Offer on a property - Advice needed!

[StraightOuttaCanton]

I do a little consulting on commercial negotiations but in all negotiations there are principles and behaviours that are important to know. Probably the most important is knowing where the balance of power lies between you and the seller (In this one I suspect it’s with you)

After that...

1. Know the type of negotiation you are going into... after the deal is done will there be any financial or personal relationship between you and the seller. I suspect not which means that you are going to have a negotiation grounded in hard bargaining or bartering
2. You can’t do too much preparation
3. There is no such thing as ‘fairness’ in a negotiation. In these types of negotiation your best result is the lowest possible price - no matter the impact in the seller
4. Have what is called a BATNA... best alternative to a negotiated agreement....the seller needs to know you have options
5. Unfortunately he has played the first card and preconditioned you with his opening price. It’s too high which is a classic tactic. Your opening offer needs to be equally extreme on the opposite side. You need to get into his head and have a good idea on what his ‘walk away point’ is. You will of course know your own walk away and between those 2 numbers there will be a deal to be done.
6. Be prepared with the things you’ll ask for as conditions for moving your price towards his - there will be tons of variables and your preparation should identify as many as possible (know the ones of highest value to you and lowest cost to him and vice versa.... that way you’re always playing your cards with insight)
7. Even though it’s one of the variables know that ‘time’ is probably the one you can use to exert most pressure

[B. Oddie]

Thanks for all your excellent thoughts and advice lads! Its obviously a massive commitment so its good to talk to people with no vested interested in either party!

[tomcat]

Thanks for all your excellent thoughts and advice lads! Its obviously a massive commitment so its good to talk to people with no vested interested in either party!

I'm a mortgage adviser of 35 years experience, most of it within an estate agency framework. Rightmove have sold prices listed on their website, as does Zoopla, so use them as a tool. Ignore anyone who says that a Homebuyers Report isn't worth paying for, it is, as long as it is carried out by an RICS Chartered Surveyor. If you had opted for a basic valuation then there is a possibility that the surveyor may have done a drive-by or desktop version, which is not what is desired, There are a few mickey mouse "surveyors" advertising on social media and who pop up when doing a google search who aren't RICS qualified (such as Red Kite) who charge slightly less but are crap.Worryingly, anyone can call themselves a "surveyor" It sounds like you are upgrading your lender's valuation report to a Homebuyers Report, which will save you money, any surveyor acting on behalf of the lender will be RICS qualifed so you'll be fine with the more detailed report. I can get historical date through the backdoor of the two sites I've mentioned, feel free to message me the address and I'll happily do some digging for you

[xsnaggle]

I'm a mortgage adviser of 35 years experience, most of it within an estate agency framework. Rightmove have sold prices listed on their website, as does Zoopla, so use them as a tool. Ignore anyone who says that a Homebuyers Report isn't worth paying for, it is, as long as it is carried out by an RICS Chartered Surveyor. If you had opted for a basic valuation then there is a possibility that the surveyor may have done a drive-by or desktop version, which is not what is desired, There are a few mickey mouse "surveyors" advertising on social media and who pop up when doing a google search who aren't RICS qualified (such as Red Kite) who charge slightly less but are crap.Worryingly, anyone can call themselves a "surveyor" It sounds like you are upgrading your lender's valuation report to a Homebuyers Report, which will save you money, any surveyor acting on behalf of the lender will be RICS qualifed so you'll be fine with the more detailed report. I can get historical date through the backdoor of the two sites I've mentioned, feel free to message me the address and I'll happily do some digging for you

I have an upcoming mortgage problem, perhaps you could give me some guidance. there might even be a beer in it lol

[tomcat]

I have an upcoming mortgage problem, perhaps you could give me some guidance. there might even be a beer in it lol

. No probs, feel free to message me 👍:

[Bluebina]

Sorry lads - I should have said that I have already stated my intention to get the Home Buyers Report. He paused and seemed a back taken aback before saying something along the lines of "It won't make any difference".

I doubt you will change his mind, he probably thinks you want to pay less than it's worth.

I would look for a plan B house in the same street or as near as you can, let him put it on the market and see what happens.