Making an offer on a house - strategy

[denislawsbackheel]

the last house i bought went ok until the moving day. our contract for our house had gone ahead fine, went to the agent to pick up new keys for the house. Turned up with removal van in tow, I thought this looks abit odd looks still lived in. So not being sure knocked on the door , the bloke comes to the door in his trousers and vest 'hi mate can i help ?' ....'er this is my house why havent you left ?' ..'lol yea thats right we are leaving on saturday' ( this was wednesday ! ). 'oh no you bloody arent i own this house now we have exchanged ! ' 'yea i know mate but our removal van doesnt come till saturday'

so straight onto the estate agent who went bloody mad, phone calls left right and centre, we gave them 1 hour to get out, it was chaos us taking boxes in as they were taking boxes out , a right bloody mess. funny thing from that day on i never really liked the house, loved when viewing

Exchange is not the same as completion.
Exchange is when the contract becomes legally binding and pulling out loses a deposit.
Completion is when the transfer of ownership occurs.
They can be on the same day, but often are not.
My lad completed last week, a week after exchange.

 

[bluemoon32]

A while ago now, but I was forced into selling my house after losing my business (to a fraudster). Got hounded by the Halifax to sell quickly or they would repossess. House then worth £230K but settled on £210K to preserve wife's sanity. Three days before exchange, buyer dropped his offer by 10 grand. The estate agent had just told him of our desperation to sell. Initially told them both to get fucked and buyer back down (his wife wanted the house).

Estate agents play both sides, never ever tell them you are desperate to sell as most will pass that info on to any buyers, even though they work for you.
I learned a very hard lesson many years ago.

 

[metalblue]

A while ago now, but I was forced into selling my house after losing my business (to a fraudster). Got hounded by the Halifax to sell quickly or they would repossess. House then worth £230K but settled on £210K to preserve wife's sanity. Three days before exchange, buyer dropped his offer by 10 grand. The estate agent had just told him of our desperation to sell. Initially told them both to get fucked and buyer back down (his wife wanted the house).

Utter cunts trick that mate. Glad you stuck to your guns

We’re in process of trying to buy a house. I offered 8% below asking price. Seller said no, I went and had another look at the place a couple of weeks later and offered the same. Seller said no again so I went 7% as we had cash buyers so were proceed-able and he accepted.

We had 3 other offers at bottom of our guide price which we turned down before someone improved. Sold ours to “cash buyers” who are struggling to get mortgage sorted and I’m already running up legal bills so hopefully they’ll sort it out soon enough. Just don’t panic would be my advice.

Now I’ve just received the covenants on the place we’re buying. Apparently I can’t turn it into a brothel (I shit you not). Anyway their are some daft ones that he put on when he sold the land to himself that I’ve told my solicitor I can’t agree to so want something in writing to say they won’t enforce. It’s a bloody nightmare buying and selling a house. I’m half a mind to fuck the whole thing off!

 

[give it to gordon]

Exchange is not the same as completion.
Exchange is when the contract becomes legally binding and pulling out loses a deposit.
Completion is when the transfer of ownership occurs.
They can be on the same day, but often are not.
My lad completed last week, a week after exchange.

Ok I meant exchanged ;)

 

[denislawsbackheel]

Ok I meant exchanged ;)

You don’t move until completion.;)

 

[give it to gordon]

You don’t move until completion.;)

Oh what ever lol it was the day we were meant to move !!! :) lol

 

[ChicagoBlue]

Set yourself a price, bid lower, negotiate up to your own personal set limit. Works for cars, houses, even wives!!!

“Bid what you want, want what you bid.”

This is the mantra we use at work for bidding on aircraft positions. Works well and stops the buyers remorse.

A house, a car, a job...whatever, have a value TO YOU that is unique. There is very rarely an objective value on anything (tulips, anyone?) and thus the marketplace helps dictate that. The legal guardrails help keep the marketplace as a place that operates for everyone, so simply get yourself a good lawyer, bid what you’re willing to bid (FOR YOUR SPECIFIC REASONS), and then step back with the realization that control is often out of our hands, unless we are willing to throw “fuck you” money at a problem.

We recently looked at a house my wife loved. I saw $$$$ of work that needed doing and a few maintenance issues that had been papered over. Made me suspect there would be other “finds” shortly after moving in, so we didn’t bid, knowing it was already towards the top end of our range.

House soon sold for very close to asking price. Wife drives by it with regret, wondering what it would be to live there (it’s a beautiful looking home in nice location) while I drive by it wondering how much more money they had to sink into it to get it to where they thought it was when they bought it!

Bid what you want, want what you bid!

And, never forget the joy of living in the house of your dreams has value upon which it is hard to affix a price.

 

[Fiftyyearsandcounting]

Utter cunts trick that mate. Glad you stuck to your guns

We’re in process of trying to buy a house. I offered 8% below asking price. Seller said no, I went and had another look at the place a couple of weeks later and offered the same. Seller said no again so I went 7% as we had cash buyers so were proceed-able and he accepted.

We had 3 other offers at bottom of our guide price which we turned down before someone improved. Sold ours to “cash buyers” who are struggling to get mortgage sorted and I’m already running up legal bills so hopefully they’ll sort it out soon enough. Just don’t panic would be my advice.

Now I’ve just received the covenants on the place we’re buying. Apparently I can’t turn it into a brothel (I shit you not). Anyway their are some daft ones that he put on when he sold the land to himself that I’ve told my solicitor I can’t agree to so want something in writing to say they won’t enforce. It’s a bloody nightmare buying and selling a house. I’m half a mind to fuck the whole thing off!

I know of a local business man who got a sale done in 10 working days -from offer to completion. Everything done via electronic communication (and an generous "bonus" to the solicitors). That was a few years ago mind, before some of the more recent energy requirements were added.

 

[Fiftyyearsandcounting]

Estate agents play both sides, never ever tell them you are desperate to sell as most will pass that info on to any buyers, even though they work for you.
I learned a very hard lesson many years ago.

Also many estate agents and conveyancing solicitors have an "understanding". Going back to my experience, I demanded a reduction in the agents fee due to his breach of confidentiality and the stress it caused. The solicitor (who, of course, holds the funds in escrow) insisted he had no option but to firstly deduct his own fees, and then pay the agent's commission before transferring the balance to my account. He suggested I could sue the EA but he wouldn't do it.

 

[TINY]

Been to see a house today, and we’re pretty sure we want to make an offer.

House is on the market for £210k. In respect of work, it needs very little. There is a pointless door leading into the living room that’s currently blocked with a couch, so that would need bricking up (£600?), there’s a small amount of damp on the ceiling near the chimney breast in the bedroom, however the vendor has said they’ll have the work done and produce an invoice to show it’s been done.

We’ve checked local sold properties, had a few online valuations and most come out around £195-200k. For absolutely no reason I’m looking at 8% reduction for the offer, so make an offer of £193,200. How does this sound to people? What would you offer?