Buying advice (house)

[Woots]

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....

 

[Z4 Gaz]

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.

 

[Smartbear]

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
Rob

 

[Raj_UK]

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.

 

[Woots]

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?

 

[Yorkie Z]

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

 

[Smartbear]

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
Rob

 

[Woots]

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:

 

[Smartbear]

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

 

[Smartbear]

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

 

[Crazy Harry]

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]

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.

 

[DPG]

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.

 

[JimsZ]

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 oke:

Good luck in your mover.

 

[Woots]

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 !

 

[raymond.harper]

When buying a house always consider having to sell it later. So do not rush into things. Avoid anything on or near a main road or anything in a flood plane that will affect you selling it easily. And finally if you have a mortgage it is up to the surveyor to determine the value not the estate agent. Could well be your offer of 415 is accepted and everyone measures for curtains and carpets. Then the survey values it at 400. You can always at the end of the day agree to a price and just before exchange when the chain is built up and everyone has mentally moved house you lower your offer.

 

[JimsZ]

You’d get the elbow from my chain as soon as you start playing games. 4th move and it’s all about integrity to me.

 

[Smartbear]

When buying a house always consider having to sell it later. So do not rush into things. Avoid anything on or near a main road or anything in a flood plane that will affect you selling it easily. And finally if you have a mortgage it is up to the surveyor to determine the value not the estate agent. Could well be your offer of 415 is accepted and everyone measures for curtains and carpets. Then the survey values it at 400. You can always at the end of the day agree to a price and just before exchange when the chain is built up and everyone has mentally moved house you lower your offer.

That’s an real, low down scumbag move :thumbsdown:
Rob

 

[Jaw]

When buying a house always consider having to sell it later. So do not rush into things. Avoid anything on or near a main road or anything in a flood plane that will affect you selling it easily. And finally if you have a mortgage it is up to the surveyor to determine the value not the estate agent. Could well be your offer of 415 is accepted and everyone measures for curtains and carpets. Then the survey values it at 400. You can always at the end of the day agree to a price and just before exchange when the chain is built up and everyone has mentally moved house you lower your offer.

That’s an real, low down scumbag move :thumbsdown:
Rob

Sort of have to agree with that, screwing someone over for 85 quid a month on a mortgage. If someone's happy to agree a price then a survey shouldn't really change that, it's no different to people who come and view a car I'm selling, make an offer then google it and find some similar ones cheaper and want to haggle after the fact. Some reasons why offers should be binding.

That said, I know of someone who played silly buggers with a guy selling a house, a couple of months (and a decent mouse problem) later he found a load of rotten meat in the attic :rofl:

 

[Woots]

Oh god I bet you could totally ruin someone’s living experience! You’d just tell the neighbours something bad and you’d be hated in the community haha!
Thanks for all the advice tho guys...find out today what their thoughts are on the offer. Least I feel better knowing they might not be terribly offended by the initial amount!