House buying advice
Discussion
Ok, so after a bit of advice from you old experienced lot!
As mentioned in a thread some months back Mrs Reaper and I are currently looking to buy our first house together. We went through with one place we found but for reasons outside of our control (no planning on an extension), that one fell through.
We have been actively looking since and have found a place we really like. We viewed it on Friday and went back today for a second viewing and totally love it. The house was on the market about a year ago but didn't sell so the vendors have put it back on again with a new agent at a new price. I think it has been on for about a month this time round and compared to most we have viewed it ticks all our boxes.
So heres where I need the advice. The agent told me there is another couple very interested and they too went for a second viewing today, but they have a house to sell. I didn't believe him but when I did a sneaky drive by he was showing them round!! We don't fortunately have anywhere to sell as I sold my place in November so we are in rented and can move whenever. The only problem is that the new place is up for £250k and we can only stretch to £225k. Thats without sacrificing things, like using normal diesel instead of v-power diesel! not happening!!.
So how should I play it? I have said I will give the agent a call on Monday. Shall I put in an offer at our maximum and make it clear that is all we have to offer. I think if they reject it then we can say its on the table and leave it for a few weeks as they are actively looking themselves and may find somewhere and just want to move?
Alternatively shall I go in even lower with the intention of chipping it up. The only thing that concerns me with that is they may think we can pay the full price, and that we are just being stingy!
Also shall I leave it a while so we don't look to keen or just get on with it?
I know we are in a good position so I am hoping that may sway their decision. Im not to good at this sort of thing so any tips or advice appreciated.
Jim
As mentioned in a thread some months back Mrs Reaper and I are currently looking to buy our first house together. We went through with one place we found but for reasons outside of our control (no planning on an extension), that one fell through.
We have been actively looking since and have found a place we really like. We viewed it on Friday and went back today for a second viewing and totally love it. The house was on the market about a year ago but didn't sell so the vendors have put it back on again with a new agent at a new price. I think it has been on for about a month this time round and compared to most we have viewed it ticks all our boxes.
So heres where I need the advice. The agent told me there is another couple very interested and they too went for a second viewing today, but they have a house to sell. I didn't believe him but when I did a sneaky drive by he was showing them round!! We don't fortunately have anywhere to sell as I sold my place in November so we are in rented and can move whenever. The only problem is that the new place is up for £250k and we can only stretch to £225k. Thats without sacrificing things, like using normal diesel instead of v-power diesel! not happening!!.
So how should I play it? I have said I will give the agent a call on Monday. Shall I put in an offer at our maximum and make it clear that is all we have to offer. I think if they reject it then we can say its on the table and leave it for a few weeks as they are actively looking themselves and may find somewhere and just want to move?
Alternatively shall I go in even lower with the intention of chipping it up. The only thing that concerns me with that is they may think we can pay the full price, and that we are just being stingy!
Also shall I leave it a while so we don't look to keen or just get on with it?
I know we are in a good position so I am hoping that may sway their decision. Im not to good at this sort of thing so any tips or advice appreciated.
Jim
Hi Jim.
Your wife is called Mrs Reaper?
There is an ancient Chinese proverb that fits here....'a man who has red facial hair should never grow ginger beard'
Anyway, whilst I would not call myself the most experienced - some will purport to be and give you awful advice - there are a few things to consider.
Firstly, does it have a garage and where can I plug in my pressure washer for car cleaning.....have you considered this? Im sure you have a few logs on the fire...
If you find the house you and your Mrs really love then you must fight for it.
My wife and I lost a much nicer house than we have now under the self proclaimed ideal of being 'shrewd'.
If your maximum is within the sellers scope then by the sounds of it you have a lot more to offer than the other potential buyer.
Ie, no chain and an agreed mortgage.
If they still have a house to sell then their offer is purely academic - unless the seller is a total retard.
An offer, without the means to move things forwards is inert and pointless. Its like making an offer on a used car when you havent got your loan in place, or even having the money whatsoever.
'Oh OK Mr Saywell, Ill buy your car but only if you shake my hand now.....right now.....' Yeah, jog on loser.
But should the worst happen, the other buyers suddenly have the funds then, as I say, if you are sure - this is 'the' place, then you need to offer all you can on a plate and be sure you have done so.
Ive been a buyer and a seller and honesty is the best course of action. If you insist that you are an honest buyer, you are not there to screw them over, you love their house (flattery works wonders), its the place you and your wife have been looking for to raise a family (gross I know but pull on the heart strings) and you want the process to be as easy and as quick possible will be very attractive to most sellers. Chains are a PITA with unexpected fees and bills potentially being shared amongst everyone included, only for the whole thing to collapse. Rage.
Having an ace up your sleeve isnt always the golden ticket, its nice to have so but Id say you've used this with you being a 'cash' buyer. Make sure you play on this and repeat it over and over - its your strongest point.
Houses you buy with your heart with your head towed behind, and rightly so.
A short term save of money isnt worth a long time regret of 'making do'.
Another proverb that springs to mind is, 'he who does not have room to Zymol will suffer endless swirl marks...'
'Zing Zang Wong Circa BC 726'
Your wife is called Mrs Reaper?
There is an ancient Chinese proverb that fits here....'a man who has red facial hair should never grow ginger beard'
Anyway, whilst I would not call myself the most experienced - some will purport to be and give you awful advice - there are a few things to consider.
Firstly, does it have a garage and where can I plug in my pressure washer for car cleaning.....have you considered this? Im sure you have a few logs on the fire...
If you find the house you and your Mrs really love then you must fight for it.
My wife and I lost a much nicer house than we have now under the self proclaimed ideal of being 'shrewd'.
If your maximum is within the sellers scope then by the sounds of it you have a lot more to offer than the other potential buyer.
Ie, no chain and an agreed mortgage.
If they still have a house to sell then their offer is purely academic - unless the seller is a total retard.
An offer, without the means to move things forwards is inert and pointless. Its like making an offer on a used car when you havent got your loan in place, or even having the money whatsoever.
'Oh OK Mr Saywell, Ill buy your car but only if you shake my hand now.....right now.....' Yeah, jog on loser.
But should the worst happen, the other buyers suddenly have the funds then, as I say, if you are sure - this is 'the' place, then you need to offer all you can on a plate and be sure you have done so.
Ive been a buyer and a seller and honesty is the best course of action. If you insist that you are an honest buyer, you are not there to screw them over, you love their house (flattery works wonders), its the place you and your wife have been looking for to raise a family (gross I know but pull on the heart strings) and you want the process to be as easy and as quick possible will be very attractive to most sellers. Chains are a PITA with unexpected fees and bills potentially being shared amongst everyone included, only for the whole thing to collapse. Rage.
Having an ace up your sleeve isnt always the golden ticket, its nice to have so but Id say you've used this with you being a 'cash' buyer. Make sure you play on this and repeat it over and over - its your strongest point.
Houses you buy with your heart with your head towed behind, and rightly so.
A short term save of money isnt worth a long time regret of 'making do'.
Another proverb that springs to mind is, 'he who does not have room to Zymol will suffer endless swirl marks...'
'Zing Zang Wong Circa BC 726'
A fewpoints Jim
Have you indicated to the Agent that £225k is your max budget? Because if you have, then this would indicate that the vendor would probably except that figure.
Ideally the vendor would found another property, and would be in a hurry to move so would take the offer with the smallest chain(you)?
Your offer will be 10% off the purchase price, which if i were them, would be the absolute min i would accept, so i suppose i would offer the £225k as a take it or leave it, anything much lower and the agent won`t even but your offer in IMO of course.
Have you indicated to the Agent that £225k is your max budget? Because if you have, then this would indicate that the vendor would probably except that figure.
Ideally the vendor would found another property, and would be in a hurry to move so would take the offer with the smallest chain(you)?
Your offer will be 10% off the purchase price, which if i were them, would be the absolute min i would accept, so i suppose i would offer the £225k as a take it or leave it, anything much lower and the agent won`t even but your offer in IMO of course.
Thanks for the kind replies
Eddie - Sorry it is not your gaff I am referring to!! we have decided to stay nearer Portsmouth way as my work may now be an issue with the travelling from the Dorset area. Shame as we do like it down that way.
Tony - I totally agree on the offer. It is a strong offer asking for 10% off but I have alway believed in the saying "if you dont ask, you dont get". As for the agent, we have not indicated to him what we would be offering for the house. I get where your coming from on that front but we have kept our cards close as we didnt know about the other buyers situation until late today.
Neil - I presume what your getting at is that if we want it just be honest and go in at our max budget straight off? I have to say I agree as it is already a low offer and anything lower may be a bit of an insult.
Decisions, decisions.
Eddie - Sorry it is not your gaff I am referring to!! we have decided to stay nearer Portsmouth way as my work may now be an issue with the travelling from the Dorset area. Shame as we do like it down that way.
Tony - I totally agree on the offer. It is a strong offer asking for 10% off but I have alway believed in the saying "if you dont ask, you dont get". As for the agent, we have not indicated to him what we would be offering for the house. I get where your coming from on that front but we have kept our cards close as we didnt know about the other buyers situation until late today.
Neil - I presume what your getting at is that if we want it just be honest and go in at our max budget straight off? I have to say I agree as it is already a low offer and anything lower may be a bit of an insult.
Decisions, decisions.
Thejimreaper said:
Thanks for the kind replies
Neil - I presume what your getting at is that if we want it just be honest and go in at our max budget straight off? I have to say I agree as it is already a low offer and anything lower may be a bit of an insult.
Well, firstly, what Im saying is, if you have 'strawberry blonde' hair, dont for fNeil - I presume what your getting at is that if we want it just be honest and go in at our max budget straight off? I have to say I agree as it is already a low offer and anything lower may be a bit of an insult.
ks sake grow a beard.You know your finances, by the sounds of it you are reaching for a house that is above your normal budget - all normal stuff.
You are however in an attractive and desirable position and could be seen as a 'sure thing'.
It is down to you how you play it, but if there is competition and you really want it I would be inclined to lay my cards on the table. Estage agents and sellers appreciate this I have found.
If you just 'play the game' of making offers etc, you may just be in the running for whoever will offer the most.
If you find yourself in a bit of a head to head, your limit is stretched and youre losing it youre last effort is to 'gazump' the opposition.
This means making an offer above and beyond the asking price...
You effectivley offer to pay fees etc as a sweetener, you could even offer your body but that one is a personaly decision.
You offer to pay for the solicitors fees, then estate agents fees, then , if it really isnt going well, the stamp duty....all in ascending order naturally.
This is all done on a 'gentlemans agreement', as is pretty much all house buying in England until contracts are exchanged for signing.
Just for men....eliminating those emmbarrasing ginger pubes.
Neil.D said:
Well, firstly, what Im saying is, if you have 'strawberry blonde' hair, dont for fks sake grow a beard.
You know your finances, by the sounds of it you are reaching for a house that is above your normal budget - all normal stuff.
You are however in an attractive and desirable position and could be seen as a 'sure thing'.
It is down to you how you play it, but if there is competition and you really want it I would be inclined to lay my cards on the table. Estage agents and sellers appreciate this I have found.
If you just 'play the game' of making offers etc, you may just be in the running for whoever will offer the most.
If you find yourself in a bit of a head to head, your limit is stretched and youre losing it youre last effort is to 'gazump' the opposition.
This means making an offer above and beyond the asking price...
You effectivley offer to pay fees etc as a sweetener, you could even offer your body but that one is a personaly decision.
You offer to pay for the solicitors fees, then estate agents fees, then , if it really isnt going well, the stamp duty....all in ascending order naturally.
This is all done on a 'gentlemans agreement', as is pretty much all house buying in England until contracts are exchanged for signing.
Just for men....eliminating those emmbarrasing ginger pubes.
Thanks for the tips Watler, but I don't think I will be offering to pay anyone else's fees etc!! paying my own is annoying enough!ks sake grow a beard.You know your finances, by the sounds of it you are reaching for a house that is above your normal budget - all normal stuff.
You are however in an attractive and desirable position and could be seen as a 'sure thing'.
It is down to you how you play it, but if there is competition and you really want it I would be inclined to lay my cards on the table. Estage agents and sellers appreciate this I have found.
If you just 'play the game' of making offers etc, you may just be in the running for whoever will offer the most.
If you find yourself in a bit of a head to head, your limit is stretched and youre losing it youre last effort is to 'gazump' the opposition.
This means making an offer above and beyond the asking price...
You effectivley offer to pay fees etc as a sweetener, you could even offer your body but that one is a personaly decision.
You offer to pay for the solicitors fees, then estate agents fees, then , if it really isnt going well, the stamp duty....all in ascending order naturally.
This is all done on a 'gentlemans agreement', as is pretty much all house buying in England until contracts are exchanged for signing.
Just for men....eliminating those emmbarrasing ginger pubes.
I will let you know how things go Monday, i'm guessing we will get a big fat custard pie in our faces but you never know!
wolf1 said:
The moraly bankrupt method is to out offer the other couple and then at the final moment before exchange etc drop to your affordable offer with a take it or leave it. Not the right thing to do but it's been done in the past and worked.
Seriously, thats harsh! Im guessing if you do that you expect to move in and find the wall have been smeared with excrement? Thejimreaper said:
Seriously, thats harsh! Im guessing if you do that you expect to move in and find the wall have been smeared with excrement?
Not saying it isn't harsh but it has been used in the past. As for the possibility of damage then solicitors get involved and the original owner ends up footing the bill for repairs. It all depends on your own set of values and how far you will go to get what you want. Never used it myself but you'll find it's more commonplace than most think.Go in once, go in hard, a 'full and final' offer of £225,000, becasue that's what you've got. Don't blag or try a trick 'cause it'll bite you back.
As already said, really push having no chain, even though they haven't found anywhere yet, they will be making themselves more desirable with a small chain.
Regrettably, you've got to get the estate agent on side, 'sell' yourself as the best buyer they've ever met - promise no nonsense or problems, the agents recommendation to the vendor will often be the outcome. Don't get drawn into 'buying a drink' for the agent.
Don't focus on your weaknesses as a buyer, instead think of your stenghtens - £225,00 is loads of cash and with no chain - and your budget puts you slap bang in the middle of loads of properties - the agent and vendor will be expecting you to have other viewings also.
Good Luck, what will be, will be (and all that bks).....
As already said, really push having no chain, even though they haven't found anywhere yet, they will be making themselves more desirable with a small chain.
Regrettably, you've got to get the estate agent on side, 'sell' yourself as the best buyer they've ever met - promise no nonsense or problems, the agents recommendation to the vendor will often be the outcome. Don't get drawn into 'buying a drink' for the agent.
Don't focus on your weaknesses as a buyer, instead think of your stenghtens - £225,00 is loads of cash and with no chain - and your budget puts you slap bang in the middle of loads of properties - the agent and vendor will be expecting you to have other viewings also.
Good Luck, what will be, will be (and all that b
ks)..... breadvan said:
Go in once, go in hard, a 'full and final' offer of £225,000, becasue that's what you've got. Don't blag or try a trick 'cause it'll bite you back.
As already said, really push having no chain, even though they haven't found anywhere yet, they will be making themselves more desirable with a small chain.
Regrettably, you've got to get the estate agent on side, 'sell' yourself as the best buyer they've ever met - promise no nonsense or problems, the agents recommendation to the vendor will often be the outcome. Don't get drawn into 'buying a drink' for the agent.
Don't focus on your weaknesses as a buyer, instead think of your stenghtens - £225,00 is loads of cash and with no chain - and your budget puts you slap bang in the middle of loads of properties - the agent and vendor will be expecting you to have other viewings also.
Good Luck, what will be, will be (and all that bks).....
Thanks for the advice mate, you have confirmed my thoughts and that is how I am planning on playing it. I will point out the fact we have lots of other viewings booked as well if they say no As already said, really push having no chain, even though they haven't found anywhere yet, they will be making themselves more desirable with a small chain.
Regrettably, you've got to get the estate agent on side, 'sell' yourself as the best buyer they've ever met - promise no nonsense or problems, the agents recommendation to the vendor will often be the outcome. Don't get drawn into 'buying a drink' for the agent.
Don't focus on your weaknesses as a buyer, instead think of your stenghtens - £225,00 is loads of cash and with no chain - and your budget puts you slap bang in the middle of loads of properties - the agent and vendor will be expecting you to have other viewings also.
Good Luck, what will be, will be (and all that b
ks)..... 
! I will update this thread with the result on Monday if we have an answer.Jimbo,
As you know have been looking to make a first time buy. Found a place (considerably out of my original budget of course!), foolishly viewed it, loved it, spoke to the mortgage man, he say yes. Chipped in an offer a week ago Saturday that was just under 10% less than advertised, declined, asked to go to 'best and final,' upped bid by £15k to my final. They mulled over it for a week whilst looking at properties. Estate agent came back today trying to get me to rise by £5k, stood my ground, asked for £2.5k more, stood my ground. Emailed me this evening to say they had accepted my offer. Great result.
Would say go as far as you can stretch, but be sure to play having no chain to your favour. It gives you added value as a prospect. Don't be afraid to stand up too haggling estate agents, they are just trying to make dollar. Also don't be afraid to say you have seen something else and threaten to pull out if they seem to be biding their time. One of my colleagues did a cheeky one the other day and got a friend to view a property and chip in an offer under his to make his look more appealing- worked as well! Good luck mate.
DC.
As you know have been looking to make a first time buy. Found a place (considerably out of my original budget of course!), foolishly viewed it, loved it, spoke to the mortgage man, he say yes. Chipped in an offer a week ago Saturday that was just under 10% less than advertised, declined, asked to go to 'best and final,' upped bid by £15k to my final. They mulled over it for a week whilst looking at properties. Estate agent came back today trying to get me to rise by £5k, stood my ground, asked for £2.5k more, stood my ground. Emailed me this evening to say they had accepted my offer. Great result.
Would say go as far as you can stretch, but be sure to play having no chain to your favour. It gives you added value as a prospect. Don't be afraid to stand up too haggling estate agents, they are just trying to make dollar. Also don't be afraid to say you have seen something else and threaten to pull out if they seem to be biding their time. One of my colleagues did a cheeky one the other day and got a friend to view a property and chip in an offer under his to make his look more appealing- worked as well! Good luck mate.
DC.
Cheers Darren, its nice to hear. As expected the offer of £225 (10% under asking) was declined within the hour!! Fortunatly we had a nice phonecall from the folks at the weekend to say they would give us a hand. Also we have been offered a better rate on the mortgage so we can now go to £235 without any change in our original budgetting.
I have told the agent we will give it some thought. I plan to call them tomorrow and offer £235 and say the same as you. Full and final offer no more. We will then sit and wait. I feel I may have the same coming my way with them trying to chip us up etc but I plan to do what you have done and hold firm. We shall see!!
I have told the agent we will give it some thought. I plan to call them tomorrow and offer £235 and say the same as you. Full and final offer no more. We will then sit and wait. I feel I may have the same coming my way with them trying to chip us up etc but I plan to do what you have done and hold firm. We shall see!!
In the current climate I'd hang on before upping the offer. People buy from people , it's an old saying but it's true. Arrange a second viewing and try to connect with the sellers on a personal level . Let them know you really love the house and if you could pay more you would. If they see you as real people other than just a buyer you may be able to get their answer without going through the estate agent.
If you think you have almost clinched it but are still a few £k short tell them you may both consider a personal loan on top of the mortgage to clinch it but it would really stretch you , ask them directly how near they are to accepting.
It's just a case of swallowing a bit of pride and let them think they have the upper hand , once they believe they have 'won' the actual amount they settle on will be secondary .
It's worked for me on a few occasions , houses and cars, even in situations when I could have comfortably afforded to pay full price
If you think you have almost clinched it but are still a few £k short tell them you may both consider a personal loan on top of the mortgage to clinch it but it would really stretch you , ask them directly how near they are to accepting.
It's just a case of swallowing a bit of pride and let them think they have the upper hand , once they believe they have 'won' the actual amount they settle on will be secondary .
It's worked for me on a few occasions , houses and cars, even in situations when I could have comfortably afforded to pay full price
Well after going in with an offer of £235k at the end of last week we waited over the weekend and I called the agent today. They said they had two further viewings over the weekend and both have made offers over the asking price which was £250k. Nice of them to let us know!! Seems very strange to me as there hasnt been much interest up till now. Both buyers have also sold this weekend to first time buyers, again very convenient!
Never mind . . . . back to the mind numbing task of trawling right move!!
I may just spend the deposit money on a 911 instead, probably be more fun anyway or maybe a turbine powered remote control helicopter!
Never mind . . . . back to the mind numbing task of trawling right move!!
I may just spend the deposit money on a 911 instead, probably be more fun anyway or maybe a turbine powered remote control helicopter!
Edited by Thejimreaper on Tuesday 5th April 12:39
Join the club mate. I just had my buyers throw a spanner in the works today. Apparently their buyers pulled out but they still want to keep the offer on mine in place as they have more people wanting to view. Its all a tad annoying. Good thing is i have an urgent viewer coming tommorrow who has the cash ready to go so hopefully she'll be the cure-all. Its a bloody horrific process these days. Longer chains than a oil tankers anchor. I much prefer buying and selling cars. Good thing is i havnt lost the house im looking to buy due to the confusion, the owner is in no rush and is suprisingly understanding. The Mrs is having kittens.
Good luck mate.
Good luck mate.
Tell me about it mate, third place we have gone through the process on now and all have ended in doom. We are lucky to have sold our place in November and are in rented so that helps. Fingers crossed the sellers of this house we have just lost choose someone in a long chain for the sake of £10k and it all falls down!! only kidding wouldn't wish that on anyone. Likewise good luck mate.
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