Dear Diary #6: The Art Of Haggling & Negotiating House Prices

Haggling & Negotiating House Prices

Dear Diary,

I know the opportunity to haggle and negotiate house prices is almost entirely down to the circumstances of the vendor, so there’s very little a prospective buyer can do other than to make a cheeky lowball offer and pray that the seller is either desperate and/or made allowances for negotiating when setting the sale price.

I don’t know what the circumstances of the seller was in my case, but I’m pleased to say that we managed to negotiate and come to an agreement.

Yes, I think we did it!

I think we agreed a sale price today, which means my target of becoming a BTL Landlord is truly in full swing!

As my agent predicted, my offer of £155k (for a house with an asking price of £165k) was immediately waved off like a vegetarian’s fart in a lift.

In fact, to quote my agent, “the seller literally laughed and scoffed.”

Perhaps the offer was a little too cheeky.

Although, I really didn’t think my offer was that far-fetched and warranted a chuckle – it was only 6’ish percent lower than the asking price. It’s not like I went with my gut and threw £90k on the table.

So, yeah, £155k was laughed off!

My agent assured me that it was due to his negotiation skills that he was able to convince the seller to meet somewhere along the middle – he was prepared to accept £158,500

Really?

I let him have his moment of glory, so I thanked him and told him I believe we have a deal.

I instructed my agent to accept and proceed!

So here we are, this is really happening. Well, it’s moving forward at least, nothing is final just yet. I’m told that until contracts are exchanged, the gentleman’s agreement that we currently have in place is as useful as a condom that’s 20 years past it’s use by date.

I’m both terrified and excited, but more terrified.

Apparently the next steps for me is to organise a mortgage, conveyance solicitor, Landlord Insurance and structural survey (not in that particular order).

Fuck me, I’m so in over my head it’s ridiculous.

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narconet 26th January, 2007 @ 00:59

Great site

Thanks.

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