Just had first offer rejected, could do with input please

boinging_2

I've put a guide together on offering -

http://forums.moneysavingexpert.com/showthread.html?t=769901

It's not procrastinating, it's negotiating...!

pinkshoes

boinging wrote: »

I've put a guide together on offering -

http://forums.moneysavingexpert.com/showthread.html?t=769901

It's not procrastinating, it's negotiating...!

It's good, apart from the bit about leaving a week in between offers, which doesn't apply to ALL areas. A property in a good location that's not been on the market long will probably sell within the week, especially if it's priced reasonably!

Perhaps you should leave your name and address with that statement so people can come round and take their frustration out on you if they wait a week and miss out after following your guide??

perhaps reword it and get buyers to find out how long it's been on the market, and how quickly properties in the area/street seem to be selling?

Murray

gordonstights wrote: »

I can't find it on propertysnake They are also selling through 2 agencies which means the one I'm dealing with will tell me of higher offers, but the other agents obviously won't. But thanks for your input

Can you make the same offer with the other agents??? You know it will be turned down but at least then they would both let you know of higher offers. The other agents might do a better job of selling your strong buying position to the vendor too! I'm not sure about the ethics of doing this (or whether I should even be thinking of ethics in the context of EA's!!) - but if it saves you a few £thousands's...

Also, are you only entering the 1st bit of the postcode on propertysnake? For the ones that I have looked up, it doesnt like it if I enter the whole thing.

Good luck anyway.

boinging_2

pinkshoes wrote: »

It's good, apart from the bit about leaving a week in between offers, which doesn't apply to ALL areas. A property in a good location that's not been on the market long will probably sell within the week, especially if it's priced reasonably!

Perhaps you should leave your name and address with that statement so people can come round and take their frustration out on you if they wait a week and miss out after following your guide??

perhaps reword it and get buyers to find out how long it's been on the market, and how quickly properties in the area/street seem to be selling?

The guide is for people who come on and constantly ask for advice, they obviously want to save money (it's the website I guess), if you love the property and no other will do, then pay the asking price. Otherwise you have to enter the "game".

PS - I live at ....

teabelly

If they have dropped from 160k to 144,950 I'd expect they want around 140k as a minimum now. Offer £138,500 next if you really want the house and if you think it is worth it. If that is rejected then wait a few days and offer £139,950. Whenever you make offers use decreasing increments which makes the vendor think you are close to your maximum. Fixed ones like another grand, and another grand just seem a bit awkward and will probably annoy. Talk to the EA and find out how desperate they are to sell and whether they have a figure in mind as to what the minimum is they will take. Also bear in mind if you lowball them too much then you are open to being gazumped, particularly by an investor who can cough up quickly.

gordonstights

Murray wrote: »

Can you make the same offer with the other agents??? You know it will be turned down but at least then they would both let you know of higher offers. The other agents might do a better job of selling your strong buying position to the vendor too! I'm not sure about the ethics of doing this (or whether I should even be thinking of ethics in the context of EA's!!) - but if it saves you a few £thousands's...

I never thought of that! Thanks

pinkshoes

boinging wrote: »

The guide is for people who come on and constantly ask for advice, they obviously want to save money (it's the website I guess), if you love the property and no other will do, then pay the asking price. Otherwise you have to enter the "game".

PS - I live at ....

lol, well I did gather it was for all those asking the questions...

But to be honest, when I lost out on the other property because I dithered too long, I was gutted, and it cost me a fortune in retail therapy and pampering to cheer myself up again! :rolleyes: Hardly MSE either!

boinging_2

pinkshoes wrote: »

lol, well I did gather it was for all those asking the questions...

But to be honest, when I lost out on the other property because I dithered too long, I was gutted, and it cost me a fortune in retail therapy and pampering to cheer myself up again! :rolleyes: Hardly MSE either!

Apologies it's the Y chromosome in me that forces me to look at things rationally, the OH hates it and would pay full price for a house with a roll top bath alone! :rotfl:

amandajp_2

Murray wrote: »

Can you make the same offer with the other agents??? You know it will be turned down but at least then they would both let you know of higher offers. The other agents might do a better job of selling your strong buying position to the vendor too! I'm not sure about the ethics of doing this (or whether I should even be thinking of ethics in the context of EA's!!) - but if it saves you a few £thousands's...

The only trouble with this is the vendors could end up having to pay both Estate Agents a commission as both will claim to have introduced you to the vendor. That being the case the vendor will then be looking for a higher offer to offset his/her increased costs.

Mutton_Geoff

the vendors could end up having to pay both Estate Agents a commission as both will claim to have introduced you to the vendor

This will already be accounted for in the agreement the vendor has signed with both agents. It's not something a prospective buyer should be the slightest bit concerned about.