hogso Posted March 10, 2013 Share Posted March 10, 2013 I'm buying my first home at the moment - should be exchanging contracts this week. Not had to go through the whole bidding process though, going with the first time buyers scheme on a new build. 10% deposit, 10% from developers, 10% from government, 70% mortgage. Start paying interest on the 20% in 6 years, have to pay it back in 25 years. I'm pleased. Link to comment Share on other sites More sharing options...
avfc443 Posted March 12, 2013 Author Share Posted March 12, 2013 Right, she's rejected my firs bid but apparently gave it serious thought and checked her figures and went to the bank to see if it was enoough to clear her mortgage. She's in negative equity. The estate agent is very shit, but he's told me a figure he thinks she'll accept, which he reckons covers what she owes What to do now? Link to comment Share on other sites More sharing options...
GarethRDR Posted March 12, 2013 Share Posted March 12, 2013 Go back in with an offer £5k less than your previous one. Link to comment Share on other sites More sharing options...
Eames Posted March 12, 2013 Share Posted March 12, 2013 And under whatever figure the agent told you... Link to comment Share on other sites More sharing options...
ender4 Posted March 12, 2013 Share Posted March 12, 2013 Right, she's rejected my firs bid but apparently gave it serious thought and checked her figures and went to the bank to see if it was enoough to clear her mortgage. She's in negative equity. The estate agent is very shit, but he's told me a figure he thinks she'll accept, which he reckons covers what she owes What to do now? how close was your first bid to the amount that the estate agent thinks she'll accept? Link to comment Share on other sites More sharing options...
ender4 Posted March 12, 2013 Share Posted March 12, 2013 thing is (assuming the negative equity thing is true), she isn't going to accept an offer below that negative equity threshold. or is she? having to pay the bank when she sells her home... hmmm, i don't think i would do that. Link to comment Share on other sites More sharing options...
GarethRDR Posted March 12, 2013 Share Posted March 12, 2013 Depends how desperate she is, so how long it's been on the market it and if there's anyone else interested. Link to comment Share on other sites More sharing options...
avfc443 Posted March 12, 2013 Author Share Posted March 12, 2013 Its been up for a year and there's no one else interested. The estate agent's figure is about £5k above what I first offered. Link to comment Share on other sites More sharing options...
GarethRDR Posted March 12, 2013 Share Posted March 12, 2013 Definitely go back in with a lower offer. When my folks bought there house a few years back, after their first offer was rejected they went back in £10k less and the offer was swiftly accepted. Got to be willing to play the game, though. *and willing to walk away. Don't be afraid to make 'em sweat. Link to comment Share on other sites More sharing options...
avfc443 Posted March 12, 2013 Author Share Posted March 12, 2013 Eh Gareth?? Offer lower than what I offered first time? Link to comment Share on other sites More sharing options...
Stevo985 Posted March 12, 2013 VT Supporter Share Posted March 12, 2013 I wouldn't advise that, I think it's very risky. But it does work on some occassions. A guy in my office did it successfully last year. It's more likely that they'd ask you to go back to your previous offer rather than accept the lower one. It's basically just you saying "I'm not **** around here, accept an offer or it's gone" Link to comment Share on other sites More sharing options...
GarethRDR Posted March 12, 2013 Share Posted March 12, 2013 It can work, but that's no guarantee, it's certainly not a tactic for everyone and you'd have to be willing to walk away from the property. Link to comment Share on other sites More sharing options...
choffer Posted March 12, 2013 VT Supporter Share Posted March 12, 2013 (edited) Probably not a tactic you can go with on the same day though. I can see it working if you wait a few weeks but if someone did that to me, I'd tell them exactly where to go. Edited March 12, 2013 by choffer Link to comment Share on other sites More sharing options...
zak Posted March 12, 2013 Share Posted March 12, 2013 Its been up for a year and no one else is interested, shes gotta be desperate to sell. Don’t trust the agent as the more its sold for more he makes. I Like Gareths suggestion – what is she going to do? You are in a powerful position Link to comment Share on other sites More sharing options...
zak Posted March 12, 2013 Share Posted March 12, 2013 (edited) Probably not a tactic you can go with on the same day though. I can see it working if you wait a few weeks but if someone did that to me, I'd tell them exactly where to go. Where would you tell the person making an offer on your house, that you have been trying to sell for a year with no one else interested after just trying to make a few extra quid out of them, to go? I would offer a tiny amount less like £1,000 less or something just as a warning shot Edited March 12, 2013 by zak Link to comment Share on other sites More sharing options...
choffer Posted March 12, 2013 VT Supporter Share Posted March 12, 2013 What I meant was, if someone asks me a question and I give them an answer then I wouldn't expect them to come back to me with the same question ten minutes later. You're well within your rights though to assert that the original offer was as much as you're willing to offer but that doesn't leave you much room for manoeuvre. I think Zak's suggestion is probably right though - go in a bit above previous but if the house has been on the market for that long, there's no harm in waiting a few days before you do so. Link to comment Share on other sites More sharing options...
Eames Posted March 12, 2013 Share Posted March 12, 2013 Its been up for a year and no one else is interested, shes gotta be desperate to sell. Don’t trust the agent as the more its sold for more he makes. I Like Gareths suggestion – what is she going to do? You are in a powerful position If it's been up for a year with very little interest doesn't that tell you something about the property? Without seeing it my gut is saying walk and keep walking. Link to comment Share on other sites More sharing options...
GarethRDR Posted March 12, 2013 Share Posted March 12, 2013 If you can trust anything, you can trust Eames' gut. Rumour has it it once grumbled winning lottery numbers in morse code, but he couldn't decipher it in time. 1 Link to comment Share on other sites More sharing options...
avfc443 Posted March 12, 2013 Author Share Posted March 12, 2013 Eames: it was originally up for 5k more than it's up for currently. Which was probably 15k more than it's worth! If she put it up at what I offered, Im sure it would get far more interest. But hey, I'm guessing. Link to comment Share on other sites More sharing options...
djdabush Posted March 12, 2013 Share Posted March 12, 2013 Be careful, I had the same situation. Eventually found out how much I needed to bid to cover what she owed on the house. In the end it turned out that she'd got her sums wrong and it didn't cover it. Eventually it fell through and I lost my money on the survey and searches. Fortunately a few months later we had a bid accepted on another house nearby and it all went through ok. It was an extremely stressful time in my life though. Link to comment Share on other sites More sharing options...
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