Kez Posted February 4, 2014 Share Posted February 4, 2014 We're first time buyers with a deposit of £55k, we have an AIP in place for more than wish to borrow and are looking at houses at approx £200k, we've viewed one that we like it's currently just under £210k it's been on the market for quite some time and has changed agents several times, we know they've not had much interest and never received an offer. We went by the advice of our broker which suited us too and offered an initial £195k, it's been refused and we've been told the seller doesn't wish to too & fro and would like £207k, I've responded with a very genuine we can offer £200k if that's no good, then count us out. I'm not sure how honest the agent is being, he told us it's the lowest price it's ever been, it's not, I have proof it's been the same price with two other agents and no interest. He genuinely appeared not to know. He's given us info that's more in our favour than the vendor eg they are desperate to sell, plots they've wanted to by have fallen through due to not selling their property. Just wondered where I should go from here. Quote Link to comment Share on other sites More sharing options...
Patfig Posted February 4, 2014 Share Posted February 4, 2014 We're first time buyers with a deposit of £55k, we have an AIP in place for more than wish to borrow and are looking at houses at approx £200k, we've viewed one that we like it's currently just under £210k it's been on the market for quite some time and has changed agents several times, we know they've not had much interest and never received an offer. We went by the advice of our broker which suited us too and offered an initial £195k, it's been refused and we've been told the seller doesn't wish to too & fro and would like £207k, I've responded with a very genuine we can offer £200k if that's no good, then count us out. I'm not sure how honest the agent is being, he told us it's the lowest price it's ever been, it's not, I have proof it's been the same price with two other agents and no interest. He genuinely appeared not to know. He's given us info that's more in our favour than the vendor eg they are desperate to sell, plots they've wanted to by have fallen through due to not selling their property. Just wondered where I should go from here. Is it down to the lake I fear........................... Quote Link to comment Share on other sites More sharing options...
LC1 Posted February 4, 2014 Share Posted February 4, 2014 Just wondered where I should go from here. Offer £230k before you miss the boat! *wipes tears of laughter from his eyes* Seriously though, I feel for you. It's generally safest to assume that estate agents are either being duplicitous or are just plain dumb. If you know the seller is 'desperate to sell' and that it has been on before at that price with no interest then stick to your guns. Really you should have done so at £195k, but I certainly wouldn't go any higher. Most sellers today are deluded kite flyers who won't reduce their price until their hand is forced by circumstances (because they "know what it's worth" and are "not going to give it away" etc etc). Sit tight and see how genuinely motivated the seller is, impo. Good luck. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted February 4, 2014 Share Posted February 4, 2014 What part of the country are we talking? I'd hate to talk someone out of buying a house in the north at the moment with places like Coventry, Nottingham and Lincoln yet to rise a single pound and stuck at 2005 prices, lest they suffer the same fate of the Home Counties these last two years. Quote Link to comment Share on other sites More sharing options...
Kez Posted February 4, 2014 Author Share Posted February 4, 2014 Thanks LC1. I'm def intending on sticking at £200k, I knew 195k was a little low, but I agreed with my broker that it was a good starting point. The house is in Wiltshire. I wouldn't say it's majorly overpriced and we do like it. But weighing up factors of waiting for their property to be finished, it's more of a good sized 3 than a 4 bed and they've had no offers and any viewings resulted in daft excuses for not wanting it then I feel we've offered a genuinely fair price, I'm guessing otherwise it would have sold at asking price the last two occasions it was at that price. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted February 4, 2014 Share Posted February 4, 2014 Thanks LC1. I'm def intending on sticking at £200k, I knew 195k was a little low, but I agreed with my broker that it was a good starting point. The house is in Wiltshire. I wouldn't say it's majorly overpriced and we do like it. But weighing up factors of waiting for their property to be finished, it's more of a good sized 3 than a 4 bed and they've had no offers and any viewings resulted in daft excuses for not wanting it then I feel we've offered a genuinely fair price, I'm guessing otherwise it would have sold at asking price the last two occasions it was at that price. This site is: www.housepricecrash.co.uk/ We are waiting for the crash to finish. You would be better off on: www.moneyspankingexpert.co.uk Also, you might want to try the search feature, these questions have all been asked/answered before....unless of course you are yet another E.A. trying to convince us all to buy.... Quote Link to comment Share on other sites More sharing options...
Kez Posted February 4, 2014 Author Share Posted February 4, 2014 No, I'm not an EA. And I did try on mse but had no reply. I apologise if my post isn't relevant to this site, maybe I've misread. I did search but it's not often you get the estate agent offering the buyer info which makes the vendor look desperate and you know yourself how many times it's changed agents. I've not done this before so it's all a little baffling as I don't know if I'm being too stubborn with regards to the price or not. In a way I guess I don't want to lose the house over a few thousand but at the same time, they may think that's the case and are pushing to see how far we'll go. Quote Link to comment Share on other sites More sharing options...
LC1 Posted February 4, 2014 Share Posted February 4, 2014 This site is: www.housepricecrash.co.uk/ We are waiting for the crash to finish. You would be better off on: www.moneyspankingexpert.co.uk Also, you might want to try the search feature, these questions have all been asked/answered before....unless of course you are yet another E.A. trying to convince us all to buy.... Yes, but Father Time marches ever steadily on and none of us is getting any younger... Quote Link to comment Share on other sites More sharing options...
LC1 Posted February 4, 2014 Share Posted February 4, 2014 (edited) No, I'm not an EA. And I did try on mse but had no reply. I apologise if my post isn't relevant to this site, maybe I've misread. I did search but it's not often you get the estate agent offering the buyer info which makes the vendor look desperate and you know yourself how many times it's changed agents. I've not done this before so it's all a little baffling as I don't know if I'm being too stubborn with regards to the price or not. In a way I guess I don't want to lose the house over a few thousand but at the same time, they may think that's the case and are pushing to see how far we'll go. Of course they are, they saw you coming a mile off! Only joking (sort of), but you do have to think of it like a game of poker, and these agents are seasoned pros with more than a few shady tricks up their sleeves, and you are prime FTB bait. Edit to add: Been there, done that, bought the overpriced property... Edited February 4, 2014 by LC1 Quote Link to comment Share on other sites More sharing options...
erat_forte Posted February 4, 2014 Share Posted February 4, 2014 Why do you want to buy a house? 55k will pay quite a few years rent on a nice place! Quote Link to comment Share on other sites More sharing options...
Kez Posted February 4, 2014 Author Share Posted February 4, 2014 That's what I thought, I've been reading everything I can the last few months, but the EA does seem a bit of a dopey sod. He's not exactly done the vendors much of a favour and agreed in our convo that with the way the weather is going the chances are their new property won't be ready when they want it to be. It's almost like he doesn't care if I buy it if not. Quote Link to comment Share on other sites More sharing options...
Kez Posted February 4, 2014 Author Share Posted February 4, 2014 Why do you want to buy a house? 55k will pay quite a few years rent on a nice place! Because the rent will be more than the mortgage, because for the last 10 years we've been living in different properties that didn't belong to us and we could never do what we wanted. Because we want a dog and it's rare landlords allow it. The list in truth is endless. Quote Link to comment Share on other sites More sharing options...
janch Posted February 4, 2014 Share Posted February 4, 2014 Good luck.....I agree stick with the offer you've made. If they're desperate to sell then they'd be fools not to accept. Never mind what the EA says. Quote Link to comment Share on other sites More sharing options...
janch Posted February 4, 2014 Share Posted February 4, 2014 Also as FTB you are in a very good position as there is no chain. Point this out to the dozy EA to pass on to the vendor. Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted February 4, 2014 Share Posted February 4, 2014 Oh no not another bored estate agent Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted February 4, 2014 Share Posted February 4, 2014 Order the title from the lang reg - you'll find how many lenders have charged the property, maybe even a l'il bankruptcy restriction. Quote Link to comment Share on other sites More sharing options...
Kez Posted February 5, 2014 Author Share Posted February 5, 2014 Thanks for your replies. The estate agent called again, stating that the sellers had been to see the builders or whoever of the property they wish to buy, but the most they could come back with was if we offered 205k. I said our offer stood at £200k and was told I would be disappointed, I told him I wouldn't there are other houses. He said he would come back with a final no but unfortunately he would have to disappoint me. I've not dealt with him before, have no wish to again, total arrogant pratt. Not heard anything since, so not sure if this is a good or bad sign. For a house on the market for 6months approx and we have our deposit, aip, no chain and can literally leave our current home with very little notice I don't think £5k less than what'd they want is unreasonable. But maybe I'm wrong. Quote Link to comment Share on other sites More sharing options...
wotnocrash Posted February 5, 2014 Share Posted February 5, 2014 Thanks for your replies. The estate agent called again, stating that the sellers had been to see the builders or whoever of the property they wish to buy, but the most they could come back with was if we offered 205k. I said our offer stood at £200k and was told I would be disappointed, I told him I wouldn't there are other houses. He said he would come back with a final no but unfortunately he would have to disappoint me. I've not dealt with him before, have no wish to again, total arrogant pratt. Not heard anything since, so not sure if this is a good or bad sign. For a house on the market for 6months approx and we have our deposit, aip, no chain and can literally leave our current home with very little notice I don't think £5k less than what'd they want is unreasonable. But maybe I'm wrong. If your offer leaves them 5k short of what they need to buy the next place then how can they accept it? Quote Link to comment Share on other sites More sharing options...
Kez Posted February 5, 2014 Author Share Posted February 5, 2014 Fair comment. I guess if it had come direct from them then fair enough. But since it's come from the estate agent I'm not sure how true it is when they wanted 207k the day before. Quote Link to comment Share on other sites More sharing options...
longgone Posted February 5, 2014 Share Posted February 5, 2014 Fair comment. I guess if it had come direct from them then fair enough. But since it's come from the estate agent I'm not sure how true it is when they wanted 207k the day before. if he phones back offer 195k and tell him he will have to disappoint the owners sadly , and tell him to remind them 6months on the market with no offers. Quote Link to comment Share on other sites More sharing options...
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