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Is this an estate agency common line?
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closing_2
Posts: 27 Forumite
Well at the age of 31 Im serioudly thinking about entering the bricks and mortar stage of life but the whole proces is a bit daunting so this is where im at now. All advice would be greatly received
Local house to me was on the market at 13750, 9 months ago
A friend of mine mentioned that they want a quick sale
Bit of investigation and its true and its being advertised for 129
However rumor had it that they were going to drop to 109 for a v v v quick sale
Went for a viewing and offered
110k then 113, 118 all of which were rejected. I did this over a period of a few weeks ( i assume thats the standard protocol way to do things?)
Agent calls me ast week to tell me that they wuld be willing to do 123950 to come under stamp but they really want the 125 so we would pay the rest via an arrangement
So back to another visit and the guys hinting that his wife refuses to accept anything less than 125. So another visit later i say look, lets go 123 here and now and job done
Same day I get a call back and they will take 124950 and that includes fixtures and fittings.
Its a really nice place. I checked th free online surverys (thanks to martins newsletter for that) and the average prices are
115 in a slow market
133 in a normal market
155 on a good market
I want to go in at 124 and job done but the other half wants to just agree with them and do the 124950
Heres the cruch why Im struggling what to do. Call from the agent today saying that there are 2 potential bookings for next week, do we want to take it at the 124950 and job done or wait and see if there are any other offers.
Can anyone help with some guidance please
Local house to me was on the market at 13750, 9 months ago
A friend of mine mentioned that they want a quick sale
Bit of investigation and its true and its being advertised for 129
However rumor had it that they were going to drop to 109 for a v v v quick sale
Went for a viewing and offered
110k then 113, 118 all of which were rejected. I did this over a period of a few weeks ( i assume thats the standard protocol way to do things?)
Agent calls me ast week to tell me that they wuld be willing to do 123950 to come under stamp but they really want the 125 so we would pay the rest via an arrangement
So back to another visit and the guys hinting that his wife refuses to accept anything less than 125. So another visit later i say look, lets go 123 here and now and job done
Same day I get a call back and they will take 124950 and that includes fixtures and fittings.
Its a really nice place. I checked th free online surverys (thanks to martins newsletter for that) and the average prices are
115 in a slow market
133 in a normal market
155 on a good market
I want to go in at 124 and job done but the other half wants to just agree with them and do the 124950
Heres the cruch why Im struggling what to do. Call from the agent today saying that there are 2 potential bookings for next week, do we want to take it at the 124950 and job done or wait and see if there are any other offers.
Can anyone help with some guidance please
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Comments
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Its been on the market for 9 months....
You are a first time buyer in a falling market so are in a good position, sounds like EA just putting pressure on.
Why don't you ask EA to show you some other properties to show that you would walk away if price not agreed.
I'd sit tight if I was you, its a good offer in a bad market;)0 -
Good advice.
If you simply must have it, then compromise.
However if you are patient, this house or a better one will become cheaper.
I agree with the above poster, play it cool.anger, denial, acceptance0 -
Good advice.
If you simply must have it, then compromise.
However if you are patient, this house or a better one will become cheaper.
I agree with the above poster, play it cool.
I disagree... why muck about for less that 1% of the value of the property? (£950)
Pay the £950 including the fixtures and fittings and just get on with it"Getting Married" - The act of betting half of everything you own on the fact you will love someone forever :rotfl:0 -
listen to the penguin its the difference of less than £2K over the life of the whole mortgage.0
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It all depends on what you want and what you're willing to pay...
If you really desperately want this house then great, but it seem from your original post you wanted it mainly as it would have been a bargin.
Find a house you really want and can afford comftably and negotiate on that. As penguin has said, a tiny amount of money in the grand scheme of the entire purchase, worth getting worked up about?0 -
also if they have 2 viewings booked next week, I can't believe they would accept £124950 from you today when it is up at just under £138k, surely they would be waiting to see if they were offered a higher price from the viewings due next week?, this leads me to think they are just putting pressure on you to seal the deal
I would just tell them what your final price is that you want to pay, take it or leave it and leave the ball in their courtTotal unsecured debt July 08 - £46, 311.88 :eek:
DFD - Jan 20120 -
no right or wrong answer to this.
Depends how much you want the house and hence secure the deal. Or risk lossing the house.
Only you can answer if the house is worth risking for £950, how large the risk is anyones guess
Negociation comes down to how badly you want it vs how desperate they are to sell.0 -
We were in a similar situation to you, we made offers up to the price we were willing to pay (which was just below asking).
EA told us they wanted to consider our offer because there were more viewings that weekend. As it turns out someone viewed it and immediately made an asking price offer for the house so we let it go.
One thing I learnt is that you need to decide on the value of a property and stick to it, don't worry about what others are doing and don't under any circumstances get dragged into a bidding war with another buyer.
Fear of loss is what EAs prey on.
There are viewers, serious viewers and those in a position to proceed. The two viewings (assuming they do exist) may amount to nothing but EAs always mention them.
To avoid earache from the OH maybe slap the extra £950 in on the proviso it is taken off the market immediately, at least you know the vendor is saying £124950 and not the agent.
edit: Or alternatively, put a time limit on your offer and create some 'fear of loss' in the vendor!!!!0 -
I think you'd be making a big mistake to buy it at that price in the current market. They haven't been able to attract an offer in 9 months, so it sounds like its over priced. Generally people are offering around 10% less than the asking price, so I'd stick to my guns & tell the EA that on reflection you feel that your offer of £113K was what you'd be comfortable with & you aren't prepared to go to much more than that. Then leave the ball in their court.
I've been a sales manager for the last 10 years for some big companies (£1 Billion turnover), & I can assure you that selling is just a game. They are trying to play on your emotions by giving you the impression that you'll "lose the house." You're not going to lose anything, its the sellers who stand a chance of losing the only offer of a sale they've had, so turn the tables on them - you're the one in a position of strength, not them.
You'll find plenty of other houses that offer better value for money that you'll love equally as much, unless you think that out of every house in the country this is the only one for you
Don't let your emotions take control of your head. Play the game!0 -
do you want to buy a house no-one else has wanted for 9 months?0
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