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What do i counter offer

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JadeLouise
JadeLouise Posts: 38 Forumite
in House buying, renting & selling
hi,
we put in an offer on a house yesterday for 135,000, its up at £149,000. The vendor bought at the end of 2014 for £115,000.

The EA have just rung to say vendor wants minimum £145,000.

Thats our max and I feel going straight to accepting that may be silly. Parents are saying go back at 140,000 , i think offer 142,000.

ANY HELP ?!??!!
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Comments

  • marcmc84
    marcmc84 Posts: 49 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
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    Estate agent will tell you any old crap and lies - don't trust them. Offer what you think the property is worth then walk away. Id go to 140 and give some reasons why you think the price is justified. They will try to get more out of you as they work for the seller.
  • JadeLouise
    JadeLouise Posts: 38 Forumite
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    Thats what i thought. I suppose it is all a game. We really like the house but at the same time are not willing to pay overpriced.

    The house needs a bit of work, its a victorian terrace. The last house to be sold on the same row was in 2016 for £127,000 and has had more work done.

    House prices in the area are around the £140,000 price mark. I would hate to sound rude with my coun
    ter offer.
  • campbell19925
    campbell19925 Posts: 203 Forumite
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    JadeLouise wrote: »
    I would hate to sound rude with my counter offer.

    Be as rude as you want! Only offer what you think its worth and certainly don't offer more to save face or look polite.
  • ellectrastar
    ellectrastar Posts: 178 Forumite
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    Don't worry about offending anyone with your counter offer - after all, you weren't worried when you offered lower at the beginning!



    What's the market in your area like? Some areas, and some certain types of properties, are really popular, in which case you sometimes have to just bite it and pay the extra. Depends on how much you like the place, and how long you're planning on staying there.



    Definitely don't trust the EA though - they will be your best friend when you speak to them but at the end of the day all they're worried about is their cut, and the more they persuade you to pay, the more they get. They will lie about figures and other interested parties - it's just to try and make you feel pressured. Do what feels right to you, and if they don't take it sack it off and find something else.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    The EA are working for the seller so they can say anything to you.
  • mije1983
    mije1983 Posts: 3,665 Forumite
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    JadeLouise wrote: »
    The EA have just rung to say vendor wants minimum £145,000.


    You'll find out if that is true or not if you offer £140k/£142k and the EA tells you no straight away without even consulting the vendor. In that case, the the vendor has told them not to entertain offers below £x.
  • Linton
    Linton Posts: 17,172 Forumite
    Name Dropper First Post First Anniversary Hung up my suit!
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    You have made an initial offer and received the answer of £145K. This must have come from the vendor. Dont believe the guff that EAs always tell lies to increase the price. Their interest is in getting the house sold ASAP so that they can focus on other properties, a few % on the commission is marginal.

    After the initial sparring it is time to stop dancing around and get down to business. Do you really want the house at around £145K? If so you need to come in with an offer near to £145K. £145K will definitely close the sale, £142K may close the sale, £140K or less has a greater risk of the vendor saying £145K again and perhaps someone else coming in with another offer.

    On the other hand if you just want the house if you can get it cheap. I suggest you offer perhaps £137K to show willing and when they say no leave the offer on the table and look elsewhere. You may be lucky and the vendor comes back to you in a few months time having failed to sell to anyone else.
  • JadeLouise
    JadeLouise Posts: 38 Forumite
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    Went back with an offer of £142k. We are ftb with everything ready to go, not even renting so dont even have to worry about that. Hopefully this is in favour of us, then again, I understand depending on the vendors position, they may not care about that.
  • PokerPlayer111
    PokerPlayer111 Posts: 343 Forumite
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    I feel like if you give reasons why you make an offer you just sound more desperate or give the EA ways to BS you.
  • MysteryMe
    MysteryMe Posts: 3,052 Forumite
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    campbell19925 wrote: »
    Be as rude as you want! Only offer what you think its worth and certainly don't offer more to save face or look polite.


    I don't agree with this mindset.

    The OP wants to be seen as credible and a decent person to do business with. They may find they are up against others who have offered similar. Honey gets you far further than vinegar.

    The OP should offer what they are comfortable with but the offer still needs to be within the bounds of credibility.

    From what the OP has posted I think they have their head screwed on and I hope they have their offer is accepted if this is the property they really want.
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