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01-08-2020, 22:53   #16
Smiley11
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Join Date: Jun 2011
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Quote:
Originally Posted by Ridgerun View Post
Hey guys!

Hoping you could give some advice. The house I'm looking to purchase is a bit of a fixer upper (old house, needs insulting, new windows, rewiring)

We put a bid in for under asking price and the EA got back to us yesterday saying it was too low. I had an experienced contractor look at the house and he told me he doesn't think it is worth much more than what we've already bid, as it's going to cost us upwards of 30k to get work done.

There are no other bids on the house at the moment.

Can anyone suggest a strategy going forward?

I'm thinking we are in a good position to hold firm with our bid, as the house has been up over a month now with not much interest. Also taking into consideration the Covid stuff going on at the mo, I'd imagine people would want to sell quickly?

When I get back on to the EA, should I list the issues that were highlighted by contractor, or am I giving my cards away too soon doing that?

House is unoccupied and owned by family looking to sell.

TIA for all the advice as always!
We're in a very similar boat but haven't heard back from the EA. He said our offer probably wouldn't be accepted & that he was expecting another bid but we haven't been notified of anything yet.

We're going to hold tough. We won't ring him just yet as we don't want to seem too eager. We have a lot of money to put into the house so obviously want to get it for the best price we can. We're prepared to haggle but have a definite cut off point where its just not worth it & we will walk away, much as we don't want to. Theres just no way the asking price is realistic for us given the level of work that needs to be done. EA's can't be trusted seems to be the general consensus so we'll wait it out another while & see.
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04-08-2020, 13:40   #17
spaceHopper
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Join Date: Jun 2008
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We bought in 2012 at the end of the last bust (only by good luck). The house was asking 329K we hand offered 312 but were rejected as they wanted in the 320's I put the EA under pressure that if I went 320 the house had to come off the market... any way we when exactly halfway between 312 and 329 @320500, and meet them in the middle, I stressed that to the EA and it worked. You didn't give figures but I'd look at them and see if you can afford to go up, can you offset it by grants for insulation, heating.... House hunting is a pain get it done if you can.
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