but either way I could do with some more advice into what my next move should be.

The price of the house that they want to buy is completely irrelevant to you. If theyve overpriced their house in order buy somewhere they cant afford I'd say that was their problem.

Jorgan_2

mrdogcat wrote: »

I've said that I've put an offer on a house and that I'm going to view another house today so will call them later today.

What is the purpose of putting a call into the agents?

The true art of negotiation is seeing who cracks first, why not wait & see if they call you?