House purchase....am I just being tight?
Discussion
Just FYI dont leave an offer on the table. Say 'offer valid until XXX date' or until 'X days time'. Otherwise the seller knows he has options - you're trying to force his hand, not give him a crutch to negotiate with for the next buyer.
'Ive already got an offer at 630k sat on the table, you offer me 635 to buy it' and someone with £5k more, or who wants the property a bit more will buy it based on there being other offers.
Also, you're getting worried about 0.79% of the properties value... would you want to lose it for less than 1% extra??
'Ive already got an offer at 630k sat on the table, you offer me 635 to buy it' and someone with £5k more, or who wants the property a bit more will buy it based on there being other offers.
Also, you're getting worried about 0.79% of the properties value... would you want to lose it for less than 1% extra??
Condi said:
Just FYI dont leave an offer on the table. Say 'offer valid until XXX date' or until 'X days time'. Otherwise the seller knows he has options - you're trying to force his hand, not give him a crutch to negotiate with for the next buyer.
'Ive already got an offer at 630k sat on the table, you offer me 635 to buy it' and someone with £5k more, or who wants the property a bit more will buy it based on there being other offers.
Also, you're getting worried about 0.79% of the properties value... would you want to lose it for less than 1% extra??
How many "its only 1% extra" does it take to break the bank? Where do you draw the line? 'Ive already got an offer at 630k sat on the table, you offer me 635 to buy it' and someone with £5k more, or who wants the property a bit more will buy it based on there being other offers.
Also, you're getting worried about 0.79% of the properties value... would you want to lose it for less than 1% extra??
mondeoman said:
How many "its only 1% extra" does it take to break the bank? Where do you draw the line?
That is obviously for the OP to decide. If he' asking 'am I being tight?' it suggests he could find the extra 1% if he wanted or had to. If he had named the thread - House for sale at 635k, I only have 630k - then it wouldnt really be worthy of discussion. N90BAR said:
I really do feel we're offering a really good price, and tbh it really is the highest we can go.
Appreciate any thoughts on this?
The seller doesn't feel you are offering a good enough price. Which is all there is to it really. Two to tango and all that. Appreciate any thoughts on this?
It doesn't really matter to the seller what your budget is.
mondeoman said:
Condi said:
Just FYI dont leave an offer on the table. Say 'offer valid until XXX date' or until 'X days time'. Otherwise the seller knows he has options - you're trying to force his hand, not give him a crutch to negotiate with for the next buyer.
'Ive already got an offer at 630k sat on the table, you offer me 635 to buy it' and someone with £5k more, or who wants the property a bit more will buy it based on there being other offers.
Also, you're getting worried about 0.79% of the properties value... would you want to lose it for less than 1% extra??
How many "its only 1% extra" does it take to break the bank? Where do you draw the line? 'Ive already got an offer at 630k sat on the table, you offer me 635 to buy it' and someone with £5k more, or who wants the property a bit more will buy it based on there being other offers.
Also, you're getting worried about 0.79% of the properties value... would you want to lose it for less than 1% extra??
Like I said earlier the OP posted this from the outset............
"and tbh it really is the highest we can go."
SonicHedgeHog said:
This is the most important purchase you will ever make. £5k extra will make no difference to your mortgage. You won't even notice the difference in monthly payments. Pay £635k and get on with your life. You'll feel much better when you do.
Quite.There has to be some contingency in the budget for ancillary costs, new furniture, carpets etc etc - take £5,000 out of that and get on with it. If it doesn't mean that much then move on.
N90BAR said:
Thanks for all the replies guys. I suppose in a sense what I have been trying to do is figure out in my head why on earth he would let a buyer walk away for less that 1% of the total price (especially when it's over the survey price) however that is his decision.
much appreciated!
He's already dropped it a fair bit from what he wants for it so if you can't afford it, you'll have to let this one go. If you love it and can afford it, you'll have to pay what he wants. I don't really understand the point of the thread - any question you're asking could be aimed at you too. much appreciated!
FWIW I paid precisely £7500 more for my house than I really thought it was worth. However the Mrs really loved it, there wasn't a lot of other options in the same price bracket so I bit the bullet.
As has been said, if you're going to be there a while, and you really like it and there a limited options elsewhere just get it bought.
As has been said, if you're going to be there a while, and you really like it and there a limited options elsewhere just get it bought.
Who did the survey? Was it a qualified building surveyor or an estate agent? If a surveyor, the vendor knows you're already down several hundred and will therefore stick to his guns as he knows you won't want to throw that money away. It's unusual to get a survey done prior to making an offer, it means you're really keen and everyone involved will be aware of that.
Depending on what the local property market is like, I'd suggest saying that your offer is on the table until the end of the month and then you'll review it. They'll already be looking for their next place and definitely won't want to lose you.
Depending on what the local property market is like, I'd suggest saying that your offer is on the table until the end of the month and then you'll review it. They'll already be looking for their next place and definitely won't want to lose you.
Worth bearing in mind that the vendor thinks he should be getting £675k so in his head it's not 'just 1%'. He thinks he's dropping £40k and for now has decided that's his line in the sand.
Leave the offer on the table and walk away for now, he'll come back in a few weeks if nothing better comes along. I did this with my house, saved £50k by sticking to my offer. Took 3 months for him to crack mind.
Leave the offer on the table and walk away for now, he'll come back in a few weeks if nothing better comes along. I did this with my house, saved £50k by sticking to my offer. Took 3 months for him to crack mind.
Another thing to bear in mind, is that you may be able to improve your offer in quality, if not amount.
You need to make sure the vendor understands just how ready you are to complete. If you are part of a chain; then your offer is lower quality than a same price offer from a 'ready to go' purchaser.
You need to make sure the vendor understands just how ready you are to complete. If you are part of a chain; then your offer is lower quality than a same price offer from a 'ready to go' purchaser.
N90BAR said:
Recently put a number of offers in for a property, background is been on market 7-8 months, originally at £675k. We considered viewing then but decided it was too expensive for the area. Beginning Dec, vendor drops to 650k, so we decide to view (twice). Definitely decide it's perfect for us but we mention to vendor it's too expensive. Couple things lead me to think this - were talking West Yorkshire area, and he paid just under 500k for it only 3 years ago. Was new build then and I don't think he has done anything to it since.
Is it a one-off build or part of a larger development? If the latter, have other properties sold since they were built?I've generally found that new-build houses are a lot more expensive than existing houses and it takes some years for them to be sellable at the price originally paid, never mind for considerably more.
I work in property (architect / developer as opposed to agent) and I see all the time people who miss out on their 'perfect' home because they are too worried about paying over the odds; and end up still regretting it decades later.
The bottom line is that the house is unique to you; you are not unique to the seller (in the sense that someone else will eventually buy it off him).
If you really want it; don't be afraid to pay a bit over the odds to get it.
The bottom line is that the house is unique to you; you are not unique to the seller (in the sense that someone else will eventually buy it off him).
If you really want it; don't be afraid to pay a bit over the odds to get it.
I take the contrarian view to Anglade above.
Price is what you pay, value is what you get. You also state that you are at your very limit with your current offer.
No house is worth over committing yourself financially for. Personally, I'd walk right now.
I'll also say that I've been in your position about 10 years ago, exacerbated by a new baby on the way and a need to move for a bigger home. Soon after, a better house was found that was in budget.
Life has a way of all balancing out, so don't worry about the notion of perceived loss.
Price is what you pay, value is what you get. You also state that you are at your very limit with your current offer.
No house is worth over committing yourself financially for. Personally, I'd walk right now.
I'll also say that I've been in your position about 10 years ago, exacerbated by a new baby on the way and a need to move for a bigger home. Soon after, a better house was found that was in budget.
Life has a way of all balancing out, so don't worry about the notion of perceived loss.
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