# House haggling help!



## mitchellinman (Jan 19, 2006)

Needing a bit of advice and there seems to be a few helpers around here.
Were first time buyers and have everything in place for the mortgage.
We have found the house and it was originally up for £210,000 before we found it (2 months ago) and has recently dropped to £200,000.
We have done the research and house sold on the road nov 2013 for between £170-185,000 although these have been modernised and have either an extension or loft conversion.
We put in an offer for £160,000 today due to this as the house has neither or is modern-it was declined as first thought but the agent said they think £185,000 is the price needed as the house was previously bought for £180,000 6 years prior.
We offered £175,000 which we think was fair as a jump of £15,000 which has now been declined again and the agent says £195,000 is now the price as they have 2 viewers tommorow and will call us on Monday to see if we can find more money.

Now we need help as first time buyers we don't want to pay over the odds on a house that needs work to match the others in size and we don't want to be pushed to offer more when the others sold for that just less than a year.

Help!


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## Andyg_TSi (Sep 6, 2013)

You need to tell the agent the above as the reasons why you offered what you have.

However, the market has risen since November 2013, we're 10 months further down the line so nearer 200k maybe more appropriate for its condition.

You have to bear in mind what the fully modernised houses are worth NOW not what they were in 2013!!
If the fully modernised/extended ones are worth nearly 230-250k now, then 200k for the dooer upper is about right.

Offer £185k - £190k after asking what a fully modernised property would be worth now


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## Nico1970 (May 15, 2014)

You need to ask yourself - do you love this house?

If you do, and you really really want it, then you'll kick yourself if you lose it.

Having bought and sold houses for over 20 years, here is what I would do:

Offer £185k (assuming that you have done your homework and the repayments are not beyond your means) with the following conditions:

1) it is your final offer
2) it is open for acceptance for 1 day only
3) if it is not accepted within that 1 day window, then you will withdraw the offer and return to your previous offer of £175k

What you do not want to do is get into a 'bidding war' because this is when all reason goes out the window. You (not the agent or the seller) needs to negotiate from the position of strength.

Remember, the agent is working for the seller - he'll not do you any favours so don't let him / the seller call the shots. At the end of the day, you can take your money elsewhere.

Good luck!


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## mitchellinman (Jan 19, 2006)

Cheers for the advice, yes we love the house and the area-area is a key thing for us as my partner needs to feel safe to walk to the shops etc when I'm not there. 
This property benefits from this as we have had to sacrifice a twice larger style
homes in other areas for this-which we are fully prepared to do for the right price.

I see you point about the agent not being on our side-after a few phone calls they have stared dropping subtle hints such as the viewers may say it's over priced and needs work and the other have sold for less etc and it will work in your favour! But then she will say your £15,000 off which means £195,000 when it was £185,000 30 mins prior.

I like the no nonsense approach about timescale for the offer however the agent has already said the owner has options ( story of the house is it was bought to do up and extend but then owner had to move 200
Miles away for work and ended renting it for 5 years) so he has options to rent, agent said he was giving it till Xmas to sell then will re rent it however agent is now saying he wants it sold beforehand and wants to keep our conversations going.


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## Darlofan (Nov 24, 2010)

The agent will tell you all sorts of bs as it's in their interest too to get as much as possible for the house but they also need to sell it to get their fee. They get nothing if he decides to rent. They'll tell you all day long about other offers and viewings galore but at the end of the day it's an accepted offer they need not viewings. You need to place an offer as said above, if they refuse accept it but tell them it's on the table if they change their mind. Leave them to it then. You can always look around and keep an eye on it, if it goes sold stc then you can revise your offer. Or as someone else said if the house IS the one for you offer more and get it. At the end of the day 20 yrs down the line it'll be worth more.


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## nbray67 (Mar 22, 2012)

E. Agents have a bad rep for a reason, porky pies.

Just like selling a car, when someone rings to view, you tell them they're the 3rd person to ring already!! Gets you all giddy and nervous but ready to chuck more money at it in order not to loose the car you've set your heart on. Fact is, nobody else is lined up for it and if they are, they've got others to look at!!

On the other hand, if renovated ones are pulling good money £230k+ then do your sums as Andyg-TSI said, £195k + £££'s to do up - is this still below the average of the houses that are renovated/previously sold? If so, then if your heart is set on it, then go for it as the prices are most definitely on the up and, as yet, no sign of dropping just yet.

As Nico said also, YOU SET THE RULES and stick to your guns or you will overpay which will eat into your budget and eventual equity and profit.

House buying is treacherous and you'll have highs and lows, times that by 10 with the lows for your other half though!! lol.


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## nbray67 (Mar 22, 2012)

Forgot to say, you are 1st time buyers!! 

The best buyers, no chain just pure cash at hand so you are in pole position, are the other buyers in chains (houses to sell?), if so, those style of sales could take months and months with a high chance of failing for one reason or another, can't sell theirs, mortgage offers withdrawn etc etc....

Go back to the E.A with this and see what they say, in fact, walk in with brochures from other EA's and tell them you are also looking elsewhere.


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## mitchellinman (Jan 19, 2006)

Morning guys, having slept on it we are going to leave it till Monday afternoon and give them a time to chase us as it has been all us doing the ringing and offering.
They know we are first time buyers but the owner has said that doesn't matter as he has "options" it all appears to sound like a pantomime tbh! Haha it's all a game.
It's hard to say what the ones done up now are worth but I would say by sold prices you would get your money back on the extension but not really gain any equity-this property only has a 1 car space drive where the others have 2 so that's somthing else to consider if we expanded the house to family size.

I spoke to the agent about gazumping, they have said they take the property off the sale section but leave it on the website under sold stc-no more viewings are done but prior people who have viewed can offer higher.


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## Kerr (Mar 27, 2012)

It seems to me you know what the story is here. 

Prices have risen in some areas, but have declined in others. 

However it would need to be very desirable to be worth that much more than modernised and converted house was 10 months ago. 

Very unlikely that it is. 

You know what the value of the house is and what it's worth to you. Just don't get suckered in by the estate agent.


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## WP-UK (Apr 24, 2011)

You sound like you have done your research on prices etc. Possibly head into the office and ask for their comparables on what else has sold similar - a good agent should know all of these and would have taken them to the valuation - providing they are being fair with value they should happily go through this with you and explain and demonstrate why the vendors expectations on price are where they are.

Sounds like the vendor can't afford to keep it empty and preference is to sell. You really like the property and a house is worth what a buyer is willing to pay for it. Yes it is unwise to overpay (mortgage valuations prevent serious over payment) but sometimes I do see buyers pay slightly over market value for the house of their dreams.

Good luck with the offer and I hope all works out for you.

And yes, I am one of those scummy dreaded estate agents :devil: :lol:


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## mitchellinman (Jan 19, 2006)

Update for all you guys that helped....offer accepted at £180,000  so were both happy, now the mortgage hunt-new thread to follow.
Thanks again


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## Nico1970 (May 15, 2014)

Good news. Hope all goes smoothly for you...


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