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 And finally:
- NEVER make your final offer your first one
If you can afford to go higher, don't give the vendor that knowledge. Go LOW to start off with and then see what the counter position is. However, don't be silly with that first offer. The vendors may consider you a time-waster and simply dismiss you out-of-hand. Ask the estate agent what THEY consider a fair valuation and then go below that. You'll all probably end up at their figure anyway, provided there aren't large amounts of extra work that need doing on the building.
Getting the property at the right price is not only important from the point of view of how much you'll pay, it is also vital to whether you'll get a mortgage or not.
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Read more... [Getting The Best Deal - Striking The Bargain III]
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Is the vendor the original house-holder, a building society/bank, or the vendor's employer? In the latter two cases you're in, because their priority will be 'getting shot' as soon, AND EASILY, as they can. Don't make things hard for them. If you're involved in a long chain sale on your side (i.e. the purchasers of your property have to sell theirs first before they can buy yours etc.) you'll be of less interest than a "cash" buyer or a first-time buyer.
If you ARE a cash buyer (i.e. you've got no property left to sell) then push HARD on the price - you're just what they want and BOTH sides know it.
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Read more... [Getting The Best Deal - Striking The Bargain II]
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- How realistic is the price?
Remember, the price on the sales details is only the offer price. You have to make a reasonable offer based on what you believe to be a true market valuation of the property (and how little you think you can get away with!). A 5% discount would be the starting point for consideration, 10% the norm. Any necessary works should be deducted from the price. If you know of other similar properties in the area that have sold at a lower price, use that as supporting evidence for your offer.
Play hard, but fair. Remember, if the vendors actually take a dislike to you, they may sell to virtually ANYONE else if the difference in offer price is marginal. Don't beat them into the ground, just make them feel that their original price was for the birds and this is reality we're talking about!
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Read more... [Getting The Best Deal - Striking The Bargain]
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