Advice on making an offer very soon!!

Meredith

monkeybutter wrote: »

There is nothing wrong with putting in a bid for a few grand more, you aren't committing to buying it. Put yourself in play.

We have no idea of the house in quesion, if the asking price is reasonable etc, how desperate they are to move, the seller still has power in this game, although it's a buyers market, if they don't want to sell at a price, most still wont budge too far.

Put in the bid, see if they jump for the bait, then play the waiting game, dilly dally, then drop the bid, the ball will now be in your court. If they have another buyer and you aren't prepared to outbid them, then you won't get the house. Simple as that.

If they don't have a bidder and you wait them out, theres at least a chance they'll except a bid lower than the asking price (the asking price has essentially been set as -20,000 by the agent), but only time will tell. And you have time on your side as prices are still falling and this could put pressure on the seller.

On top of that the agent wants a sale, the more work they have to put in for the sale the worse for them, but make them work for it, play them out this takes time. While it's true that the agent is being paid to lie for the client, he/she is really only interested in the cut they get, so they can and do push the seller as well as the buyer. A couple of hundred in the commision needs to balanced out against the time required to make it.

Lastly, I'd deffo wait for the house sale index thats promised, apart from people figuring out how to lie to the revenue and cheat the system, this will give you a more accurate picture of prices.

Hi monkeybutter, the owner had moved to another county a few years ago and had the house rented the last while so there's no complications from that point of view and we gather from the EA that he wants to get it over with soon (fact or fiction?!?!). We are ready to go at short notice and as I've said in other posts, in more than a year of looking it's best we've seen for our budget etc. Going back to see it this week, will hit the EA with questions re the existing offer and gauge the response. Talked to a family member today who bought last year but not before having awful time with an EA...they just went for it then on the next house they saw, paid a little more but got what they wanted with no fuss. Every scenario's different, I know, but we're going with our guts on this one! Thanks for the valuable feedback

monkeybutter

best of luck, enjoy the house, if it's the best you have seen in over a year, go for it, get in play. You can only wait so long

You've already made around 200,000 saving by waiting from say 2007 to now anyway, that is not to be sniffed at.

jackal

monkeybutter wrote: »

Do you really think the agent is going to go to admit there are no bids on a place, no interest? They would be showing an extremely weak hand by admitting this.

Approx 50% of the properties I have seen the Agent told us the property had no bids or only had bids way below what the seller would accept - for instance someone offering 320 on a house that's asking 450. They also seem to be more honest about why the seller is selling, are they open to negotiation, is the house a little overpriced compared to others.

Have had one tell me "look I know the house is overpriced and has to come down by 50k, but it will take a few months of no offers before the seller realises that, so thats what I am doing". Sure enough 3 or 4 months later I noticed the price had dropped, but the wait had meant the market had also dropped a good bit, so what might have been a bargain price 4 months ago was meh...

Of course I have had the same kind of clowns you describe acting like its 2006, I simply avoid the properties those agents have for sale now unless its priced to go.

Have also had a few idiot Agents tell me its just on the market and make up some hokey story after you had already researched it on the internet and know its been for sale for the past 2 years.

Meredith

Just found out we got the house.....am thrilled to bits!!!

cyberblade 918c

delighted for you guys, best of luck for the future

Diddler1977

Meredith wrote: »

Just found out we got the house.....am thrilled to bits!!!

Best of luck to you! Enjoy your new house.....