Buying a property - help with approach
Discussion
Hi all,
I need some help with my approach.
We are buying our first family home. It is up for 430k, I offered 395k. The property needs a fair bit of work.
I put the offer in today. I did not hear anything. How do I approach it all. Being a first time buyer I don't have experience dealing with agents. How and what should I do?
Do I call back tomorrow to chase?
I need some help with my approach.
We are buying our first family home. It is up for 430k, I offered 395k. The property needs a fair bit of work.
I put the offer in today. I did not hear anything. How do I approach it all. Being a first time buyer I don't have experience dealing with agents. How and what should I do?
Do I call back tomorrow to chase?
Cheers guys.
The biggest fear for me is the games agents are well known for. There's another 'buyer' and they have bid more... Blah blah. I don't want to lose the property but I can be sure of their games. Is this to be ignored? I don't want to get into his game as its just so much money to even think about 10k extra.
The wife wants me to call first thing in the morning but you are right a out the paitence. Sitting tight might be the key!
Cheers guys. That's sound advice.
The biggest fear for me is the games agents are well known for. There's another 'buyer' and they have bid more... Blah blah. I don't want to lose the property but I can be sure of their games. Is this to be ignored? I don't want to get into his game as its just so much money to even think about 10k extra.
The wife wants me to call first thing in the morning but you are right a out the paitence. Sitting tight might be the key!
Cheers guys. That's sound advice.
By the way, while seeing the property I showed no interest in it and mentioned it needed lots of work.
After the viewing I called and I said I do not do the back and forth game. My offer is my offer. The agent seem to be okayish about it however he did say the owner wanted 400k plus.
I am assuming, buyers market, Christmas slows the market down and also we have no chain and can finalise within 2-3 weeks tops. All points worth considering I suppose.
After the viewing I called and I said I do not do the back and forth game. My offer is my offer. The agent seem to be okayish about it however he did say the owner wanted 400k plus.
I am assuming, buyers market, Christmas slows the market down and also we have no chain and can finalise within 2-3 weeks tops. All points worth considering I suppose.
Your in the driving seat.
Trust me, the seller wants to sell the house more than you want to buy it. You can buy any other house in the country, he's trying to shift his one. I'd expect that offer to be refused as a matter of course. Don't go back with an immediate offer, tell them your going to think about it and view a few more properties.
There aren't many people shifting £400k properties quickly so wait till the middle of next week before returning with a new offer.
Don't be guided by what the estate agent is telling you. Remember who pays the estate agent; the vendor!! Therefore they are working for him to not only secure a sale but extract the maximum price from you.
Be strong. Your in a very strong position, a position that is often not fully appreciated by FTB's.
Trust me, the seller wants to sell the house more than you want to buy it. You can buy any other house in the country, he's trying to shift his one. I'd expect that offer to be refused as a matter of course. Don't go back with an immediate offer, tell them your going to think about it and view a few more properties.
There aren't many people shifting £400k properties quickly so wait till the middle of next week before returning with a new offer.
Don't be guided by what the estate agent is telling you. Remember who pays the estate agent; the vendor!! Therefore they are working for him to not only secure a sale but extract the maximum price from you.
Be strong. Your in a very strong position, a position that is often not fully appreciated by FTB's.
Sarnie said:
Be strong. Your in a very strong position, a position that is often not fully appreciated by FTB's.
And even more so given the cost of the house. At that price it wouldn't be unusual for it to be the second, third or more in a chain. So you're a huge bonus for the sellers that you're FTB's.P.s. I see you're in Enfield. Which estate agents are you buying through (PM me if you like) as we're in Enfield too and I've bought and sold a couple of properties in the area. I might be able to tell you a bit about what the estate agent was like for us. I also know a good local conveyancer, if you are interested.
To echo the above it's rare you will find a chain free buyer in this price range. The agent will be fighting your corner and advising the vendor to consider your offer because of your strong position. If it was a flat out no you would of generally had them on the phone asking for an increase by now so I'd guess the vendor was considering it.
Lostprophet said:
After the viewing I called and I said I do not do the back and forth game. My offer is my offer.
If this is the case then no point fretting, keep arranging viewings on other properties.if you don't hear back on your offer in a week then check the agent hasn't forgotten to contact you.
Lostprophet said:
Cheers guys.
The biggest fear for me is the games agents are well known for. There's another 'buyer' and they have bid more... Blah blah. I don't want to lose the property but I can be sure of their games. Is this to be ignored? I don't want to get into his game as its just so much money to even think about 10k extra.
The wife wants me to call first thing in the morning but you are right a out the paitence. Sitting tight might be the key!
Cheers guys. That's sound advice.
First bit of advice, don't listen to the Mrs!The biggest fear for me is the games agents are well known for. There's another 'buyer' and they have bid more... Blah blah. I don't want to lose the property but I can be sure of their games. Is this to be ignored? I don't want to get into his game as its just so much money to even think about 10k extra.
The wife wants me to call first thing in the morning but you are right a out the paitence. Sitting tight might be the key!
Cheers guys. That's sound advice.
When the agent starts playing games call their bluff. When they tell you there's another buyer your reply should be "what you wasting your time with me then, sell it to them".
I'm less of a sceptic; be prepared to pay what you think is a fair price for the property if it is the one you want. I think it's that simple and that has worked for me with properties (and cars) that I have both bought and sold (bought one and sold 2 in last 6 months) over the years. It really does make the whole experience much more enjoyable and less adversarial and thus less stressful for all involved. Good luck!
Some very very good advice. I took a lot of it on board. I did not call the agent and surprisingly the agent did not call me either.
It did out the offer in Friday morning, so it's fine for the owners to take the weekend to think a out it!
I will hold off until Tuesday and give the agent a call.
It did out the offer in Friday morning, so it's fine for the owners to take the weekend to think a out it!
I will hold off until Tuesday and give the agent a call.
Sarnie said:
Your in the driving seat.
Trust me, the seller wants to sell the house more than you want to buy it.
You can't be sure of that.Trust me, the seller wants to sell the house more than you want to buy it.
It depends what other similar houses in the area have sold for.
Re the EA, you'll never know if there are other offers or if the EA is making it up.
We bought a house in 2004, up for £550k, I offered £500k as it needed a lot of work. The EA said they had other offers (though we were chain free), i'll never know if they did or not, but we settled on £530k & it was a good buy at that.
OP if the house really is the one for you, don't lose it over a few grand if push comes to shove.
t detector will be in tune.darreni said:
Sarnie said:
Your in the driving seat.
Trust me, the seller wants to sell the house more than you want to buy it.
You can't be sure of that.Trust me, the seller wants to sell the house more than you want to buy it.
It could be a couple divorcing and one half doesn't really want to sell.
Plus, if the seller doesn't have a onward plans yet, they could well find it difficult to find an available house to buy once they start looking seriously.
Lostprophet said:
After the viewing I called and I said I do not do the back and forth game. My offer is my offer. The agent seem to be okayish about it however he did say the owner wanted 400k plus.
The trouble with that approach is that if the agent takes you at your word then you've left yourself nowhere to go.Gassing Station | Finance | Top of Page | What's New | My Stuff