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Buying advice (house)
- Woots
- Lifer
- Posts: 3798
- Joined: Sat Sep 19, 2009 8:13 am
- Location: Milton Keynes
Buying advice (house)
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....
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....
Lotus Exige 350
- Z4 Gaz
- Member
- Posts: 254
- Joined: Tue Jul 18, 2017 8:04 pm
- Location: South Hams
Buying advice (house)
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.
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
- Smartbear
- Lifer
- Posts: 13685
- Joined: Wed Feb 05, 2014 6:54 pm
- Location: a barn in Somerset
Buying advice (house)
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.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....
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
Rob
e89 Sdrive 20i, plenty of mumbo & good economy-the thinking bears z4
e89 Sdrive 30i, this ones busted, pass me another...
e85 3.0si sold
- Raj_UK
- Member
- Posts: 402
- Joined: Tue May 12, 2015 3:01 pm
Buying advice (house)
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
- Woots
- Lifer
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- Location: Milton Keynes
Buying advice (house)
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?
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?
Lotus Exige 350
- Yorkie Z
- Senior Member
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- Location: Plymouth
Buying advice (house)
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
Good luck with the offer
A Dirty M///
- Smartbear
- Lifer
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- Location: a barn in Somerset
Buying advice (house)
If you don’t ask then you don’t get, most people reach a middle ground eventually without any hard feelingsWoots 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?
Rob
e89 Sdrive 20i, plenty of mumbo & good economy-the thinking bears z4
e89 Sdrive 30i, this ones busted, pass me another...
e85 3.0si sold
- Woots
- Lifer
- Posts: 3798
- Joined: Sat Sep 19, 2009 8:13 am
- Location: Milton Keynes
Buying advice (house)
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
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
Lotus Exige 350
- Smartbear
- Lifer
- Posts: 13685
- Joined: Wed Feb 05, 2014 6:54 pm
- Location: a barn in Somerset
Buying advice (house)
Agents can offer guidance but you can offer what you like & they’re duty bound to inform the sellers of your offer.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
Rob
e89 Sdrive 20i, plenty of mumbo & good economy-the thinking bears z4
e89 Sdrive 30i, this ones busted, pass me another...
e85 3.0si sold
- Smartbear
- Lifer
- Posts: 13685
- Joined: Wed Feb 05, 2014 6:54 pm
- Location: a barn in Somerset
Buying advice (house)
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
Rob
e89 Sdrive 20i, plenty of mumbo & good economy-the thinking bears z4
e89 Sdrive 30i, this ones busted, pass me another...
e85 3.0si sold
- Crazy Harry
- Senior Member
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- Location: Breckland Norfolk
Buying advice (house)
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!
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!
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Buying advice (house)
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.
- DPG
- Lifer
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- Location: West Yorks
Buying advice (house)
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.
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.
- JimsZ
- Member
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- Joined: Thu Oct 29, 2015 10:15 pm
- Location: Hampshire
Buying advice (house)
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
You can always go up but it's harder to go down
Good luck in your mover.
You can always go up but it's harder to go down
Good luck in your mover.
E89/28i Msport gone .. Zx10r track bike gone… time for a KTM 350 exc-f and some green laning and dirt bike excursions…. Let’s see how this goes… :
- Woots
- Lifer
- Posts: 3798
- Joined: Sat Sep 19, 2009 8:13 am
- Location: Milton Keynes
Buying advice (house)
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 !
I’m sure I’ll have further questions if all goes through !
Lotus Exige 350