Mortgages... what would you offer

[stevek1969]

Go in at £137.500 as an opening gambit and see how desperate they are to shift it ,but always have a max level and dont get caught up in it all as there are probably more properties out there at the same price.
Just remember its a buyers market and you have to be cheeky, after all its your money.

 

[TonyN]

Just a quick one guys and gals.

First time buyers me and the mrs. Looking at a loverly decent sized property that is up for £154.000. Was up for approx £170.00 12 months ago and it hasn't shifted.

We have viewed it and want to make an offer but how low can we go without takin the mick. We have no chain, they have no chain. Are we in a position to be cheeky and offer £144.000 or less?

What would you offer?

 

[Imurg]

Go in too low and then keep upping the offer and they'll know you really want it and you'll keep going to the asking price.
Not knowing the area or the property I'd be guessing to name a figure but I reckon you could certainly go in less than 150k.
Good Luck

 

[Golfmmad]

You're in a great position Tony, with no chain, you can use that to your advantage in the negotiations.

Go for it, be cheeky and as Imurg says, good luck.

Golfmmad.

 

[rickg]

Find out as much as you can about why they are selling.
1st rule of negotiation:
"Knowledge is power - so get it"

Are they selling due to financial worries, are they getting a divorce, have a dodgy family moved in next door...Why has the house not sold? etc,etc.
The more you can find out the better your bargaining position.

You can then tailor your offer appropriately and be in a position to know if they reject it whether they are bluffing and hoping for a higher offer. Make the low offer and then if it isn't accepted walk away, appear uninterested....actually start looking at other properties with the estate agent that is selling their property so they get to know you are still looking.

If you can be patient and play the waiting game, then you might get a real bargain...the risk is someone else might make an offer, but if they haven't sold in over a year, then this is unlikely...you hold all the cards....good luck!

 

[doc17]

Find out as much as you can about why they are selling.
1st rule of negotiation:
"Knowledge is power - so get it"

Are they selling due to financial worries, are they getting a divorce, have a dodgy family moved in next door...Why has the house not sold? etc,etc.
The more you can find out the better your bargaining position.

You can then tailor your offer appropriately and be in a position to know if they reject it whether they are bluffing and hoping for a higher offer. Make the low offer and then if it isn't accepted walk away, appear uninterested....actually start looking at other properties with the estate agent that is selling their property so they get to know you are still looking.

If you can be patient and play the waiting game, then you might get a real bargain...the risk is someone else might make an offer, but if they haven't sold in over a year, then this is unlikely...you hold all the cards....good luck!

And pray that they don't play golf and are on this forum!!!

 

[kingoftherodeo]

I was in this position a while ago. Go as low as you can without being ridiculous, I did and saved myself about 30k!

 

[colint]

The first thing to do is ask the estate agent how much they'll accept. If the agent doesn't know your financial situation, then you can bluff them with "we can't get near £154k, what's the lowest they'd accept". They might say just make an offer, but if they give you a figure then you're in the driving seat. Whatever they come back with, knock a bit more off and say that's the best you can do ie they say 150, you say 145.

If you go in really low, and then keep upping it because you want the house, it put's them in the stronger position because they'll try and make you do all the running. Get them to blink first and you're on to a winner

 

[bobmac]

Offer them £135,000 and if they turn it down, arrest them for wasting police time

 

[stevewilko]

Like your answer Dean pmsl.
Best to drive around same area / type and see what these are going for lowest to highest you will be suprised by the difference, then make offer accordingly.

 

[SammmeBee]

You should be able to find out what similar houses sold for and when online - can't remember exactly where but i'm sure you can google it...

Ask the agents if they have had any offers to see what they have turned down - it really depends if they need to sell or just would like to sell...

You've done the hard bit I think by getting the mortgage!!

 

[viscount17]

don't forget the estate agent is looking for the maximum from the seller, if you buy low it also comes off his cut so temper anything he says with that.
I don't know how competitive estate agents are now but you could ask a different one what he thinks the going rate is.

your job is an asset in this market,

 

[TRS30]

Good advice so far. The only thing I would add is that in my experience I had put a deadline on an offer. This stops them (seller/estate agent) messing you around.

Also remember as nice as the estate agent might be they are working for the seller.

Best of luck.

 

[drawboy]

The estate agent is probably working on a percentage of the sale so asking them what they would accept would result in a higher price than they would accept if contacted directly. I would view it then make an offer directly to the vendor

 

[USER1999]

I would pay what it is worth to me. If I thought it was worth it, and was the house for me (and Mrs Mog), I would pay what it cost to get it. In the long term, it really doesn't matter.

I bought my flat 20 years ago, in the middle of a recession. I saw it on Friday, shown to me by the kid in the estate agents, and I was waiting outside the shop saturday morning for it to open. I went in and said done, sell it to me. They said let us show it to you again, and I said why? I have seen it once, just sell it to me now. I want to buy it, as I am on a plane to Germany at 12, and want to know I have it before then. I spent 10 happy years there. Others I looked at, I would have been out in 2 years.

My house, I bought 10 years ago. Price on offer 160, I paid 162 to close the deal, then and there, done and dusted. I was the only one who ever saw it, no gazumping, no messing about, all done on a hand shake.

10 years later, it is worth way more than double. Does that 2k keep me awake? No. It was a sound move at the time. I needed a house, had looked at 40 odd, and not fancied any of them. When I saw the right house, it was time to get on with it.

Seriously, if you have seen the one, buy it. Now. You won't regret it.

If you can afford to let it go, it isn't the one.

A bit like choosing the wife really.

 

[jammydodger]

Theres a website that gives you the prices of all houses sold in your are. http://www.zoopla.co.uk/

 

[surefire]

don't forget the estate agent is looking for the maximum from the seller, if you buy low it also comes off his cut so temper anything he says with that.
I don't know how competitive estate agents are now but you could ask a different one what he thinks the going rate is.

your job is an asset in this market,

Whilst this is true, I know from past experience many agents would rather do less work and take the smaller percentage.

If the agent is on 2% which I would consider too much if I were selling, the difference between £130k and £150k to them is £400 when they will be getting £2600 minimum anyway.
Most will take the easy £2600 and move on to the next sale rather than put in loads of work for the additional £400.

 

[HomerJSimpson]

Would you come on here and admit a shame like that. Almost as bad as coming out as a parking enforcement agent

 

[TonyN]

Do we have any estate agents on the site? Surely we do?

 

[Dougie]

I would pay what it is worth to me. If I thought it was worth it, and was the house for me (and Mrs Mog), I would pay what it cost to get it. In the long term, it really doesn't matter.

I bought my flat 20 years ago, in the middle of a recession. I saw it on Friday, shown to me by the kid in the estate agents, and I was waiting outside the shop saturday morning for it to open. I went in and said done, sell it to me. They said let us show it to you again, and I said why? I have seen it once, just sell it to me now. I want to buy it, as I am on a plane to Germany at 12, and want to know I have it before then. I spent 10 happy years there. Others I looked at, I would have been out in 2 years.

My house, I bought 10 years ago. Price on offer 160, I paid 162 to close the deal, then and there, done and dusted. I was the only one who ever saw it, no gazumping, no messing about, all done on a hand shake.

10 years later, it is worth way more than double. Does that 2k keep me awake? No. It was a sound move at the time. I needed a house, had looked at 40 odd, and not fancied any of them. When I saw the right house, it was time to get on with it.

Seriously, if you have seen the one, buy it. Now. You won't regret it.

If you can afford to let it go, it isn't the one.

A bit like choosing the wife really.

Best advice so far.

A few thousand here and there sounds like a lot of money just now but if it gets you to where you want to be and you know you're going to be happy there then it's a no-brainer.

Good luck.