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Advice on counter offer on a flat

15
Posted 12th Mar
Hello,

Listed as in excess of 210k

Been on for 4 months, reduce from 220k 3 weeks ago, I got out of them they got offer for 212k that fell through, seller is smelling 210k range

Have a feeling he would comprimise bewteen, im in a good position to buy.

Offered 198k reject

offered 203k rejected,

currently left it at need some time to think about it and look at other options, might view another at weekend which might change our minds.

Now 'm thinking do I leave it sweat the weekend to think about it or counter offer 205k

I like this property but highest im hapyp to go to is 207k

Any advice? - main worry is they have viewing this weekend and it might get counterofferd ect.
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If it was £220,000 3 weeks ago, and now they are looking for offers over £210,000 they are not going to accept £198,000 then are they?!

How much are others selling for in the block? If you really like it, can afford it, then offer over £210,000, which is what they are looking for. When it is valued for mortgage purposes that will be the time that you might be able to re-negotiate if it is valued considerably lower.

Have you got a mortgage sorted and a written offer made as the estate agents will ask for proof of that, together with proof of your deposit etc? Bear in mind all the extras that come with a flat - service/maintenance charge, ground rent, insurance etc.

Don't use an online conveyancing firm, and pay careful attention to things such as when/if the roof needs attention etc. A management pack will have to be obtained which can be upwards of £400.
How secure is your job?
If all you can goto is 207 offer that and say it’s your limit...they might accept..
You've already offered twice and they were rejected. Make a final offer to the maximum sum you want to pay and leave it with them. If its rejected, you have your answer and you can move on quicker.
Your not far off your best offer? Why not go all in now to avoid losing out
If you like it, offer your max. You'll only be upset if you miss out.
As others have said if you really want it offer your maximum then walk away knowing you did all you could. There may be a possible compromise, I agreed to up my offer by 1k if they left me all their furniture as I needed some anyway!
JimboParrot12/03/2020 11:56

If it was £220,000 3 weeks ago, and now they are looking for offers over …If it was £220,000 3 weeks ago, and now they are looking for offers over £210,000 they are not going to accept £198,000 then are they?!How much are others selling for in the block? If you really like it, can afford it, then offer over £210,000, which is what they are looking for. When it is valued for mortgage purposes that will be the time that you might be able to re-negotiate if it is valued considerably lower.Have you got a mortgage sorted and a written offer made as the estate agents will ask for proof of that, together with proof of your deposit etc? Bear in mind all the extras that come with a flat - service/maintenance charge, ground rent, insurance etc.Don't use an online conveyancing firm, and pay careful attention to things such as when/if the roof needs attention etc. A management pack will have to be obtained which can be upwards of £400.


not read all of this yet but course I did not think they would accept 198, but its part of negotation to low ball and meet halfway... course it might defend some people but they will invevitable sell if its close to what they want?
I’d think offer your max. Is it really worth quibbling over a few thousand when you’re already offering that amount?
MAndrews9012/03/2020 13:58

I’d think offer your max. Is it really worth quibbling over a few thousand …I’d think offer your max. Is it really worth quibbling over a few thousand when you’re already offering that amount?


Might push my LTV to next bracket, will need to check numbers when I get home... I agree though... with corona virus going on and uncertanty I think this will fingers cross buy me some time to think about it
Gumbon12/03/2020 14:00

Might push my LTV to next bracket, will need to check numbers when I get …Might push my LTV to next bracket, will need to check numbers when I get home... I agree though... with corona virus going on and uncertanty I think this will fingers cross buy me some time to think about it


Yeah, check sums etc, but if you’ve had an AIP it should’ve been calculated (if you have used your max). I did the same when buying my house, ummed and aaaahed over 3k but in the end just offered and bought the house I loved! Good luck though!
Have you spoken to the agent selling it? If you have a word & explain your max budget etc they can push on your behalf... it’s what we’ve done with the house that we’re buying. We’re selling through the agent that has our dream house, told them how much we like the house (but not the price!) and when we sold ours we put in an offer straightaway and have managed to get an offer of £347k accepted on an original asking price of £370k! We told the agent that our max was £340k (lies!) and said we were literally giving them every penny that we had to offer at that level and they accepted!!
the property has been on for 4 months and they had asked for 220k, now they have changed it to offers over 210k, which means they are looking for somewhere between £212 to £220, so they haven't really dropped the price that much. they are therefore not in any hurry to sell as the property would have been sold very quickly after it was put on sale if there has already been an offer of £212k that had fallen through.

they are probably looking for at least another £212k offer and won't be lowering this expectation for a few more months. if you are looking at offering your best price of £207k, then you are unlikely to be successful at this stage and will have to wait until the seller decide the reduce the price further if he doesn't manage to sell it again in the next few months.
If they have a viewing at the weekend putting an offer in today, unless it’s £212k, an amount they accepted previously, it will more than likely be rejected.

They will wait until the weekend viewer(s) have had a chance to put an offer in.

I’d suggest put your max bid in first thing Monday and hope the weekend viewer(s) either don’t put an offer in or go low.

Expect to wait until close of business on Monday at the earliest before hearing back though, possibly even Tuesday before they respond.
Lots of good advice above. Here's a few extra ideas, for what it's worth, having taken in what everyone else has said. Obviously I don't know the full picture of the area, equivalent flats sale prices in that area or if you have a sense of the mentality of the seller and sellers next move (have they found a new property they want yet as that can of course increase you negotiating power?).

One thing I agree with above all else is if you do not want to lose the flat and really love it, simply offer the maximum you can afford.

The difficulty for the seller may be that the estate agent (to get the business) said the property is worth £220k so the seller starts to latch onto that figure. After four months at that price, the marketplace has told the seller the flat is not worth that at this period in time. It may have even had limited viewings, even if it's a nice place.

There is a chance now it's been reduced, a few more people will go and view the property as they think it falls into their price bracket. But yes, corona virus may hamper viewings a little bit in the short term.

You said you got out of them they had an offer for £212k that fell through, which may well be true, but what if its not?... If its their way of saying what they realistically hope to achieve for the property?

And there's every chance they are doing another viewing at the weekend but again, this could be to try and encourage you into offering quickly and at a price they want.

This is often as much an art/luck as a science, so things don't always go to plan but to make the best case I would suggest:

Put in an offer around 207k but not exactly that, e.g. £207,135 psychologically can make it seem like you are stretching yourself to the seller so they think they've squeezed out what they can from you.

Express it's the most you can afford, and say that whilst you know its less than another offer they've had, you're a genuine buyer in a good position and no reason the sale will fall through if they were to accept. 207k that doesn't fall through is better than 212k that does.

Explain that this is one of two properties you really like (to take away a bit of their perceived control of having something you want), and that you slightly prefer this flat hence why you're willing to stretch as far as you can, even consider slightly complimenting something about the way the owner has done something in the flat!

When you put your offer in you can even consider politely trying and put a time limit on the offer to put you back in control e.g. "I'll make an offer of £207,135 subject to contract valid for a period of 72 hours from this email. I'd really like this property but after that point I'll accept we could not reach an agreement on the price. I wish the seller well but at that stage I will put an offer in on the second property I like" etc This may sound like a bit of a gamble but like others have said, they may not be budging below 210k for the foreseeable future, so possibly worth a punt at influencing them as your main chance of securing the flat. I think after two failed offers, the third offer is possibly the last/most impactful.

I'd consider crafting an offer into an email sent to the estate agent that can be forwarded onto the seller.

You could put an offer in before the weekend, but if they do have a viewing go ahead sat/sun with people that like it, they will just use your offer to try and get a higher offer from the other party. So again it sounds risky, but putting an offer in on Tuesday/Wednesday afternoon after other viewers have hopefully not gone ahead with an offer, leaves you the only person at the dinner table again (hopefully). If the other party do put in an offer and the estate agents are half decent, they will likely notify you anyway, as an interested party to, see if you can increase on the other people's offer before somebody's offer is accepted.

Sorry to waffle on a bit lol. Only planned to write a sentence!

Oh, and good luck!! 🤞
Edited by: "Mrsweet" 12th Mar
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