First time buyers.....Continued

[wonky]

1st thank you all so much for your answers, My husband and I have found a smaller property in a better area and have decided to do a loft conversion to add another floor!! The only problem is how much can you knock people down, i know a lot of you said i am in a good position first time buyer etc so can knock down a lot but i was half way thro viewing this house when i saw my work colleague's wedding picture on wall!!! its her house and now i dont feel confident knocking the price down, i dont want to cause any problems or her to think im being rude!?! Help!?!

[woofgang]

Can I suggest that you do some research on what a similar house in the area is worth, and also to keep it objective, try to conductyour negotiations throught he estate agent? after all this is what they are paid for.

I agree that no-one should try to do anyone else down, whether you know them or not, its bad for your karma for one thing, but the folk are likely to have put their property on for a slightly inftated price to allow for some bargaining room.

Be polite and objective in your negotiations, ( AS I am sure that you intend to be)don't do what one buyer I had tried to do to me which is walk round rubbishing the house before trying to negotiate a reduction, or negotiate on the basis of what you can afford.

Decide what you think the house is worth to you, knock a little off so that you have some negotiating room, then put in your bid in an unemotional and businesslike manner. and good luck

[Oneeyedvic]

There is nothing rude about trying to knock the price down on the house!

 

Ask her why she is selling - and ask her outright what she will take for the house.

 

2 years ago we (me & my wife) were walkking down a street and saw a homemade sign in the window - house for sale. We called the lady immeadiatley and looked round. We both fell in love and made an offer to her there and then. She accepted it. Luckily we made friends with her and we asked her what she wanted for it. She told us a figure (�82,000) - we agreed to it. She was just putting it on with an estate agent. She asked us to arrange detail sthrought the agent. We called him and he said that he didn't want us to buy the house as he could get more for it than we offered (despite her wanting this amount). Remember - an estate agent will want to get more money as he is on commission.

 

We sold the house after 18 months to move up the road (by 21 houses) - again we bought off people we knew. It was on the market for �170,000. We asked them what they would take for it - they said �166,000. We would have offered them full price.

 

My advice - ask your colleague what she wants for the house. If she says a figure which youare happy about - take it - if not, leave it alone.

And don't forget, if you end up paying �3,000 less for the house, you would save aound �5500 on your mortgage.

 

[mash]

I'm sure they are happy to take the full price from someone they know, so should you be unhappy to offer under the asking price? You are not doing harm, they can always so no.