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Original poster

We're in that we make an offer, they laugh in our faces stage. Please talk me through it.

66 replies

LibertyGibbet · 13/08/2010 12:29

I know it's the dullest thing in the world but we've made an offer on a house (well 2 actually) and they've both been turned down.

Come and tell me all about the fact that estate agents lie bend the truth like the wizards they are to try and get you to part with every penny you own.

Because 'the vendors are hoping for more or will consider renting it instead', 'we've had a couple of investors show interest' and 'you're close to what they're hoping to achieve' is all EA game playing isn't it?

Please help. DH is in crown court all day (at work, he's not a criminal) and I'm supposed to be calling them back. I panic you see. I'll offer 10% over the asking price, a portion of my soul and my firstborn because I don't like bargaining and just want this over with. Somebody stop me.

What do I do now?

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noddyholder · 13/08/2010 12:32

Do nothing! How much under the asking have you offered?We have just bought a house where the agent said he would get back to us in 2 weeks as vendor wanted to consider all offers and ours was low but cash.Dp said we would never hear back but we did and I am in teh middle of doing it up now. Have you and your dh got an absolute max?

Original poster
LibertyGibbet · 13/08/2010 12:38

Um, 7% under approximately. I didn't pay a lot of attention in GCSE maths tbh.

We took our builder round to have a look at it... nah, sorry, that sounds a lot like I know what I'm doing. DH's step-grandad came and had a schlep round and outlined what needed doing (he is a builder). He has told us in his honest opinion what the house is worth and what we should try and get it for. We're currently offering a couple of thousand under this figure (it's an under the stamp duty house, so we're talking about offers in increments of a thousand or two, no more). We don't want to pay more than 5% under the offer price. Can I just tell them this and leave it with them.

Why must it be this silly?

Congratulations on your house. You must be v pleased. Smile

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Original poster
LibertyGibbet · 13/08/2010 12:38

We started at 11% under btw.

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noddyholder · 13/08/2010 12:41

I think 7% is fair atm.

EndangeredSpecies · 13/08/2010 12:42

relaaaaxxxx. Estate agents are past masters at getting money out of people. It's a buyer's market. They will make you think that there are 25 other people all in the queue to buy that house which is a complete load of bollox. Take your time and talk it over with DH. The agents will be on the phone tomorrow desperate to know whether you're buying or not.

notasize10yetbutoneday · 13/08/2010 12:44

I think the main thing is not to get 'sucked in' to the bargaining process and offer more money than you have, or more than you beleive it to be worth. I think this particularly applies if you will need some cash left over to do work/repairs to the house when you move in. Theres nothing more depressing than sitting in a house which you paid top dollar for but it not feeling like 'yours' because you can't afford to put your own stamp on it.

Starting at 11% under sounds perfectly acceptable. Many people on here will say your offer isn't low enough unless you are embarrassed by it!

Original poster
LibertyGibbet · 13/08/2010 12:48

I really like the estate agent who showed us round. He was lovely, showed us pictures of his grandson, shared gardening tips, chatted about Scotland. He was really honest about the house, genuine, kind, friendly.

Then when we even looked like we were showing any interest in putting in an offer, they put him back in his box and brought out the geezers. Honestly, most of the time I don't know if they're selling a house of a knock off Rolex. They do that suck air through their teeth thing too, as in ' ooh that's close to the vendor's price'.

I'm so crap at this. Just sell us the house fgs. We have a mortgage offer, you have a house, be sensible. But no, we all have to pretend we're in a bazaar in Turkey haggling over a rug.

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EndangeredSpecies · 13/08/2010 12:51

You cannot afford to be crap at this. That 10% more could equate to a new bathroom for you.

EndangeredSpecies · 13/08/2010 12:52

sorry don't mean to be patronising maybe you can afford it and already have enough for 10 new bathrooms but you know what I mean...

notasize10yetbutoneday · 13/08/2010 12:52

It IS ridiculous, I do agree. I mean, you wouldn't walk into Marks and Spencer and say '£3.50 for a sandwich? I'll give you 2.85 and not a penny more'. So why do we do it with houses?!

Original poster
LibertyGibbet · 13/08/2010 12:58

And I know how much bricks cost. And a bit of 2 by 4 and a sink. Just price it for what it is. I can see past outside inside, clean lines and flow thanks. I have a degree you know, words like flow do not make me want to give you an extra 5k in any place that it wouldn't bloody hurt. Stick a price ticket on it and have done with it.

EndangeredSpecies, we have bugger all money tbh Grin. My Grandma has given us the money for a deposit, we will do the work as we go along (DH's grandad will help out, as will other family members). The key thing now is how much it's genuinely worth and not paying above that. And obviously keeping the mortgage down as low as possible. If we can get them to agree to 5% below or better then the mortgage will match or beat what we pay in rent.

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EndangeredSpecies · 13/08/2010 13:02

then go and practise your steely negotiating face in the mirror! good luck

Original poster
LibertyGibbet · 13/08/2010 13:07

I don't have a steely negotiating face. I march into the bank after they've 'accidentally' closed my account and 'lost' £200 and apologise for bothering them. I'm just not very good at confrontation or negotiation or assertiveness. Unless it's by letter. I write a mean letter.

Shall I just say we'll talk to them after the weekend? And by we I mean dh. I don't like phoning them. I ring to ask them an innocent question about the house and they start pushing me to empty my bank account into their cheap suit pockets.

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EndangeredSpecies · 13/08/2010 13:09

Email them?

Elllie · 13/08/2010 13:33

I agree with what you are doing, but in some areas, homes are still going for the asking price or above. It can also depend upon your position and how much you want to secure the house.

Original poster
LibertyGibbet · 13/08/2010 13:36

We're first time buyers. Can move straight away. Have an agreement in principle. The house has been on for 2 months, no other offers so far. That's a good position isn't it?

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FloraFinching · 13/08/2010 13:48

You need to act the part of a Pantomine Scrooge. Prepare you "outrage" when the Estate Agent suggests your offer is too low. Do not even hint at there being more in the pot for quite some time yet. Point out all the work you'll need to do. Ask why they think it's worth so much if it has been on for 2 months with not a sniff of an offer. And then say nothing, for days if necessary.

wubblybubbly · 13/08/2010 14:00

It's some time since I bought my first house, but I made 2 offers, both of which were refused. I said sorry, can't pay anymore, absolutely gutted etc.

A couple of hours later, I got a phone call back saying yes, they'd take it Grin.

What position are the sellers in? If they're in a hurry to move, then that improves your hand.

Can you have a look at that website that tells you how much other properties in the street/area have gone for?

Anyway, by the sounds of it, it's not going to be sold within the next 24 hours, so hold fast, do nothing and talk to your DH about it later.

Good luck!

Fiddledee · 13/08/2010 14:02

They may be waiting for the September rush, when everybody is back from hols to see if they get a better offer. Which they might or might not. Two months on the market over the summer is not an indicator that they are getting desperate - just a bit daft to put their house on the market over the summer.

It depends on how much you want the house. Best negotiation tactic is to point out all the work that needs doing and to say this is the max we are going to offer and wait. Keep viewing other properties, ideally with the same estate agent that is selling the one you are interested in.

noddyholder · 13/08/2010 14:06

I think you are in a good position to wait.I doubt there will be a september rush this year so hold tight and don't over pay.prices are due another fall

ExitPursuedByABear · 13/08/2010 14:12

Don't do what I do, and rush in offering everything, do what I should do and sit back, relax and wait for the phone to ring. As others have said, it is a buyer's market - try sitting on your hands!

NonnoMum · 13/08/2010 14:20

I feel for you but you are in a great place!

Yes, it sometimes feels ridiculous that everything boils down to 2 grand or so at this type of price...

On our last home, 6 years ago, we offered the full asking price but we think that helped us deal with a massively long chain.

You are in a great place. IF your heart is set on it, then maybe offer more. However, the EA wants his sale and a few grand here or there won't affect his commision that much.

If there is still no news, then maybe give them a ring and ask them to send you more details/show you round similar houses with X bedrooms and whatever-is-on-your-tick-list in the area.

That'll get you an answer v quickly.

GeekOfTheWeek · 13/08/2010 14:22

Do nothing.

How long have the houses been on the market?

Original poster
LibertyGibbet · 13/08/2010 15:08

Thank you for your help.

It's just one house to clarify. Had one offer refused and made another. Also refused this morning. 2 months on the market and priced to sell apparently. They won't give me much info about the vendor, apart from her gender and the fact that she fitted the carpet herself. I'm steeling myself to ring back and say 'that's our offer, we're viewing other houses, let us know if she changes her mind, byeee'. What will actually come out is 'please, I'll give you anything'.

It's not a dream house obviously. It's a starter home. It's not in my ideal location, it's not anything I'd want to live in forever but it's a good buy if I can get it at this price, it's got stuff that I can do to it to put my own mark on and add value but nothing so big that it isn't habitable. Local nursery and school are more than acceptable, amenities close by, near enough to family that they'll help out, far enough that they can't drop in all the time.

It's a good buy.

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Original poster
LibertyGibbet · 13/08/2010 15:47

EndangeredSpecies, have followed your advice and emailed (phone line's giving up the ghost due to the monsoon outside anyway).

Have been firm, we're not offering more. We like the house, remain interested but are looking around. Please get in touch if anything changes or you have other properties around the same value. Words to that effect.

Now I'll just wait.

And eat cake.

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