Buying advice (house)

Discuss anything non Z4 related here
User avatar
Woots
Lifer
Lifer
Posts: 3688
Joined: Sat Sep 19, 2009 8:13 am
Location: Milton Keynes

Buying advice (house)

Post by Woots » Sun Apr 22, 2018 4:22 pm

So we’re looking to buy a house together and as ‘first time buyers’ with nothing to sell we are hopefully in a decent position with a good AIP in place and deposit

Viewed a place at 425k and we both love it...and have since offered 400k today which will obviously be turned down....

My question is do you think we’ve gone too low...I know it can only be turned down and we can then go higher etc but is it taking the piss? Don’t ask don’t get and I’m sure EA’s mark up houses knowing the vendor will expect to drop the price....
If and when they turn the offer down how much would you expect to raise the offer by?

And advice or thoughts are appreciated....
Blue Nissan Qashqai.....like a GTR...it has the same badge anyway...

An ///m is like ke$ha....she will take you to a club, snort something illegal, f**k you in a VIP booth, get you thrown out and then arrested....

Z4 Gaz
Member
Member
Posts: 161
Joined: Tue Jul 18, 2017 8:04 pm
Location: South Hams

Buying advice (house)

Post by Z4 Gaz » Sun Apr 22, 2018 4:56 pm

Depends on how long it has been on the market.
Ours was originally up for £345. They then dropped it to offers over £325. We got it for £320, so not at all unreasonable to expect to get it for around £400. Especially if the market is slow in your area on properties around that price like it is where I live.
E85 3.0i

User avatar
Smartbear
Lifer
Lifer
Posts: 6988
Joined: Wed Feb 05, 2014 6:54 pm
Location: Chelmsford

Buying advice (house)

Post by Smartbear » Sun Apr 22, 2018 4:57 pm

Woots wrote:
Sun Apr 22, 2018 4:22 pm
So we’re looking to buy a house together and as ‘first time buyers’ with nothing to sell we are hopefully in a decent position with a good AIP in place and deposit

Viewed a place at 425k and we both love it...and have since offered 400k today which will obviously be turned down....

My question is do you think we’ve gone too low...I know it can only be turned down and we can then go higher etc but is it taking the piss? Don’t ask don’t get and I’m sure EA’s mark up houses knowing the vendor will expect to drop the price....
If and when they turn the offer down how much would you expect to raise the offer by?

And advice or thoughts are appreciated....
Hi Woots, we recently sold Ann’s parents house & were initially offered £40k less than our ask-after some negotiation and three further increased offers we agreed on a price £20k below the ask.
It’s important not to take it personally, I didn’t think it was to bad as we put it on at £20k over the agents suggested price :P
Rob
Image

e89 Sdrive2.0 20i, plenty of mumbo & good economy=the thinking mans z4 :P
e89 Sdrive3.0i this ones busted, pass me another...
e85 3.0si, i foolishly sold my trouble free car...

User avatar
Raj_UK
Member
Member
Posts: 307
Joined: Tue May 12, 2015 3:01 pm

Buying advice (house)

Post by Raj_UK » Sun Apr 22, 2018 5:06 pm

That’s not taking the piss at all. At the end of the day offer what you feel the house is worth to you. I’ve seen houses put up for sale at 750 and a year later they’ve been reduced to 625 and still not selling. On the flip side Ive seen houses sell above the asking price.
Z4less :?

User avatar
Woots
Lifer
Lifer
Posts: 3688
Joined: Sat Sep 19, 2009 8:13 am
Location: Milton Keynes

Buying advice (house)

Post by Woots » Sun Apr 22, 2018 5:08 pm

Ok so it’s pretty much expected that they will know we are going in low as that’s what everyone does?
It’s annoying in a way because an easy thing to do now would just say let’s meet midway but obviously it’s going to much more drawn out....
I’ve not sinned by going 25k below then...it’s not even 10% below so not too awful surely?
Blue Nissan Qashqai.....like a GTR...it has the same badge anyway...

An ///m is like ke$ha....she will take you to a club, snort something illegal, f**k you in a VIP booth, get you thrown out and then arrested....

User avatar
Yorkie Z
Senior Member
Senior Member
Posts: 2356
Joined: Thu Nov 28, 2013 9:19 pm
Location: Plymouth

Buying advice (house)

Post by Yorkie Z » Sun Apr 22, 2018 5:17 pm

Perfectly reasonable I'm my eyes, let's face it when you're spending 400k who cares what they think.
Good luck with the offer :thumbsup:
A Drity M///

User avatar
Smartbear
Lifer
Lifer
Posts: 6988
Joined: Wed Feb 05, 2014 6:54 pm
Location: Chelmsford

Buying advice (house)

Post by Smartbear » Sun Apr 22, 2018 5:19 pm

Woots wrote:
Sun Apr 22, 2018 5:08 pm
Ok so it’s pretty much expected that they will know we are going in low as that’s what everyone does?
It’s annoying in a way because an easy thing to do now would just say let’s meet midway but obviously it’s going to much more drawn out....
I’ve not sinned by going 25k below then...it’s not even 10% below so not too awful surely?
If you don’t ask then you don’t get, most people reach a middle ground eventually without any hard feelings :thumbsup:
Rob
Image

e89 Sdrive2.0 20i, plenty of mumbo & good economy=the thinking mans z4 :P
e89 Sdrive3.0i this ones busted, pass me another...
e85 3.0si, i foolishly sold my trouble free car...

User avatar
Woots
Lifer
Lifer
Posts: 3688
Joined: Sat Sep 19, 2009 8:13 am
Location: Milton Keynes

Buying advice (house)

Post by Woots » Sun Apr 22, 2018 5:29 pm

Do you think the agents would say ‘they want at least xxx’ not that I’d believe what they said anyway...
Or do they usually just say it’s a yes or no
Or do they sometimes say ‘they’ve come back and said 420...and await your reply to that...’
Or do they just make it all up :tumbleweed:
Blue Nissan Qashqai.....like a GTR...it has the same badge anyway...

An ///m is like ke$ha....she will take you to a club, snort something illegal, f**k you in a VIP booth, get you thrown out and then arrested....

User avatar
Smartbear
Lifer
Lifer
Posts: 6988
Joined: Wed Feb 05, 2014 6:54 pm
Location: Chelmsford

Buying advice (house)

Post by Smartbear » Sun Apr 22, 2018 5:37 pm

Woots wrote:
Sun Apr 22, 2018 5:29 pm
Do you think the agents would say ‘they want at least xxx’ not that I’d believe what they said anyway...
Or do they usually just say it’s a yes or no
Or do they sometimes say ‘they’ve come back and said 420...and await your reply to that...’
Or do they just make it all up :tumbleweed:
Agents can offer guidance but you can offer what you like & they’re duty bound to inform the sellers of your offer.
Rob
Image

e89 Sdrive2.0 20i, plenty of mumbo & good economy=the thinking mans z4 :P
e89 Sdrive3.0i this ones busted, pass me another...
e85 3.0si, i foolishly sold my trouble free car...

User avatar
Smartbear
Lifer
Lifer
Posts: 6988
Joined: Wed Feb 05, 2014 6:54 pm
Location: Chelmsford

Buying advice (house)

Post by Smartbear » Sun Apr 22, 2018 5:40 pm

Don’t forget, the agent is acting in the interests of the seller and not yours. They’re trying to maximise the price that can be achieved.
Rob
Image

e89 Sdrive2.0 20i, plenty of mumbo & good economy=the thinking mans z4 :P
e89 Sdrive3.0i this ones busted, pass me another...
e85 3.0si, i foolishly sold my trouble free car...

User avatar
Crazy Harry
Member
Member
Posts: 632
Joined: Fri Jan 13, 2017 12:32 pm
Location: Breckland Norfolk

Buying advice (house)

Post by Crazy Harry » Sun Apr 22, 2018 5:55 pm

As first time buyers you're in a great position so long as you are not heart and soul for this one property. You don't have to buy just as much as they don't have to sell. Make sure the agents know you have nothing to sell and have 'finance in principle' in place - then you have the whip hand.

What I'm saying is don't just rush in and offer more. If they have for example a bridging loan in place then that's costing them money and it might suit them to take less and move sooner. Oh and do try to enjoy the process and keep looking at other houses - with the same agent so they know to tell the sellers they could lose your offer if they ask too much - your not a certainty. Above all try and enjoy it!

Paulwirral
Member
Member
Posts: 869
Joined: Sat May 17, 2014 8:28 am

Buying advice (house)

Post by Paulwirral » Sun Apr 22, 2018 6:03 pm

Smartbear wrote:
Sun Apr 22, 2018 5:40 pm
Don’t forget, the agent is acting in the interests of the seller and not yours. They’re trying to maximise the price that can be achieved.
Rob
Agents act only for their own interests , they aren't bothered how much anything sells for , only if it sells , it's how they make money . Op being a first timer the agent should be pushing the vendor to accept as it's the easiest way for them to get a sale commission.

User avatar
DPG
Lifer
Lifer
Posts: 3994
Joined: Sat Sep 27, 2008 10:41 pm
Location: West Yorks

Buying advice (house)

Post by DPG » Sun Apr 22, 2018 6:35 pm

Very reasonable serious offer that. If it’s been on the market for a while and that fact there is no lower chain might tempt the sellers.

Oh and Agents don’t give a s**t as long as they are getting the commission.

My last house was for sale as £250k and I said that I wanted them to reject offers lower than £235k but they still phoned me up even with £200k offers.
Audi RSQ3. The family wagon

User avatar
JimsZ
Member
Member
Posts: 330
Joined: Thu Oct 29, 2015 10:15 pm
Location: Heathrow

Buying advice (house)

Post by JimsZ » Sun Apr 22, 2018 8:17 pm

Legal requirement to tell you of any offers I'm le to believe. We offered 25k less than asking price with stamp duty paid and developer accepted our first offer. Dam i thought offered too much :headbang:

You can always go up but it's harder to go down :poke:

Good luck in your mover.
E89/28i Msport road, Zx10r track...YAY. The count down begins... 4 days in Jerez Oct 18 Almeria done April 2018 : :evil:

User avatar
Woots
Lifer
Lifer
Posts: 3688
Joined: Sat Sep 19, 2009 8:13 am
Location: Milton Keynes

Buying advice (house)

Post by Woots » Sun Apr 22, 2018 8:23 pm

Thanks for all the advice guys! I guess now it’s a game of don’t be too keen but also don’t lose it!
I’m sure I’ll have further questions if all goes through !
Blue Nissan Qashqai.....like a GTR...it has the same badge anyway...

An ///m is like ke$ha....she will take you to a club, snort something illegal, f**k you in a VIP booth, get you thrown out and then arrested....

Post Reply