Finding Out What Others Offer

[jcpricewatcher]

No call from the agent today. What does that mean? Should I call him?

He laid it on so thick yesterday that I am curious to know what happened at their 'meeting'.

Obviously not accepting our offer. I should have time defined it. Damn.

Why don't you call the agent and tell him that you've seen something else on the market which you like. If he doesn't get back to you by the end [you state the time period], then you will be looking hard at offering on other properties. Believe me, buyers are almost impossible to find in the current climate.

You can also throw in something about the mortgage offer expiring soon and stuff like that.

Before, the sellers could put the pressure on and you either take the property now at the price they want or the next person lined up takes it.... Now it's the opposite...

Have you tried telling the agent to cut his fee a bit in order to get more money for the seller?

[Tiger Woods?]

You have to weigh up how much you really want the place but it certainly sounds to me like the EA is playing a game to try and get you to up your offer. If this other offer is real and they were in a position to buy then the seller would have jumped at it. Forcing people into a quick decision is a classic sales plot, I'd just tell them every time they call that's you're ready to move but only at the price you've given, else you will look elsewhere.

Adding to this, no matter how much you want a home (or car) you MUST go into negotiations being prepared to walk away. If you don't the other side has won and you will pay over the odds. It can be hard, but you just have to stay detached. There will always be another "perfect house".

[buzzardo]

Adding to this, no matter how much you want a home (or car) you MUST go into negotiations being prepared to walk away. If you don't the other side has won and you will pay over the odds. It can be hard, but you just have to stay detached. There will always be another "perfect house".

I used to run a Sales and Customer Relationship Management consultancy.

One thing I learned about negotiation, many years ago, which we included on every one of our training programmes, was;

THE RULE OF THREE

It's dead simple, but deadly effective. The Rule of Three says "never fall in love with one option, or you're scr*wed." If you only have one option in a buying process - one car, one house, one anything - particularly when you're involved in purchasing something so emotional as a house, then "walking away" is much easier said than done.

So, the rule in our house is simple; we don't put in an offer on any major purchase - especially a house - until we've found three possible alternatives that would all work as well as each other, in their own way. If you do that, you're free of all this pressure and BS that EA's (and second hand car dealers, double glazing salespeople and all the other "high pressure" w&nkers) were trained to use by their dinosaur managers.

Try it and see how you get on - it's seriously liberating, and you can actually show the EA the other two if you feel like a bit of fun. Boy is it amusing when they suddenly realise you've got THEM over a barrel, and it's not just bluster on your part.

Take care and happy buying - whatever you're after...

B

[Tiger Woods?]

One thing I learned about negotiation, many years ago, which we included on every one of our training programmes, was;

THE RULE OF THREE

It's dead simple, but deadly effective. The Rule of Three says "never fall in love with one option, or you're scr*wed." If you only have one option in a buying process - one car, one house, one anything - particularly when you're involved in purchasing something so emotional as a house, then "walking away" is much easier said than done.

Nice rule.

[pablopatito]

The rule of THREE! THREE! I don't know what all your housebuying experiences have been like, but it normally takes me several months of searching, and dozens of viewings, to find just ONE house that I want to buy. I'd never be able to find three. I think you also have to decide how much you value the house, and not just how much the market should value the house. I'd rather pay five grand over market value for a house I love than five grand under market value for a house I don't love. My parents bought many houses during their lifetime and lost money on every one, but before my dad died he told me he didn't regret any of it. It screwed my inheritence, but hey.

[Cutiecat]

Sound advice.

I could easily walk away from this house. I am not worried about finding somewhere else, I am just trying to get a deal on this place as I think they are desperate to sell.

The agent told me today that they are thinking about it. It is not over yet.

Will keep you posted.

Thanks Mildura for the explanation.

[Cutiecat]

We are going to exchange next week on our sale and the house we had offered on has just had a price drop. A big drop. I am nervous now.

Would have loved to make it part of the rule of three but can't find anything else.

We don't complete till July. My husband is driving me nuts saying that we are going to loose this house, he doesn't know about the price drop yet either.

Do you think I call the agent or do I wait until the exchange on our place has gone through. What if someone else buys it now. Arghh.

[Modern Day Activist]

We are going to exchange next week on our sale and the house we had offered on has just had a price drop. A big drop. I am nervous now.

Would have loved to make it part of the rule of three but can't find anything else.

We don't complete till July. My husband is driving me nuts saying that we are going to loose this house, he doesn't know about the price drop yet either.

Do you think I call the agent or do I wait until the exchange on our place has gone through. What if someone else buys it now. Arghh.

If it has had a big drop, my advice would be to wait.

Rent for a while and make alot of cash off interest from your sale.

It will drop further and you will save yourself and your family many thousands of pounds.

That could mean - great new car- great holidays, no worries with bills in the future...

[cartimandua51]

We are going to exchange next week on our sale and the house we had offered on has just had a price drop. A big drop. I am nervous now.

Would have loved to make it part of the rule of three but can't find anything else.

We don't complete till July. My husband is driving me nuts saying that we are going to loose this house, he doesn't know about the price drop yet either.

Do you think I call the agent or do I wait until the exchange on our place has gone through. What if someone else buys it now. Arghh.

Make arrangements to rent for 6 months NOW! Once you've exchanged you are a rock solid buyer, but unless you've agreed to a long gap between exchange & completion you are going to be homeless very shortly - on my last two sales the gap was less than a week.

The vendor (presumably) has to find somewhere to live; even if s/he is in a chain already s/he's not going to be exchanging or completing any time soon.

If you can find somewhere which is only a 2 -3 month contract even better - you might be able to get a holiday cottage-type place until the season begins when the school breaks up?

[cartimandua51]

One thing I learned about negotiation, many years ago, which we included on every one of our training programmes, was;

THE RULE OF THREE

It's dead simple, but deadly effective. The Rule of Three says "never fall in love with one option, or you're scr*wed." If you only have one option in a buying process - one car, one house, one anything - particularly when you're involved in purchasing something so emotional as a house, then "walking away" is much easier said than done.

So, the rule in our house is simple; we don't put in an offer on any major purchase - especially a house - until we've found three possible alternatives that would all work as well as each other, in their own way. If you do that, you're free of all this pressure and BS that EA's (and second hand car dealers, double glazing salespeople and all the other "high pressure" w&nkers) were trained to use by their dinosaur managers.

Take care and happy buying - whatever you're after...

B

That makes me feel a lot better - we have got three different houses we're interested in, and I could be happy in any one of them. Obviously, they have different advantages/disadvantages, but the fact that this rule of 3 is a well-known maxim makes me feel more confident that we don't have to keep on and on looking. I'm getting heartily sick of tearing the length and breadth of Wessex looking at dumps : the one yesterday looked wonderful from the outside, but turned out to be

1. Very close to the main road - lots of traffic noise

2. Garden covered in dog s$it

3. Living room covered in parrot s$it(!) and saturated with cigarette smoke

4. kitchen very tatty and run down

Gets depressing after a while.

[Modern Day Activist]

That makes me feel a lot better - we have got three different houses we're interested in, and I could be happy in any one of them. Obviously, they have different advantages/disadvantages, but the fact that this rule of 3 is a well-known maxim makes me feel more confident that we don't have to keep on and on looking. I'm getting heartily sick of tearing the length and breadth of Wessex looking at dumps : the one yesterday looked wonderful from the outside, but turned out to be

1. Very close to the main road - lots of traffic noise

2. Garden covered in dog s$it

3. Living room covered in parrot s$it(!) and saturated with cigarette smoke

4. kitchen very tatty and run down

Gets depressing after a while.

Carti, why would you want to buy anything in the present market, knowing anything you buy will reduce in price by 50%+ in the next year or so?

Doesn't add up.

[cartimandua51]

Carti, why would you want to buy anything in the present market, knowing anything you buy will reduce in price by 50%+ in the next year or so?

Doesn't add up.

Because there's a big psychological change when you hit 60 - you become very conscious that every year you are that bit less strong and that bit closer to serious infirmity (& life doesn't half speed up as you get older!) As my OH wants to try his hand at the semi-self-sufficiency kick (OK, OK, men and their acre or two of land, but that's what he wants) health and energy are at a premium. If I were sure that it would be a year, then perhaps we would hang on, but in the 1989 crash things didn't bottom out until about 95, and 6 years is a very substantial proportion of our remaining (healthy) lives.

[Modern Day Activist]

Because there's a big psychological change when you hit 60 - you become very conscious that every year you are that bit less strong and that bit closer to serious infirmity (& life doesn't half speed up as you get older!) As my OH wants to try his hand at the semi-self-sufficiency kick (OK, OK, men and their acre or two of land, but that's what he wants) health and energy are at a premium. If I were sure that it would be a year, then perhaps we would hang on, but in the 1989 crash things didn't bottom out until about 95, and 6 years is a very substantial proportion of our remaining (healthy) lives.

Well then, if you can afford it, go for it, and enjoy you and yours retirement.

I agree, without health, all the wealth in the world is completely meaningless.

How many have worked themselves into the ground until retirement, retired on a handsome plan of a lovely world cruise and have serious health problems before they get a chance to do it or enjoy their remaining time left on Earth?

All too common.

[cartimandua51]

How many have worked themselves into the ground until retirement, retired on a handsome plan of a lovely world cruise and have serious health problems before they get a chance to do it or enjoy their remaining time left on Earth?

All too common.

I read some research somewhere (sorry, can't provide chapter & verse) showing that teachers who retired at 60 lived on average to about 78. Those who continued to 65 were dead within 3 years.

So when I was offered early retirement a couple of years ago I grabbed it with both hands! Better a dinner of herbs where love is, than a stalled ox and hatred therewith.

Though in our case it's more likely to be chickens than oxen!

[Cutiecat]

Make arrangements to rent for 6 months NOW! Once you've exchanged you are a rock solid buyer, but unless you've agreed to a long gap between exchange & completion you are going to be homeless very shortly - on my last two sales the gap was less than a week.

The vendor (presumably) has to find somewhere to live; even if s/he is in a chain already s/he's not going to be exchanging or completing any time soon.

If you can find somewhere which is only a 2 -3 month contract even better - you might be able to get a holiday cottage-type place until the season begins when the school breaks up?

We have organised a long completion based on my sons school term finishing. This means we do have some time to look around for a new house. I know that you all advocate renting for a period while prices drop but with children and schools to take into account, not to mention a husband who finds moving a very stressful process, I am inclined to buy again.

Based on this do I phone the agent on Tuesday or do I still stay cool. My plan previous to the price drop had been to call when we exchange and give them a week to accept or we look elsewhere.

[cartimandua51]

We have organised a long completion based on my sons school term finishing. This means we do have some time to look around for a new house. I know that you all advocate renting for a period while prices drop but with children and schools to take into account, not to mention a husband who finds moving a very stressful process, I am inclined to buy again.

Based on this do I phone the agent on Tuesday or do I still stay cool. My plan previous to the price drop had been to call when we exchange and give them a week to accept or we look elsewhere.

I'd call on Wednesday or Thursday. Reason being that the vendors may well have been hoping for a resurgence of interest from the price cut, and viewings over the Bank Holiday. If no-one's come back to them with an offer (or, even worse from their point of view) there haven't even been any viewings, they may be more ready to talk business. You don't have to move your position - just a Hi - any movement your end 'cos if not I want to get going with another property n order to complete by July- type call. There might be all sorts of unconnected reason for the EA not calling - sickness, incompetence whatever.

[Cutiecat]

I'd call on Wednesday or Thursday. Reason being that the vendors may well have been hoping for a resurgence of interest from the price cut, and viewings over the Bank Holiday. If no-one's come back to them with an offer (or, even worse from their point of view) there haven't even been any viewings, they may be more ready to talk business. You don't have to move your position - just a Hi - any movement your end 'cos if not I want to get going with another property n order to complete by July- type call. There might be all sorts of unconnected reason for the EA not calling - sickness, incompetence whatever.

Thanks Carti. I think I will do that. I do hope that they have had no viewings or that any they have had were not interested. It has been on the market for over six months now. I think that if anyone wanted it they would have offered by now and if anyone offers now and it is a higher offer than ours then we still have our good position card to play.

Now we are so close to exchange I am going through that 'I really like our house, why are we moving' period.

[John51]

We have organised a long completion based on my sons school term finishing. This means we do have some time to look around for a new house. I know that you all advocate renting for a period while prices drop but with children and schools to take into account, not to mention a husband who finds moving a very stressful process, I am inclined to buy again.

My Dad found the process of moving stressful, sort of funny as he was in the RN and we seemed to be always moving. Ma would tell him to go to the pub and stay out of her way.

When we finally settled in Liverpool, we arrived about 6pm. The next afternoon one of my Aunties turned up to help sort things out. All been done says Ma, Aunties jaw hit the floor lol.

[Cutiecat]

My Dad found the process of moving stressful, sort of funny as he was in the RN and we seemed to be always moving. Ma would tell him to go to the pub and stay out of her way.

When we finally settled in Liverpool, we arrived about 6pm. The next afternoon one of my Aunties turned up to help sort things out. All been done says Ma, Aunties jaw hit the floor lol.

That is exactly how I feel. My husband travels a lot for work and I think he likes home to be a stress-free, stable place (lucky sod). I would consider moving when he was out of the country, even with two children I think that would be easier.

[cartimandua51]

That is exactly how I feel. My husband travels a lot for work and I think he likes home to be a stress-free, stable place (lucky sod). I would consider moving when he was out of the country, even with two children I think that would be easier.

The recipe for a successful move is to pack any animals off to kennels (they get stressed out) kids off to Auntie (they get under your feet and you can't keep an eye on them and the removals men at the same time) and husbands off to the new local pub (ostensibly to make new acquaintances, but basically to stop them telling the professional movers how to do their jobs, or even worse, getting into fights with them.)

That way you end up physically exhausted but not so mentally frazzled!

[Cutiecat]

I will definately be packing the children off to my parents for the move. The cat has moved several times before and I can handle that.

I cannot handle this waiting game. I have also checked out some auction sites in an attempt to find other options. Does anyone have any that are good?

Thanks

[Cutiecat]

Just popping in quickly to let you know that we have now exchanged on the house I had discussed at the original offer. It is a buyers market. I am sure wewill be very happy there and can weather any future financial storms.

Thank you everyone for your help.