ADP

Hi all,

I put an offer in on a flat on Sunday.

Asking £157,500 though it needs fully redecorating, carpets look their age(7 years) as do bathrooms and kitchen but all actually quite livable.

Ive offered 147, but low yes but he hasnt had any other offers, is renting it at the moment - wants to sell and I am a first time buyer with 10% going down.

So he will refuse, how much do I then offer??

The Zohan

Are there any others of a similar style andd spec to compare prices to?

Re offers - as little as you feel you can get away with, are you in a good position, you are renting/wlp or in a good position to move straight away - and how much notice do you need to give, can you move next week if required?.
Having bargaining chips like this will help, i would up the offer by a couple of grand if required but set yourself a limit and stick to it. If the property needs work then let them know but in a nice way.

They may have many thousands of equity in the property and now be too bothered about a lower offer.

There are plenty of other properties out there so do not get too attached to this one, keep looking around.

Remember the agent works for the seller so do not expect too much help as the more they sell it for the more they make (as a general rule).

davegtt

you gave the asking price and then gone on to it needs refurbing etc, is the flat not priced for this reason? If it was spik and span what would it be worth?

Depends how much you want the house and how much they want to sell for, some people are really piccy and probably agreed that £157k will probably mean they'll get offered and accept £155k If theyre not too bothered you might get it for £150k but I doubt it, people are too greedy and hold out

davyboy

Even if it was decorated well, you'd still decorate as 99% of the time it would not be to your taste.

I'd guess you'd not get the property at that price...

davyboy

I don't think that being greedy! Selling a house is not a charity case!

ADP

OK well Ill offer 150 next I think - depending on what comes back. It has a garage which is very important to me as well as 2 double beds and ensuite - major shortage of properties with garages - I also want to rent the 2nd room out to a mate. My aim was always to pay 154/155 but everyone I spoke to said go in low - they may need the money urgently etc

davyboy

If you ask the right questions to the estate agent you should get the lowest amount they will accept.....then go 2k lower

The Zohan

Go under, say £149,500, that is already upping your offer by £2,500 on a property of this value which is not bad. If it has been on the market for a while with no offers then they may bite your arm off. its your money you are spending. Take it slow and play it smart.

ADP

Im told there havent been any other offers - everyone else who looked at it wanted to rent it back out so put off by decor - its not that bad, nothing a damn good clean wouldnt fix, but I can see if you were renting it you may want to spend 5-10k on it.

Dont want to be too keen, but want to be serious also!

fitzscoob

Personally, I would go up 2k and make it clear that, that is all you can afford, he will then have to consider his options.

However, if you have your heart set on the place and you need it more than he needs to sell it, then you have to think about where you place your limit.

Has he rejected that offer then?

davegtt

Maybe Greedy is the wrong word but chances are the house wont owe them a great deal (what with the price rises recently etc) so it is being greedy thinking they can get asmuch as possible for it, yeah I know thats sensible but thats why I asked whats the house worth in tip top condition etc....

fitzscoob

I just got a house with the missus, the price was 185k, we offered, 175k, they rejected that offer and said if we can get to 178 then they would deal. We went back with a final offer of 176k and they dealt at that.

I was in a similar position to you, had a deposit, no chain etc.

ADP

149 it is then Ill move in blocks of 2k, unless he makes an offer then Ill offer 2k less!

fitzscoob

If he hasnt had any offers and wants to sell, then he should listen to anything.

To be fair, 10k under the asking price isnt an insult.

Best of luck

Let us know when you hear back

ps I get my keys to the house on Thursday, then I am officially broke!

The Zohan

Take your time upping the offer let them think about it overnight even if they refuse. They might talk it through or to friends who may pursuade them otherwise. Remember the agent works on their (sellers) behalf the contract is with the seller as is the fee payable by them. Do not let them know what you limit is for this house.

Good luck and play it cool.

ADP

Oh no I wont be telling them any limit, as it is I can afford the whole price but want to get it as cheap as poss. The estate agent came out with some nonsense about the owner used to work here and they have sold these for over 160k before.............so what? and why didnt he put it up for 165 then? Been on the market since mid January - I think he will want to listen!

kbsub

Not sure the agent always works for the seller . We have just sold our house and it was on the market for 225k we got offered 220k and the agent said that's a very good offer Mr****** not many houses go for 5k under asking . I said no and they came back with 224k which I accepted .( like you would ) But that was on the condition we get out as soon as possible and go into rented till we find somewhere .
Its always in the interest of the agent to get the house sold as soon as possible.

The Zohan

Your buyer was between a rock and a hard place by the sounds of things, your agent should have sussed the situation and played hard ball for you. They do or should work for the seller their contract is with them. Sounds like your agent was not very good at their job tbh!

this link may be of use for sussing prices in the area
http://www.nethouseprices.com/

fitzscoob

Thats part of the game, if you tell him 150 is your ceiling, then he knows when you offer 150 you wont be coming back with another offer.

He will either accept or reject, knowing that may be his best offer for a long while.

kbsub

I agree the agent should work for the seller , but they still want the house sold ASAP . And our house is unique to the area so cant really go on what's sold before.

Apparition

Just so long as you don't go 140K over like that poor couple on Location last week.....

ADP

Ok he came back and asked for 155, I offered 152 back at him, I wanted to pay no more than 155 so Ill be happy if we come somewhere in between - I wont be making a big offer up though after that. Next offer would be jump of 500 quid - taget of 153 - Id be happy with that.

Petem95

Good luck with the purchase ADP, but I hope it doesnt turn out to be a case of "very bad timing"

Have you seen the inflation figure released today? A big jump to a shade under 3% - markets were expecting one more IR cut, but looks like it may just be a case of upwards from here;

ADP

Well Im not getting out of my depth and my morgage is fixed for 2 years - Im comfortable in what Im doing rather than stretching myself to my limits.

fast bloke

If they don't accept your offer tell them you have you eye on another property so you won't be increasing your offer. Wait a few days - they may come back with their minimum acceptable price. Offer a grand less than this

Tiggs

when you make an offer to the agent that gets refused tell the agent, "fair enough - have you got any other properties i could view" and go see them.

if the agent knows you are going to walk he will work for you.....his cut is 1% so he doesnt care if it goes for an extra £2k, it means nothing to him - his job is to SELL the house.

ADP

well he came back and offered 153, I had offered 152 and just to be an 4rse I said I would go to 152,500 - the agent said he is thinking over night about it - as I said " it would be a shame to lose a sale over 500 quid wouldnt it!" he agreed. In all fairness Ill meet half way at 152,750 - I want every penny off I can!