Negotiating house prices

I'm the same too. I hate negotiating that's why I'll never be a good bargain hunter. I just pay the price they list. Haha. I think these "offers over" business is a tactic to generate interest in the listing. With that being said, we just closed on a flat in Edinburgh. My husband did all the negotiating. My only suggestion is to look for a solicitor who you feel comfortable with and who's knowledgeable with the area as they'll be familiar with the "market values" of houses/flats within the surrounding area.

My husband started with an offer that was 5k over the listed price, as per suggestion of the solicitor he was working with. Before the offer, the solicitor showed my husband some flats that were sold in the area within the last 12 months. So we were comfortable offering 5k over. The seller's solicitor then came back with a counteroffer that was 30k above the listed price and provided a copy of the home report showing a value of 20k above. My husband instructed our solicitor to counteroffer only 20k above, based on the home report. And surprisingly the seller accepted. We were prepared to walk away if the seller didn't accept 20k above.

We have in Scotland home reports required now, which tell you things like the house survey details, an energy report and a property questionnaire and tell you a valuation of what a house is worth. So whilst it hasn't killed offers over, few people are willing to pay more than what the home report says (well in the last few years, since there isn't such a boom in property). Obviously, if the property is popular, people will overbid. 

Yes, exactly. Once you see the valuation in the home report, why would you be willing to pay more? But then I guess some people just fall in love with a property and are willing to pay more.

When you know it's right...  why waste time?

Granted, I'll take like six months to pick out a new pair of black trousers...   

I met my husband on Match. We went out on our first date on October 4th. October 6th (my birthday) I told him to take down his Match profile because I wasn't playing games. Been together 5 years now. So yeah, why waste time? Haha!

I met my husband on Match. We went out on our first date on October 4th. October 6th (my birthday) I told him to take down his Match profile because I wasn't playing games. Been together 5 years now. So yeah, why waste time? Haha!

We married in Oct 5, 2012!  Twinsies!  (Basically)

I consider myself a decent negotiator because I attended a week long training to sell photocopiers and we learned a lot about how to do it. 
It's like shooting fish in a barrel here as the British have such a taboo about discussing money that they will agree to anything as long as the American stops making them feel uncomfortable. 

I'm the same too. I hate negotiating that's why I'll never be a good bargain hunter. I just pay the price they list. Haha. I think these "offers over" business is a tactic to generate interest in the listing. With that being said, we just closed on a flat in Edinburgh. My husband did all the negotiating. My only suggestion is to look for a solicitor who you feel comfortable with and who's knowledgeable with the area as they'll be familiar with the "market values" of houses/flats within the surrounding area.

My husband started with an offer that was 5k over the listed price, as per suggestion of the solicitor he was working with. Before the offer, the solicitor showed my husband some flats that were sold in the area within the last 12 months. So we were comfortable offering 5k over. The seller's solicitor then came back with a counteroffer that was 30k above the listed price and provided a copy of the home report showing a value of 20k above. My husband instructed our solicitor to counteroffer only 20k above, based on the home report. And surprisingly the seller accepted. We were prepared to walk away if the seller didn't accept 20k above.

Was this in the UK?  Why in the world would someone invite offers at a figure 30k less than the house is worth?  Seems bizarre to keep the true figure you are after  secret and then expect everyone to level up 30k more than they expected. 

Was this in the UK?  Why in the world would someone invite offers at a figure 30k less than the house is worth?  Seems bizarre to keep the true figure you are after  secret and then expect everyone to level up 30k more than they expected.

Yes, in Scotland (Edinburgh). I suspect they purposefully start with a very low listing price to generate more “clicks” on Rightmove or ESPC.

Dear Incredibly Knowledgeable People, I cannot thank you enough for your advice. I made an offer of 165,000, which the seller rejected, he said he needed a minimum of 170,000 to make his finances work. So I offered 171,000 and he accepted it! Talking to a mortgage broker was also sound advice, I have been working with a great one (obviously I don't have anything to compare her to, but she's been very responsive and on the ball and I'm sure has made this much less stressful than if we had gone to a bank) and now we have a mortgage agreement in principle. I am excited but also terribly nervous that something may still go wrong.

My next question is this: We need to provide proof of deposit, apparently with a bank statement. Our deposit is coming from my in-laws, so I am wondering if it's better for them to transfer the deposit to us and we show our bank statement, or if we submit their statement to the bank. If we do that, presumably we would also need a letter from them saying they are giving us the money? Which way is better, or is there any difference? I know the UK is really concerned about money laundering, so would they be suspicious if we suddenly had a huge deposit into our account? Presumably we'd have to prove its provenance anyway so maybe it's best to just show that the in-laws have it? Does anyone have any experience handling a similar situation? TIA, brilliant people 

Dear Incredibly Knowledgeable People, I cannot thank you enough for your advice. I made an offer of 165,000, which the seller rejected, he said he needed a minimum of 170,000 to make his finances work. So I offered 171,000 and he accepted it! Talking to a mortgage broker was also sound advice, I have been working with a great one (obviously I don't have anything to compare her to, but she's been very responsive and on the ball and I'm sure has made this much less stressful than if we had gone to a bank) and now we have a mortgage agreement in principle. I am excited but also terribly nervous that something may still go wrong.

My next question is this: We need to provide proof of deposit, apparently with a bank statement. Our deposit is coming from my in-laws, so I am wondering if it's better for them to transfer the deposit to us and we show our bank statement, or if we submit their statement to the bank. If we do that, presumably we would also need a letter from them saying they are giving us the money? Which way is better, or is there any difference? I know the UK is really concerned about money laundering, so would they be suspicious if we suddenly had a huge deposit into our account? Presumably we'd have to prove its provenance anyway so maybe it's best to just show that the in-laws have it? Does anyone have any experience handling a similar situation? TIA, brilliant people 

How very exciting!!!  And well done on the negotiations.   

I would ask your mortgage broker what the best way to demonstrate the money is.  I suspect they will want a letter from your inlaws stating the money is a gift.  Not sure if they will want to show that it is now in your account or theirs. 

Hey Historyenne, I am so glad to hear things are working out for you! 
Please remember when you transfer money from one account to another to test it first with a small amount and if you are doing a big transfer using details sent by email, for God's sake call the actual person and confirm by voice.  I know I sound like a nutter, but it actually happens that hackers intercept emails between parties during house building and construction and change the bank details at crucial moments causing people to transfer tens of thousands to scammers.  And the banks pretend it is not their problem.

Seems like the next steps are to get a good solicitor and a good survey.  If I remember correctly, they sell a basic, cheap survey where the guy sits in his car outside and literally guesses about stuff, or a proper survey where they actually check if the place is falling apart.  I always have bought the latter.

We always go to the branch when we’re transferring big amounts. Anyway some banks limit the daily transfers you can do online. Give both account numbers (from where and to whom) to the teller by writing them down on a piece of paper. Then ask for a printed receipt of the transfer. If anything goes wrong (say, with hackers) then it’s on the bank.


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Congratulations, that is so exciting!!!

UPDATE: It took f-o-r-e-v-e-r, but we finally closed on the house on Monday! I found a good mortgage broker and a good solicitor and they did most of the heavy lifting. The delays were mostly due to the seller's chain and some last-minute red-tape nonsense. But it's done! We're going to start painting this weekend, and I am so excited. After eight years of magnolia I can't wait to put some colour on my walls! MY OWN walls! Yay!

UPDATE: It took f-o-r-e-v-e-r, but we finally closed on the house on Monday! I found a good mortgage broker and a good solicitor and they did most of the heavy lifting. The delays were mostly due to the seller's chain and some last-minute red-tape nonsense. But it's done! We're going to start painting this weekend, and I am so excited. After eight years of magnolia I can't wait to put some colour on my walls! MY OWN walls! Yay!

Congratulations! 

UPDATE: It took f-o-r-e-v-e-r, but we finally closed on the house on Monday! I found a good mortgage broker and a good solicitor and they did most of the heavy lifting. The delays were mostly due to the seller's chain and some last-minute red-tape nonsense. But it's done! We're going to start painting this weekend, and I am so excited. After eight years of magnolia I can't wait to put some colour on my walls! MY OWN walls! Yay!

Congrats!